PACKAGING CORP OF AMERICA FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $9.0B |
| Gross margin | 21.0% |
| Operating income | $1.1B |
| Net income | $774.1M |
| Diluted EPS | $8.58 |
| Cash & equivalents | $529.0M |
| Total assets | $10.7B |
| Long-term debt | $4.0B |
Key takeaway
PCA closed the $1.8 billion cash acquisition of Greif Inc.'s containerboard business on September 2, 2025, adding two mills and eight converting plants to the Packaging segment.
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Beneath the surface
Net debt is roughly $3.46 billion ($3,992.5M long-term debt minus $529M cash), but including $71.8M and $67.0M in available-for-sale securities lowers it further to about $3.33 billion, a more comfortable position than the headline debt figure alone suggests.
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This is the free preview. The full analysis explains every line item above and includes 7 more findings — plus insider trades, activist stakes, and 8-K events for PKG.
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