financial statements

The full income statement, balance sheet, and cash-flow statement for Packaging Corporation of America (PKG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.99B YoY+7.2%	8.38B YoY+7.4%	7.80B YoY-8.0%	8.48B YoY+9.7%	7.73B YoY+16.1%
	1.89B YoY+6.0%	1.78B YoY+5.0%	1.70B YoY-18.7%	2.09B YoY+11.6%	1.87B YoY+36.8%
Cost of revenue	7.10B YoY+7.6%	6.60B YoY+8.1%	6.10B YoY-4.4%	6.39B YoY+9.1%	5.86B YoY+10.7%
Research & development	—	—	—	—	14.5M YoY-6.5%
Selling, general & administrative	634M YoY+3.9%	610M YoY+5.1%	581M YoY-4.6%	609M YoY+5.5%	577M YoY+6.9%
Amortization of intangibles	49.6M YoY+31.6%	37.7M YoY-1.6%	38.3M YoY-2.0%	39.1M YoY+3.7%	37.7M YoY-12.1%
Operating income	1.11B YoY+0.5%	1.10B YoY+2.4%	1.08B YoY-24.3%	1.42B YoY+14.4%	1.24B YoY+71.5%
Net interest income	-79.1M YoY-91.1%	-41.4M YoY+22.3%	-53.3M YoY+24.3%	-70.4M YoY+53.8%	-152M YoY-63.0%
Pre-tax income	1.03B YoY-3.4%	1.06B YoY+5.0%	1.01B YoY-25.7%	1.36B YoY+23.1%	1.11B YoY+75.2%
Income tax	254M YoY-2.2%	259M YoY+4.2%	249M YoY-25.7%	335M YoY+25.2%	268M YoY+55.9%
	774M YoY-3.9%	805M YoY+5.2%	765M YoY-25.7%	1.03B YoY+22.4%	841M YoY+82.5%
Net income to common	769M YoY-3.8%	800M YoY+5.3%	759M YoY-25.7%	1.02B YoY+22.4%	835M YoY+82.5%
	$8.58 YoY-3.9%	$8.93 YoY+5.3%	$8.48 YoY-23.1%	$11.03 YoY+24.9%	$8.83 YoY+82.4%
EPS (basic)	$8.61 YoY-4.0%	$8.97 YoY+5.3%	$8.52 YoY-23.1%	$11.08 YoY+24.9%	$8.87 YoY+82.5%
Weighted-avg shares (basic)	89.3M YoY+0.2%	89.1M YoY+0.0%	89.1M YoY-3.5%	92.3M YoY-1.9%	94.1M YoY+0.0%
Weighted-avg shares (diluted)	89.6M YoY+0.1%	89.5M YoY+0.0%	89.5M YoY-3.5%	92.7M YoY-1.9%	94.5M YoY+0.1%
Dividends per share	$5.00 YoY+0.0%	$5.00 YoY+0.0%	$5.00 YoY+5.3%	$4.75 YoY+18.8%	$4.00 YoY+18.7%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.21B YoY-0.6%	3.23B YoY-0.7%	3.25B YoY+29.7%	2.51B YoY-8.2%	2.73B YoY-0.6%
Cash & equivalents	529M YoY-22.8%	685M YoY+5.7%	648M YoY+102.5%	320M YoY-48.3%	619M YoY-36.5%
Accounts receivable	1.26B YoY+9.8%	1.14B YoY+10.7%	1.03B YoY+0.1%	1.03B YoY-3.7%	1.07B YoY+28.7%
Inventory	1.24B YoY+10.5%	1.12B YoY+11.0%	1.01B YoY+3.7%	977M YoY+8.3%	903M YoY+14.5%
Prepaid expenses	85.8M YoY-48.6%	167M YoY+167.9%	62.3M YoY+6.9%	58.3M YoY+24.0%	47.0M YoY+5.1%
	10.7B YoY+21.4%	8.83B YoY+1.8%	8.68B YoY+8.5%	8.00B YoY+2.1%	7.84B YoY+5.4%
Property, plant & equipment	4.99B YoY+23.4%	4.04B YoY+4.5%	3.86B YoY-0.9%	3.90B YoY+10.5%	3.53B YoY+10.5%
Operating lease right-of-use	376M YoY+35.8%	277M YoY-1.0%	280M YoY-6.3%	298M YoY+25.2%	238M YoY+1.8%
Goodwill	1.37B YoY+48.8%	922M YoY+0.0%	922M YoY+0.0%	922M YoY-0.1%	924M YoY+6.9%
Intangible assets	602M YoY+213.9%	192M YoY-16.4%	230M YoY-14.3%	268M YoY-13.1%	308M YoY+4.2%
Deferred tax assets	6.29M YoY+0.0%	6.29M YoY+0.0%	6.29M YoY+0.0%	6.29M YoY+0.0%	6.29M YoY+0.0%
Other non-current assets	109M YoY+4.1%	105M YoY+56.0%	67.2M YoY+60.0%	42.0M YoY-6.5%	44.9M YoY-15.6%
	1.02B YoY+1.3%	1.00B YoY-20.9%	1.27B YoY+44.6%	876M YoY-1.1%	885M YoY+13.1%
Accounts payable	471M YoY+9.6%	430M YoY+6.9%	402M YoY-1.9%	410M YoY-9.3%	452M YoY+16.9%
Accrued liabilities	302M YoY-16.8%	363M YoY+43.2%	254M YoY-3.9%	264M YoY+3.4%	255M YoY+17.9%
Short-term & current debt	0.00	0.00 YoY-100.0%	400M	0.00 YoY-100.0%	698M
Current lease liability	99.8M YoY+24.0%	80.5M YoY+2.4%	78.6M YoY+8.9%	72.2M YoY+7.6%	67.1M YoY-2.6%
Long-term debt	3.97B YoY+60.3%	2.47B YoY+0.1%	2.47B YoY-0.1%	2.47B YoY+0.1%	2.47B YoY-0.3%
Non-current lease liability	291M YoY+39.7%	208M YoY-1.9%	212M YoY-9.6%	235M YoY+30.8%	179M YoY+3.3%
Deferred tax liabilities	660M YoY+17.5%	562M YoY+0.7%	558M YoY+2.8%	543M YoY+16.5%	466M YoY+22.8%
Other non-current liabilities	83.3M YoY+3.0%	80.9M YoY+33.3%	60.7M YoY+5.7%	57.4M YoY-1.0%	58.0M YoY-2.0%
Total non-current liabilities	5.11B YoY+49.2%	3.43B YoY+0.3%	3.42B YoY-1.2%	3.46B YoY+3.5%	3.34B YoY-1.7%
	4.60B YoY+4.4%	4.40B YoY+10.2%	4.00B YoY+9.0%	3.67B YoY+1.7%	3.61B YoY+11.1%
Common stock	900K YoY+0.0%	900K YoY+0.0%	900K YoY+0.0%	900K YoY+0.0%	900K YoY+0.0%
Additional paid-in capital	708M YoY+5.7%	670M YoY+8.0%	620M YoY+6.6%	582M YoY+0.4%	579M YoY+4.5%
Retained earnings	3.93B YoY+4.1%	3.78B YoY+9.6%	3.45B YoY+8.2%	3.19B YoY+2.7%	3.10B YoY+9.4%
Treasury stock	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%
Accumulated other comprehensive income	-41.6M YoY+4.1%	-43.4M YoY+38.8%	-70.9M YoY+30.8%	-102M YoY-36.2%	-75.2M YoY+48.0%
Non-controlling interest	400K YoY+0.0%	400K YoY+0.0%	400K YoY+0.0%	400K YoY+0.0%	400K YoY+0.0%
Total equity incl. non-controlling	4.60B YoY+4.4%	4.40B YoY+10.2%	4.00B YoY+9.0%	3.67B YoY+1.7%	3.61B YoY+11.1%
Total liabilities & equity	10.7B YoY+21.4%	8.83B YoY+1.8%	8.68B YoY+8.5%	8.00B YoY+2.1%	7.84B YoY+5.4%
Common shares issued	89.2M YoY-0.7%	89.8M YoY+0.2%	89.6M YoY-0.1%	89.7M YoY-4.1%	93.5M YoY-1.4%
Shares outstanding (cover)	90.0M YoY+0.2%	89.8M YoY+0.2%	89.6M YoY-3.1%	92.5M YoY-2.6%	95.0M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.56B YoY+30.8%	1.19B YoY-9.4%	1.32B YoY-12.0%	1.50B YoY+36.6%	1.09B YoY+5.9%
Depreciation & amortization	653M YoY+24.2%	526M YoY+1.5%	518M YoY+13.3%	457M YoY+9.4%	418M YoY+1.8%
Share-based compensation	45.2M YoY-7.4%	48.8M YoY+22.0%	40.0M YoY+12.4%	35.6M YoY+0.3%	35.5M YoY+18.3%
Deferred income taxes	97.3M YoY+2416.7%	-4.20M YoY-180.8%	5.20M YoY-94.0%	86.0M YoY+44.8%	59.4M YoY+71.2%
Change in receivables	10.3M YoY-90.7%	111M YoY+7807.1%	1.40M YoY+103.6%	-39.3M YoY-117.3%	227M YoY+1821.2%
Change in inventory	-4.40M YoY-103.9%	112M YoY+212.3%	35.8M YoY-52.4%	75.2M YoY-28.7%	106M YoY+1774.6%
Change in payables	-42.5M YoY-332.2%	18.3M YoY+60.5%	11.4M YoY+163.0%	-18.1M YoY-248.4%	12.2M YoY-69.3%
Other operating activities	100K YoY-99.6%	24.2M YoY+82.0%	13.3M YoY+565.0%	2.00M YoY-83.2%	11.9M YoY-34.6%
	-2.57B YoY-826.2%	-278M YoY+68.3%	-875M YoY-5.0%	-834M YoY-4.9%	-794M YoY-86.4%
Capital expenditure	829M YoY+23.8%	670M YoY+42.6%	470M YoY-43.0%	824M YoY+36.2%	605M YoY+43.7%
Acquisitions	1.80B	0.00	0.00	0.00 YoY-100.0%	195M
Sales/maturities of investments	102M YoY+3.6%	98.2M YoY+0.9%	97.3M YoY+11.1%	87.6M YoY-12.6%	100M YoY+21.0%
Other investing activities	—	0.00	0.00 YoY+100.0%	-1.90M	0.00
	859M YoY+198.1%	-876M YoY-682.5%	-112M YoY+88.3%	-960M YoY-46.4%	-656M YoY-110.4%
Long-term debt issued	—	0.00 YoY-100.0%	397M	0.00 YoY-100.0%	690M
Common stock repurchased	153M	0.00 YoY-100.0%	41.5M YoY-92.1%	523M YoY+170.8%	193M
Dividends paid	450M YoY+0.2%	449M YoY-0.0%	449M YoY+6.8%	420M YoY+10.7%	380M YoY+26.8%
Net change in cash	-156M YoY-521.6%	37.0M YoY-88.7%	328M YoY+209.8%	-299M YoY+16.1%	-356M YoY-220.6%
Interest paid	101M YoY-6.6%	108M YoY+27.0%	84.8M YoY-0.9%	85.6M YoY-42.8%	150M YoY+54.2%
Income taxes paid	174M YoY-35.3%	269M YoY+26.9%	212M YoY-23.5%	277M YoY+31.8%	211M YoY+82.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	18.6B YoY-8.2%	20.2B YoY+38.5%	14.6B YoY+23.4%	11.8B YoY-8.5%	12.9B YoY-1.1%
P/E	24.0× YoY-4.5%	25.1× YoY+35.0%	18.6× YoY+60.5%	11.6× YoY-24.6%	15.4× YoY-45.8%
P/S	2.1× YoY-14.4%	2.4× YoY+29.1%	1.9× YoY+33.1%	1.4× YoY-16.1%	1.7× YoY-14.8%
P/B	4.0× YoY-12.1%	4.6× YoY+21.8%	3.8× YoY+24.8%	3.0× YoY-15.8%	3.6× YoY-11.0%
P/FCF	25.5× YoY-34.3%	38.8× YoY+118.1%	17.8× YoY-3.7%	18.5× YoY-30.2%	26.4× YoY+23.7%
Earnings yield	4.2% YoY+4.8%	4.0% YoY-25.9%	5.4% YoY-37.7%	8.6% YoY+32.7%	6.5% YoY+84.5%
FCF yield	3.9% YoY+52.2%	2.6% YoY-54.2%	5.6% YoY+3.9%	5.4% YoY+43.3%	3.8% YoY-19.1%
Dividend yield	2.4% YoY+9.2%	2.2% YoY-27.6%	3.1% YoY-17.4%	3.7% YoY+26.4%	2.9% YoY+20.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PKG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PKG filings on SEC EDGAR → Not investment advice.

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financial statements