美国包装 2025年度报告

At PCA, we believe inmaking business personal, placing people at the core ofeverything we do. From our employees to the customers we serve to thecommunities in which we operate, we cultivate meaningful relationships that extendbeyond simple transactions. We are committed to understanding the unique needs of every individual we engagewith. For our employees, this means supporting their growth, professionaldevelopment and overall well-being. For our customers, it involves gaining a deepunderstanding of their businesses, collaborating closely, and delivering customizedsolutions and exceptional service that drive continued success. And for ourcommunities, we aim to foster positive impact, contribute to local growth and ensureresponsible practices. We know that our success is driven by the strength of our relationships. By puttingpeople first, whether it's our employees, customers or communities, we createlasting value for all our stakeholders and build a future defined by trust, collaborationand shared results. “PCA has proven to be a reliablepartner that delivers results andbuilds strong relationships.”““““PPPPCCCCAAAA hhhhaaaaassss ppppprrrroooovvvveeeennnn ttttoooo bbbbbeeee aaaaa rrrrreeeelllliiiiaaaabbbblllleeeeppppaaaarrrrttttnnnneeeeerrrrr tttthhhhaaaaattttt ddddeeeelllliiiivvvveeeerrrrsssss rrrrreeeessssuuuullllttttssss aaaaannnnddddbbbbuuuuiiiillllddddssss sssstttttrrrroooonnnnngggg rrrreeeellllaaaattttiiiioooonnnnsssshhhhiiiippppssss...”””” PACKAGINGCORPORATIONOF AMERICA Boise is a leading producer of uncoatedfreesheet in North America. Our team isdedicated to providing high-quality products,outstanding customer service andindustry-leading supply chain performance, witha product portfolio that includes office papersand printing and converting papers. Packaging Corporation of America is a companydedicated to delivering innovative solutions, with astrong emphasis on maintaining a people-orientedculture throughout all business interactions. PCA is the third largest producer ofcontainerboard and corrugated products in NorthAmerica. We manufacture many grades of kraftlinerboard and corrugating medium at ourcontainerboard mills and produce a wide variety ofcorrugated containers and displays at ourconverting facilities. PCA’s common stock is listed on the NewYorkStock Exchange under the ticker symbolPKG. UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 Form 10-K ÈANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the fiscal year ended December 31, 2025 ‘TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROMTOCommission file number 1-15399 Delaware (State or Other Jurisdiction ofIncorporation or Organization) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesÈNo‘Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes‘NoÈIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.YesÈNo‘Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).YesÈNo‘Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerÈNon-accelerated filer‘Emerging growth company‘If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying Accelerated filerSmaller reporting company‘ with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.‘Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.ÈIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial stat