[PKG] Packaging Corporation of America: Can Q3 2026 Price Hikes Outrun Freight and Fiber Costs?

Packaging Corporation of America (PCA) is the third-largest containerboard producer in North America and a leading producer of uncoated freesheet paper; it makes linerboard and corrugating medium, mainly in the United States, and converts them into corrugated boxes in its own plants[1]. The company is scheduled to report on 2026-10-22 for Q3 2026, the three months ended September 30, 2026[2]. In the latest disclosed quarter, the second quarter of 2026, net sales rose 14.7% year over year to $2.49 billion[3]; net income was $192 million, or $2.15 per share, and $2.35 per share excluding special items, slightly above the company's $2.33 guidance but below $2.48 a year earlier[1]. With its second-quarter results in July, the company guided third-quarter earnings to $2.91 per share excluding special items[1], and on the call it put third-quarter maintenance outage expense at about $0.30 per share and the tax rate at about 26%[4]. The Drillr earnings calendar, updated on October 20, shows consensus estimates of $2.925 in EPS and about $2.60 billion in revenue[2].

Three things matter most in this report on whether PCA's containerboard price increases can outrun freight and fiber costs. The first is price realization: domestic containerboard prices were up 3.2% year over year in the second quarter[3], yet price and mix still took $14 million out of Packaging segment operating income while freight added $28 million of cost[5]. Third-quarter guidance sits $0.56 above the second-quarter result, and management said about 70-75% of the first price increase would be realized in the third quarter with the second starting in August[4], so whether the price line turns positive decides whether that guidance holds. The second is whether volume and capacity match: legacy corrugated shipments rose 4.1% in the second quarter[3] against industry growth of only 0.9%[6], but the mills are already running at full capacity and export sales were cut by about 30,000 tons from the first quarter[1]; the third quarter will show whether shipments keep the roughly 2% growth management described and whether containerboard production exceeds the second quarter's 1,415,000 tons. The third is whether the Greif assets earn steadily: the business, bought for $1.8 billion in September 2025, lost $0.06 per share in the first quarter[7] and contributed $0.14 in the second, of which $0.04 was a one-time depreciation adjustment[1]; whether its comparable contribution holds near $0.10 decides whether the deal adds to or dilutes earnings per share.

Company Background and Business Structure

PCA is a mainly US packaging company that runs its mills and box plants as one integrated system. It traces back to Tenneco Packaging's containerboard and corrugated business, became independent in 1999, is headquartered in Lake Forest, Illinois, has about 16,800 employees, reports three segments (Packaging, Paper, and Corporate and Other), and consolidates its majority-owned subsidiaries[8]. On September 2, 2025, PCA bought Greif's containerboard business for $1.8 billion in cash, adding two mills with about 800,000 tons of capacity and eight sheet feeder and corrugated plants, which have been reported in the Packaging segment since the acquisition date; in December 2025 the company announced the permanent shutdown of the No. 2 paper machine and kraft pulping line at its Wallula mill, work completed in the first quarter of 2026 with roughly $205 million of expected pre-tax restructuring charges[8].

The Packaging segment is overwhelmingly the core of the company. Its containerboard mills had about 5.8 million tons of annual capacity at the end of 2025[9], produced 5,154,000 tons in 2025 and shipped 71.1 billion square feet of corrugated products[10]. Most of the linerboard and medium the mills make goes to PCA's own box plants; of the 91 packaging facilities at the end of 2025, 56 were corrugated plants that combine their own board, 28 were sheet plants that buy combined sheets and convert them, and seven made sheets only[11], while the second-quarter release cited 90 facilities[1]. In the second quarter of 2026, Packaging sales were $2.31 billion, about 92.8% of net sales of $2.49 billion[5].

The customer base is highly diversified, but each plant serves a short radius. PCA sells containerboard and corrugated products to about 12,000 customers at about 27,000 locations; about 70% of corrugated sales go to regional and local accounts and 30% to national accounts, no customer exceeds 10% of segment sales, and boxes typically travel by truck to customers within about 150 miles[12]. The Paper segment is a single mill at International Falls that makes office and printing papers, with second-quarter sales of $157 million[5] and EBITDA excluding special items of $39.1 million[13]; Corporate and Other mainly holds transportation assets and headquarters support costs[8].

Financial History and Current Position

In 2025, the acquisition and price increases drove revenue growth, while legacy volume did not grow. Net sales rose 7.2% to $8.989 billion from $8.383 billion in 2024; Packaging sales rose 7.8% to $8.294 billion, with Greif adding $338 million and price and mix adding $332 million, partly offset by $67 million of lower legacy volume[14]. Packaging operating income was $1.125 billion (2024: $1.102 billion), and Packaging EBITDA excluding special items was $1.830 billion (2024: $1.598 billion)[15]; Paper EBITDA excluding special items was $148.1 million, slightly below $153.5 million in 2024[16].

Cash flow in 2025 comfortably covered internal investment, but the Greif deal pushed cash outlays sharply higher. Operating cash flow was $1.558 billion, up $367 million from $1.191 billion in 2024; capital spending was $829 million, and the Greif acquisition cost $1.804 billion net of cash acquired[17]. The Wallula shutdown had already produced $128.0 million of expenses in the fourth quarter of 2025[8], and special items like this open a visible gap between reported earnings and earnings excluding special items.

In the first quarter of 2026, the legacy business beat guidance, but the newly acquired Greif business was still losing money. Net sales were $2.368 billion, and Packaging EBITDA excluding special items was $481.8 million, up from $409.3 million a year earlier[18]. EPS was $1.91, or $2.40 excluding special items, $0.20 above the $2.20 guidance; Greif, however, lost $0.06 per share because of the January winter storm, unfavorable mix, and freight and recycled-fiber costs[7].

In the second quarter of 2026, segment EBITDA kept growing, but net income and margins were lower than a year earlier. Net income was $192.1 million and net income excluding special items was $210.1 million, down from $224.2 million; Packaging EBITDA excluding special items rose to $488.6 million from $452.9 million[5], but the segment's EBITDA margin fell from 22.6% to 21.3%[4]. One reason for the lower net income is that interest expense rose to $33.3 million from $13.1 million a year earlier[5].

At the end of June 2026, cash generation remained solid, but debt was clearly higher than before the acquisition. First-half operating cash flow was $705 million (prior year: $639 million), capital spending was $371 million and dividends were $223.2 million; at June 30 the company had $2,992.8 million of fixed-rate senior notes and $1,000.0 million of variable-rate notes, $443 million of cash, $224 million of marketable debt securities and other, and $573 million of unused revolver capacity[19].

Operating Model

Revenue breaks down into corrugated shipments times box prices, plus outside containerboard tons times containerboard prices. Packaging accounts for about 93% of net sales; the box plants turn the mills' linerboard and medium into shipping containers, displays and food packaging, and surplus containerboard is sold to outside domestic customers or exported[12]. Box contracts generally adjust prices according to changes in trade-publication containerboard prices, at negotiated amounts and times, so price increases reach revenue with a delay[20]. Reported containerboard prices rose a net $20 per ton in the first quarter of 2026, another $30 in April and another $50 in June[6], and the company said these increases should keep lifting price and mix in the third and fourth quarters[20].

Profit is the net of three forces: price, volume and cost. In the second quarter, Packaging's $2.31 billion of sales, less $1.11 billion of variable costs (fiber, chemicals, energy), $523 million of fixed costs, $269 million of freight and $96 million of other items, left $313 million of operating income[21]. When the mills run full, fixed cost per ton falls, so production and price are the two main profit levers; on the cost side, a $10 per ton rise in recycled fiber adds about $20 million of annual expense at 2026 estimated consumption[22], while freight moves mainly with diesel prices[20]. At the company level, corporate costs, interest and a tax rate of about 26% come off the top[4].

Cash flow is driven by net income plus depreciation and amortization, less capital spending and dividends. Management put 2026 depreciation and amortization at about $710 million and capital spending at $840-870 million; second-quarter operating cash flow was $376 million and, after $206 million of capital spending, free cash flow was $170 million[4]. In the second quarter the company raised its annual dividend from $5.00 to $6.00 per share, and based on the $133.6 million actually paid in July, each quarterly dividend now requires about $134 million[19], which leaves noticeably less free cash flow for buybacks and debt reduction.

Industry and Competitive Position

North American containerboard is dominated by a few large producers, while box making is fragmented and competes mainly by region. PCA is the third-largest containerboard producer in North America, and its main national competitors are International Paper, Smurfit WestRock, Georgia-Pacific and Pratt Industries; about 370 US companies run about 1,080 box plants, most boxes are made to customer specifications, and producers usually compete within about 150 miles of a plant[23].

Industry supply tightened clearly in the first half of 2026, which is the backdrop for repeated price increases. Trade publications reported that North American containerboard production fell 8.3% year over year in the first quarter and quarter-end inventories were about 2.62 million tons, down 5.5%[24]; in the second quarter production fell 2.3%, quarter-end inventories were about 2.40 million tons, down 12.5%, exports fell 27.3%, and corrugated shipments rose 0.9%[6]. On the second-quarter call, management summed up the market in one word: tight[4].

PCA's advantages are tight integration between mills and box plants and its focus on regional and local customers. About 70% of its corrugated sales go to regional and local accounts[12], which tend to demand more design work and service; when the mills are full, the company cuts outside sales to keep its own box plants supplied, and outside and export containerboard shipments fell 19.0% year over year in the second quarter[3]. The comparison has limits: PCA does not disclose prices per ton or separate income statements for the legacy and Greif businesses, so comparisons with competitors can only be made at the segment level.

The energy mix is another distinctive feature, but purchased power remains a weak point. In 2025, about 62% of the fuel consumed by the packaging mills came from biogenic by-products of the mills' own processes and 38% from purchased fuels, 76% of which was natural gas[25]. Five external grid outages in the second quarter cost about 10,000 tons of production, which shows the company still depends on the outside grid for power reliability[4].

Core Debates

How much of the two containerboard price increases will PCA realize in the third quarter, and will it outrun higher freight and recycled-fiber costs?

This debate decides whether the $2.91 third-quarter guidance has support. Packaging generates about 93% of revenue and nearly all of any price gain falls to profit; third-quarter EPS guidance is $0.56 above the second quarter's actual $2.35[1], and the company's outlook attributes the improvement mainly to completing the first price increase, starting the second and higher mill production[26]. If price realization falls short, the guidance loses its main support.

The current evidence shows prices improving but not yet outrunning costs. Domestic containerboard prices rose 3.2% year over year in the second quarter[3], but price and mix still reduced Packaging operating income by $14 million year over year and freight added $28 million[5]; management said the price line was held back by the lagged effect of an earlier $20 per ton recycled-fiber price reduction and by mix[4], and that higher freight came mainly from diesel prices[20]. At the EPS level, freight cost the legacy business $0.26 and price and mix cost it $0.11[1].

The financial transmission is clear, but both price and cost are moving. After trade-publication prices rise, contract terms pass them into box prices at negotiated amounts and times, then into Packaging price and mix and segment EBITDA; at the same time, freight and recycled-fiber inflation raise segment costs, with every $10 per ton increase in recycled fiber adding about $20 million of annual cost[22]. Management said about 70-75% of the first increase would be realized in the third quarter and that the second increase, starting in August, would be realized mostly in the fourth, and it called full cost pass-through a core priority without quantifying the expected degree of pass-through[4]. The alternative reading is that if box demand is mainly customer restocking, customers will accept increases less readily and price realization could slip beyond the fourth quarter.

Four signals matter in the third quarter: whether price and mix in the operating income bridge turns from negative to positive, whether domestic containerboard prices rise more than 3.2% year over year, whether freight in the 10-Q stays at or below the second quarter's roughly 11.6% of Packaging sales ($269 million ÷ $2.31 billion)[21], and what management says about how much of the second increase will be realized in the fourth quarter. If price and mix is still negative, Packaging EBITDA falls below the second quarter's $488.6 million[13], or recycled-fiber and freight increases outpace price realization, the price increases have not yet outrun costs.

Legacy box demand is still growing; can PCA's fully loaded mill system produce enough to keep up?

Volume is the second profit source after price. Higher sales and production volume added $31 million to Packaging operating income in the second quarter[5] and $0.26 to EPS[1]. If mill capacity cannot keep up with demand, growth can only come from squeezing outside sales, which reduces profit leverage.

PCA's demand is clearly stronger than the industry's, but its mills have no slack left. Legacy shipments rose 4.1% in the second quarter[3], while industry corrugated shipments grew only 0.9%[6]; on the call, management said legacy billings for the third quarter through late July were up 1.5% and tracking to about 2% for the full quarter, against a tough comparison and a shift in Prime Day timing[4]. The mills are running full, exports were cut by about 30,000 tons from the first quarter[1], outside and export shipments fell 19.0% year over year[3], and five external grid outages cost about 10,000 tons of production[4].

The transmission runs from customer orders all the way to mill scheduling. Orders from food and beverage and other customers set legacy shipments per day at the box plants, which sets their containerboard needs; mill output is limited by outages and grid disruptions, any shortfall can only be covered by cutting outside sales, and the result shows up in Packaging volume revenue and fixed-cost absorption. Second-quarter containerboard production was 1,415,000 tons, of which 1,209,000 came from legacy mills and 206,000 from the Greif mills[4]; as a year-over-year reference, third-quarter 2025 production was 1,302,000 tons and corrugated shipments were 18.1 billion square feet[10]. The alternative reading is that part of PCA's strong growth comes from customers moving over after competitors closed plants, and if industry demand weakens, share gains may not offset it.

In the third quarter, watch whether legacy shipments per day grow about 2%, whether containerboard production exceeds 1,415,000 tons, whether the decline in outside and export sales widens, and whether industry corrugated shipments stay positive. The company noted that the third quarter has one more shipping day and one more operating day than the second and lighter outage effects on production[26], so if production still comes in below 1,415,000 tons or legacy shipments turn negative, either the full mills cannot keep up with demand or demand itself is fading.

The acquired Greif business swung from a first-quarter loss to a second-quarter profit; can that improvement hold in the third quarter?

Whether Greif earns steadily decides whether the $1.8 billion deal adds to or dilutes EPS. PCA took on new borrowing for the acquisition, and second-quarter interest expense rose to $33.3 million from $13.1 million a year earlier[5]; if Greif delivers only one-time profits, the interest burden will erode EPS.

The second-quarter improvement is real but includes a one-time element. Greif lost $0.06 per share in the first quarter because of the January winter storm, mix, and freight and recycled-fiber costs[7]; in the second quarter it contributed $0.14, of which $0.04 came from lower depreciation after measurement-period adjustments to the opening-balance-sheet amounts of certain acquired fixed assets[1], and $0.05 came from better-than-expected volume and operations[4]. The Greif mills produced 206,000 tons in the second quarter, their best quarter since the acquisition[4], and Greif added $36 million to Packaging operating income year over year[5].

Synergies are Greif's other profit source, but fiber cost is its weak spot. In the first quarter management said it was on track for a $30 million synergy run rate[27], and in the second quarter it said synergies were on or slightly ahead of plan and expected to exceed a $30 million annual run rate by the end of 2026, with the transition services agreement running through the end of 2026 and the remaining facilities moving onto PCA systems by year-end[4]. The alternative reading is that part of the second-quarter improvement came from seasonal peaks and one-time items, and that third-quarter freight and fiber inflation will fall more heavily on the Greif mills, which use more recycled fiber; the annual report also notes that recycled fiber will be a larger share of the company's fiber mix after the Greif acquisition and the Wallula restructuring[22].

In the third quarter, watch whether Greif's contribution in the release's EPS bridge is at least $0.10, whether the Greif mills hold production above 200,000 tons, and what management says about synergy and transition-services progress. If Greif's per-share contribution excluding one-time items falls below $0.10, or the synergy goal slips, the second-quarter improvement cannot yet be treated as a durable profit contribution.

Risks and Falsifiers

Grid reliability directly affects containerboard output and fixed-cost absorption. Five external grid outages in the second quarter (equipment failures, regional shutdowns because of wildfire risk, and voltage instability) cost about 10,000 tons of production, and of the gas turbines meant to reduce grid dependence, the Jackson unit is targeted for early 2027 while Riverville and DeRidder have slipped to the first half to mid-2028 because of environmental permitting[4]. The exposure sits in containerboard production (1,415,000 tons in the second quarter) and Packaging fixed-cost absorption, and the projects are part of the $840-870 million 2026 capital spending guidance[19]. If the third quarter has no external outage that costs production and containerboard output exceeds 1,415,000 tons, this concern eases.

Post-acquisition debt tightens capital allocation. Notes outstanding were about $3.99 billion at the end of June, and first-half operating cash flow of $705 million had to cover $371 million of capital spending as well as a raised dividend of about $134 million per quarter[19]; the company repurchased no shares in the second quarter[4]. The exposure sits in free cash flow, interest expense ($33.3 million in the second quarter) and buyback capacity[5]. If third-quarter operating cash flow leaves a surplus after capital spending and dividends, this pressure eases.

Downstream resistance to repeated price increases would delay the improvement in price. The trade association representing independent box makers has publicly opposed the third increase announced within five months[28], and if trade-publication prices or contract realization are discounted, the price improvement will come later. The exposed lines are Packaging price and mix (minus $14 million in the second quarter) and segment EBITDA ($488.6 million in the second quarter)[5]. If price and mix turns positive year over year in the third quarter, this risk is falsified.

A demand pullback would hit both volume and the bargaining position for price increases. If restocking from low customer inventories ends, legacy shipment growth could swing quickly from the second quarter's 4.1% to negative, and the $58 million of revenue that legacy volume added to Packaging in the second quarter would disappear[3]. The risk would also hit fixed-cost absorption through mill operating rates. If legacy shipments per day grow at least about 2% in the third quarter, this risk has not materialized.

Integration and recycled-fiber costs are the main risk to Greif's profits. A $10 per ton rise in recycled fiber adds about $20 million of annual cost company-wide[22], and the Greif mills, which rely mainly on recycled fiber, are more sensitive to it. The exposure sits in Greif's per-share contribution ($0.14 in the second quarter, about $0.10 excluding one-time items)[1] and in Packaging operating income. If Greif contributes at least $0.10 per share in the third quarter, this risk is falsified.

What to Watch Next

• Price versus cost: Packaging price and mix in the operating income bridge (second quarter: minus $14 million). A positive figure means the increases are being realized; a negative one means they have not outrun costs.
• Price versus cost: domestic containerboard prices year over year (second quarter: +3.2%). A gain above 3.2% marks improvement.
• Price versus cost: freight as a share of Packaging sales in the 10-Q (second quarter: about 11.6%). A share above 11.6% means freight is still eroding profit.
• Price versus cost: Packaging EBITDA excluding special items (second quarter: $488.6 million). A figure below $488.6 million is a falsifying signal.
• Demand versus capacity: legacy corrugated shipments per day year over year (second quarter: +4.1%). About +2% matches management's account; a decline falsifies it.
• Demand versus capacity: total containerboard production (second quarter: 1,415,000 tons). Output above that level confirms the mills are keeping up.
• Greif earnings: Greif's EPS contribution in the release's bridge (second quarter: $0.14, about $0.10 comparable). At least $0.10 confirms the improvement.
• Greif earnings: Greif mill production and synergy progress (second quarter: 206,000 tons; $30 million annual synergy goal). Output above 200,000 tons with no delay to synergies confirms it.

Conclusion

PCA's profits rest on three things: containerboard and box prices, how much more its full mills can produce, and how fast freight, recycled fiber and other costs rise. In the second quarter, net sales were $2.49 billion and Packaging EBITDA was $488.6 million, but price and mix was still a negative contributor and freight added $28 million[5]; after the Greif deal, notes outstanding were about $3.99 billion, and first-half operating cash flow was $705 million[19]. The central question is whether realization of the two price increases in the third quarter can outrun cost inflation and support the $2.91 EPS guidance[1].

Since the second-quarter results, only one independent interpretation could be checked against its original text, and it comes from the opposing side of the price increases. On August 10, AICC, the trade association representing independent box makers, issued a statement opposing the third round of containerboard increases in five months, including PCA's $140 per ton increase effective September 1, International Paper's $80 per ton and Smurfit Westrock's $100 per ton; AICC argued that the increases lacked the normal justifications from input costs or supply and demand, that half of the roughly 10% of capacity closed had served only export markets, that box demand was flat, that recycled-fiber prices had changed little, and that the increases fall disproportionately on independent box makers[28]. That view directly conflicts with management's description of a tight market and its aim of full cost pass-through[4], and it is counter-evidence on the first two debates: if downstream resistance succeeds, later increases will be realized at a discount, and if industry demand really is flat, PCA's 4.1% legacy shipment growth depends more on share than on the industry. Note that the $140 third increase appears only in trade reports and the AICC statement, not in the company's official filings, and is not part of the official third-quarter baseline.

The current understanding would be clearly strengthened by a set of signals arriving together: third-quarter price and mix turning positive, Packaging EBITDA above $488.6 million, legacy shipments holding about 2% growth with containerboard production above 1,415,000 tons, Greif's comparable contribution at or above $0.10, and operating cash flow leaving a surplus after capital spending and dividends. Conversely, if the price line stays negative, freight exceeds 11.6% of sales, legacy shipments turn negative or Greif's contribution falls back, then at least one of the three profit lines — price, volume or the acquisition — has not followed the path management described.

Sources

[1] PKG 8-K filed 2026-07-23 · Q2 2026 results release and Q3 outlook · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526312651/pkg-ex99_1.htm

[2] Drillr earnings calendar (updated 2026-10-20) · PKG 2026-10-22 Q3 2026 estimates · 2026-10-20 · Drillr 财报日历(ecbiz) · https://gateway.drillr.ai/mcp/private

[3] PKG 10-Q filed 2026-08-07 · Q2 2026 net sales, shipments and prices · 2026-08-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526339405/pkg-20260630.htm

[4] PKG earnings call 2026-07-23 · Q2 2026 call summary · 2026-07-23 · earnings-call · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677

[5] PKG 10-Q filed 2026-08-07 · Q2 2026 segment operating income bridge · 2026-08-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526339405/pkg-20260630.htm

[6] PKG 10-Q filed 2026-08-07 · Q2 2026 industry conditions · 2026-08-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526339405/pkg-20260630.htm

[7] PKG 8-K filed 2026-04-23 · Q1 2026 results release · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=8-K&dateb=&owner=include&count=40

[8] PKG 10-K filed 2026-02-26 · business overview and Greif acquisition · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[9] PKG 10-K filed 2026-02-26 · containerboard mills and capacity · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[10] PKG 10-K filed 2026-02-26 · production and shipments by quarter · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[11] PKG 10-K filed 2026-02-26 · Wallula restructuring and corrugated plants · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[12] PKG 10-K filed 2026-02-26 · customers and sales channels · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[13] PKG 8-K filed 2026-07-23 · Q2 2026 segment EBITDA table · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526312651/pkg-ex99_1.htm

[14] PKG 10-K filed 2026-02-26 · 2025 net sales and segment results · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[15] PKG 10-K filed 2026-02-26 · packaging summary and March 2026 price notice · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[16] PKG 10-K filed 2026-02-26 · 2025 segment EBITDA reconciliation · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[17] PKG 10-K filed 2026-02-26 · 2025 operating cash flow, capital spending and Greif price · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[18] PKG 8-K filed 2026-04-23 · Q1 2026 segment table · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=8-K&dateb=&owner=include&count=40

[19] PKG 10-Q filed 2026-08-07 · H1 2026 cash flow, debt and dividends · 2026-08-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526339405/pkg-20260630.htm

[20] PKG 10-Q filed 2026-08-07 · price realization timing, freight and production · 2026-08-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526339405/pkg-20260630.htm

[21] PKG 10-Q filed 2026-08-07 · Q2 2026 segment cost analysis · 2026-08-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526339405/pkg-20260630.htm

[22] PKG 10-K filed 2026-02-26 · fiber cost sensitivity · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[23] PKG 10-K filed 2026-02-26 · competition and market position · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[24] PKG 10-Q filed 2026-05-08 · Q1 2026 industry conditions · 2026-05-08 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-Q&dateb=&owner=include&count=40

[25] PKG 10-K filed 2026-02-26 · mill energy supply · 2026-02-26 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677&type=10-K&dateb=&owner=include&count=40

[26] PKG 10-Q filed 2026-08-07 · Q3 2026 outlook · 2026-08-07 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000075677/000119312526339405/pkg-20260630.htm

[27] PKG earnings call 2026-04-23 · Q1 2026 call summary · 2026-04-23 · earnings-call · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000075677

[28] AICC 2026-08-10 · AICC Opposes Latest Containerboard Price Increase · 2026-08-10 · AICC, The Independent Packaging Association · https://www.aiccbox.org/aicc-opposes-latest-containerboard-price-increase/