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Packaging Corporation Of America’s $486 Million EBITDA: Can Greif Catch Up?

Packaging Corporation of America reported first quarter fiscal year 2026 net income of $171 million, or $1.91 per share, with net income excluding special items reaching $215 million, or $2.40 per share, slightly higher than the $208 million ($2.31 per share) reported in the same period of 2025. Net sales increased to $2.4 billion from $2.1 billion year-over-year. EBITDA excluding special items rose to $486 million from $421 million, driven primarily by improved pricing and product mix, lower fiber costs, reduced maintenance outages, and efficiencies in labor and operating costs in the legacy Packaging segment. These gains, however, were partially offset by higher freight expenses, lower production and sales volume in the legacy packaging business, increased depreciation, and other higher operating costs, including losses associated with the acquired Greif containerboard business. Operationally, Packaging Corporation of America ran at full capacity during the quarter, completing significant maintenance outages ahead of schedule.