Packaging Corporation of America (PKG)

Packaging Corporation of America beat on adjusted EPS while revenue came in just under consensus, with preliminary results for the second fiscal quarter of 2026 reported on July 22. Revenue rose 14.7% to about $2.5 billion versus about $2.5 billion expected, led by Packaging at about $2.2 billion, up 11.1%, while Corporate and Other rose 17.0% to about $19.3 million; gross margin was 20.6% and operating income was about $333.2 million, leaving operating margin at 13.4%. Net income fell 20.5% to about $192.1 million, and adjusted EPS of $2.35 topped the $2.31 estimate by 1.7% even as it was down 5.2% from $2.48 a year ago. The company generated operating cash flow of about $329.3 million, repurchased about $58.8 million of stock and paid about $111.9 million in dividends. Consensus for the next period calls for EPS of $2.97 on revenue of $2.60 billion.