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PKG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Packaging Corporation of America (PKG) stock moving?
PKG reported a Q3 2026 beat, with excluding-special-items EPS of $3.04 against $2.91 guidance. Growth was driven by favorable price and mix in Packaging (+$0.79 per share) and by the Greif acquisition, which turned a loss into $0.13 of earnings. Offsetting pressures included higher labor, freight and fiber costs. The stock climbed from about $241 on Oct 22 to a high of $262.59 on Nov 4, supported by volume around 0.5M to 1.2M a day. On Nov 5 the company disclosed a DOJ Antitrust Division grand jury subpoena tied to a packaging-industry investigation, and the shares fell from $259.17 to $248.80 on about 1.41M volume. They recovered to $254.23 by Nov 10, which suggests the reaction is fading, though the probe's scope and duration are unknown and the 10-Q text was unavailable. Net the picture is mixed: solid fundamentals and price momentum against a legal overhang with no timeline.
News behind the analysis
- Packaging Corporation of America Discloses DOJ Antitrust SubpoenaPKG received a federal grand jury subpoena from the DOJ Antitrust Division in an investigation of the packaging industry. The shares fell about 4% on Nov 5, with volume of about 1.41M.
- Packaging Corporation of America Reports Third Quarter 2026 ResultsQ3 2026 net income was $262M ($2.93/share), or $272M ($3.04/share) excluding special items, versus $2.91 guidance. Net sales rose to $2.6B from $2.3B, helped by price/mix and the acquired Greif operations.
- Form 10-Q (Quarterly Report)PKG filed its 10-Q on Nov 5. The filing text was not provided, so its disclosures could not be reviewed beyond the subpoena news.
About Packaging Corp of America
Packaging Corporation of America, based in Lake Forest, Illinois, is one of the largest US makers of containerboard and corrugated cardboard boxes. It also runs a smaller uncoated paper business. It stands out for its vertically integrated mill-to-box-plant system, and it recently grew by buying Greif's containerboard business.
How it makes money
Most of its revenue, very roughly 90%, comes from the Packaging segment. In that segment it turns wood and recycled fiber into containerboard at its own mills, then converts it into corrugated boxes and displays for industrial, food, agricultural and consumer-goods customers. The rest comes mainly from the Paper segment, which sells uncoated freesheet office and printing papers. Trailing 12-month revenue is about $9.8 billion (approximate).
What usually moves PKG
- Containerboard and box price increases
- Corrugated box demand and shipment volumes
- Costs of recycled fiber, freight, energy and mill maintenance
- Integration and synergies from the Greif containerboard acquisition
- Industrial and consumer economic activity