$PKG

PACKAGING CORP OF AMERICA

CIK:0000075677|SEC Filings

Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Net sales

$ 2,489.9

$ 2,171.3

$ 4,857.6

$ 4,312.3

Cost of sales

(1,977.4)

(1,688.3)

(3,892.3)

(3,374.5)

Gross profit

512.5

483.0

965.3

937.8

Selling, general and administrative expenses

(179.3)

(153.2)

(359.6)

(314.6)

Other (expense) income, net

(42.0)

3.9

(63.2)

(9.2)

Income from operations

^[1]

291.2

333.7

542.5

614.0

Non-operating pension income

1.1

0.0

2.2

0.0

Interest expense, net

(33.3)

(13.1)

(66.0)

(26.0)

Income before taxes

259.0

320.6

478.7

588.0

Provision for income taxes

(66.9)

(79.1)

(115.7)

(142.7)

Net income

$ 192.1

$ 241.5

$ 363.0

$ 445.3

Net income per common share:

Basic

$ 2.16

$ 2.68

$ 4.07

$ 4.95

Diluted

2.15

2.67

4.05

4.93

Dividends declared per common share

$ 1.5

$ 1.25

$ 2.75

$ 2.5

Statements of Comprehensive Income:

Net income

$ 192.1

$ 241.5

$ 363.0

$ 445.3

Other comprehensive income, net of tax:

Changes in unrealized (losses) gains on marketable debt securities, net of tax of $0.1 million, $0.0 million, $0.2 million, and $0.0 million, respectively

(0.1)

0.0

(0.5)

0.1

Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($0.3) million, ($0.3) million, ($0.6) million, and ($0.6) million, respectively

0.9

1.9

Other comprehensive income

0.8

0.9

1.4

2.0

Comprehensive income

$ 192.9

$ 242.4

$ 364.4

$ 447.3

[1]	The significant expense categories align with the segment-level information that is regularly provided to the CODM.

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 363.0	$ 445.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization of intangibles	401.5	278.6
Amortization of deferred financing costs	1.6	1.0
Share-based compensation expense	32.3	28.1
Deferred income tax provision	21.1	2.8
Net loss (gain) on asset disposals	13.1	(19.7)
Pension and post-retirement benefits expense, net of contributions	0.7	4.2
Other, net	6.9	3.5
(Increase) decrease in assets ---
Accounts receivable	(170.9)	(51.1)
Inventories	(18.9)	(19.7)
Prepaid expenses and other current assets	(18.5)	61.4
Increase (decrease) in liabilities --
Accounts payable	96.4	29.4
Accrued liabilities	(20.9)	(124.5)
Federal and state income taxes payable/receivable	(2.1)	(0.6)
Net cash provided by operating activities	705.3	638.7
Cash Flows from Investing Activities:
Additions to property, plant, and equipment	(370.6)	(317.8)
Acquisition of business, net of cash acquired	(21.2)	0.0
Additions to other long-term assets	(2.0)	(1.9)
Proceeds from asset disposals	1.3	33.0
Purchase of short-term investment in time deposit	(50.0)	0.0
Purchases of available-for-sale debt securities	(86.3)	(72.0)
Proceeds from sales of available-for-sale debt securities	10.7	12.6
Proceeds from maturities of available-for-sale debt securities	39.8	59.1
Other, net	0.8	0.0
Net cash used for investing activities	(477.5)	(287.0)
Cash Flows from Financing Activities:
Repayments of debt and finance lease obligations	(1.0)	(1.0)
Common stock dividends paid	(223.2)	(224.7)
Repurchases of common stock	(58.8)	0.0
Shares withheld to cover employee restricted stock taxes	(29.8)	(23.1)
Other, net	(1.2)	0.0
Net cash used for financing activities	(314.0)	(248.8)
Net (decrease) increase in cash and cash equivalents	(86.2)	102.9
Cash and cash equivalents, beginning of period	529.0	685.0
Cash and cash equivalents, end of period	$ 442.8	$ 787.9

Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 442.8	$ 529.0
Short-term marketable debt securities and other ($101.0 million and $71.8 million measured at fair value as of June 30, 2026 and December 31, 2025, respectively)	151.0	71.8
Accounts receivable, net of allowance for credit losses and customer deductions of $19.1 million and $17.0 million as of June 30, 2026 and December 31,2025, respectively	1,432.8	1,255.8
Inventories	1,262.4	1,243.2
Prepaid expenses and other current assets	104.3	85.8
Federal and state income taxes receivable	30.3	28.1
Total current assets	3,423.6	3,213.7
Property, plant, and equipment, net	5,010.5	4,985.1
Goodwill	1,416.3	1,372.3
Other intangible assets, net	565.6	602.3
Operating lease right-of-use assets	414.4	376.0
Long-term marketable debt securities	73.0	67.0
Other long-term assets	112.1	109.1
Total assets	11,015.5	10,725.5
Current liabilities:
Operating lease obligations	104.4	99.8
Finance lease obligations	2.4	2.3
Accounts payable	616.9	471.4
Dividends payable	136.9	116.1
Accrued liabilities	271.8	302.1
Accrued interest	31.5	23.4
Total current liabilities	1,163.9	1,015.1
Long-term liabilities:
Long-term debt	3,968.9	3,967.3
Operating lease obligations	324.8	290.6
Finance lease obligations	3.8	4.9
Deferred income taxes	681.3	660.1
Compensation and benefits	115.1	106.2
Other long-term liabilities	95.8	83.3
Total long-term liabilities	5,189.7	5,112.4
Commitments and contingent liabilities (Note 19)
Stockholders' equity:
Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.1 million and 89.2 million shares issued as of June 30, 2026 and December 31, 2025, respectively	0.9	0.9
Additional paid in capital	738.5	707.7
Retained earnings	3,962.7	3,931.0
Accumulated other comprehensive loss	(40.2)	(41.6)
Total stockholders' equity	4,661.9	4,598.0
Total liabilities and stockholders' equity	$ 11,015.5	$ 10,725.5