Packaging Corporation of America (PKG), a major North American containerboard and corrugated packaging manufacturer, demonstrated resilient revenue growth in 2025 driven by the $1.8 billion acquisition of Greif’s containerboard business. Despite industry-wide declines in containerboard production and corrugated shipments, PKG effectively executed price increases and expanded operating volumes through integration synergies. The company manages rising fiber, freight, and operating expenses while restructuring lower-margin assets like the Wallula mill. Going forward, pricing power amid cyclical volume headwinds and successful integration execution will be critical for sustained margin expansion.