PKG — what changed in the latest 10-Q
A section-by-section comparison of PKG's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +26 | −57 | ~23 | 22 |
| Controls & procedures | Text added/removed | +2 | −2 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
Packaging segment operating income was $260 million in the first quarter of 2026, compared to $278 million in the first quarter of 2025. Packaging segment EBITDA excluding special items was $482 million in the first quarter of 2026 compared to $409 million in the first quarter of 2025.1 The increase…
Corrugated product shipments were up 21.8% per day and up 19.9% in total compared to the first quarter of 2025. Shipments from the legacy PCA business were up 2.8% per day and up 1.2% in total compared to the first quarter of 2025. Containerboard production in the first quarter of 2026 was approxima…
Paper segment operating income was $33 million in the first quarter of 2026, compared to $36 million in the first quarter of 2025. Paper segment EBITDA excluding special items was $38 million in the first quarter of 2026, compared to $40 million in the first quarter of 2025.1 The decrease in EBITDA …
Trade publications reported North American industry-wide corrugated products shipments were down (1.9%) in total and (0.3%) per workday during the first quarter of 2026 compared to the same quarter of 2025. Reported industry containerboard production decreased (8.3%) compared to the first quarter of…
The market for communication papers competes heavily with electronic data transmission and document storage alternatives. Increasing shifts to these alternatives have reduced usage of traditional print media and communication papers. Trade publications reported North American UFS paper shipments wer…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Packaging segment operating income was $328 million in the third quarter of 2025, compared to $321 million in the third quarter of 2024. Packaging segment EBITDA excluding special items was $492 million in the third quarter of 2025 compared to $446 million in the third quarter of 2024.1 The increase…
Paper segment operating income was $36 million in the third quarter of 2025, compared to $39 million in the third quarter of 2024. Paper segment EBITDA excluding special items was $40 million in the third quarter of 2025, compared to $43 million in the third quarter of 2024.1 The decrease in EBITDA …
Packaging segment operating income was $952 million in the first nine months of 2025, compared to $804 million in the same period in 2024. Packaging segment EBITDA excluding special items was $1,354 million in the first nine months of 2025 compared to $1,172 million in the first nine months of 2024.…
Paper segment operating income was $97 million in the first nine months of 2025, compared to $95 million in the first nine months of 2024. Paper segment EBITDA excluding special items was $111 million in the first nine months of 2025, compared to $114 million in the same period in 2024.1 The decreas…
Trade publications reported North American industry-wide corrugated products shipments were down (1.4%) in total and (2.9%) per workday during the third quarter of 2025 compared to the same quarter of 2024. Reported industry containerboard production decreased (3.1%) compared to the third quarter of…
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-08
On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. We are currently in the process of assessing and integrating Greif’s internal control over financial reporting with our existing internal control over financial reporting.
Except as described above, there have been no changes in the Company’s internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the quarter ended March 31, 2026.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. We are currently in the process of evaluating and integrating Greif’s controls over financial reporting which may result in changes or additions to PCA’s internal control over financial reporting. Under …
Except as may relate to the integration of the Greif acquisition, there were no other changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the most recent fiscal quarter ended September 30, 2025 that have materially affec…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice