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Packaging Corp of America (PKG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Packaging Corp of America (PKG) Q3 2026 earnings results →

Q3 2026 Revenue up 12% year over year to $2.6B · 10¢ of every $1 of revenue kept as net profit · operating margin 14.8%

Packaging Corp of America made $2.6B in Q3 2026 (+12% Y/Y): Packaging $2.4B, Paper $163M, Corporate and Other $24.5M. Operating margin 14.8%, net earnings $262M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$2.6B

Year over year+12%

Operating margin14.8%

Net earnings$262M

Operating cash flow$472M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $2.6B in Q3 2026, up 12% year over year and up 4% from the previous quarter. Packaging was the largest line at 93% of revenue. Packaging added $0.29B year over year (up 13%), 99% of the total change.

Gross margin was 23.2%, up 1.4 points from Q3 2025. Operating profit was $0.39B, a 14.8% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 21% reached operating profit, above the 14% margin then. Operating expenses grew 22% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+41%). Net earnings were $0.26B, up 16% year over year. The effective tax rate was 25.9%.

Operating cash flow was $0.47B (roughly flat year over year), 180% of net earnings. Non-cash charges added back $0.18B of depreciation and amortization and $0.02B of share-based compensation. Capital expenditures of $0.25B left free cash flow of $0.22B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 5, 2026	$2.6B	+12%	14.8%	$262M	$472M
Q2 2026	10-Q	Aug 7, 2026	$2.5B	+15%	11.7%	$192M	$376M
Q1 2026	10-Q	May 8, 2026	$2.4B	+11%	10.6%	$171M	$329M
Q4 2025	10-K	Feb 26, 2026	$2.4B	+10%	7.1%	$102M	$447M
Q3 2025	10-Q	Nov 6, 2025	$2.3B	+6%	14.0%	$227M	$472M
Q2 2025	10-Q	Aug 7, 2025	$2.2B	+5%	15.4%	$242M	$300M
Q1 2025	10-Q	May 8, 2025	$2.1B	+8%	13.1%	$204M	$339M

Charts

Latest (Q3 2026): Y/Y +12%, Q/Q +4%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $262M, Operating cash flow $472M.

-5.1% since FY2020: buybacks shrank the count.

Cash $529M, short-term investments $71.8M, long-term debt $4.0B at 2025-12-31.

Paperboard Containers & Boxes; dot size is quarterly revenue; dashed lines are the industry's medians.