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Packaging Corp of America cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$224M in Q3 2026 · $687M over twelve months

Operating cash flow$472M
Capital spending−$247M
Free cash flow+$224M
Cash / net income1.8×
Cash conversion cycle82 days

Analysis

In Q3 2026, Packaging Corp of America generated $472M of operating cash flow and spent $247M on capital projects, leaving free cash flow of $224M. That is $55.8M less than in Q3 2025 ($280M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were capital spending ($937M), dividends ($469M), buybacks ($212M); besides operations, cash came from asset & business sales ($1.8M); the cash balance fell by $99.4M.

Operating cash flow was $472M against net income of $262M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$181M, receivables −$55.4M, accrued liabilities +$49.2M.

Its cash conversion cycle was 82 days (receivables 52 + inventory 59 − payables 29).

Free cash flow

Packaging Corp of America: free cash flow by quarterPackaging Corp of America: free cash flow by quarter$124MQ4 2024$191MQ1 2025$130MQ2 2025$280MQ3 2025$128MQ4 2025$165MQ1 2026$170MQ2 2026$224MQ3 2026
Operating cash flow less capital spending.
Packaging Corp of America: operating cash flow against capital spendingPackaging Corp of America: operating cash flow against capital spendingOperating cash flowCapital spending$325M$201MQ4 2024$339M$148MQ1 2025$300M$170MQ2 2025$472M$192MQ3 2025$447M$319MQ4 2025$329M$165MQ1 2026$376M$206MQ2 2026$472M$247MQ3 2026
Latest (Q3 2026): Operating cash flow $472M, Capital spending $247M.

Capital allocation, year by year

Packaging Corp of America: where the cash came from (up) and went (down), by fiscal yearPackaging Corp of America: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$68.5MFY2021: Asset sales $7.9MFY2021: Capital spending −$605MFY2021: Acquisitions −$195MFY2021: Buybacks −$193MFY2021: Dividends −$380M$1.1BFY2021FY2022: Operating cash flow $1.5BFY2022: Net borrowing −$2.6MFY2022: Asset sales $2.2MFY2022: Capital spending −$824MFY2022: Buybacks −$523MFY2022: Dividends −$420M$1.5BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing $394MFY2023: Asset sales $1.6MFY2023: Capital spending −$470MFY2023: Buybacks −$41.5MFY2023: Dividends −$449M$1.7BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing −$403MFY2024: Asset sales $1.3MFY2024: Capital spending −$670MFY2024: Dividends −$449M$1.2BFY2024FY2025: Operating cash flow $1.6BFY2025: Net borrowing $1.5BFY2025: Asset sales $33.4MFY2025: Capital spending −$829MFY2025: Acquisitions −$1.8BFY2025: Buybacks −$153MFY2025: Dividends −$450M$3.1BFY2025
Over these 5 years operating cash flow totalled $6.7B; the largest uses were capital spending ($3.4B) and dividends ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$685M
Debt$4.0B
Net debt$3.3B

Packaging Corp of America funds itself: free cash flow was $687M over the last twelve months, and $685M of cash and investments stands against $4.0B of debt.

Packaging Corp of America: debt maturities by year (FY2025)Packaging Corp of America: debt maturities by year (FY2025)$500MYear 2$500MYear 3$500MYear 4
Principal due in each year as disclosed in the annual report, against $685M of cash and investments now.

Where the cash came from and went

Packaging Corp of America: sources (+) and uses (−) of cash, Q3 2026Packaging Corp of America: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$472MCapital spending−$247MDividends−$134MCash drawn (+) / kept (−)−$91.8MOther investing$1.7MNet borrowing (+) / repaid (−)−$700KAsset & business sales$400KTaxes on employees’ shares−$300KOther financing$100K
Packaging Corp of America: sources (+) and uses (−) of cash, TTM to Q3 2026Packaging Corp of America: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.6BCapital spending−$937MDividends−$469MBuybacks−$212MCash drawn (+) / kept (−)$99.4MOther investing−$51.9MTaxes on employees’ shares−$30.3MAcquisitions−$21.2MNet borrowing (+) / repaid (−)−$2.3MAsset & business sales$1.8MOther financing−$900K

From profit to cash

Packaging Corp of America: net income to operating cash flow, Q3 2026Packaging Corp of America: net income to operating cash flow, Q3 2026Net income$262MDepreciation & amortization$181MStock-based pay$15.1MDeferred taxes−$11.9MGains on disposals$8.8MReceivables−$55.4MInventory−$47.3MPayables$14.2MAccrued liabilities$49.2MPrepaid and other assets$11.0MOperating cash flow$472M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202652592982
Q2 202651582782
Q1 202649592484
Q4 202551612587
Q3 202551622786
Q2 202549622685
Q1 202549602485
Q4 202451602486

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$472M−$247M——−$134M−$700K−$91.8M$224M
Q2 2026$376M−$206M−$6.4M—−$111M−$400K−$45.7M$170M
Q1 2026$329M−$165M−$14.8M−$58.8M−$112M−$600K$132M$165M
Q4 2025$447M−$319M—−$153M−$112M−$600K$105M$128M
Q3 2025$472M−$192M−$1.8B—−$112M−$600K$154M$280M
Q2 2025$300M−$170M——−$112M−$500K−$36.2M$130M
Q1 2025$339M−$148M——−$112M−$500K−$66.7M$191M
Q4 2024$325M−$201M——−$112M−$500K−$8.4M$124M

Packaging Corp of America: income statement and cash flow

Packaging Corp of America, Q3 2026: revenue $2.6B (+12% year over year), operating margin 14.8%. The chart follows the revenue to costs, profit and cash.

Packaging Corp of America: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.