International Paper manufactures fiber-based containerboard and corrugated packaging for industrial, consumer-goods, food, agricultural and e-commerce customers. Its continuing businesses are Packaging Solutions North America and Packaging Solutions EMEA. It acquired DS Smith in January 2025 and sold Global Cellulose Fibers in January 2026.
Loading the company summary…
A snapshot of what INTERNATIONAL PAPER CO /NEW/ owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000051434-24-000024 | Feb 16, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000051434-25-000013 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000051434-26-000055 | Feb 27, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
International Paper is a larger packaging company, but acquisition-driven sales growth has not yet translated into stronger profitability or dividend coverage from free cash flow. In 2025, DS Smith expanded revenue while impairment, depreciation and restructuring contributed to a $3.516 billion net loss. First-half 2026 operating cash flow recovered substantially, helped by a tax refund and the absence of unusually heavy prior-year payments, yet capital spending absorbed most of it. Second-quarter profitability weakened in both regions despite better domestic box shipments in North America. EMEA faces weak demand, delayed recovery of paper costs through box pricing and little goodwill valuation cushion. The proposed EMEA spin-off remains conditional. This assessment uses disclosures supplied through October 24, 2026; the latest financial statements cover June 30, not October.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
International Paper makes containerboard and converts most production into corrugated packaging. Integration links mill utilization, fiber and energy costs, maintenance reliability and box pricing: stronger shipments help absorb fixed costs, but price increases can lag input inflation. Customers span food, agriculture, industrial goods and e-commerce. Geographic revenue follows the seller's location, so it does not directly measure customer-market exposure.
DS Smith entered consolidation on January 31, 2025. The current North American and EMEA segments include acquired and legacy operations. GCF is excluded from continuing earnings and revenue across the latest annual comparatives, but consolidated cash flows still include its historical contributions. Consequently, older packaging-and-pulp sales cannot be compared directly with the latest packaging-only series.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Continuing sales reached $23.634 billion in 2025 versus recast $15.835 billion in 2024. The increase was overwhelmingly acquisition-driven; management attributed only $46 million of additional sales to legacy IP, where pricing offset lower volumes. The $3.516 billion net loss included a $2.838 billion continuing loss and $678 million discontinued loss. Continuing results absorbed $2.467 billion of EMEA goodwill impairment, $958 million of accelerated depreciation and $626 million of restructuring charges.
Non-GAAP adjusted operating earnings deteriorated to a $100 million loss, while adjusted EBITDA rose to $2.976 billion. These are not contradictory measures: EBITDA removes depreciation and amortization and includes the enlarged business, whereas adjusted operating earnings retain accelerated depreciation. Management's approximately $710 million of actioned annualized cost reductions, including synergies, are not equivalent to realized annual profit or cash savings.
Sources: 10-K · 2025-12-31
The June-quarter 10-Q, filed August 5, 2026, reported $6.004 billion sales and a $12 million net loss, versus $6.142 billion sales and $75 million profit a year earlier. Adjusted EBITDA fell to $587 million from $670 million. North American daily box shipments increased approximately 1.7%, but footprint changes and lower exports reduced total sales volumes. Maintenance and conversion spending offset operating improvements. EMEA's loss widened as higher paper costs reached packaging margins before box-price increases.
First-half sales increased to $11.975 billion and net earnings recovered to $48 million. Comparisons include six months of DS Smith in 2026 versus five in 2025 and a larger share denominator. The July release nevertheless reported lower first-half adjusted EBITDA and adjusted earnings. Recovery in GAAP results therefore also reflects fewer acquisition and closure charges, not uniformly stronger recurring performance.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
In 2025, $1.698 billion operating cash flow did not cover $1.857 billion capital spending, producing negative $159 million company-defined free cash flow before $977 million cash dividends. First-half 2026 operating cash flow improved to $1.137 billion, helped by a $281 million IRS refund and the absence of $670 million of unusual prior-year transaction, compensation and severance payments. After $1.050 billion capex, free cash flow was $87 million against $490 million dividends. Disposal proceeds and opening cash also funded requirements; cash flow is not profit.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
June 30 cash was $726 million. Current and long-term debt totaled $9.217 billion, excluding $2.131 billion of separately reported nonrecourse timber-financing liabilities. The undrawn $1.4 billion U.S. committed revolver supports the commercial-paper program; those capacities are not independent pools. A separate undrawn $500 million receivables program is uncommitted and collateral-dependent. IP reported covenant compliance, but disclosed no exact ratio or headroom. Refinancing remains relevant, including a May 2027 foreign borrowing classified long-term on management's refinancing intent and capacity.
Sources: 10-Q · 2026-06-30
The proposed EMEA spin-off would leave IP with approximately 20% ownership, but approvals, documentation and final capital structure remain dependencies. EMEA's estimated fair value continued to approximate carrying value at June 30, leaving exposure to further impairment. DS Smith control remediation is not established as complete. Environmental remediation, antitrust litigation and the Brazilian tax indemnity also remain unresolved; recorded reserves are not maximum losses.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 23.634 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing · printed page: 62
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 23.634 bn | 49.3% |
| 2024 | USD 15.835 bn | -1.2% |
| 2023 | USD 16.033 bn | — |
Consolidated continuing-operation net sales; GCF excluded and historical periods recast.
Sources: 10-K · 2025-12-31
USD -3.516 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency · printed page: 62
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -3.516 bn | Turned loss-making |
| 2024 | USD 557 m | 93.4% |
| 2023 | USD 288 m | — |
Net earnings including continuing and discontinued operations.
Sources: 10-K · 2025-12-31
USD 1.698 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · printed page: 65 · includes discontinued operations: true
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.698 bn | 1.2% |
| 2024 | USD 1.678 bn | -8.5% |
| 2023 | USD 1.833 bn | — |
Consolidated operating cash flow including discontinued operations.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
