Filing Flows › Packaging Corp of America (PKG) › Q4 2025
Packaging Corp of America (PKG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Packaging Corp of America (PKG) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +2% from the quarter before. Operating margin was 7.1%, net earnings $102M (4.3% of revenue).
Packaging Corp of America, Q4 2025: revenue $2.4B (+10% year over year), operating margin 7.1%, net earnings $102M, operating cash flow $447M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +2% | +10% |
| Gross profit | $448M | -11% | -5% |
| Operating profit | $168M | -48% | -44% |
| Net earnings | $102M | -55% | -54% |
| Operating cash flow | $447M | -5% | +37% |
| Free cash flow | $128M | -54% | +3% |
What changed
Revenue was $2.4B in Q4 2025, up 10% year over year and up 2% from the previous quarter. Packaging was the largest line at 93% of revenue.
Gross margin was 18.9%, down 3.0 points from a year earlier. Operating profit was $0.17B, a 7.1% margin (down 7.0 points year over year). Operating profit fell $0.13B even though revenue rose $0.22B versus a year earlier, so costs grew faster than sales. Operating expenses grew 67% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+455%). Net earnings were $0.10B, down 54% year over year. The effective tax rate was 24.3%.
Operating cash flow was $0.45B (up 37% year over year), 439% of net earnings. Non-cash charges added back $0.22B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.11B. Capital expenditures of $0.32B left free cash flow of $0.13B.
Questions
What was Packaging Corp of America's revenue in the fourth quarter 2025?
Packaging Corp of America (PKG) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +2% from the quarter before.
Was Packaging Corp of America profitable in the fourth quarter 2025?
Operating profit was $168M (7.1% of revenue) and net earnings $102M.