Filing Flows › Packaging Corp of America (PKG) › Q3 2026 › vs Q3 2025
Packaging Corp of America (PKG) Q3 2026 vs Q3 2025 (year over year)
Packaging Corp of America's revenue rose $288M (+12%) from $2.3B in Q3 2025 to $2.6B in Q3 2026. The biggest changes: Packaging +$286M (+13%); Paper +$2.0M (+1%); Corporate and Other +$400K (+2%). Gross margin 23.2% against 21.8% (+1.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 23.2% | 21.8% | +1.4 pts |
| Operating margin | 14.8% | 14.0% | +0.8 pts |
| Net margin | 10.1% | 9.8% | +0.3 pts |
| Free cash flow margin | 8.6% | 12.1% | -3.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Packaging | $2.4B | $2.1B | $286M | +13% |
| Paper | $163M | $161M | $2.0M | +1% |
| Corporate and Other | $24.5M | $24.1M | $400K | +2% |
| Revenue | $2.6B | $2.3B | $288M | +12% |
| Gross profit | $604M | $504M | $99.6M | +20% |
| Cost of revenue | $2.0B | $1.8B | $189M | +10% |
| Operating profit | $385M | $324M | $60.8M | +19% |
| Operating expenses | $219M | $180M | $38.8M | +22% |
| Pre-tax earnings | $354M | $305M | $49.0M | +16% |
| Other expense, net | $31.1M | $19.3M | $11.8M | +61% |
| SG&A | $183M | $154M | $28.4M | +18% |
| Other operating costs | $35.9M | $25.5M | $10.4M | +41% |
| Net earnings | $262M | $227M | $35.3M | +16% |
| Income tax | $91.9M | $78.3M | $13.6M | +17% |
| Depreciation & amortization | $181M | $153M | $28.7M | +19% |
| Share-based compensation | $15.1M | $8.5M | $6.6M | +78% |
| Working capital & other | $12.9M | $84.1M | −$71.2M | -85% |
| Operating cash flow | $472M | $472M | −$600K | -0.1% |
| Free cash flow (OCF − capex) | $224M | $280M | −$55.8M | -20% |
| Capital expenditures | $247M | $192M | $55.2M | +29% |
Questions
How much did Packaging Corp of America's revenue grow year over year in Q3 2026?
Packaging Corp of America's revenue rose $288M (+12%) from $2.3B in Q3 2025 to $2.6B in Q3 2026.
What drove Packaging Corp of America's revenue change in Q3 2026?
Packaging +$286M (+13%); Paper +$2.0M (+1%); Corporate and Other +$400K (+2%).