PKG · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Packaging Corp of America

26 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

ODP Corporation

earns from · 58% of our Paper segment sales and 4% of our consolidated salesnamed as a risk

In 2025, sales to ODP represented 58% of our Paper segment sales and 4% of our consolidated sales.Risk factors (Item 1A)

Suppliers

Greif, Inc.

depends onnamed as a risk

We are relying on the Seller to provide transition services to us for key functions of the acquired business, including accounting, information technology systems and support, purchasing and other services.Risk factors (Item 1A)

Rail and truck transportation

depends onnamed as a risk

We ship our products primarily by truck and rail.Risk factors (Item 1A)

Partners and platforms

Louisiana Timber Procurement Company, L.L.C.

50% owned

This segment also includes transportation assets such as rail cars and trucks, which we use to transport some of our products to and from our manufacturing sites, and assets related to a 50% owned variable interest entity, Louisiana Timber Procurement Company, L.L.C. (LTP).Business (Item 1)

Other companies

Variable-rate debt

exposed to its price · approximately $10 million annuallynamed as a risk

A one percent increase in interest rates related to variable-rate debt would have resulted in an increase in interest expense and a corresponding decrease in income before taxes of approximately $10 million annually.Market risk (Item 7A)

Also named by COHR, CSW, DOC, MGRC, O, SNEX, SNX, TOL

United Steel Workers (USW)

Approximately 57% of our hourly employeesnamed as a risk

Approximately 57% of our hourly employees worked pursuant to collective bargaining agreements.Business (Item 1)

Also named by DAL, PBF

Greif, Inc. containerboard business

$1.8 billion in cashnamed as a risk

On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. (“Greif” or “Greif Acquisition”) for $1.8 billion in cash.Business (Item 1)

Competitors

Domtar Corporation (Paper Excellence)

competes with

Our largest competitors include Domtar Corporation, a division of Paper Excellence, and Sylvamo Corporation.Business (Item 1)

Also named by NYT

Sylvamo Corporation

competes with

Our largest competitors include Domtar Corporation, a division of Paper Excellence, and Sylvamo Corporation.Business (Item 1)

Also named by IP

International Paper

competes with

On a national level, our primary competitors are International Paper, Smurfit WestRock, Georgia-Pacific LLC, and Pratt Industries.Business (Item 1)

Smurfit WestRock

competes with

On a national level, our primary competitors are International Paper, Smurfit WestRock, Georgia-Pacific LLC, and Pratt Industries.Business (Item 1)

Georgia-Pacific LLC

competes with

On a national level, our primary competitors are International Paper, Smurfit WestRock, Georgia-Pacific LLC, and Pratt Industries.Business (Item 1)

Pratt Industries

competes with

On a national level, our primary competitors are International Paper, Smurfit WestRock, Georgia-Pacific LLC, and Pratt Industries.Business (Item 1)

Places

International Falls, Minnesota

concentrated in · approximately 500,000 tons annually

We currently have one paper mill located in International Falls, Minnesota that produces both commodity and specialty papers on two paper machines.Business (Item 1)

United States

concentrated innamed as a risk

We operate all of our business in the United States.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Wallula, Washington

operates in

During the fourth quarter of 2025, the Company announced that it will permanently shut down the No. 2 paper machine and kraft pulping facilities at the Wallula mill.Business (Item 1)

Hazards

Hurricanes, tornadoes, floods and winter storms

named as a risk

Extreme weather events like hurricanes, tornadoes, floods and winter storms have caused disruptions to our business both directly and indirectly in recent history.Risk factors (Item 1A)

Commodities and inputs

Natural gas

exposed to its price · approximately $3 million of additional expensenamed as a risk

A $0.10 per million MMBTU increase in natural gas prices would result in approximately $3 million of additional expense, based on 2025 usage.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Recycled fiber

exposed to its price · approximately $20 million of additional expensenamed as a risk

A $10 per ton price increase in recycled fiber for our containerboard mills would result in approximately $20 million of additional expense based on 2026 estimated consumption.Risk factors (Item 1A)

Wood fiber

exposed to its pricenamed as a risk

The market price of wood fiber varies based upon availability, source, and the costs of fuels used in the harvesting and transportation of wood fiber.Risk factors (Item 1A)

Also named by IP, LPX

Chemicals (caustic soda, starch, sulfuric acid, soda ash, lime)

exposed to its pricenamed as a risk

In addition, costs for key chemicals used in our manufacturing operations also fluctuate.Risk factors (Item 1A)

Also named by ITW

Containerboard trade publication surveyed prices

exposed to its pricenamed as a risk

In addition, as many of our customer contracts include price adjustment provisions based upon published surveyed prices for containerboard or certain grades of UFS papers reported by trade publications, our selling prices are influenced by price levels determined and published by trade publications.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

For example, the EPA recently enacted more stringent particulate matter emissions standards, which may make it more difficult to obtain or maintain air permits and more difficult and expensive to comply with the limitations set forth in our permits.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. International Trade Commission

subject to

These duties remain in effect after sunset review of duty orders by the U.S. International Trade Commission in January 2022.Business (Item 1)

Also named by ANET, IDCC, KEYS, LKQ, MO, MSI, NUE, QCOM

Laws and programs

U.S. antidumping and countervailing duties on uncoated freesheet paper

subject to

In 2016, as a result of a case brought by us and other domestic producers before United States international trade authorities, antidumping and countervailing duties at various levels were imposed on producers of uncoated freesheet papers produced in Australia, Brazil, China, Indonesia, and Portugal.Business (Item 1)

Technology

Electronic data transmission and document storage

competes withnamed as a risk

Increasing shifts to electronic alternatives have had and will continue to have an adverse effect on usage of these products.Risk factors (Item 1A)