Filing Flows › Packaging Corp of America (PKG) › Q2 2026 › vs Q1 2026
Packaging Corp of America (PKG) Q2 2026 vs Q1 2026 (quarter over quarter)
Packaging Corp of America's revenue rose $122M (+5%) from $2.4B in Q1 2026 to $2.5B in Q2 2026. The biggest changes: Packaging +$123M (+6%); Paper −$2.6M (-2%); Corporate and Other +$2.0M (+10%). Gross margin 20.6% against 19.1% (+1.5 pts).
Packaging Corp of America, Q2 2026: revenue $2.5B (+15% year over year), operating margin 11.7%, net earnings $192M, operating cash flow $376M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 20.6% | 19.1% | +1.5 pts |
| Operating margin | 11.7% | 10.6% | +1.1 pts |
| Net margin | 7.7% | 7.2% | +0.5 pts |
| Free cash flow margin | 6.8% | 7.0% | -0.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Packaging | $2.3B | $2.2B | $123M | +6% |
| Paper | $157M | $160M | −$2.6M | -2% |
| Corporate and Other | $21.3M | $19.3M | $2.0M | +10% |
| Revenue | $2.5B | $2.4B | $122M | +5% |
| Gross profit | $512M | $453M | $59.6M | +13% |
| Cost of revenue | $2.0B | $1.9B | $62.5M | +3% |
| Operating profit | $291M | $251M | $39.9M | +16% |
| Operating expenses | $221M | $202M | $19.7M | +10% |
| Pre-tax earnings | $259M | $220M | $39.2M | +18% |
| Other expense, net | $32.2M | $31.5M | $700K | +2% |
| SG&A | $179M | $180M | −$1.0M | -0.6% |
| Other operating costs | $42.0M | $21.3M | $20.7M | +97% |
| Net earnings | $192M | $171M | $21.2M | +12% |
| Income tax | $66.9M | $48.9M | $18.0M | +37% |
| Depreciation & amortization | $176M | $225M | −$48.9M | -22% |
| Share-based compensation | $17.0M | $15.3M | $1.7M | +11% |
| Working capital & other | $9.4M | $82.1M | −$72.7M | -89% |
| Operating cash flow | $376M | $329M | $46.7M | +14% |
| Free cash flow (OCF − capex) | $170M | $165M | $5.5M | +3% |
| Capital expenditures | $206M | $165M | $41.2M | +25% |
Questions
How much did Packaging Corp of America's revenue grow quarter over quarter in Q2 2026?
Packaging Corp of America's revenue rose $122M (+5%) from $2.4B in Q1 2026 to $2.5B in Q2 2026.
What drove Packaging Corp of America's revenue change in Q2 2026?
Packaging +$123M (+6%); Paper −$2.6M (-2%); Corporate and Other +$2.0M (+10%).