IPInternational Paper

Materials · Paper · NYSE, OTC

International Paper Company (the "Company," "International Paper" or "IP", which may also be referred to as "we" or "us") is a global leader in sustainable packaging solutions. 10-K, Item 1

Employees: 62,602
Headquarters: Memphis, TN
Next results: around Jan 28, 2027

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10-K 0000051434-26-000055 (2026-02-27) vs 10-K 0000051434-25-000013 (2025-02-21)

Section	Compared text	Words now	Changed
Risk Factors	Item 1A	12,753	87.5%
MD&A	Item 7	9,705	84.0%
Legal Proceedings	Item 3, via Note 14 – COMMITMENTS AND CONTINGENT LIABILITIES	2,388	92.0%
Accounting Policies	Item 8, Note 1 – SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	3,568	86.9%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: ~~cut words struck through~~, new words highlighted and underlined.

MD&A 117 words changed in this paragraph; it is 32% similar to last year's version.

In millions 2025 2024 2023 Net sales $ 18,619 $ 18,916 Cost of products sold 13,376 13,629 Selling and administrative expenses 1,840 1,360 Depreciation and amortization 1,305 1,432 Distribution expenses 1,475 1,575 Taxes other than payroll and income taxes 147 154 Restructuring and other charges, net 221 99 Net (gains) losses on sales of fixed assets (58) — Interest expense, net 208 231 Non-operating pension (income) expense (42) 54 Earnings (Loss) from ~~continuing operations before income taxes and equity earnings (loss) 147 382~~ Continuing Operations $(2,838) $725 Add back: Income tax provision (benefit) ~~(415) 59~~ (533) (361) Less: Equity earnings (loss), net of taxes (3) (5) ~~(21)~~ Earnings ~~(loss)~~ (Loss) from ~~continuing operations $ 557 $ 302~~ Continuing Operations Before Income Taxes and Equity Earnings (3,368) 369 (Loss) Interest expense, net 372 214 Special items 3,237 245 Non-operating pension expense (income) (12) (42) Depreciation and amortization 2,747 850 Adjusted EBITDA from Continuing Operations $2,976 $1,636

Source: Item 7, 10-K 0000051434-26-000055 vs Item 7, 10-K 0000051434-25-000013

Accounting Policies 95 words changed in this paragraph; it is 32% similar to last year's version.

~~The Company has the option to evaluate goodwill for impairment by first performing a qualitative assessment of~~ events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amounts, then the quantitative goodwill impairment test is not required to be performed. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the

Source: Item 8, Note 1 – SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000051434-26-000055 vs Item 8, Note 1 – SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000051434-25-000013

Risk Factors 92 words changed in this paragraph; it is 30% similar to last year's version.

~~periods. Likewise, changes in assumptions regarding current discount rates and expected rates of return on plan assets could increase pension costs. However, the impact of market fluctuations has been~~ reduced as a result of investments in our pension plan asset portfolio which hedge the impact of changes in interest rates on the plan’s funded status. Drivers for fluctuating health costs include unit cost changes, health care utilization by participants, and potential changes in legal requirements and government oversight. If any of these factors cause pension costs or health care benefits to increase in future periods, this could have an adverse effect on our business, financial condition, results of operations and/or cash flow.

Source: Item 1A, 10-K 0000051434-26-000055 vs Item 1A, 10-K 0000051434-25-000013

Legal Proceedings 78 words changed in this paragraph; it is 30% similar to last year's version.

Versailles Pond: The Company is a responsible party for the investigation and remediation of Versailles Pond, a 57-acre dammed river impoundment that historically received paperboard mill wastewater in Sprague, Connecticut. A comprehensive investigation has determined that Versailles Pond is contaminated with polychlorinated biphenyls, mercury, and metals. A preliminary remediation plan was prepared in the third quarter of 2023. Negotiations with state and federal governmental officials are ongoing regarding the scope and timing of the remediation. The total estimated liability for Versailles Pond was $30 million as of both December 31, 2024 and December 31, 2023.

Source: Item 3, via Note 14 – COMMITMENTS AND CONTINGENT LIABILITIES, 10-K 0000051434-26-000055 vs Item 3, via Note 13 – COMMITMENTS AND CONTINGENT LIABILITIES, 10-K 0000051434-25-000013

Every change, by type

Sentences and paragraphs of IP's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-21. Each links to the text at sec.gov.

All 1275 Added 1029 Removed 153 Reworded 92 Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word list

adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors

•The proposed separation of our EMEA packaging business may not be completed, on the currently