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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Packaging Corporation of America
Packaging Corporation of America (PKG) investor relations material
Packaging Corporation of America Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net sales were $2.60B vs. $2.31B YoY; net income was $262.3M, or $2.93 diluted EPS, while adjusted net income was $272.0M, or $3.04 EPS.
Adjusted EPS rose $0.31 YoY, including $0.24 from acquired Greif operations and $0.07 from the legacy business; adjusted earnings exceeded guidance by $0.13 per share.
Financial highlights
Q3 operating income was $385.3M vs. $324.5M YoY; nine-month operating income was $927.7M vs. $938.5M.
Nine-month net sales were $7.46B vs. $6.63B; net income was $625.3M vs. $672.3M, and diluted EPS was $6.98 vs. $7.45.
Q3 adjusted EBITDA was $577.2M vs. $503.4M; nine-month adjusted EBITDA was $1.55B vs. $1.38B.
Cash from operations was $472M; after $247M CapEx, free cash flow was $225M.
Q3 cash uses included $134M dividends, $66M cash taxes and $29M net cash interest; no shares were repurchased.
Outlook and guidance
Q4 adjusted EPS guidance is $2.81; sequential earnings are expected to decline $0.20–$0.25, with price realization partly offsetting outage and input costs.
Q4 shipments are expected above Q3 and at or near prior-year levels per shipping day; seasonal corrugated mix is expected to weaken as e-commerce volumes rise.
Q4 containerboard and corrugated prices are expected to improve; most of the $70 price increase is expected to be realized in Q1 2027, with some realization in Q4.
Q4 paper volume is expected to be seasonally lower with slightly higher prices; three mill outages will reduce containerboard production and raise maintenance expense.
FY2026 CapEx guidance is $865M–$890M; adjusted depreciation and amortization is expected just above $705M.
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Latest events from Packaging Corporation of America
- Strong demand, tight supply, and disciplined capital strategy drive industry-leading returns.PKG
Jefferies Global Industrials Conference 2026 - Q2 2026 saw higher sales and record shipments, but net income fell on elevated costs.PKGQ2 2026
- Q2 corrugated volumes up 24% YoY, with strong demand, price increases, and robust financials.PKG16th Annual Wells Fargo Industrials & Materials Conference
- Adjusted EPS rose to $2.40 on strong demand and Greif-driven sales growth.PKGQ1 2026
- Shareholders will vote on directors, auditor ratification, and executive pay at the May 2026 meeting.PKGProxy filing
- Adjusted earnings rose, sales hit $9B, and Greif integration drove shipment growth.PKGQ4 2025
- Adjusted EPS rose to $2.73 on higher sales and Packaging mix, with Q4 EPS guided at $2.40.PKGQ3 2025
- Record Q1 results with strong Packaging growth, higher margins, and a positive outlook.PKGQ1 2025
- Record 2024 results driven by packaging demand and capital projects; 2025 outlook strong despite inflation.PKGQ4 2024
Next Packaging Corporation of America earnings date
Q4 202627 Jan, 2027
Packaging Corporation of America
Next Packaging Corporation of America earnings date
Q4 202627 Jan, 2027
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Frequently asked questions
Packaging Corporation of America (PCA) operates as a paper & packaging company in the United States. The company's Packaging segment offers various corrugated products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products. It also manufactures gypsum wallboard; and containerboard, which is used as a raw material by the company's packaging plants to produce corrugated products and by other manufacturers of paperboard products, including noncorrugated boxes, liquid or food containers, cartons, sacks, and envelopes. The company's Paper segment produces communication-based papers including coated paperboard used for packaging products such as cereal boxes and four-color printing for magazines and catalogs; whitetop liner used in the production of corrugated containers; recycled linerboard for use in the production of corrugated containers; and containerboard. As of December 31, 2018, it operated eight pulp mills, five paper mills, two converted facilities, two container plants, one heavy duty box plant, fifteen corrugated product plants, twenty-seven shipping/converting facilities.