Filing Flows › Packaging Corp of America (PKG) › Q2 2026 › vs Q2 2025
Packaging Corp of America (PKG) Q2 2026 vs Q2 2025 (year over year)
Packaging Corp of America's revenue rose $319M (+15%) from $2.2B in Q2 2025 to $2.5B in Q2 2026. The biggest changes: Packaging +$305M (+15%); Paper +$11.5M (+8%); Corporate and Other +$1.7M (+9%). Gross margin 20.6% against 22.2% (-1.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 20.6% | 22.2% | -1.7 pts |
| Operating margin | 11.7% | 15.4% | -3.7 pts |
| Net margin | 7.7% | 11.1% | -3.4 pts |
| Free cash flow margin | 6.8% | 6.0% | +0.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Packaging | $2.3B | $2.0B | $305M | +15% |
| Paper | $157M | $146M | $11.5M | +8% |
| Corporate and Other | $21.3M | $19.6M | $1.7M | +9% |
| Revenue | $2.5B | $2.2B | $319M | +15% |
| Gross profit | $512M | $483M | $29.5M | +6% |
| Cost of revenue | $2.0B | $1.7B | $289M | +17% |
| Operating profit | $291M | $334M | −$42.5M | -13% |
| Operating expenses | $221M | $149M | $72.0M | +48% |
| Pre-tax earnings | $259M | $321M | −$61.6M | -19% |
| Other expense, net | $32.2M | $13.1M | $19.1M | +146% |
| Net earnings | $192M | $242M | −$49.4M | -20% |
| Income tax | $66.9M | $79.1M | −$12.2M | -15% |
| Depreciation & amortization | $176M | $141M | $35.6M | +25% |
| Share-based compensation | $17.0M | $10.3M | $6.7M | +65% |
| Working capital & other | $9.4M | $92.9M | −$83.5M | -90% |
| Operating cash flow | $376M | $300M | $76.4M | +26% |
| Free cash flow (OCF − capex) | $170M | $130M | $40.2M | +31% |
| Capital expenditures | $206M | $170M | $36.2M | +21% |
Questions
How much did Packaging Corp of America's revenue grow year over year in Q2 2026?
Packaging Corp of America's revenue rose $319M (+15%) from $2.2B in Q2 2025 to $2.5B in Q2 2026.
What drove Packaging Corp of America's revenue change in Q2 2026?
Packaging +$305M (+15%); Paper +$11.5M (+8%); Corporate and Other +$1.7M (+9%).