Filing Flows › Packaging Corp of America (PKG) › Q3 2026 › vs Q2 2026
Packaging Corp of America (PKG) Q3 2026 vs Q2 2026 (quarter over quarter)
Packaging Corp of America's revenue rose $112M (+4%) from $2.5B in Q2 2026 to $2.6B in Q3 2026. The biggest changes: Packaging +$103M (+4%); Paper +$5.9M (+4%); Corporate and Other +$3.2M (+15%). Gross margin 23.2% against 20.6% (+2.6 pts).
Packaging Corp of America, Q3 2026: revenue $2.6B (+12% year over year), operating margin 14.8%, net earnings $262M, operating cash flow $472M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 23.2% | 20.6% | +2.6 pts |
| Operating margin | 14.8% | 11.7% | +3.1 pts |
| Net margin | 10.1% | 7.7% | +2.4 pts |
| Free cash flow margin | 8.6% | 6.8% | +1.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Packaging | $2.4B | $2.3B | $103M | +4% |
| Paper | $163M | $157M | $5.9M | +4% |
| Corporate and Other | $24.5M | $21.3M | $3.2M | +15% |
| Revenue | $2.6B | $2.5B | $112M | +4% |
| Gross profit | $604M | $512M | $91.4M | +18% |
| Cost of revenue | $2.0B | $2.0B | $20.4M | +1% |
| Operating profit | $385M | $291M | $94.1M | +32% |
| Operating expenses | $219M | $221M | −$2.7M | -1% |
| Pre-tax earnings | $354M | $259M | $95.2M | +37% |
| Other expense, net | $31.1M | $32.2M | −$1.1M | -3% |
| SG&A | $183M | $179M | $3.4M | +2% |
| Other operating costs | $35.9M | $42.0M | −$6.1M | -15% |
| Net earnings | $262M | $192M | $70.2M | +37% |
| Income tax | $91.9M | $66.9M | $25.0M | +37% |
| Depreciation & amortization | $181M | $176M | $5.0M | +3% |
| Share-based compensation | $15.1M | $17.0M | −$1.9M | -11% |
| Working capital & other | $12.9M | −$9.4M | $22.3M | — |
| Operating cash flow | $472M | $376M | $95.6M | +25% |
| Free cash flow (OCF − capex) | $224M | $170M | $54.2M | +32% |
| Capital expenditures | $247M | $206M | $41.4M | +20% |
Questions
How much did Packaging Corp of America's revenue grow quarter over quarter in Q3 2026?
Packaging Corp of America's revenue rose $112M (+4%) from $2.5B in Q2 2026 to $2.6B in Q3 2026.
What drove Packaging Corp of America's revenue change in Q3 2026?
Packaging +$103M (+4%); Paper +$5.9M (+4%); Corporate and Other +$3.2M (+15%).