PACKAGING CORP OF AMERICA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PACKAGING CORP OF AMERICA files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,779	6,445	7,015	6,964	6,658	7,730	8,478	7,802	8,383	8,989
Cost of revenue	4,503	4,974	5,369	5,320	5,289	5,857	6,387	6,104	6,600	7,100
Gross profit	1,276	1,471	1,645	1,644	1,369	1,873	2,091	1,699	1,783	1,890
Research and development	13.3	12.8	14.4	16	15.5	14.5
Selling, general and administrative	469	520	536	558	540	577	609	581	610	634
Operating income	783	933	1,068	1,054	724	1,241	1,421	1,075	1,101	1,107
Interest income								1.5	23.2	26.7
Pre-tax income	689	829	971	917	633	1,109	1,365	1,014	1,064	1,028
Income tax	239	160	233	221	172	268	335	249	259	254
Net income	450	669	738	696	461	841	1,030	765	805	774
EBITDA	1,141	1,324	1,479	1,441	1,134	1,659	1,878	1,593	1,627	1,760
EPS, basic	4.76	7.09	7.82	7.36	4.86	8.87	11.08	8.52	8.97	8.61
EPS, diluted	4.75	7.07	7.80	7.34	4.84	8.83	11.03	8.48	8.93	8.58
Shares, basic (weighted)	93.5	93.5	93.7	93.8	94.1	94.1	92.3	89.1	89.1	89.3
Shares, diluted (weighted)	93.7	93.7	93.9	94.1	94.4	94.5	92.7	89.5	89.5	89.6
Dividend per share	2.36	2.52	3.00	3.16	3.37	4.00	4.75	5.00	5.00	5.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	239	217	362	680	975	619	320	648	685	529
Short-term investments				87.9	106	86.1	85.2	494	102	71.8
Receivables	689	831	902	846	832	1,071	1,032	1,033	1,144	1,256
Inventory	724	763	796	794	788	903	977	1,013	1,125	1,243
Other current assets	30.3	35.5	39.4	44.8	44.7	47	58.3	62.3	167	85.8
Total current assets	1,696	1,915	2,115	2,478	2,750	2,733	2,508	3,254	3,233	3,214
Property, plant and equipment	2,896	2,925	3,109	3,152	3,193	3,529	3,900	3,864	4,039	4,985
Lease right-of-use assets				234	234	238	298	280	277	376
Goodwill	738	883	917	919	864	924	922	922	922	1,372
Intangible assets	367	410	378	339	296	308	268	230	192	602
Long-term investments				58.1	42.7	60	64.9	64.1	65.2	67
Other non-current assets	80	64.3	50.5	55.8	53.2	44.9	42	67.2	105	109
Total assets	5,777	6,198	6,570	7,236	7,433	7,837	8,004	8,681	8,833	10,726
Accounts payable	324	403	382	352	387	452	410	402	430	471
Accrued liabilities	201	203	222	218	216	255	264	254	363	302
Short-term debt	25.8	150	0	0	0		0	400	0
Total current liabilities	625	833	694	724	783	885	876	1,266	1,002	1,015
Long-term debt	2,620	2,480	2,484	2,477	2,479	2,472	2,474	2,472	2,474	3,967
Lease liabilities				178	174	179	235	212	208	291
Other non-current liabilities	59.6	70.8	59.7	55	59.2	58	57.4	60.7	80.9	83.3
Total liabilities	4,017	4,015	3,897	4,165	4,187	4,230	4,337	4,684	4,429	6,128
Total debt	2,658	2,646	2,496	2,493	2,494	2,491	2,492	2,892	2,492	3,993
Paid-in capital	451	471	495	525	554	579	582	620	670	708
Retained earnings	1,447	1,867	2,316	2,705	2,836	3,102	3,187	3,447	3,777	3,931
Other comprehensive income	-140	-157	-139	-160	-145	-75.2	-102	-70.9	-43.4	-41.6
Shareholders' equity	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404	4,598
Total equity	1,760	2,183	2,672	3,071	3,246	3,607	3,667	3,997	4,404	4,598
Total liabilities and equity	5,777	6,198	6,570	7,236	7,433	7,837	8,004	8,681	8,833	10,726

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	450	669	738	696	461	841	1,030	765	805	774
Depreciation and amortization	358	391	411	388	410	418	457	518	526	653
Stock-based compensation	19.7	20.6	23.5	30.4	30	35.5	35.6	40	48.8	45.2
Deferred income tax	-4	-84.5	38.7	60.3	34.7	59.4	86	5.2	-4.2	97.3
Change in receivables	-3.6	-115	-56.1	56.4	13.2	-227	39.3	-1.4	-111	-10.3
Change in inventory	-25.7	-21	-35.6	1.4	6.3	-106	-75.2	-35.8	-112	4.4
Change in payables	16.6	41	-17.6	-32.4	39.7	12.2	-18.1	11.4	18.3	-42.5
Cash from operations	807	856	1,180	1,207	1,033	1,094	1,495	1,315	1,191	1,558
Capital expenditures	-274	-343	-551	-400	-421	-605	-824	-470	-670	-829
Acquisitions	-485	-274	-56.3	0	0	-195	0	0	0	-1,804
Purchases of investments				-157	-110	-127	-126	-107	-114	-114
Sales and maturities of investments				0	82.8	100	87.6	97.3	98.2	102
Cash from investing	-770	-609	-608	-547	-426	-794	-834	-875	-278	-2,573
Debt issued	385	998		889	0	690	0	397	0	1,494
Stock issued	0
Share buybacks	-100			0	0	-193	-523	-41.5	0	-153
Dividends paid	-216	-238	-268	-299	-300	-380	-420	-449	-449	-450
Cash from financing	17.8	-269	-427	-343	-312	-656	-960	-112	-876	859
Net change in cash	55.1	-22.4	145	318	295	-356	-299	328	37	-156
Free cash flow	533	513	629	808	612	489	671	845	522	729
Interest paid	88.3	96.3	97	114	97	150	85.6	84.8	108	101
Income taxes paid	222	299	141	173	116	211	277	212	269	174

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $237.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.1%	Gross profit / revenue.
Operating margin	10.9%	Operating income / revenue.
EBITDA margin	19.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.6%	Pre-tax income / revenue.
Net margin	7.3%	Net income / revenue.
FCF margin	7.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.0%	Cash from operations / revenue.
Effective tax rate	24.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	9.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	7.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.2%	Capital expenditures / revenue.
D&A / revenue	8.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-9.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	30.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	39.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	21.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.94x	Current assets / current liabilities.
Quick ratio	1.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.51x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.85x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.0%	Total debt / total assets.
Liabilities / assets	57.7%	Total liabilities / total assets.
Net debt	$3.38B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.86x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.26B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	1.90x	Revenue / average property, plant and equipment.
Inventory turnover	6.03x	Cost of revenue / average inventory.
Days inventory	60 days	365 x average inventory / cost of revenue.
Receivables turnover	6.65x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	54.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$107.13	Revenue / diluted weighted shares.
FCF per share	$8.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.25	Cash from operations / diluted weighted shares.
Book value per share	$52.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$30.11	Tangible book value / shares outstanding.
Cash per share	$6.67	(Cash + short-term investments) / shares outstanding.
Payout ratio	64.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	60.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$21.13B	Share price x shares outstanding.
Enterprise value	$24.51B	Market cap + total debt - cash - short-term investments.
P/E	30.5x	Market cap / net income. Only when net income is positive.
P/S	2.22x	Market cap / revenue.
P/B	4.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.89x	Market cap / tangible book value, when positive.
P/FCF	28.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.0x	Market cap / cash from operations, when positive.
EV/Sales	2.57x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.1%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was PACKAGING CORP OF AMERICA's revenue in fiscal 2025?

PACKAGING CORP OF AMERICA reported revenue of $8.99B for fiscal 2025, 7.2% higher than the year before.

Was PACKAGING CORP OF AMERICA profitable in fiscal 2025?

Yes. Net income was $774.1M, a net margin of 8.6%.

How much free cash flow did PACKAGING CORP OF AMERICA generate in fiscal 2025?

Cash from operations of $1.56B minus capital expenditures of $828.9M left free cash flow of $728.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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