Packaging Corporation of America
Sector unknown·PKG · USA (SEC 10-K)·Fiscal year to 31/12/2025
Packaging Packaging Products Our containerboard mills produce linerboard and corrugating medium, which are papers primarily used in the production of corrugated products. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations, and honeycomb protective packaging.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Retail
End markets
Market
“Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations, and honeycomb protective packaging.”
Annual report 2025A · The company itself
Market
“The primary end-use markets in the United States for corrugated products are shown below as reported in the 2024 Fibre Box Association annual report: Food, beverages, and agricultural products 40 % Retail and wholesale trade 29 % Chemical, plastic, and rubber products 11 % Paper and other products 10 % Miscellaneous manufacturing 10 % Competition As of December 31, 2025, we were the third largest producer of containerboard products in North America, according to industry sources and our own estimates.”
Annual report 2025A · The company itself
Market
“Customers We have about 50 customers in approximately 180 locations. These customers include office products distributors and retailers, paper merchants, and envelope and other converters.”
Annual report 2025A · The company itself
Market
“ODP Corporation (“ODP”), formerly Office Depot, Inc., along with its subsidiaries and affiliates, is our largest customer in the Paper segment. Effective March 1, 2025, we have amended the agreement with ODP in which we will continue to supply commodity and non-commodity office papers through December 31, 2026.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“We consume various chemicals in the production of containerboard, including caustic soda, starch, sulfuric acid, soda ash, and lime. Most of our chemicals are purchased under contracts, which are bid or negotiated periodically.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In addition, costs for key chemicals used in our manufacturing operations also fluctuate.”
Annual report 2025A · The company itself
Market
“The primary end-use markets in the United States for corrugated products are shown below as reported in the 2024 Fibre Box Association annual report: Food, beverages, and agricultural products 40 % Retail and wholesale trade 29 % Chemical, plastic, and rubber products 11 % Paper and other products 10 % Miscellaneous manufacturing 10 % Competition As of December 31, 2025, we were the third largest producer of containerboard products in North America, according to industry sources and our own estimates.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
Market
“Packaging Packaging Products Our containerboard mills produce linerboard and corrugating medium, which are papers primarily used in the production of corrugated products. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations, and honeycomb protective packaging.”
Annual report 2025A · The company itself
Market
“We manufacture and sell a wide variety of containerboard and corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations. In addition, we are a large producer of packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.”
Annual report 2025A · The company itself
Market
“These customers include office products distributors and retailers, paper merchants, and envelope and other converters.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Agriculture and food production
End markets
Market
“In addition, we are a large producer of packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.”
Annual report 2025A · The company itself
Market
“The primary end-use markets in the United States for corrugated products are shown below as reported in the 2024 Fibre Box Association annual report: Food, beverages, and agricultural products 40 % Retail and wholesale trade 29 % Chemical, plastic, and rubber products 11 % Paper and other products 10 % Miscellaneous manufacturing 10 % Competition As of December 31, 2025, we were the third largest producer of containerboard products in North America, according to industry sources and our own estimates.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Automotive
End markets
Market
“We manufacture and sell a wide variety of containerboard and corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations.”
Annual report 2025A · The company itself
Beer and beverages
End markets
Market
“In addition, we are a large producer of packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Grain and agricultural commodities
Raw materials and inputs
Market
“The primary end-use markets in the United States for corrugated products are shown below as reported in the 2024 Fibre Box Association annual report: Food, beverages, and agricultural products 40 % Retail and wholesale trade 29 % Chemical, plastic, and rubber products 11 % Paper and other products 10 % Miscellaneous manufacturing 10 % Competition As of December 31, 2025, we were the third largest producer of containerboard products in North America, according to industry sources and our own estimates.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Industrial manufacturing
End markets
Market
“The primary end-use markets in the United States for corrugated products are shown below as reported in the 2024 Fibre Box Association annual report: Food, beverages, and agricultural products 40 % Retail and wholesale trade 29 % Chemical, plastic, and rubber products 11 % Paper and other products 10 % Miscellaneous manufacturing 10 % Competition As of December 31, 2025, we were the third largest producer of containerboard products in North America, according to industry sources and our own estimates.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc.”
Annual report 2025A · The company itself
Media and entertainment
End markets
Market
“Paper We are a leading producer of UFS in North America, according to industry sources and our own estimates. We manufacture and sell papers, including both commodity and specialty papers, which may have custom or specialized features such as colors, coatings, high brightness, and recycled content. Our papers consist of communication papers, including cut-size office papers, and printing and converting papers.”
Annual report 2025A · The company itself
Natural gas
Raw materials and inputs
InputNegative impact: weakens
“Energy at our packaging mills is obtained through self-generated or purchased fuels and electricity. Fuel sources include by-products of the containerboard manufacturing and pulping process (including black liquor and wood waste), natural gas, purchased wood waste, and other purchased fuels.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“In 2025, our packaging mills consumed about 89 million MMBTUs of fuel to produce both steam and electricity. Of the 89 million MMBTUs consumed, about 62% was from mill-generated biogenic fuels that are by-products of our containerboard manufacturing and pulping process and 38% was from purchased fuels. Of the purchased fuels, 76% was from natural gas, 23% was from purchased wood waste and 1% was from other purchased fuels.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We have the ability to use various types of purchased fuels in our manufacturing operations, including natural gas, and wood waste. Fuel prices, in particular prices for oil and natural gas, have fluctuated in the past.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“A $0.10 per million MMBTU increase in natural gas prices would result in approximately $3 million of additional expense, based on 2025 usage.”
Annual report 2025A · The company itself
Circular economy and recycling
Regulation
InputNegative impact: weakens
“In 2025, our usage of recycled fiber, net of internal generation, represents 22% of our containerboard production, which is expected to increase in 2026 and future periods.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The availability and cost of recycled fiber depends heavily on recycling rates and the domestic and global supply and demand for recycled products. We purchase recycled fiber for use at eight of our containerboard mills. In 2025, we purchased approximately 1,150,000 tons of recycled fiber at our containerboard mills, net of the recycled fiber generated by our corrugated box plants.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“A $10 per ton price increase in recycled fiber for our containerboard mills would result in approximately $20 million of additional expense based on 2026 estimated consumption.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Our business depends on continuous operation of our facilities, particularly at our mills. Any of our manufacturing facilities, or any of our machines within such facilities, could cease operations unexpectedly for a significant period of time due to a number of events, including: • Unscheduled maintenance outages. • Prolonged power failures. • Equipment or information system breakdowns or failures. • Explosion of a boiler or other major facilities. • Disruption in the supply of raw materials, such as wood fiber, energy, or chemicals. • A spill or release of pollutants or hazardous substances.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Extreme Weather Events – Our facilities are susceptible to extreme weather events, which could disrupt our business. Extreme weather events like hurricanes, tornadoes, floods and winter storms have caused disruptions to our business both directly and indirectly in recent history. Climate change may increase the frequency and intensity of these extreme weather events.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Wood and timber
Raw materials and inputs
InputNegative impact: weakens
“Fiber is the largest raw material cost to manufacture containerboard. We consume both virgin wood fiber and recycled fiber in our containerboard mills, and all of our fiber comes from renewable resources.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The market price of wood fiber varies based upon availability, source, and the costs of fuels used in the harvesting and transportation of wood fiber. The cost and availability of wood fiber can also be impacted by weather, general logging conditions, geography, and regulatory activity.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“If economic conditions deteriorate, the U.S. economy could experience a recession, which may result in higher unemployment rates, lower disposable income, lower Company earnings and investment, and lower consumer spending. These factors may result in lower demand for our products and negatively affect our business, results of operations and cash flows.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Inflation
Macro
DriverNegative impact: weakens
“The U.S. economy has experienced persistent inflation, and we have experienced, and continue to experience, cost inflation across our business. Inflation has resulted in, and may continue to result in, higher production and transportation costs, which we may not be able to recover through higher prices charged to our customers or otherwise.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Oil
Raw materials and inputs
InputNegative impact: weakens
“We have the ability to use various types of purchased fuels in our manufacturing operations, including natural gas, and wood waste. Fuel prices, in particular prices for oil and natural gas, have fluctuated in the past.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Subcontractors and haulage capacity
Raw materials and inputs
InputNegative impact: weakens
“We ship our products primarily by truck and rail. We have at times experienced lower availability of third-party trucking services, including truck and driver shortages, and service issues, interruptions, and delays in rail services, which are exacerbated in periods of high demand for such services.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“Although interest rates decreased during 2025, rates still remain relatively high, which may result in lower consumer demand and higher borrowing costs, and may cause general economic conditions to deteriorate.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our indebtedness includes $1.0 billion with floating interest rates. An increase in interest rates will increase the amount we must pay to service our indebtedness.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The actual required amounts and timing of future cash contributions will be sensitive to changes in the applicable discount rates and returns on plan assets and could also be impacted by future changes in the laws and regulations applicable to plan funding. Fluctuations in the market performance of our plan assets will affect our pension plan costs in future periods.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“PCA has, at times, experienced labor shortages and/or higher than historical employee turnover in certain of our facilities.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“We have at times experienced lower availability of third-party trucking services, including truck and driver shortages, and service issues, interruptions, and delays in rail services, which are exacerbated in periods of high demand for such services.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“Industry Cyclicality – Changes in the prices of our products could materially affect our financial condition, results of operations, and liquidity. Macroeconomic conditions and fluctuations in industry capacity can create changes in prices, sales volumes, and margins for most of our products, particularly commodity grades of packaging and paper products.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Digitalisation
Technology
DriverNegative impact: weakens
“UFS paper products compete with electronic data transmission and document storage alternatives. Increasing shifts to electronic alternatives have had and will continue to have an adverse effect on usage of these products.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Electricity
Raw materials and inputs
InputNegative impact: weakens
“Energy at our packaging mills is obtained through self-generated or purchased fuels and electricity. Fuel sources include by-products of the containerboard manufacturing and pulping process (including black liquor and wood waste), natural gas, purchased wood waste, and other purchased fuels.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“New and more stringent environmental regulations may discourage, reduce the availability of, or make more expensive, the use of certain fuels, such as natural gas, which represents the majority of our purchased fuels.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Fuel
Raw materials and inputs
DriverNegative impact: weakens
“Containerboard produced in our mills is primarily shipped by rail or truck. Our corrugated products are delivered by truck due to proximity of our corrugated manufacturing operations to customers and load size.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“Our business depends on continuous operation of our facilities, particularly at our mills. Any of our manufacturing facilities, or any of our machines within such facilities, could cease operations unexpectedly for a significant period of time due to a number of events, including: • Unscheduled maintenance outages. • Prolonged power failures. • Equipment or information system breakdowns or failures. • Explosion of a boiler or other major facilities. • Disruption in the supply of raw materials, such as wood fiber, energy, or chemicals. • A spill or release of pollutants or hazardous substances.”
Annual report 2025A · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
Sea freight and freight rates
Raw materials and inputs
DriverNegative impact: weakens
“Containerboard produced in our mills is primarily shipped by rail or truck. Our corrugated products are delivered by truck due to proximity of our corrugated manufacturing operations to customers and load size.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“In addition, changes in U.S. trade policy, including renegotiating or potentially terminating existing bilateral or multilateral agreements as well as the imposition of tariffs or retaliatory tariffs from other nations, could impact global markets and demand for our and our customers’ products and the costs associated with certain of our capital investments.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
United States
Geography
Geography
“We operate all of our business in the United States.”
Annual report 2025A · The company itself
Geography
“Corrugated products plants tend to be located in close proximity to customers to minimize freight costs. Each of our plants serves a market radius of approximately 150 miles.”
Annual report 2025A · The company itself
Geography
“As of December 31, 2025, we own buildings and land for our ten mills. Additionally, we have 91 corrugated manufacturing operations, of which the buildings and land for 56 are owned, including 44 combining operations, or corrugated plants, five corrugated sheet-only manufacturers, and seven sheet plants.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Denmark
Geography
Geography
“As of December 31, 2025, we own buildings and land for our ten mills. Additionally, we have 91 corrugated manufacturing operations, of which the buildings and land for 56 are owned, including 44 combining operations, or corrugated plants, five corrugated sheet-only manufacturers, and seven sheet plants.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 8.99 bn USD |
| Revenue growth vs. the year before, same method | 7.2 % |
| EBITDA reported by the company | 1.76 bn USD |
| Net debt debt incl. leasing minus cash | 3.85 bn USD |
| Diluted EPS per share | 8.58 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.