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

Compare with peers → Embed

All key numbers (32, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	-6.72	Sales (ttm)	24.2B	Net income (ttm)	-3.5B	Sales growth	+49.3%	EPS growth	-543%	Sales Q/Q	-0.4%
Free cash flow	75.0M	Gross margin	29.8%	Oper. margin	-	Net margin	-14.3%	FCF margin	0.3%	ROE	-26.3%
ROA	-9.7%	R&D / sales	-	Dividend	1.85	Debt/Eq	0.74	Curr. ratio	0.99	Cash	815.0M
Op. cash flow (ttm)	2.4B	Net debt	8.9B	Quick ratio	0.76	Shares out.	529.6M	Shares Y/Y	+42.8%	Book / share	24.82
Cash / share	1.54	Sales / share	45.65	Asset turnover	0.68	Inventory turns	8.27	Sales 3Y CAGR	+3.8%	Sales 5Y CAGR	+6.1%
Employees	62,602	Sales / employee	386K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 77%$5.6B → $9.8B · Short-term + long-term debt at year end
Free cash flow turned negative$757.0M → −$159.0M · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +49.3%-1.2% → +49.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Net income turned to a loss$557.0M → −$3.5B · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

IP against Materials peers

Ten years, side by side → · All 24 →

IPPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth

+49.3%2nd of 24 · median +4.4%

Net margin

-14.3%24th of 24 · median 8.4%

Return on equity

-26.3%24th of 24 · median 13.1%

Free cash flow margin

0.3%22nd of 24 · median 6.8%

Debt / equity (less is better)

0.7412th of 24 · median 0.76

IP and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
IP International Paper	$24.2B	+49.3%	29.8%	-14.3%	-26.3%	0.3%	0.74
NEM Newmont	$26.6B	+21.3%	-	34.7%	25.9%	37.9%	0.14
FCX Freeport-McMoRan	$26.4B	+1.8%	-	13.0%	16.4%	6.5%	0.45
SHW Sherwin-Williams	$24.9B	+2.1%	48.6%	10.7%	67.3%	12.4%	2.97
AMCR Amcor	$23.9B	+56.6%	19.8%	4.5%	9.3%	3.2%	1.27
STLD Steel Dynamics	$22.2B	+3.6%	15.9%	8.8%	19.9%	4.9%	0.43

FY2021FY2022FY2023FY2024

From $19.4B of sales to $1.8B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $21.2B of sales to $1.5B of profit

FY2022, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $16.0B of sales to $288.0M of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $15.8B of sales to $557.0M of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$71$20$9

FY2022

$72$21$7

FY2023

$72$26

FY2024

$72$25

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 3

!
Net margin below the peer median-14.3% vs 8.4%
!
Return on equity below 15%-26.3%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 4.6% → -14.9%

Balance sheet

1 of 3

✓
Debt smaller than equityDebt / equity 0.74 on the latest balance sheet (peer median 0.76)
!
Current ratio below 1Current ratio 0.99
!
Net debt over 3 years of free cash flow$8.9B net debt, 118.3 years

Debt / equity at each year end, FY2016 to FY2025: 2.61 → 0.66

What the debt is made of ↓

Cash and shareholders

0 of 3

!
Free cash flow positive in 9 of 10 years−$159.0M last year
!
Share count up over 5 years+27.8%
!
Dividend per share not up over 5 years$2.05 → $1.85

Free cash flow, FY2016 to FY2025: 1.2B → -159.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $908.0M Not stated $7.4B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
4.375% notes – due 2027 (EUR)	Notes and bonds	4.38%	not stated	$998.0M
4.500% notes – due 2030 (EUR)	Notes and bonds	4.50%	not stated	$764.0M
4.350% notes – due 2048	Notes and bonds	4.35%	not stated	$740.0M
0.875% notes – due 2026 (EUR)	Notes and bonds	0.88%	not stated	$705.0M
4.800% notes – due 2044	Notes and bonds	4.80%	not stated	$686.0M
4.400% notes – due 2047	Notes and bonds	4.40%	not stated	$647.0M
Floating rate term loan - due 2028	Bank loans	–	floating	$600.0M
6.000% notes – due 2041	Notes and bonds	6.00%	not stated	$585.0M
7.300% notes – due 2039	Notes and bonds	7.30%	not stated	$453.0M
5.150% notes – due 2046	Notes and bonds	5.15%	not stated	$449.0M
Environmental and industrial development bonds – due 2025 – 2031	Notes and bonds	3.70%	not stated	$437.0M
5.000% notes – due 2035	Notes and bonds	5.00%	not stated	$407.0M
2.875% notes – due 2029 (GBP)	Notes and bonds	2.88%	not stated	$337.0M
Floating rate notes – due 2027 – 2030	Notes and bonds	4.00%	floating	$308.0M
8.700% notes – due 2038	Notes and bonds	8.70%	not stated	$86.0M
7.200% notes – due 2026	Notes and bonds	7.20%	not stated	$58.0M
6.875% notes – due 2029	Notes and bonds	6.88%	not stated	$10.0M
7.150% notes – due 2027	Notes and bonds	7.15%	not stated	$7.0M
6.400% notes – due 2026	Notes and bonds	6.40%	not stated	$5.0M
6.650% notes – due 2037	Notes and bonds	6.65%	not stated	$3.0M

All 20 lines

From the debt note in the 10-K's XBRL (0000051434-26-000055), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 23.6B Net income -3.5B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

IP's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue23.6B

Net income-3.5B

Free cash flow-159.0M

EPS (diluted)-6.95

Dividend per share1.85

Diluted shares505.7M

The segments changed

10-K filed 2026-02-27

Compared with the 10-K of Feb 21, 2025: new segments Packaging Solutions EMEA, Packaging Solutions North America; no longer reported: Global Cellulose Fibers, Industrial Packaging.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Packaging Solutions North America	15.2B	64.2%	+6.2%
Packaging Solutions EMEA	8.5B	35.8%	+524%

10-K 0000051434-26-000055, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S. Plans	14.4B	61.1%	+5.5%
EMEA	8.5B	35.8%	+524%
Americas, other than U.S.	713.0M	3.0%	-2.3%
Pacific Rim and Asia	31.0M	0.1%	-51.6%

10-K 0000051434-26-000055, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19.5B	21.7B	23.3B	18.3B	17.6B	19.4B	21.2B	16.0B	15.8B	23.6B
Cost of revenue	14.1B	14.8B	15.6B	12.7B	12.3B	13.8B	15.1B	11.5B	11.4B	16.6B
SG&A	1.5B	1.6B	1.7B	1.4B	1.4B	1.4B	1.3B	1.3B	1.7B	2.0B
Interest expense	695.0M	758.0M	734.0M	701.0M	597.0M	430.0M	403.0M	418.0M	432.0M	551.0M
Pretax income	795.0M	848.0M	1.8B	921.0M	329.0M	999.0M	1.5B	402.0M	369.0M	-3.4B
Income tax	193.0M	-1.1B	445.0M	477.0M	176.0M	188.0M	-236.0M	68.0M	-361.0M	-533.0M
Net income	904.0M	2.1B	2.0B	1.2B	482.0M	1.8B	1.5B	288.0M	557.0M	-3.5B
EPS (diluted)	2.18	5.13	4.85	3.07	1.22	4.47	4.10	0.82	1.57	-6.95
Diluted shares	415.6M	417.7M	414.2M	398.8M	395.7M	392.4M	367.0M	349.1M	354.2M	505.7M
Depreciation & amortization	1.1B	1.3B	1.3B	1.1B	1.1B	1.1B	1.0B	1.1B	851.0M	2.7B
Net margin	4.6%	9.9%	8.6%	6.7%	2.7%	9.0%	7.1%	1.8%	3.5%	-14.9%
Revenue growth	-	+11.5%	+7.2%	-21.4%	-4.1%	+10.2%	+9.3%	-24.2%	-1.2%	+49.3%
EPS growth	-	+135%	-5.5%	-36.7%	-60.3%	+266%	-8.3%	-80.0%	+91.5%	-543%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.0B	1.0B	589.0M	511.0M	595.0M	1.3B	804.0M	1.1B	1.1B	1.1B
Inventory	2.2B	2.3B	2.2B	2.2B	1.6B	1.8B	1.9B	1.9B	1.5B	2.0B
Current assets	6.7B	8.3B	7.0B	6.6B	11.2B	7.1B	6.8B	6.6B	6.4B	10.1B
Property & equipment	13.0B	13.3B	13.1B	13.0B	10.9B	10.4B	10.4B	10.2B	7.9B	14.4B
Goodwill	3.4B	3.4B	3.4B	3.1B	3.1B	3.1B	3.0B	3.0B	3.0B	5.3B
Total assets	33.1B	33.9B	33.6B	33.5B	31.7B	25.2B	23.9B	23.3B	22.8B	38.0B
Accounts payable	2.2B	2.5B	2.4B	2.4B	2.0B	2.6B	2.7B	2.4B	2.1B	3.9B
Current liabilities	4.1B	5.1B	4.7B	8.6B	8.3B	4.1B	5.0B	4.0B	4.3B	7.9B
Total debt	11.3B	11.2B	10.7B	9.8B	8.1B	5.6B	5.6B	5.6B	5.6B	9.8B
Shareholders' equity	4.3B	6.5B	7.4B	7.7B	7.9B	9.1B	8.5B	8.4B	8.2B	14.8B
Retained earnings	4.8B	6.2B	7.5B	8.4B	8.1B	9.0B	9.9B	9.5B	9.4B	4.9B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	2.5B	1.8B	3.2B	3.6B	3.1B	2.0B	2.2B	1.8B	1.7B	1.7B
Capital spending	1.2B	1.3B	1.6B	1.1B	663.0M	480.0M	931.0M	1.1B	921.0M	1.9B
Free cash flow	1.2B	477.0M	1.7B	2.5B	2.4B	1.6B	1.2B	692.0M	757.0M	-159.0M
Dividends paid	733.0M	769.0M	789.0M	796.0M	806.0M	780.0M	673.0M	642.0M	643.0M	977.0M
Buybacks	132.0M	47.0M	732.0M	535.0M	42.0M	839.0M	1.3B	218.0M	23.0M	65.0M
Acquisitions	2.2B	45.0M	8.0M	103.0M	65.0M	80.0M	0	0	-	-
Debt raised	3.8B	1.9B	490.0M	534.0M	583.0M	1.5B	1.0B	783.0M	102.0M	409.0M
Debt repaid	1.9B	1.4B	1.0B	1.5B	2.3B	2.5B	1.0B	780.0M	141.0M	255.0M
Investing cash flow	-3.5B	-1.4B	-1.6B	-1.3B	-269.0M	6.1B	-608.0M	-668.0M	-808.0M	-1.0B
Financing cash flow	982.0M	-399.0M	-2.0B	-2.4B	-2.7B	-7.4B	-2.1B	-866.0M	-775.0M	-708.0M
Dividend per share	1.78	1.86	1.93	2.01	2.05	2.00	1.85	1.85	1.85	1.85

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating lease cost	-	-	-	121.0M	132.0M	138.0M	153.0M	168.0M	172.0M	258.0M
Operating lease cash paid	-	-	-	147.0M	162.0M	166.0M	160.0M	180.0M	202.0M	296.0M
Finance lease principal paid	-	-	-	9.0M	10.0M	14.0M	10.0M	13.0M	9.0M	19.0M
Right-of-use assets	-	-	0	434.0M	387.0M	365.0M	424.0M	448.0M	402.0M	697.0M
Operating lease liabilities	-	-	-	438.0M	463.0M	368.0M	430.0M	465.0M	448.0M	707.0M
Finance lease liabilities	-	-	63.0M	100.0M	71.0M	66.0M	59.0M	55.0M	43.0M	71.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on IP in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/IP/export.csv") into a cell.