EarningsQ2 2026 Earnings Report
MX:PKG Q2 2026 EPS Results
Actual EPS$40.11
Consensus EPS$39.38
Beat/MissBeat by +$0.73
One Year Ago EPS$42.33
MX:PKG Q2 2026 Revenue Results
Actual Revenue$42.50B
Expected Revenue$42.54B
Beat/MissMissed by -$47.00M
YoY Revenue Growth+14.67%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:PKG Upcoming Earnings
Packaging's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PKG Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed solid operational momentum: strong corrugated demand (record shipments up ~24%), higher sales (+~13.6%) and EBITDA growth, an outperformance from the Greif acquisition with synergies on track, and improved paper margins. Offsetting this were persistent cost headwinds (notably elevated freight and recycled fiber costs), special items and restructuring charges (~$0.20/sh), some margin compression in packaging, and utility-related disruptions that cost production. Management provided constructive near-term guidance (Q3 EPS $2.91 ex-special items), clear plans to mitigate grid risk via gas turbines, and confirmed capital spend and synergy progress. On balance, the positive operational and strategic developments outweigh the headwinds.Company Guidance
Revenue and EBITDA Growth
Net sales increased to $2.5 billion in Q2 2026 from $2.2 billion in Q2 2025 (≈+13.6%). Total company EBITDA (excluding special items) rose to $486 million from $451 million (≈+7.8%).
Strong Corrugated Demand and Shipments
System shipments were up over 24% total and per day versus prior year, with the legacy business shipments up 4.1% and the company achieving an all-time record for total quarterly shipments.
Containerboard Production and Inventory Position
System containerboard production of 1.42 million tons in Q2 (legacy mills 1.21M tons; acquired mills 206k tons). Inventories were down 25k tons from end of Q1 but were partially rebuilt in early July to near target levels.
Greif Acquisition Outperformance and Synergies
Greif contributed $0.14 per share in Q2 (including a $0.04 depreciation measurement-period benefit), beating expectations by ≈$0.09–$0.10. Integration and operational improvements are on track, with expected synergies to exceed a $30 million run rate by year-end.
Paper Segment Margin Improvement
Paper segment EBITDA (ex-special items) rose to $39 million on $157 million sales, a 24.9% margin versus prior-year 20.8% (Q2 2025), with prices & mix up ~2% vs both Q1 2026 and Q2 2025.
Cash Flow and Free Cash Flow Generation
Cash provided by operations was $376 million in Q2. After CapEx (~$206 million implied), free cash flow was $170 million for the quarter. Major cash uses included dividends of $111 million, cash taxes $78 million, and net interest $54 million.
Forward Guidance and Pricing Momentum
Management reiterated strong demand outlook and expects to realize the first announced price increase largely in Q3 (≈70–75% realization) and begin the second increase in August; third-quarter EPS (ex-special items) guidance of $2.91.
Operational Progress: New Plant Startup
Successfully started up a new state-of-the-art 550,000 sq ft Ohio corrugated plant ahead of schedule, enhancing strategic capacity and operational efficiency.
MX:PKG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed