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Packaging Corporation of America
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Latest analysis
Updated Nov 5, 2026
PCA Q3 2026: Greif acquisition drives 12.5% revenue growth as containerboard prices rise and input cost inflation accelerates
Packaging Corporation of America delivered $2.60 billion in Q3 2026 net sales, up 12.5% year-over-year, with Packaging segment EBITDA excluding special items reaching $578 million — driven by the September 2025 Greif containerboard acquisition and sequential containerboard price increases of $80/ton in Q2 and $70/ton in September. The price-cost spread is under active pressure: recycled fiber, purchased power, chemical costs, and freight all rose materially in Q3 and are expected to remain elevated or increase further in Q4, compressing the benefit of ongoing price realization. Management guides Q4 earnings below Q3, citing higher mill maintenance outage costs at three facilities, rising diesel prices, winter fiber yield headwinds, and seasonal mix shift toward lower-margin e-commerce corrugated.
Tone: mixedRevenue
$9B
PKG 10-K · FY 2025
Employees
16,800
Revenue FY2024
$8.4B
Headquarters
Lake Forest, IL
Profile
PKG 10-K Item 1 · Feb 26, 2026Packaging Corporation of America is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America. The company operates ten mills and 91 corrugated products plants across the United States, serving approximately 12,000 customers. Its business is organized into three segments: Packaging, Paper, and Corporate and Other.
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Packaging Corporation of America ('we,' 'us,' 'our,' 'PCA,' or the 'Company') is the third largest producer of containerboard products and a leading producer of uncoated freesheet (UFS) paper in North America. We operate ten mills and 91 corrugated products plants and related facilities. We are headquartered in Lake Forest, Illinois and operate in the United States. We report in three reportable segments: Packaging, Paper and Corporate and Other. Our containerboard mills produce linerboard and corrugating medium, which are papers primarily used in the production of corrugated products. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations, and honeycomb protective packaging. In addition, we are a large producer of packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. We also manufacture and sell UFS papers, including both commodity and specialty papers, which may have custom or specialized features such as colors, coatings, high brightness, and recycled content. Our products are sustainable and are produced from renewable raw materials, predominately using energy derived from biogenic fuels in our production processes and are recyclable at end-of-life. On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. for $1.8 billion in cash.
Primary products
- linerboard
- corrugating medium
- conventional shipping containers
- multi-color boxes and displays
- honeycomb protective packaging
- uncoated freesheet (UFS) paper
Business segments
End markets
Geographies
Named customers
In 2025, our sales revenue to ODP represented 58% of our Paper segment sales revenue and 4% of our consolidated sales revenue.
Named competitors
“As of December 31, 2025, we were the third largest producer of containerboard products in North America, according to industry sources and our own estimates.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales grew to $9.0 billion in 2025 from $8.4 billion in 2024, driven primarily by the inclusion of the acquired Greif containerboard business and higher prices and mix in both the Packaging and Paper segments.
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