Packaging Corporation of America

Packaging Corporation of America (PCA) is based in Lake Forest, Illinois. It is the third largest producer of containerboard in North America and a leading producer of uncoated freesheet paper. It runs ten mills and 90 corrugated products plants and related facilities. It has two segments: Packaging, which makes containerboard and corrugated boxes and displays, and Paper.

Net sales were $2,601.7 million in Q3 2026 and $7,459.3 million for nine months. PCA bought the containerboard business of Greif on September 2, 2025 for $1.8 billion in cash. The common stock trades on the NYSE in US dollars. PCA files 10-K and 10-Q reports.

The price of PCA reflects a strong earnings run and the gains that it expects from higher containerboard prices and the Greif mills, and it depends on whether price rises outrun costs. Q3 2026 earnings excluding special items were $3.04 per share against $2.73 a year before, and the acquired Greif operations added $0.24 of the rise. In the legacy business, price and mix added $0.79 per share and higher costs took back $0.91. For the price to hold or rise, four things must be true.

The announced containerboard and corrugated price increases must hold. Freight, recycled fiber, chemical and energy costs must stop rising faster than prices. The Greif mills must keep improving. The antitrust class action and the Justice Department subpoena must not lead to large costs.

The Q4 2026 report, expected in late January 2027, with its first 2027 guidance, is the next test. If price rises fail or costs keep rising, the price can fall.

1. Jan 21, 2027 · est.Pending

   Q4 2026 results and 2027 outlookEarnings excluding special items are at or above the guided $2.81 per share and the 2027 outlook shows prices holding, and this passes; earnings below $2.81 or weaker prices fail.

Every passed and failed checkpoint across all picks

• October 21, 2026PCA reported Q3 2026 results. Net income was $262 million, or $2.93 per share, and $3.04 per share excluding special items. Corrugated products shipments rose 10.6%, and fell 0.5% in the legacy business. PCA expects Q4 earnings of $2.81 per share excluding special items, with mill maintenance outage costs that are significantly higher.
• September 30, 2026In late September 2026, PCA received a grand jury subpoena from the Antitrust Division of the Department of Justice for documents about its business. It said that it is cooperating fully.
• September 4, 2026The court in the containerboard antitrust class action denied the joint motion to dismiss that PCA and the other defendants filed. PCA says that the claims have no merit and that it will defend the case. It cannot estimate a range of possible losses. PCA gave this news in its Q3 2026 10-Q, filed on November 5, 2026.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about January 21, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · pkg-20260930
• 8-KEarnings releaseFiled October 22, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · pkg-20260630
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 8, 2026 · pkg-20260331
• 8-KEarnings releaseFiled April 23, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled March 3, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 26, 2026 · pkg-20251231
• 8-KEarnings releaseFiled January 28, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 75677)

• Costs are rising. Higher costs, mainly labor, freight, corporate expense and fiber, took back $0.91 per share of the gains in the legacy business in Q3 2026. PCA expects freight, fiber, chemical and energy costs to rise further in Q4.
• Antitrust cases are open. A purported class action in the Northern District of Illinois says that containerboard producers conspired to raise prices and seeks treble damages. On September 4, 2026, the court denied the defendants' motion to dismiss, so the case continues. PCA also got a Justice Department grand jury subpoena in late September 2026. PCA cannot estimate a loss.
• Demand is mixed. Legacy corrugated shipments were 0.5% lower in Q3 2026, with weakness in agricultural end markets, and more e-commerce volume weakens the mix.
• Debt grew with the Greif purchase. Long-term debt was $3,969.7 million at September 30, 2026, and net interest expense was $98.3 million for nine months against $45.2 million.
• Mill operations affect output. Maintenance outages at three mills lower Q4 production, and PCA expects capital spending of $865 million to $890 million in 2026.

At September 30, 2026, PCA had long-term debt of $3,969.7 million. Cash and cash equivalents were $534.6 million and marketable debt securities and other were $227.2 million, which is $761.8 million in all. Read more

Yield at the current rate

2.4% (current annual rate, at today’s price)

Dividend yield

2.2% (last 12 months, at today’s price of $250.58)

Paid per share

$5.50 in the last 12 months (4 payments)

Current annual rate

$6.00 ($1.50 × 4 a year)

Payout ratio

58% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $1.50 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 8.2% a year. From 2015 to 2025, the dividend grew by about 8.6% a year.

Source: company filings and market data, read on November 12, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.