Packaging Corporation of America (PCA) delivered robust revenue growth in 2025, driven chiefly by its strategic $1.8 billion acquisition of Greif’s containerboard assets. This expansion bolstered the Packaging segment’s scale despite ongoing declines in paper volumes and containerboard industry shipments. While operating income edged up slightly, net income declined modestly due to acquisition-related expenses and special charges tied to mill reconfigurations. PCA maintained strong liquidity and capital discipline with solid cash flows supporting dividends and share repurchases even as integration costs and inflationary pressures persisted. Looking forward, PCA faces challenges managing inflationary input costs and demand volatility alongside price increases in linerboard and corrugated products.