Packaging Corporation of America (NYSE: PKG) announced its Board approved a regular quarterly dividend of $1.50 per share on common stock. The payout targets shareholders of record as of September 15, 2026.

Payment is scheduled for October 15, 2026. Future dividend declarations and dates remain subject to final determination by PCA’s Board of Directors.

Company Profile

PCA operates as the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America. The company maintains a network of ten paper mills and 90 corrugated products plants with related facilities.

Packaging Corp of America reported second quarter 2026 net income of $192 million, or $2.15 per share, on net sales of $2.5 billion. Excluding special items, net income was $210 million, or $2.35 per share, beating the analyst consensus estimate of $2.31 by 1.73 percent. EBITDA excluding special items was $485.7 million. The company reported quarterly sales of $2.490 billion, a 14.68 percent increase over sales of $2.171 billion in the same period last year, though this missed the analyst consensus estimate of $2.502 billion by 0.47 percent.

Reported earnings in the second quarter of 2026 included special items primarily for facility closure costs and write-offs, costs related to the restructuring of the Wallula, WA containerboard mill and acquisition and integration-related costs. Reported earnings in the second quarter of 2025 included special items relating to gains on the sale of real estate in connection with the closure of corrugated products facilities, partially offset by acquisition and integration related costs.

Excluding special items, the $.13 per share decrease in second quarter 2026 earnings compared to the second quarter of 2025 resulted from $.27 lower earnings in the legacy business, partially offset by $.14 of earnings from the acquired Greif operations. The lower earnings in the legacy business was driven by higher freight costs, higher corporate and other expenses, unfavorable price and mix in the packaging business, higher labor and operating costs, higher depreciation and amortization expenses, higher fiber costs, higher tax rate and higher interest expense. These items were partially offset by higher production and sales volume in the packaging business, lower maintenance outage expenses, higher production and sales volume in the paper business and higher price and mix in the paper business.

Earnings were $.02 above second quarter guidance of $2.33 per share primarily due to favorable volume in the legacy packaging business, lower production costs in the legacy packaging business and higher than expected earnings from the acquired business due to favorable volume, price and mix, partially offset by higher-than-forecast costs for freight, recycled fiber and employee benefits.

Financial Results

Consolidated Earnings Results

Segment Operating Income (Loss)

EBITDA Excluding Special Items

Diluted Earnings Per Share

Outlook

Packaging Corporation of America expects third quarter earnings of $2.91 per share, excluding special items. This outlook compares to an analyst estimate of $2.94. The company anticipates continued strong demand in the Packaging segment and higher prices for containerboard and corrugated products as it completes the implementation of price increases. Mill production is expected to be higher with one more operating day and lower impact from maintenance outages. The company expects lower volume and higher prices in the Paper segment due to a scheduled outage at the International Falls mill. Costs for freight are expected to remain at or around elevated levels, while prices for recycled fiber are continuing to increase.