Here are 1-3 brief analogies for Packaging Corporation of America (PKG):

• They're like Nucor for paper and cardboard instead of steel.
• They're like Corning for packaging, making the essential boxes and paper that hold almost everything else.

• Containerboard: A type of paperboard used as a raw material for making corrugated packaging.
• Corrugated Packaging Products: Various packaging solutions, including conventional shipping containers and multi-color boxes and displays for retail.
• Honeycomb Protective Packaging Products: Specialized lightweight and strong packaging designed for product protection during transport.
• Communication Papers: A range of paper products including cut-size office papers, and papers used for printing and converting.

Packaging Corporation of America (PKG) primarily operates as a business-to-business (B2B) supplier. It manufactures and sells containerboard, corrugated packaging products, and various types of paper products to other companies.

Due to the highly diversified nature of its customer base and the broad applicability of its packaging and paper products across numerous industries, PKG does not publicly disclose specific "major customers" that account for a material portion of its revenue. Instead, it serves a vast array of companies that require packaging for their own manufactured goods, agricultural products, food and beverages, or paper for their operational needs.

Based on the company's product offerings, PKG's customers are typically found across the following industries:

• Consumer Goods Manufacturers: Companies that produce processed foods, beverages, personal care items, household goods, and other consumer products, requiring packaging for protection, transport, and retail merchandising.
• Industrial Manufacturers: Businesses producing various industrial products, equipment, or components that need durable packaging for shipping and storage.
• Agricultural and Food Processing Companies: Producers of fresh fruits, vegetables, meat, and other agricultural commodities, as well as food processing companies, utilizing specialized packaging for product integrity, safety, and distribution.
• Retailers and E-commerce Businesses: While often indirect, these entities utilize packaging for in-store displays, shipping of goods, and other logistical purposes within their supply chains.
• Commercial and Office Businesses: Companies that purchase communication papers, cut-size office papers, and printing and converting papers for their daily operations, printing, and various business needs.

Mark W. Kowlzan, Chairman and Chief Executive Officer

Mr. Kowlzan has served as Chairman of Packaging Corporation of America since January 2016 and as Chief Executive Officer and a director since July 2010. He joined PCA in 1996 and, prior to becoming CEO, served as Senior Vice President-Containerboard for ten years, leading the company's containerboard mill system from 1998 through June 2010. Mr. Kowlzan began his career in 1981 at International Paper Company, holding various positions in process engineering and manufacturing management.

Kent A. Pflederer, Executive Vice President and Chief Financial Officer

Mr. Pflederer will assume the role of Executive Vice President and Chief Financial Officer on May 1, 2025. He joined PCA in 2007 as General Counsel and previously served as Senior Vice President, General Counsel and Secretary from 2013 to 2025, and as Vice President, General Counsel and Secretary from 2007 to 2013. Mr. Pflederer possesses a strong accounting and finance background.

Thomas A. Hassfurther, President

Mr. Hassfurther was named President of PCA in February 2025. He joined the company in 1977 and has led PCA's corrugated products business since 2009. In his role as President, he oversees PCA's strategic growth efforts in addition to continuing to lead the corrugated products business.

Charles J. Carter, Executive Vice President — Mill Operations

Mr. Carter serves as the Executive Vice President of Mill Operations for Packaging Corporation of America.

D. Ray Shirley, Executive Vice President — Corrugated Products

Mr. Shirley was appointed Executive Vice President, Corrugated Products in February 2025. He has been with PCA since 1996, working in various business and operational roles across the company's containerboard and corrugated products systems. Prior to his current role, he served as Senior Vice President, Corporate Engineering and Process Technology since 2019 and continues to oversee the engineering and technology organization.

Key Risks to Packaging Corporation of America (PKG)

1. Volatile Raw Material and Energy Costs, and Supply Chain Disruptions: Packaging Corporation of America is highly dependent on the price and availability of key raw materials, such as paper and pulp, which are subject to market fluctuations and supply chain disruptions. Increases in the cost of wood, recycled fiber, and energy (including natural gas, fuel oil, and electricity) can significantly impact the company's manufacturing and distribution costs and ultimately its financial performance and profitability. Furthermore, disruptions in the global supply chain, due to factors like natural disasters, geopolitical tensions, and transportation issues, can affect the timely delivery of raw materials and finished products, leading to operational inefficiencies and increased expenses.

2. Intense Competition and Macroeconomic Headwinds: The containerboard, corrugated packaging, and paper industries in which PKG operates are highly competitive, with numerous companies vying for market share. This intense competition can lead to pricing pressures and impact PKG's margins and profitability. Additionally, macroeconomic factors, including weak consumer spending, rising operating costs, and inflationary pressures, pose significant industry headwinds. These conditions can affect sales volumes and profitability, making it challenging for the company to maintain consistent pricing and profit margins.

3. Evolving Environmental Regulations and Demand for Sustainable Packaging: Changes in environmental regulations and increasing consumer and customer demands for sustainable packaging solutions pose ongoing challenges for PKG. The company must continuously adapt to evolving standards related to product safety, waste management, and environmental footprints. Meeting these demands often requires substantial investments in research and development, as well as alterations to existing manufacturing processes, to reduce waste, increase recyclability, and develop eco-friendly alternatives, which can incur significant costs.

The increasing adoption of digital communication, cloud-based document storage, and paperless office environments poses a clear emerging threat to Packaging Corporation of America's Paper segment by steadily reducing demand for cut-size office papers, printing, and converting papers.

Packaging Corporation of America (symbol: PKG) operates in several addressable markets related to containerboard, corrugated packaging products, and various paper products.

Containerboard Market

• The global containerboard market size was valued at approximately USD 141.43 billion in 2025 and is projected to reach USD 175.89 billion by 2034, exhibiting a CAGR of 2.51% from 2026–2034.
• Another estimate places the global containerboard market size at USD 123.83 billion in 2025, expecting it to reach USD 156.97 billion by 2035 with a CAGR of 2.4% between 2026-2035.
• The U.S. containerboard market is projected to reach USD 23.53 billion by 2026. Additionally, the U.S. market is projected to grow significantly, reaching USD 41.1 billion by 2034.

Corrugated Packaging Products Market

• The global corrugated packaging market was valued at USD 233.8 billion in 2024 and is projected to grow to approximately USD 380 billion by 2034, with a compound annual growth rate (CAGR) of 5% between 2025 and 2034.
• Another report estimates the global corrugated packaging market size at USD 325.37 billion in 2025, predicted to reach around USD 496.29 billion by 2035, expanding at a CAGR of 4.31% from 2026 to 2035.
• The North America corrugated packaging market size is expected to reach USD 135.5 billion in 2025 and is further anticipated to reach USD 318.7 billion by 2033 at a CAGR of 10.0%.

Paper Packaging Market (Broader Category including Containerboard and Corrugated)

• The global paper packaging market was valued at USD 410.5 billion in 2024, with expectations to reach USD 596.5 billion by 2034, growing at a CAGR of 3.8%.
• Another estimate for the global paper packaging market size is USD 448.9 billion in 2025, projected to reach USD 552.0 billion by 2034, exhibiting a CAGR of 2.25% from 2026-2034.
• The U.S. paper packaging market generated a revenue of USD 38,665.6 million in 2024 and is expected to reach USD 71,761.2 million by 2030, growing at a CAGR of 10.5% from 2025 to 2030.
• Additionally, the U.S. paper packaging industry is valued at USD 41.5 billion in 2025 with an approximated CAGR of 4% from 2025-2030. Another source states the U.S. paper packaging market size reached USD 84.2 billion in 2025 and is expected to reach USD 98.9 billion by 2034, with a CAGR of 1.80% during 2026-2034.

Printing and Writing Paper Market

• The global printing and writing paper market size is 77.78 million tonnes in 2025 and is projected to decline to 75.81 million tonnes by 2030, translating into a -0.51% CAGR.
• In value terms, the global printing and writing paper market was valued at USD 133,762.37 million in 2025 and is expected to increase to USD 225,556.27 million by 2032, growing at a CAGR of 7.8%.
• The printing and writing paper market size in the United States rose markedly to $12.5 billion in 2024. The U.S. market value is forecast to increase with an anticipated CAGR of +2.3% for the period from 2024 to 2035, projected to bring the market value to $16 billion by the end of 2035.

Here are 3-5 expected drivers of future revenue growth for Packaging Corporation of America (PKG) over the next 2-3 years:

1. Price Increases for Containerboard and Corrugated Packaging: Packaging Corporation of America is implementing a $70 per ton containerboard price increase, which commenced in January. This strategic pricing action is expected to contribute to revenue growth. Higher prices and a favorable product mix in the Packaging segment have already been identified as primary drivers of increased earnings in previous quarters.
2. Increased Demand for Corrugated Packaging, particularly from E-commerce: The company anticipates continued growth in corrugated demand, with e-commerce specifically highlighted as the leading growth segment in corrugated packaging. Robust demand, evidenced by double-digit increases in bookings and billings in January, is expected to drive solid year-over-year growth.
3. Synergies and Performance from Acquisitions: Packaging Corporation of America expects to realize $300 million in synergies from the acquisition of Greif mills. The acquired plants have already performed well, exceeding expectations and showing a strong start to the year, contributing to increased shipments.
4. Operational Efficiencies and Cost Savings: Strategic operational realignments, including the Wallula mill reconfiguration, are projected to generate annual savings of $75 million to $85 million. Investments in energy projects are also underway to reduce costs and enhance independence from the grid, which can indirectly support revenue growth by improving competitiveness and freeing up capital for growth initiatives.
5. Diversification into Higher-Margin Specialty Paper Products: To counteract weak consumer spending on traditional paper products, PKG has been diversifying its portfolio and investing in higher-margin specialty paper products. This shift aims to capitalize on increased demand and improve profitability within its Paper segment.

Share Repurchases

• Packaging Corporation of America repurchased 760,000 shares in the fourth quarter of 2025 at an average price of $201 per share, totaling $153 million.
• Share repurchases contributed to a lower share count, positively impacting earnings per share in full year 2023.
• Over the last five years, the company has reduced its share count by 4.7% through buybacks.

Outbound Investments

• In September 2025, Packaging Corporation of America acquired Greif's containerboard business for $1.8 billion.
• This acquisition included two mills (Massillon, Ohio, and Riverville, Virginia) and associated converting facilities.
• The Greif acquisition is projected to generate $300 million in synergies.

Capital Expenditures

• Capital expenditures were $605.1 million in 2021, $824.2 million in 2022, $469.7 million in 2023, $669.7 million in 2024, and $828.9 million for the full year 2025.
• Expected capital expenditures for 2026 are between $840 million and $870 million, including a $250 million investment in energy projects.
• The primary focus of capital expenditures has been on plant and mill upgrades, including projects to reduce electric costs, enhance operational efficiency, and support paper-to-containerboard conversion activities at the Jackson, AL mill.