Packaging Corporation of America · PKG · FY2025 Q3 · Calendar Q4 2025

PCA: Greif integration advances as packaging margins improve

The call provides partial support for a constructive operating thesis: management reported early integration gains, better packaging margins, and a lower capital-spending outlook. The evidence is not conclusive because volumes were lower and weak end markets, cost inflation, outages, and integration execution remain material risks.

Reported After market closeNYSEConsumer Cyclical $20.36B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.73 Consensus $2.82
EPS surprise -3.2% Reported versus consensus
Reported revenue $2.31B Consensus $2.30B
Revenue surprise +0.4% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +2.2% Event window
SPY move +0.6% Same window
Abnormal move +1.6% Stock minus SPY
Volume 3.0× Versus trailing sessions
Subsequent drift -10.1% Up to 20 sessions
PKGSPY benchmark

Ask FN2 about PKG FY2025 Q3

Transcript, numbers and history already loaded

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Since the prior-quarter analysis, the Greif Containerboard acquisition has closed and early integration results are available. The focus shifted from closing the transaction to operational parity, inventory reduction, energy projects, and converting-project execution, while guidance remained maintained.

Guidance delta

Guidance was maintained, with a lower sequential Q4 outlook paired with expectations for improved operations.

Key takeaways

  • Management described early productivity and quality gains after completing the Greif Containerboard acquisition.
  • Packaging margins improved despite lower production volumes, supported by price and mix, fiber-cost, and freight benefits.
  • Capital spending was revised lower for the year, with management attributing the change to timing rather than a strategic reduction.
  • The next test is whether integration, inventory reduction, and energy projects offset weak end markets and operating-cost pressure.

Management priorities

  • Integrate Greif Containerboard to full operational parity and reduce acquired-system inventory.
  • Complete high-return converting projects and electricity-independence initiatives.
  • Maintain capital discipline while improving operations and capturing integration synergies.

Follow PKG with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
PKG EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $1.68 Q1 '24 actual $1.72, beat Q2 '24 estimate $2.14 Q2 '24 actual $2.20, beat Q3 '24 estimate $2.50 Q3 '24 actual $2.65, beat Q2 '25 estimate $2.44 Q2 '25 actual $2.48, beat Q3 '25 estimate $2.82 Q3 '25 actual $2.73, miss Q4 '25 estimate $2.41 Q4 '25 actual $2.32, miss Q1 '26 estimate $2.14 Q1 '26 actual $2.40, beat Q2 '26 estimate $2.31 Q2 '26 actual $2.35, beat Q3 '26 estimate $2.93 Q4 '26 estimate $2.80 Q1 '27 estimate $2.81 Q2 '27 estimate $3.20
Show 1 more >

Analyst Consensus ?

ConsensusHold24 ratings
Bullish937.5%
Neutral1354.2%
Bearish28.3%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$228.54Current
$147Low
$246.93Average
$312High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Overweight OverweightMaintainSep 23, 2026
B of A Securities Buy BuyMaintainSep 11, 2026
UBS Buy BuyMaintainAug 13, 2026
Citigroup Neutral NeutralMaintainJul 28, 2026
Truist Securities Buy BuyMaintainJul 15, 2026
Wells Fargo Equal Weight OverweightDowngradeJul 9, 2026
Deutsche Bank Buy HoldUpgradeMay 4, 2026
Seaport Global Buy BuyMaintainOct 6, 2025
Jefferies Hold BuyDowngradeJun 16, 2025
Morgan Stanley Equal Weight Equal WeightMaintainApr 29, 2021
BMO Capital Market Perform OutperformDowngradeJan 12, 2021
Keybanc Sector Weight UnderweightUpgradeDec 7, 2020
Argus Research Hold BuyDowngradeApr 20, 2020
Goldman Sachs Sell NeutralDowngradeDec 10, 2019
Exane BNP Paribas Neutral NeutralMaintainDec 2, 2019
Vertical Research Hold BuyDowngradeNov 26, 2019
Stephens & Co. Equal Weight OverweightDowngradeApr 26, 2019
Bank of America Neutral BuyDowngradeApr 16, 2019
Barclays Equal Weight Equal WeightMaintainOct 29, 2018
Argus Buy BuyMaintainOct 26, 2018
DA Davidson Buy NeutralUpgradeFeb 12, 2018
CLSA Buy BuyMaintainSep 6, 2016
Buckingham Research Neutral BuyDowngradeJul 18, 2016
Dundee Neutral BuyDowngradeApr 11, 2016
Macquarie Underperform UnderperformMaintainJan 27, 2016
Show less

Named analyst price targets

Upside is calculated against the persisted current price $228.54. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$292$256.31 +27.8%Aug 13, 2026
Seaport GlobalAnalyst unavailable$272$257.9 +19.0%Aug 12, 2026
Argus ResearchAnalyst unavailable$274$249.92 +19.9%Jul 29, 2026
Loop Capital MarketsAnalyst unavailable$312$256.43 +36.5%Jul 28, 2026
UBSAnojja Shah$271$238.36 +18.6%Jul 24, 2026
Wells FargoAnalyst unavailable$246$224.46 +7.6%Jul 9, 2026
Argus ResearchDavid Coleman$251$217.99 +9.8%May 28, 2026
UBSAnalyst unavailable$248$203.17 +8.5%May 20, 2026
Deutsche BankAnalyst unavailable$256$218.06 +12.0%May 4, 2026
UBSAnojja Shah$232$212.08 +1.5%Apr 28, 2026
Wells FargoGabe Hajde$245$212.87 +7.2%Apr 27, 2026
Truist FinancialMichael Roxland$258$212.87 +12.9%Apr 24, 2026
Truist FinancialAnalyst unavailable$260$213.41 +13.8%Apr 20, 2026
Truist FinancialAnalyst unavailable$267$207.72 +16.8%Apr 15, 2026
Truist FinancialAnalyst unavailable$270$220.02 +18.1%Jan 29, 2026
UBSAnalyst unavailable$235$216.65 +2.8%Jan 12, 2026
Truist FinancialAnalyst unavailable$273$211.13 +19.5%Jan 6, 2026
Wells FargoGabe Hajde$233$211.13 +2.0%Jan 6, 2026
UBSAnojja Shah$230$213.26 +0.6%Oct 24, 2025
UBSAnalyst unavailable$225$209.65 -1.5%Oct 16, 2025
Truist FinancialMichael Roxland$264$209.02 +15.5%Oct 13, 2025
Wells FargoAnalyst unavailable$222$212.93 -2.9%Oct 7, 2025
UBSAnalyst unavailable$226$213.2 -1.1%Oct 6, 2025
Truist FinancialAnalyst unavailable$262$212.08 +14.6%Sep 17, 2025
JefferiesPhilip Ng$280$229.22 +22.5%Dec 18, 2024
Truist FinancialMichael Roxland$252$228.65 +10.3%Oct 24, 2024
Wells FargoGabe Hajde$253$228.65 +10.7%Oct 24, 2024
Wells FargoGabe Hajde$235$213.37 +2.8%Oct 7, 2024
Wells FargoGabe Hajde$191$173.42 -16.4%Apr 24, 2024
BNP ParibasCharlie Muir-Sands$182$186.28 -20.4%Apr 12, 2024
Wells FargoGabe Hajde$125$136.77 -45.3%Feb 28, 2023
Truist FinancialAnalyst unavailable$152$112.88 -33.5%Sep 29, 2022
Wells FargoAnalyst unavailable$143$139.33 -37.4%Jul 27, 2022
CitigroupAnalyst unavailable$147$136.93 -35.7%Jul 27, 2022
Wells FargoAnalyst unavailable$154$136.71 -32.6%Jul 18, 2022
CitigroupAnalyst unavailable$144$139.68 -37.0%Jun 21, 2022
Wells FargoAnalyst unavailable$162$162.62 -29.1%Apr 28, 2022
Deutsche BankKyle White$158$162.29 -30.9%Apr 26, 2022
Show less

Track every rating change on PKG the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Packaging Corporation of America (PCA) is a U.S.-based enterprise specializing in the production and sale of containerboard and corrugated packaging materials. Its operations are organized into two primary divisions: Packaging and Paper. The Packaging division offers an extensive array of containerboard and corrugated solutions. These encompass conventional shipping containers designed for safeguarding and transporting manufactured goods, vibrant multi-color boxes and point-of-sale displays aimed at enhancing product merchandising in retail environments, and honeycomb protective packaging.…

Historical context

All PKG earnings

Consumer Cyclical peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

Get the PKG recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-03T23:50:43.586441+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T23:50:43.583463+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.