Packaging Corporation of America reported fourth-quarter earnings of $2.32 per share, falling short of the Zacks Consensus Estimate of $2.41. This result compares with $2.47 per share in the year-ago quarter. Net sales for the period rose to $2.4 billion from $2.1 billion a year earlier, reflecting a 14.3% year-over-year increase driven primarily by the Greif containerboard acquisition and higher corrugated product volumes.

For the full year 2025, the company generated net income of $774 million, or $8.58 per share, excluding special items—up from $805 million, or $8.93 per share, in 2024 when adjusting for comparable items. Full-year net sales climbed to $9.0 billion from $8.4 billion in 2024, a 7.1% increase led by volume gains in both Packaging and Paper segments. EBITDA excluding special items reached $1.86 billion, a 13.7% rise versus the prior year.

Management projects first-quarter 2026 earnings of $2.20 per share excluding special items, based on higher domestic containerboard pricing taking effect in March, full-capacity mill operations (with two fewer operating days than Q4), and improved corrugated mix. Expected headwinds include a scheduled maintenance outage at the Counce, Tennessee mill, winter storm impacts on shipments and freight costs, and inflationary pressure on wood, energy, and labor. The company confirmed no planned outages at acquired Greif mills through mid-year and highlighted ongoing cost benefits from the Wallula mill reconfiguration.