Packaging Corp Of America

2Q26 results (headline + vs. 2Q25): Net income $192M / $2.15 EPS; excluding special items $210M / $2.35 EPS vs $224M / $2.48 EPS in 2Q25. Revenue $2.5B vs $2.2B. EBITDA (ex-special items) $486M vs $451M. Special items were ~$0.20 EPS (Wallula restructuring, facility closures, and Greif acquisition/integration costs).

Performance drivers (good vs. headwinds): Legacy earnings declined ~$0.13 EPS vs 2Q25 due mainly to higher freight (+$0.26), higher corporate/other (+$0.12), lower packaging price/mix (-$0.11), plus higher labor, depreciation, fiber, tax rate, and interest. Partially offset by higher volume (+$0.26) and other cost/maintenance/production tailwinds. Greif contributed ahead of expectations—earnings contribution ~+14¢, with ~+4¢ depreciation benefit; operationally it was aided by strong volumes and improved mill performance and now runs more integrated with PCA.

Packaging/corrugated momentum + tight supply environment (surprising strength): Packaging segment EBITDA (ex-special items) $489M on sales $2.3B → 21.1% margin vs last year 22.6% (EBITDA $453M on $2.0B). Corrugated demand was “tight” and benefited from strong shipments (+24% total/per day vs last year); Q2 legacy shipments hit an all-time record. Inventory management: exports were reduced mid-quarter to build inventory so box plants can be supplied efficiently; early July allowed inventory to be rebuilt ahead of targets. Ohio plant startup occurred ahead of schedule (550k sq ft).