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Packaging Corp of America vs Smurfit Westrock: revenue, profit, margins and growth compared

Packaging Corp of America brought in $9B of revenue in fiscal 2025, Smurfit Westrock $31.2B in fiscal 2025. Revenue changed by +7.2% at Packaging Corp of America and +47.7% at Smurfit Westrock on the year before, so Smurfit Westrock grew faster. Packaging Corp of America kept 8.6% of its revenue as net profit, Smurfit Westrock 2.2%. Free cash flow was $728.6M at Packaging Corp of America and $1.2B at Smurfit Westrock.

Side by side, latest fiscal year

PKGSW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9B$31.2B
Revenue growth+7.2%+47.7%
Net income$774.1M$699M
Net margin8.6%2.2%
Free cash flow$728.6M$1.2B
Free cash flow margin8.1%3.8%
Earnings per share (diluted)$8.58$1.33
Cash$529M$892M
Debt$4B$13.2B
Price to earnings27.634.9
Market value$21.1B$24.3B
Dividend yield2.11%3.71%
Rank by revenue in sector#125 of 778 · Consumer discretionary#33 of 778 · Consumer discretionary

Over the years

Revenue
PKG FY2018: $7BPKG FY2019: $7BPKG FY2020: $6.7BPKG FY2021: $7.7BPKG FY2022: $8.5BPKG FY2023: $7.8BPKG FY2024: $8.4BPKG FY2025: $9BSW FY2022: $13.5BSW FY2024: $12.1BSW FY2024: $21.1BSW FY2025: $31.2BFY18FY19FY20FY21FY22FY23FY24FY25
PKG $9BSW $31.2B
Net income
PKG FY2018: $738MPKG FY2019: $696.4MPKG FY2020: $461MPKG FY2021: $841.1MPKG FY2022: $1BPKG FY2023: $765.2MPKG FY2024: $805.1MPKG FY2025: $774.1MSW FY2022: $1BSW FY2024: $825MSW FY2024: $319MSW FY2025: $699MFY18FY19FY20FY21FY22FY23FY24FY25
PKG $774.1MSW $699M
Net margin
PKG FY2018: 10.5%PKG FY2019: 10.0%PKG FY2020: 6.9%PKG FY2021: 10.9%PKG FY2022: 12.1%PKG FY2023: 9.8%PKG FY2024: 9.6%PKG FY2025: 8.6%SW FY2022: 7.7%SW FY2024: 6.8%SW FY2024: 1.5%SW FY2025: 2.2%FY18FY19FY20FY21FY22FY23FY24FY25
PKG 8.6%SW 2.2%
Revenue growth
PKG FY2019: -0.7%PKG FY2020: -4.4%PKG FY2021: +16.1%PKG FY2022: +9.7%PKG FY2023: -8.0%PKG FY2024: +7.4%PKG FY2025: +7.2%SW FY2024: -10.5%SW FY2024: +74.6%SW FY2025: +47.7%FY19FY20FY21FY22FY23FY24FY25
PKG +7.2%SW +47.7%
Free cash flow
PKG FY2018: $628.7MPKG FY2019: $807.9MPKG FY2020: $611.6MPKG FY2021: $489MPKG FY2022: $670.8MPKG FY2023: $845.4MPKG FY2024: $521.5MPKG FY2025: $728.6MSW FY2022: $503MSW FY2024: $630MSW FY2024: $17MSW FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
PKG $728.6MSW $1.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Packaging Corp of America and Smurfit Westrock

Which is bigger by revenue, Packaging Corp of America or Smurfit Westrock?

Smurfit Westrock is bigger by revenue: $31.2B in fiscal 2025, against $9B for Packaging Corp of America in fiscal 2025.

Which keeps more of its revenue as profit, Packaging Corp of America or Smurfit Westrock?

Packaging Corp of America had a net margin of 8.6% in fiscal 2025; Smurfit Westrock had 2.2% in fiscal 2025.

Which grew revenue faster, Packaging Corp of America or Smurfit Westrock?

In their latest fiscal years revenue changed by +7.2% at Packaging Corp of America and +47.7% at Smurfit Westrock.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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