Filing Flows › Packaging Corp of America (PKG) › Q1 2026
Packaging Corp of America (PKG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Packaging Corp of America (PKG) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +11% from a year earlier and +0.2% from the quarter before. Operating margin was 10.6%, net earnings $171M (7.2% of revenue).
Packaging Corp of America, Q1 2026: revenue $2.4B (+11% year over year), operating margin 10.6%, net earnings $171M, operating cash flow $329M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +0.2% | +11% |
| Gross profit | $453M | +1% | -0.4% |
| Operating profit | $251M | +49% | -10% |
| Net earnings | $171M | +68% | -16% |
| Operating cash flow | $329M | -26% | -3% |
| Free cash flow | $165M | +29% | -14% |
What changed
Revenue was $2.4B in Q1 2026, up 11% year over year and roughly flat from the previous quarter. Packaging was the largest line at 92% of revenue. Packaging added $0.22B year over year (up 11%), 96% of the total change.
Gross margin was 19.1%, down 2.1 points from Q1 2025. Operating profit was $0.25B, a 10.6% margin (down 2.5 points year over year). Operating profit fell $0.03B even though revenue rose $0.23B versus Q1 2025, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+64%). Net earnings were $0.17B, down 16% year over year. The effective tax rate was 22.2%.
Operating cash flow was $0.33B (down 3% year over year), 193% of net earnings. Non-cash charges added back $0.23B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.08B. Capital expenditures of $0.16B left free cash flow of $0.16B.
Questions
What was Packaging Corp of America's revenue in the first quarter 2026?
Packaging Corp of America (PKG) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +11% from a year earlier and +0.2% from the quarter before.
Was Packaging Corp of America profitable in the first quarter 2026?
Operating profit was $251M (10.6% of revenue) and net earnings $171M.