$PKG · PACKAGING CORP OF AMERICA
Packaging Corporation of America reported Q3 2026 results via 8-K Item 2.02. Net income was $262M ($2.93 GAAP EPS) on net sales of $2.60B, up from $2.31B in Q3 2025. Adjusted EPS of $3.04 beat the company's $2.91 guidance by $0.13, driven by favorable price/mix in Packaging and improved Greif operations. Q4 2026 EPS guidance was set at $2.81 excluding special items.
- Q3 2026 net income of $262M ($2.93 GAAP EPS) vs $227M ($2.51) in Q3 2025.
- Adjusted EPS of $3.04 beat Q3 guidance of $2.91 by $0.13, driven by favorable Packaging price/mix and acquired Greif operations.
- Total corrugated products shipments up 10.6% per day YoY; legacy packaging shipments down 0.5% per day.
- Q4 2026 EPS guidance set at $2.81 excluding special items, with three mill maintenance outages expected.
- Net sales rose to $2.60B from $2.31B YoY; Packaging segment operating income ex-items jumped to $407.7M from $347.9M.
Markets closed — no regular-session reaction yet; extended-hours last trade at $239.12 shows essentially flat movement (+0.00% vs regular close). The $0.13 beat versus guidance and strong Packaging segment performance may not yet be priced in.
PKG beat its own Q3 guidance handily but guided Q4 below the just-reported quarter, signaling cost pressures that may compress sequential earnings.
PKG's 10.6% corrugated shipment growth (including Greif) outpaces typical containerboard industry trends, though legacy volumes slipped 0.5%, reflecting mixed end-market demand in agricultural segments.
Q4 guidance of $2.81 faces headwinds from three mill maintenance outages, escalating freight/diesel costs, rising recycled fiber and wood fiber costs, and seasonally weaker corrugated mix with higher e-commerce volumes.
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