Filing Flows › Packaging Corp of America (PKG) › Q3 2025
Packaging Corp of America (PKG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Packaging Corp of America (PKG) reported revenue of $2.3B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +7% from the quarter before. Operating margin was 14.0%, net earnings $227M (9.8% of revenue).
Packaging Corp of America, Q3 2025: revenue $2.3B (+6% year over year), operating margin 14.0%, net earnings $227M, operating cash flow $472M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +7% | +6% |
| Gross profit | $504M | +4% | -0.2% |
| Operating profit | $324M | -3% | -0.8% |
| Net earnings | $227M | -6% | -5% |
| Operating cash flow | $472M | +58% | +44% |
| Free cash flow | $280M | +116% | +55% |
What changed
Revenue was $2.3B in Q3 2025, up 6% year over year and up 7% from the previous quarter. Packaging was the largest line at 92% of revenue. Packaging added $0.12B year over year (up 6%), 91% of the total change.
Gross margin was 21.8%, down 1.3 points from a year earlier. Operating profit was $0.32B, a 14.0% margin (down 1.0 points year over year). Operating profit fell $2.6M even though revenue rose $0.13B versus a year earlier, so costs grew faster than sales. Operating expenses grew 1% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+58%). Net earnings were $0.23B, down 5% year over year. The effective tax rate was 25.7%.
Operating cash flow was $0.47B (up 44% year over year), 208% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.19B left free cash flow of $0.28B.
Questions
What was Packaging Corp of America's revenue in the third quarter 2025?
Packaging Corp of America (PKG) reported revenue of $2.3B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +7% from the quarter before.
Was Packaging Corp of America profitable in the third quarter 2025?
Operating profit was $324M (14.0% of revenue) and net earnings $227M.