Packaging Corporation of America (PKG) Balance Sheet

NYSE: PKGAssets, liabilities, debt and equity over 10 years.

PKG balance sheet, 2025

December 31, 2025 · U.S. dollars

$10.92B assets = $6.33B liabilities + $4.60B equity

Both columns are drawn to the same scale: what PKG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

PKG financial health

Current ratio3.17

Comfortable · current assets cover current liabilities 3.17×

Debt / equity0.95

Moderate leverage · $0.95 of debt for each $1 of equity

Equity / assets42.1%

Equity-funded · of assets funded by shareholders

Cash / debt13.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles18.1%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

PKG balance sheet trends, 2017–2025

Packaging Corporation of America balance sheet trends
Metric	Then	Latest	Change
Total assets	$5.78B2017	$10.92B2025	+7.3%/yr
Total liabilities	$3.39B2017	$6.33B2025	+7.2%/yr
Shareholders’ equity	$2.39B2017	$4.60B2025	+7.6%/yr
Cash & short-term investments	$239.0M2017	$600.8M2025	+10.8%/yr
Total debt	$2.65B2017	$4.36B2025	+5.7%/yr
Net cash (debt)	−$2.41B2017	−$3.76B2025	−$1.4B
Working capital	$1.07B2017	$2.20B2025	+$1.1B
Book value per share	$23.292017	$51.322025	+10.4%/yr
Current ratio	2.712017	3.172025	+0.45
Debt / equity	1.112017	0.952025	−0.16
Shares outstanding	93.7M2017	89.6M2025	−0.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

PKG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

PKG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PKG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

PKG balance sheet

Packaging Corporation of America annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2017
Assets
Cash & short-term investments	$600.8M	$787.0M	$1.14B	$405.2M	$704.8M	$1.08B	$767.4M	$361.5M	$216.9M	$239.0M
Cash & equivalents	$529.0M	$685.0M	$648.0M	$320.0M	$618.7M	$974.6M	$679.5M	$361.5M	$216.9M	$239.0M
Short-term investments	$71.8M	$102.0M	$493.5M	$85.2M	$86.1M	$105.6M	$87.9M	—	$0	$0
Receivables	$1.28B	$1.15B	$1.04B	$1.07B	$1.08B	$837.5M	$872.1M	$918.6M	$900.2M	$689.0M
Inventory	$1.24B	$1.12B	$1.01B	$977.3M	$902.5M	$787.9M	$794.1M	$795.6M	$762.5M	$723.0M
Other current assets	$85.8M	$166.9M	$62.3M	$58.3M	$47.0M	$44.7M	$44.8M	$39.4M	$35.5M	$45.0M
Total current assets	$3.21B	$3.23B	$3.25B	$2.51B	$2.73B	$2.75B	$2.48B	$2.12B	$1.92B	$1.70B
Property, plant & equipment (net)	$5.36B	$4.32B	$4.14B	$4.20B	$3.77B	$3.43B	$3.39B	$3.11B	$2.92B	$0
Goodwill & intangible assets	$1.97B	$1.11B	$1.15B	$1.19B	$1.23B	$1.16B	$1.26B	$1.30B	$1.29B	$1.10B
Long-term investments	$67.0M	$65.2M	$64.1M	$64.9M	$60.0M	$42.7M	$58.1M	$0	$0	$0
Other non-current assets	$308.2M	$104.8M	$67.2M	$42.0M	$44.9M	$53.2M	$55.8M	$50.5M	$64.3M	$2.98B
Total assets	$10.92B	$8.83B	$8.68B	$8.00B	$7.84B	$7.43B	$7.24B	$6.57B	$6.20B	$5.78B
Liabilities
Accounts payable	$421.0M	$430.3M	$402.4M	$410.4M	$452.4M	$387.0M	$351.9M	$382.2M	$402.9M	$323.8M
Short-term debt	$102.1M	$82.6M	$480.2M	$74.1M	$68.8M	$70.5M	$64.1M	$1.4M	$151.3M	—
Deferred revenue	—	—	$125.8M	—	—	—	—	$13.4M	$16.0M	—
Total current liabilities	$1.02B	$1.00B	$1.27B	$875.5M	$884.8M	$782.6M	$723.8M	$693.6M	$832.7M	$625.0M
Long-term debt	$3.97B	$2.48B	$2.48B	$2.48B	$2.47B	$2.48B	$2.48B	$2.50B	$2.50B	$2.62B
Lease obligations	$397.6M	$297.3M	$301.4M	$319.5M	$260.8M	$258.5M	$257.7M	$17.6M	$19.0M	—
Other long-term liabilities	$1.34B	$946.7M	$937.2M	$976.8M	$873.3M	$924.9M	$964.2M	$702.4M	$682.8M	$146.0M
Total liabilities	$6.33B	$4.43B	$4.68B	$4.34B	$4.23B	$4.19B	$4.16B	$3.90B	$4.01B	$3.39B
Shareholders' equity
Common stock & paid-in capital	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$472.1M	$451.4M
Retained earnings (deficit)	$3.93B	$3.78B	$3.45B	$3.19B	$3.10B	$2.84B	$2.70B	$2.32B	$1.87B	$1.45B
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	−$41.6M	−$43.4M	−$70.9M	−$102.4M	−$75.2M	−$144.5M	−$159.5M	−$138.8M	−$156.9M	−$157.0M
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$4.60B	$4.40B	$4.00B	$3.67B	$3.61B	$3.25B	$3.07B	$2.67B	$2.18B	$2.39B
Key figures
Total debt	$4.36B	$2.77B	$3.17B	$2.79B	$2.73B	$2.74B	$2.73B	$2.50B	$2.65B	$2.65B
Net cash (debt)	−$3.76B	−$1.98B	−$2.03B	−$2.39B	−$2.03B	−$1.66B	−$1.97B	−$2.14B	−$2.43B	−$2.41B
Working capital	$2.20B	$2.23B	$1.99B	$1.63B	$1.85B	$1.97B	$1.75B	$1.42B	$1.08B	$1.07B
Tangible book value	$2.62B	$3.29B	$2.85B	$2.48B	$2.38B	$2.09B	$1.81B	$1.38B	$889.4M	$1.28B
Book value per share	$51.32	$49.21	$44.66	$39.56	$38.17	$34.39	$32.64	$28.46	$23.29	—
Shares outstanding	89.6M	89.5M	89.5M	92.7M	94.5M	94.4M	94.1M	93.9M	93.7M	—
Current ratio	3.17	3.23	2.57	2.86	3.09	3.51	3.42	3.05	2.30	2.71
Quick ratio	1.86	1.94	1.72	1.68	2.02	2.45	2.27	1.85	1.34	1.48
Debt / equity	0.95	0.63	0.79	0.76	0.76	0.84	0.89	0.94	1.21	1.11
Equity / assets	42.1%	49.9%	46.0%	45.8%	46.0%	43.7%	42.4%	40.7%	35.2%	41.3%

Packaging Corporation of America quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$593.8M	$543.7M	$600.8M	$728.7M	$880.3M	$843.1M	$787.0M	$771.6M	$1.10B	$1.18B	$1.14B	$677.2M
Cash & equivalents	$442.8M	$397.1M	$529.0M	$634.0M	$787.9M	$751.7M	$685.0M	$676.6M	$613.6M	$692.4M	$648.0M	$573.2M
Short-term investments	$151.0M	$146.6M	$71.8M	$94.7M	$92.4M	$91.4M	$102.0M	$95.0M	$490.8M	$492.3M	$493.5M	$104.0M
Receivables	$1.43B	$1.35B	$1.28B	$1.41B	$1.21B	$1.16B	$1.15B	$1.22B	$1.15B	$1.05B	$1.04B	$1.05B
Inventory	$1.26B	$1.26B	$1.24B	$1.28B	$1.14B	$1.14B	$1.12B	$1.06B	$1.03B	$1.00B	$1.01B	$986.1M
Other current assets	$134.6M	$104.4M	$85.8M	$81.1M	$105.7M	$154.7M	$166.9M	$191.8M	$204.5M	$211.7M	$62.3M	$64.8M
Total current assets	$3.42B	$3.26B	$3.21B	$3.50B	$3.34B	$3.30B	$3.23B	$3.24B	$3.48B	$3.45B	$3.25B	$2.77B
Property, plant & equipment (net)	$5.42B	$5.37B	$5.36B	$5.41B	$4.43B	$4.39B	$4.32B	$4.24B	$4.23B	$4.13B	$4.14B	$4.14B
Goodwill & intangible assets	$1.98B	$1.97B	$1.97B	$1.89B	$1.10B	$1.10B	$1.11B	$1.12B	$1.13B	$1.14B	$1.15B	$1.16B
Long-term investments	$73.0M	$71.8M	$67.0M	$77.7M	$75.6M	$71.3M	$65.2M	$69.7M	$68.4M	$68.5M	$64.1M	$49.3M
Other non-current assets	$112.1M	$109.8M	$308.2M	$102.2M	$103.2M	$104.7M	$104.8M	$76.4M	$68.4M	$67.0M	$67.2M	$51.0M
Total assets	$11.02B	$10.78B	$10.92B	$10.98B	$9.04B	$8.97B	$8.83B	$8.75B	$8.98B	$8.86B	$8.68B	$8.18B
Liabilities
Accounts payable	$616.9M	$457.2M	$421.0M	$554.2M	$490.7M	$480.9M	$430.3M	$459.9M	$474.5M	$449.6M	$402.4M	$405.9M
Short-term debt	$106.8M	$104.4M	$102.1M	$98.2M	$88.9M	$86.3M	$82.6M	$83.8M	$482.3M	$481.0M	$480.2M	$478.6M
Deferred revenue	—	—	—	—	—	—	—	$15.2M	$144.2M	$155.9M	$134.5M	$153.8M
Total current liabilities	$1.16B	$1.06B	$1.02B	$1.11B	$943.0M	$1.01B	$1.00B	$1.10B	$1.43B	$1.40B	$1.27B	$1.28B
Long-term debt	$3.97B	$3.97B	$3.97B	$3.97B	$2.48B	$2.48B	$2.48B	$2.48B	$2.47B	$2.47B	$2.47B	$2.08B
Lease obligations	$435.4M	$398.8M	$397.6M	$390.5M	$335.6M	$327.8M	$297.3M	$280.4M	$287.2M	$290.2M	$301.4M	$301.4M
Other long-term liabilities	$1.22B	$1.16B	$1.34B	$1.15B	$985.4M	$982.1M	$946.7M	$908.8M	$950.8M	$953.0M	$945.9M	$926.5M
Total liabilities	$6.35B	$6.19B	$6.33B	$6.22B	$4.41B	$4.47B	$4.43B	$4.49B	$4.86B	$4.83B	$4.68B	$4.29B
Shareholders' equity
Common stock & paid-in capital	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000	$900,000
Retained earnings (deficit)	$3.96B	$3.91B	$3.93B	$4.09B	$3.97B	$3.85B	$3.78B	$3.67B	$3.54B	$3.46B	$3.45B	$3.37B
Accumulated other comprehensive income	−$40.2M	−$41.0M	−$41.6M	−$40.4M	−$41.4M	−$42.3M	−$43.4M	−$67.0M	−$69.0M	−$70.0M	−$70.9M	−$96.7M
Total shareholders' equity	$4.66B	$4.59B	$4.60B	$4.76B	$4.63B	$4.50B	$4.40B	$4.26B	$4.13B	$4.03B	$4.00B	$3.89B
Key figures
Total debt	$4.40B	$4.37B	$4.36B	$4.36B	$2.81B	$2.80B	$2.77B	$2.75B	$3.16B	$3.16B	$3.17B	$2.78B
Net cash (debt)	−$3.81B	−$3.82B	−$3.76B	−$3.63B	−$1.93B	−$1.96B	−$1.98B	−$1.98B	−$2.06B	−$1.98B	−$2.03B	−$2.10B
Working capital	$2.26B	$2.20B	$2.20B	$2.39B	$2.39B	$2.29B	$2.23B	$2.14B	$2.05B	$2.04B	$1.99B	$1.49B
Tangible book value	$2.68B	$2.62B	$2.62B	$2.87B	$3.54B	$3.39B	$3.29B	$3.14B	$2.99B	$2.89B	$2.85B	$2.73B
Book value per share	$52.38	$51.49	$51.32	$52.61	$51.64	$50.21	$49.21	$47.64	$46.07	$45.09	$44.60	$43.43
Shares outstanding	89.0M	89.1M	89.6M	90.4M	89.7M	89.6M	89.5M	89.5M	89.6M	89.4M	89.6M	89.5M
Current ratio	2.94	3.07	3.17	3.16	3.54	3.28	3.23	2.95	2.43	2.46	2.57	2.17
Quick ratio	1.74	1.79	1.86	1.93	2.21	1.99	1.94	1.81	1.57	1.59	1.72	1.35
Debt / equity	0.94	0.95	0.95	0.92	0.61	0.62	0.63	0.65	0.77	0.78	0.79	0.71
Equity / assets	42.3%	42.6%	42.1%	43.3%	51.2%	50.2%	49.9%	48.7%	45.9%	45.5%	46.0%	47.5%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

PKG financial position

At the end of fiscal 2025 (December 31, 2025), Packaging Corp of America had total assets of $10.9 billion (up 23.7% from a year earlier), total liabilities of $6.3 billion and shareholders' equity of $4.6 billion. It held $600.8 million in cash and short-term investments against $4.4 billion of debt, net debt of $3.8 billion. Its current ratio was 3.17. In the latest quarter (ended June 30, 2026) total assets were $11.0 billion and equity $4.7 billion.

Related: PKG income statement, PKG cash flow statement, PKG key metrics. See the PKG stock overview for the latest quote and news.

PKG balance sheet FAQ

What are Packaging Corp of America's total assets?

Packaging Corp of America reported total assets of $10.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.8 billion a year earlier.

How much debt does Packaging Corp of America have?

Packaging Corp of America had $4.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.95.

How much cash does Packaging Corp of America have?

Packaging Corp of America held $600.8 million in cash and short-term investments at the end of fiscal 2025; with $4.4 billion of debt that is net debt of $3.8 billion.

What is Packaging Corp of America's book value?

Packaging Corp of America's shareholders' equity (book value) was $4.6 billion at the end of fiscal 2025, or $51.32 per share.

What is Packaging Corp of America's current ratio?

Packaging Corp of America had current assets of $3.2 billion and current liabilities of $1.0 billion, a current ratio of 3.17 (it can cover its short-term obligations).

How much goodwill does Packaging Corp of America have?

Packaging Corp of America carried $2.0 billion of goodwill and intangible assets, 18.1% of total assets, at the end of fiscal 2025.