What is International Paper's operating income?

International Paper's total operating income in 2025 was -$3.02 billion, based on the following breakdown: Total Gross Profit: $7.00 billion Total Operating Expenses: $10.02 billion

International Paper (IP) Financials

$41.81 +0.47 (+1.13%)

Closing price 08/11/2026 03:59 PM Eastern

Extended Trading

$41.76 -0.05 (-0.12%)

As of 08/11/2026 07:34 PM Eastern

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Annual Income Statements for International Paper

This table shows International Paper's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	938	904	2,144	2,012	1,225	482	1,752	1,504	288	557	-3,516
Consolidated Net Income / (Loss)	917	902	2,144	2,017	1,220	482	1,754	1,504	288	557	-3,516
Net Income / (Loss) Continuing Operations	832	800	2,110	1,672	694	182	813	1,741	313	725	-2,838
Total Pre-Tax Income	1,132	795	848	1,781	921	329	999	1,511	402	369	-3,368
Total Operating Income	1,861	2,049	3,387	4,378	2,706	699	2,612	3,372	632	583	-3,021
Total Gross Profit	5,114	4,685	6,772	7,580	5,515	3,803	5,392	5,870	4,521	4,438	6,997
Total Revenue	20,675	19,495	21,743	23,306	18,317	17,565	19,363	21,161	16,033	15,835	23,634
Total Cost of Revenue	15,561	14,810	14,971	15,726	12,802	13,762	13,971	15,291	11,512	11,397	16,637
Operating Cost of Revenue	15,561	14,656	14,802	15,555	12,669	13,626	13,832	15,143	11,512	11,397	16,637
Total Operating Expenses	3,253	2,636	3,385	3,202	2,809	3,104	2,780	2,498	3,889	3,855	10,018
Selling, General & Admin Expense	1,539	1,458	1,621	1,723	1,449	1,353	1,385	1,293	1,257	1,703	2,050
Depreciation Expense	1,167	1,124	1,343	1,328	1,072	1,091	1,097	1,040	1,146	851	2,747
Other Operating Expenses / (Income)	158	-	-	-	-	-	-	-	1,421	1,257	2,198
Impairment Charge	137	-	-	122	205	465	-7.00	76	0.00	0.00	2,467
Restructuring Charge	252	54	67	29	51	195	509	89	65	103	626
Other Special Charges / (Income)	0.00	0.00	354	0.00	32	-	-204	0.00	0.00	-59	-70
Total Other Income / (Expense), net	-729	-1,254	-2,539	-2,597	-1,785	-370	-1,613	-1,861	-230	-214	-347
Interest Expense	555	520	572	536	499	446	337	325	230	214	372
Other Income / (Expense), net	-174	-734	-1,967	-2,061	-1,286	41	-1,244	-1,591	0.00	0.00	25
Income Tax Expense	417	193	-1,085	445	477	176	188	-236	68	-361	-533
Other Gains / (Losses), net	117	198	177	336	250	29	2.00	-6.00	-21	-5.00	-3.00
Net Income / (Loss) Discontinued Operations	85	102	34	345	526	300	941	-237	-25	-168	-678
Basic Earnings per Share	$2.25	$2.20	$5.19	$4.91	$3.10	$1.23	$4.50	$4.14	$0.83	$1.60	($6.95)
Weighted Average Basic Shares Outstanding	417.40M	411.10M	412.70M	409.10M	392.12M	393.12M	376.36M	350.08M	346.35M	526.13M	529.47M
Diluted Earnings per Share	$2.23	$2.18	$5.13	$4.85	$3.07	$1.22	$4.47	$4.10	$0.82	$1.57	($6.95)
Weighted Average Diluted Shares Outstanding	417.40M	411.10M	412.70M	409.10M	392.12M	393.12M	376.36M	350.08M	346.35M	526.13M	529.47M
Weighted Average Basic & Diluted Shares Outstanding	417.40M	411.10M	412.70M	409.10M	392.12M	393.12M	376.36M	350.08M	346.35M	526.13M	529.47M
Cash Dividends to Common per Share	$1.64	$1.78	$1.86	$1.93	$2.01	$2.05	$2.00	$1.85	$1.85	$1.85	$1.85

This table shows International Paper's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-284	56	498	150	-147	-105	75	-1,102	-2,384	60	-12
Consolidated Net Income / (Loss)	-284	56	498	150	-147	-105	75	-1,102	-2,384	60	-12
Net Income / (Loss) Continuing Operations	-284	56	498	111	-147	-124	75	-426	-2,382	76	-12
Total Pre-Tax Income	-326	85	206	5.00	-224	-155	116	-675	-2,674	93	-26
Total Operating Income	-1,494	119	251	333	1,299	-68	684	-54	-3,661	151	557
Total Gross Profit	1,359	1,195	960	1,099	2,423	955	1,679	1,935	1,578	1,173	1,618
Total Revenue	4,601	4,619	4,734	3,979	4,580	5,264	6,142	6,222	4,744	5,971	6,004
Operating Revenue	4,601	4,619	4,734	3,979	4,580	5,264	6,142	6,222	-	5,971	6,004
Total Cost of Revenue	3,242	3,424	3,774	2,880	2,157	4,309	4,463	4,287	3,166	4,798	4,386
Operating Cost of Revenue	3,282	3,424	3,739	2,880	2,123	4,222	4,422	4,287	3,215	4,757	4,344
Other Cost of Revenue	-	-	35	-	34	87	41	-	-	41	42
Total Operating Expenses	2,853	1,076	709	766	1,124	1,023	995	1,989	5,239	1,022	1,061
Selling, General & Admin Expense	357	358	453	473	521	487	525	493	449	510	564
Depreciation Expense	689	278	261	208	499	520	431	1,099	597	489	488
Restructuring Charge	99	3.00	0.00	55	162	83	39	342	162	23	9.00
Other Special Charges / (Income)	-	5.00	-5.00	0.00	-58	-67	0.00	15	-18	0.00	0.00
Total Other Income / (Expense), net	1,168	-34	-45	-328	-1,523	-87	-568	-621	987	-58	-583
Interest Expense	52	46	55	52	56	84	108	85	99	76	87
Other Income / (Expense), net	1,220	12	10	-276	-1,467	-3.00	-460	-536	1,086	18	-496
Income Tax Expense	-61	27	-293	-107	-78	-32	40	-250	-292	17	-15
Other Gains / (Losses), net	-19	-2.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-	0.00	-1.00
Net Income / (Loss) Discontinued Operations	-	-	-	39	-	19	0.00	-676	-	-16	0.00
Basic Earnings per Share	($0.81)	$0.16	$1.43	$0.43	($0.42)	($0.24)	$0.14	($2.09)	($4.76)	$0.11	($0.02)
Weighted Average Basic Shares Outstanding	346.35M	347.33M	347.37M	347.41M	526.13M	527.90M	527.98M	528.04M	529.47M	529.52M	529.57M
Diluted Earnings per Share	($0.82)	$0.16	$1.41	$0.42	($0.42)	($0.24)	$0.14	($2.09)	($4.76)	$0.11	($0.02)
Weighted Average Diluted Shares Outstanding	346.35M	348.50M	352.80M	353.40M	526.13M	437.60M	532.60M	528M	529.47M	531.80M	529.50M
Weighted Average Basic & Diluted Shares Outstanding	346.35M	347.33M	347.37M	347.41M	526.13M	527.90M	527.98M	528.04M	529.47M	529.52M	529.57M
Cash Dividends to Common per Share	$0.46	$0.46	-	$0.46	$0.46	$0.46	$0.46	$0.46	$0.46	$0.46	$0.46

This table details how cash moves in and out of International Paper's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-831	-17	-15	-429	-78	84	700	-491	309	57	-9.00
Net Cash From Operating Activities	2,580	2,478	1,757	3,226	3,610	3,063	2,030	2,174	1,833	1,678	1,698
Net Cash From Continuing Operating Activities	2,580	2,478	1,757	3,226	3,610	3,063	2,030	2,174	1,833	1,678	1,698
Net Income / (Loss) Continuing Operations	917	902	2,144	2,017	1,220	482	1,754	1,504	288	557	-3,516
Consolidated Net Income / (Loss)	917	902	2,144	2,017	1,220	482	1,754	1,504	288	557	-3,516
Depreciation Expense	1,294	1,227	1,423	1,328	1,306	1,287	1,210	1,040	1,432	1,305	2,882
Non-Cash Adjustments To Reconcile Net Income	1,060	892	955	155	532	996	-266	445	319	335	4,000
Changes in Operating Assets and Liabilities, net	-691	-543	-2,765	-274	552	298	-668	-815	-206	-519	-1,668
Net Cash From Investing Activities	-1,739	-3,498	-1,391	-1,569	-1,300	-269	6,054	-608	-668	-808	-1,024
Net Cash From Continuing Investing Activities	-1,739	-3,498	-1,391	-1,529	-1,300	-269	6,054	-608	-668	-808	-1,024
Purchase of Property, Plant & Equipment	-	-1,348	-	-	-	-	-549	-931	-1,141	-921	-1,857
Acquisitions	0.00	-2,228	-45	-8.00	-103	-65	-80	-	0.00	0.00	414
Sale of Property, Plant & Equipment	37	19	26	23	18	8.00	101	13	4.00	91	218
Divestitures	23	108	4.00	0.00	81	540	1,735	0.00	472	0.00	141
Other Investing Activities, net	-1,601	-49	-1,376	-1,544	-1,296	-752	4,847	-1.00	-3.00	22	60
Net Cash From Financing Activities	-1,601	982	-399	-2,046	-2,389	-2,700	-7,375	-2,054	-866	-775	-708
Net Cash From Continuing Financing Activities	-1,601	982	-399	-2,046	-2,389	-2,700	-7,375	-2,054	-866	-775	-708
Repayment of Debt	-6,975	-1,983	-1,432	-1,015	-1,592	-2,435	-2,918	-1,108	-789	-211	-75
Repurchase of Common Equity	-605	-132	-47	-732	-535	-42	-839	-1,284	-218	-23	-65
Payment of Dividends	-685	-733	-769	-789	-796	-806	-780	-673	-642	-643	-977
Issuance of Debt	6,873	3,830	1,933	490	534	583	1,512	1,011	783	102	409
Effect of Exchange Rate Changes	-71	21	18	-40	1.00	-8.00	-9.00	-3.00	10	-38	25

This table details how cash moves in and out of International Paper's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-36	-43	-21	110	11	-30	-21	-130	156	146	-581
Net Cash From Operating Activities	492	395	365	521	397	-288	476	605	905	611	526
Net Cash From Continuing Operating Activities	492	395	365	521	397	-288	476	605	905	611	526
Net Income / (Loss) Continuing Operations	-284	56	498	150	-147	-105	75	-1,102	-2,384	60	-12
Consolidated Net Income / (Loss)	-284	56	498	150	-147	-105	75	-1,102	-2,384	60	-12
Depreciation Expense	689	278	261	267	499	571	480	1,133	698	489	488
Non-Cash Adjustments To Reconcile Net Income	167	42	37	81	175	-105	-3.00	1,392	2,716	52	23
Changes in Operating Assets and Liabilities, net	-80	19	-431	23	-130	-649	-76	-818	-125	10	27
Net Cash From Investing Activities	-310	-247	-199	-188	-174	237	-275	-440	-546	565	-914
Net Cash From Continuing Investing Activities	-310	-247	-199	-188	-174	237	-275	-440	-546	565	-914
Purchase of Property, Plant & Equipment	-305	-251	-198	-212	-260	-330	-422	-455	-650	-517	-533
Acquisitions	-	0.00	-	-	-	415	4.00	-5.00	-	0.00	-455
Sale of Property, Plant & Equipment	-	1.00	3.00	1.00	86	83	10	15	110	21	10
Divestitures	-	-	-	-	-	0.00	-	-	3.00	1,059	24
Other Investing Activities, net	-5.00	3.00	-4.00	23	-	69	-5.00	5.00	-9.00	2.00	40
Net Cash From Financing Activities	-222	-191	-174	-223	-187	21	-274	-302	-153	-1,019	-193
Net Cash From Continuing Financing Activities	-222	-191	-174	-223	-187	21	-274	-302	-153	-1,019	-193
Repayment of Debt	-73	-8.00	-14	-62	-127	88	-139	-129	105	-744	-39
Repurchase of Common Equity	-	-22	-	-	-1.00	-62	-1.00	-1.00	-1.00	-30	-1.00
Payment of Dividends	-160	-161	-160	-161	-161	-244	-244	-245	-244	-245	-245
Issuance of Debt	11	0.00	-	-	102	239	110	73	-13	0.00	92

This table presents International Paper's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	30,531	33,093	33,903	33,576	33,471	31,718	25,243	23,940	23,261	22,800	37,964
Total Current Assets	6,477	6,670	8,277	6,996	6,639	11,236	7,096	6,770	6,608	6,424	10,106
Cash & Equivalents	1,050	1,033	1,018	589	511	468	1,295	804	1,113	1,062	1,145
Note & Lease Receivable	2,675	2,852	3,287	3,521	3,280	2,632	3,232	3,284	3,059	2,402	3,791
Inventories, net	2,228	2,233	2,313	2,241	2,208	1,626	1,814	1,942	1,889	1,486	2,012
Other Current Assets	212	191	282	645	640	5,322	510	607	547	458	1,358
Other Current Nonoperating Assets	-	361	1,377	-	0.00	1,188	0.00	133	-	1,016	1,800
Plant, Property, & Equipment, net	11,980	13,003	13,265	13,067	13,004	10,945	10,441	10,431	10,150	7,916	14,443
Total Noncurrent Assets	12,074	13,420	12,361	13,513	13,828	9,537	7,706	6,739	6,503	8,460	13,415
Noncurrent Note & Lease Receivables	7,014	7,033	7,051	7,070	7,088	2,257	2,275	2,294	2,312	2,331	2,349
Goodwill	3,335	3,364	3,411	3,374	3,347	3,115	3,130	3,041	3,041	3,038	5,326
Intangible Assets	-	-	-	-	-	-	-	-	-	72	4,043
Employee Benefit Assets	-	-	-	-	-	0.00	595	297	118	93	486
Other Noncurrent Operating Assets	1,497	1,645	1,509	1,421	1,672	1,033	955	921	869	1,050	1,211
Total Liabilities & Shareholders' Equity	30,531	33,093	33,903	33,576	33,471	31,718	25,243	23,940	23,261	22,800	37,964
Total Liabilities	26,622	28,734	27,362	26,193	25,753	23,850	16,161	15,443	14,906	14,627	23,137
Total Current Liabilities	3,924	4,069	5,102	4,694	8,646	8,284	4,144	5,000	3,959	4,258	7,899
Short-Term Debt	426	239	311	639	4,388	4,246	196	763	138	191	992
Accounts Payable	2,078	2,199	2,458	2,413	2,423	2,035	2,606	2,708	2,442	2,110	3,902
Current Employee Benefit Liabilities	434	401	485	535	466	410	440	355	397	680	834
Other Current Liabilities	-	-	-	-	-	181	-	-	-	933	1,669
Other Current Nonoperating Liabilities	-	161	805	-	0.00	495	-	-	-	344	502
Total Noncurrent Liabilities	22,698	24,665	22,260	21,499	17,107	15,566	12,017	10,443	10,947	10,369	15,238
Long-Term Debt	15,121	17,359	17,137	16,313	11,682	10,134	7,482	6,922	7,568	7,482	10,966
Capital Lease Obligations	-	-	-	0.00	304	256	-	283	312	269	486
Noncurrent Deferred & Payable Income Tax Liabilities	3,231	3,127	2,291	2,600	2,633	2,572	2,618	1,732	1,552	1,028	1,898
Noncurrent Employee Benefit Liabilities	3,912	3,730	2,265	2,026	1,848	1,267	582	431	420	365	449
Other Noncurrent Operating Liabilities	434	441	567	560	640	968	1,335	1,075	1,095	1,100	1,439
Total Equity & Noncontrolling Interests	3,909	4,359	6,541	7,383	7,718	7,868	9,082	8,497	8,355	8,173	14,827
Total Preferred & Common Equity	3,884	4,341	6,522	7,362	7,713	7,854	9,082	8,497	8,355	8,173	14,827
Total Common Equity	3,884	4,341	6,522	7,362	7,713	7,854	9,082	8,497	8,355	8,173	14,827
Common Stock	6,692	6,638	6,655	6,729	6,746	6,774	5,117	5,174	5,179	5,181	15,041
Retained Earnings	4,649	4,818	6,180	7,465	8,408	8,070	9,029	9,855	9,491	9,393	4,885
Treasury Stock	-1,749	-1,753	-1,680	-2,332	-2,702	-2,648	-3,398	-4,607	-4,750	-4,679	-4,571
Accumulated Other Comprehensive Income / (Loss)	-5,708	-5,362	-4,633	-4,500	-4,739	-4,342	-1,666	-1,925	-1,565	-1,722	-528

This table presents International Paper's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	23,951	23,261	23,028	23,063	23,161	22,800	41,168	42,376	40,568	36,434	36,521
Total Current Assets	6,780	6,608	6,459	6,557	6,643	6,424	9,288	9,499	10,464	8,580	8,244
Cash & Equivalents	1,149	1,113	1,070	1,049	1,159	1,170	1,156	1,135	995	1,236	726
Note & Lease Receivable	3,078	3,059	3,048	3,197	3,116	2,966	4,565	4,767	4,105	4,022	4,253
Inventories, net	1,929	1,889	1,771	1,728	1,795	1,784	2,590	2,658	2,179	1,902	1,961
Other Current Assets	624	547	570	583	573	504	977	939	3,185	1,272	1,304
Other Current Nonoperating Assets	0.00	-	-	-	-	-	-	-	-	85	0.00
Plant, Property, & Equipment, net	10,433	10,150	10,027	9,953	9,960	9,658	16,026	16,876	14,500	14,252	14,825
Total Noncurrent Assets	6,738	6,503	6,542	6,553	6,558	6,718	15,854	16,001	15,604	13,602	13,452
Noncurrent Note & Lease Receivables	2,308	2,312	2,317	2,321	2,326	2,331	2,335	2,340	2,345	2,354	2,358
Goodwill	3,041	3,041	3,041	3,040	3,038	3,038	7,242	7,531	7,675	5,297	5,290
Intangible Assets	-	-	-	-	-	-	4,585	4,406	4,172	4,060	3,940
Employee Benefit Assets	324	118	145	171	197	92	199	218	246	507	533
Other Noncurrent Operating Assets	881	869	879	858	836	1,097	1,493	1,506	1,166	1,384	1,331
Total Liabilities & Shareholders' Equity	23,951	23,261	23,028	23,063	23,161	22,800	41,168	42,376	40,568	36,434	36,521
Total Liabilities	15,069	14,906	14,771	14,468	14,532	14,627	23,076	23,759	23,251	21,626	22,066
Total Current Liabilities	3,882	3,959	3,854	4,114	4,353	4,258	6,988	7,121	7,969	7,073	7,506
Short-Term Debt	120	138	138	259	259	193	444	225	972	918	1,002
Accounts Payable	2,363	2,442	2,322	2,350	2,436	2,316	4,224	4,336	3,818	3,833	4,128
Current Employee Benefit Liabilities	370	397	378	473	637	749	596	675	821	693	732
Other Current Liabilities	1,029	-	1,016	1,032	1,021	-	1,724	1,885	1,919	1,623	1,644
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	439	6.00	0.00
Total Noncurrent Liabilities	11,187	10,947	10,917	10,354	10,179	10,369	16,088	16,638	15,282	14,553	14,560
Long-Term Debt	7,661	7,568	7,568	7,446	7,425	7,488	11,297	11,818	11,115	10,304	10,346
Capital Lease Obligations	317	312	307	299	295	292	477	475	450	450	471
Noncurrent Deferred & Payable Income Tax Liabilities	1,708	1,552	1,541	1,131	957	1,072	2,532	2,589	1,917	1,963	1,950
Noncurrent Employee Benefit Liabilities	415	420	416	379	373	366	440	434	433	428	424
Other Noncurrent Operating Liabilities	1,086	1,095	1,085	1,099	1,129	1,151	1,342	1,322	1,367	1,408	1,369
Total Equity & Noncontrolling Interests	8,882	8,355	8,257	8,595	8,629	8,173	18,092	18,617	17,317	14,808	14,455
Total Preferred & Common Equity	8,882	8,355	8,257	8,595	8,629	8,173	18,092	18,617	17,317	14,808	14,455
Total Common Equity	8,882	8,355	8,257	8,595	8,629	8,173	18,092	18,617	17,317	14,808	14,455
Common Stock	5,154	5,179	5,112	5,137	5,159	5,181	14,977	15,001	15,020	14,979	14,999
Retained Earnings	9,938	9,491	9,386	9,719	9,705	9,393	9,038	8,865	7,517	4,699	4,440
Treasury Stock	-4,750	-4,750	-4,683	-4,681	-4,681	-4,679	-4,582	-4,577	-4,574	-4,504	-4,499
Accumulated Other Comprehensive Income / (Loss)	-1,460	-1,565	-1,558	-1,580	-1,554	-1,722	-1,341	-672	-646	-366	-485

This table displays calculated financial ratios and metrics derived from International Paper's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	528,038,317.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	528,038,317.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-6.66
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	1,175	1,552	7,721	3,284	1,305	325	2,120	3,899	518	6,836	-2,115
Return On Investment Capital (ROIC_SIMPLE)	6.04%	7.07%	32.18%	13.50%	5.41%	1.44%	12.65%	23.68%	3.17%	42.34%	-7.75%
Earnings before Interest and Taxes (EBIT)	1,687	1,315	1,420	2,317	1,420	740	1,368	1,781	613	355	-2,996
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,981	2,542	2,843	3,645	2,726	2,027	2,578	2,821	2,045	1,660	-114
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,446	376	5,066	3,195	1,543	3,605	6,231	3,026	763	7,117	-14,313
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,178	19,354	22,009	22,098	21,860	18,580	14,469	15,342	15,097	14,816	24,828
Increase / (Decrease) in Invested Capital	3,621	1,176	2,655	89	-238	-3,280	-4,111	873	-245	-281	12,198
Book Value per Share	$9.37	$10.56	$15.79	$18.18	$19.67	$19.98	$23.45	$23.89	$24.15	$23.53	$28.08
Tangible Book Value per Share	$1.32	$2.38	$7.53	$9.85	$11.13	$12.06	$15.37	$15.34	$15.36	$14.78	$10.34
Total Capital	19,456	21,957	23,989	24,335	24,092	22,504	16,760	16,465	16,373	16,146	27,271
Total Debt	15,547	17,598	17,448	16,952	16,374	14,636	7,678	7,968	8,018	7,973	12,444
Total Long-Term Debt	15,121	17,359	17,137	16,313	11,986	10,390	7,482	7,205	7,880	7,780	11,452
Net Debt	14,269	16,205	16,040	14,715	14,142	12,990	5,944	6,978	6,742	6,643	11,299
Capital Expenditures (CapEx)	-37	1,329	-26	-23	-18	-8.00	448	918	1,137	830	1,639
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,929	1,807	2,468	2,352	1,870	6,730	1,608	1,729	1,674	1,189	2,054
Debt-free Net Working Capital (DFNWC)	2,979	2,840	3,486	2,941	2,381	7,198	3,148	2,533	2,787	2,359	3,199
Net Working Capital (NWC)	2,553	2,601	3,175	2,302	-2,007	2,952	2,952	1,770	2,649	2,166	2,207
Net Nonoperating Expense (NNE)	258	650	5,577	1,267	85	-157	366	2,395	230	6,279	1,401
Net Nonoperating Obligations (NNO)	14,269	14,995	15,468	14,715	14,142	10,712	5,387	6,845	6,742	6,643	10,001
Total Depreciation and Amortization (D&A)	1,294	1,227	1,423	1,328	1,306	1,287	1,210	1,040	1,432	1,305	2,882
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.25	$2.20	$5.19	$4.91	$3.10	$1.23	$4.50	$4.14	$0.83	$1.60	($6.95)
Adjusted Weighted Average Basic Shares Outstanding	411.16M	411.26M	412.94M	400.24M	392.12M	393.12M	376.36M	350.08M	346.35M	526.13M	529.47M
Adjusted Diluted Earnings per Share	$2.23	$2.18	$5.13	$4.85	$3.07	$1.22	$4.47	$4.10	$0.82	$1.57	($6.95)
Adjusted Weighted Average Diluted Shares Outstanding	411.16M	411.26M	412.94M	400.24M	392.12M	393.12M	376.36M	350.08M	346.35M	526.13M	529.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	411.16M	411.26M	412.94M	400.24M	392.12M	393.12M	376.36M	350.08M	346.35M	526.13M	529.47M
Normalized Net Operating Profit after Tax (NOPAT)	1,421	1,592	2,666	3,397	2,096	951	2,362	2,476	602	1,366	1.40
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from International Paper's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	528,038,317.00	529,469,427.00	529,516,974.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	528,038,317.00	529,469,427.00	529,516,974.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-4.51	0.11	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.36%	-7.99%	1.11%	1.58%	-0.46%	27.75%	42.94%	56.37%	-	13.43%	-2.25%
EBITDA Growth	-35.36%	-21.95%	-6.45%	-27.37%	-20.24%	26.41%	34.67%	67.59%	-	31.60%	-22.02%
EBIT Growth	-170.08%	-53.71%	-16.88%	-54.83%	38.69%	-141.22%	-14.56%	-1,135.09%	-	338.03%	-72.77%
NOPAT Growth	-259.55%	-85.59%	-0.52%	-60.58%	186.95%	-143.97%	-19.72%	-100.51%	-	359.24%	-13.00%
Net Income Growth	10.69%	-67.44%	111.91%	-9.09%	48.24%	-287.50%	-84.94%	-834.67%	-	157.14%	-116.00%
EPS Growth	5.75%	-67.35%	107.35%	-10.64%	48.78%	-250.00%	-90.07%	-597.62%	-	145.83%	-114.29%
Operating Cash Flow Growth	-35.35%	14.49%	-30.87%	11.32%	-19.31%	-172.91%	30.41%	16.12%	-	312.15%	10.50%
Free Cash Flow Firm Growth	-268.14%	444.84%	5,779.32%	-18.01%	248.64%	-2,189.44%	-1,669.42%	-279.68%	-	129.48%	134.18%
Invested Capital Growth	-1.60%	-3.81%	-1.86%	-2.29%	-1.86%	93.84%	94.97%	91.64%	-	-13.90%	-14.84%
Revenue Q/Q Growth	-0.26%	0.39%	2.49%	-1.01%	-2.26%	28.84%	14.68%	-8.05%	-	25.86%	0.55%
EBITDA Q/Q Growth	-24.27%	-1.45%	27.63%	-23.75%	-16.83%	56.19%	35.98%	-22.76%	-	135.06%	-16.57%
EBIT Q/Q Growth	-194.48%	147.81%	99.24%	-49.81%	-228.24%	67.86%	512.96%	-364.57%	-	106.56%	-63.91%
NOPAT Q/Q Growth	-283.52%	107.76%	648.77%	-63.06%	304.83%	-103.93%	1,467.24%	-107.74%	-	104.82%	215.97%
Net Income Q/Q Growth	-272.12%	119.72%	789.29%	-69.88%	-198.00%	28.57%	171.43%	-1,569.33%	-	102.52%	-120.00%
EPS Q/Q Growth	-274.47%	119.51%	781.25%	-70.21%	-200.00%	42.86%	158.33%	-1,592.86%	-	102.31%	-118.18%
Operating Cash Flow Q/Q Growth	5.13%	-19.72%	-7.59%	42.74%	-23.80%	-172.54%	265.28%	27.10%	-	-32.49%	-13.91%
Free Cash Flow Firm Q/Q Growth	-212.50%	184.57%	32.90%	-35.15%	103.95%	-1,288.75%	0.18%	0.55%	-	128.29%	15.96%
Invested Capital Q/Q Growth	-3.52%	-0.38%	2.31%	-0.64%	-3.09%	96.77%	2.90%	-2.34%	-	1.10%	1.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.54%	16.52%	20.28%	20.27%	52.90%	27.83%	27.22%	31.10%	-	19.65%	26.95%
EBITDA Margin	9.02%	8.85%	11.03%	8.49%	7.23%	8.76%	10.39%	8.73%	-	11.02%	9.14%
Operating Margin	-32.47%	2.58%	5.30%	2.54%	28.36%	-0.86%	11.01%	-0.87%	-	2.53%	9.28%
EBIT Margin	-5.96%	2.84%	5.51%	2.80%	-3.67%	-0.92%	3.30%	-9.48%	-	2.83%	1.02%
Profit (Net Income) Margin	-6.17%	1.21%	10.52%	3.20%	-3.21%	-1.78%	1.11%	-17.71%	-	1.00%	-0.20%
Tax Burden Percent	87.12%	65.88%	241.75%	187.50%	65.63%	77.78%	64.66%	163.26%	-	64.52%	46.15%
Interest Burden Percent	118.98%	64.89%	78.93%	61.07%	133.33%	250.00%	52.02%	114.41%	-	55.03%	-42.62%
Effective Tax Rate	0.00%	31.76%	-142.23%	-88.75%	0.00%	0.00%	34.48%	0.00%	-	18.28%	0.00%
Return on Invested Capital (ROIC)	-28.25%	2.12%	15.35%	5.78%	24.72%	-0.54%	6.97%	-0.66%	-	1.85%	5.66%
ROIC Less NNEP Spread (ROIC-NNEP)	-17.04%	1.76%	13.79%	4.66%	8.93%	-1.32%	2.43%	-12.08%	-	1.26%	2.08%
Return on Net Nonoperating Assets (RNNOA)	-13.74%	1.49%	11.41%	3.58%	7.23%	-0.90%	1.62%	-8.68%	-	0.82%	1.42%
Return on Equity (ROE)	-41.99%	3.61%	26.76%	9.35%	31.95%	-1.44%	8.59%	-9.34%	-	2.67%	7.07%
Cash Return on Invested Capital (CROIC)	5.02%	3.95%	-5.08%	-61.64%	47.58%	-58.75%	-57.88%	-57.43%	-	7.71%	8.65%
Operating Return on Assets (OROA)	-4.77%	2.24%	4.38%	2.21%	-2.97%	-0.57%	2.21%	-7.19%	-	1.78%	0.62%
Return on Assets (ROA)	-4.95%	0.96%	8.36%	2.53%	-2.59%	-1.10%	0.74%	-13.44%	-	0.63%	-0.12%
Return on Common Equity (ROCE)	-41.99%	3.61%	26.76%	9.35%	31.95%	-1.44%	8.59%	-9.34%	-	2.67%	7.07%
Return on Equity Simple (ROE_SIMPLE)	0.00%	2.08%	5.06%	4.87%	0.00%	2.19%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1,046	81	608	225	909	-36	488	-38	-2,563	123	390
NOPAT Margin	-22.73%	1.76%	12.84%	4.79%	19.85%	-0.61%	7.21%	-0.61%	-	2.07%	6.49%
Net Nonoperating Expense Percent (NNEP)	-11.21%	0.36%	1.56%	1.11%	15.78%	0.78%	4.55%	11.42%	-	0.59%	3.58%
Return On Investment Capital (ROIC_SIMPLE)	-6.39%	0.50%	3.66%	1.35%	5.63%	-0.12%	1.57%	-0.13%	-9.40%	0.47%	1.48%
Cost of Revenue to Revenue	70.46%	83.48%	79.72%	79.73%	47.10%	72.17%	72.78%	68.90%	-	80.36%	73.05%
SG&A Expenses to Revenue	7.76%	7.75%	9.57%	10.84%	11.38%	8.98%	8.54%	7.92%	-	8.54%	9.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Expenses to Revenue	62.01%	13.94%	14.98%	17.73%	24.54%	28.69%	16.21%	31.97%	-	17.12%	17.67%
Earnings before Interest and Taxes (EBIT)	-274	131	261	131	-168	-54	223	-590	-2,575	169	61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	415	409	522	398	331	517	703	543	-1,877	658	549
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.42	1.57	1.70	1.93	2.27	1.55	1.33	1.41	-	1.28	1.40
Price to Tangible Book Value (P/TBV)	2.24	2.49	2.63	2.99	3.61	4.48	3.70	4.48	-	3.47	3.86
Price to Revenue (P/Rev)	0.63	0.70	0.79	0.90	1.00	1.41	1.13	1.01	-	0.78	0.83
Price to Earnings (P/E)	41.29	75.60	33.55	39.74	33.29	70.88	0.00	0.00	-	0.00	0.00
Dividend Yield	5.38%	4.92%	4.40%	3.85%	3.47%	3.47%	3.95%	3.99%	-	5.18%	4.86%
Earnings Yield	2.42%	1.32%	2.98%	2.52%	3.00%	1.41%	0.00%	0.00%	-	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.32	1.39	1.53	1.70	1.34	1.20	1.23	-	1.17	1.22
Enterprise Value to Revenue (EV/Rev)	0.99	1.07	1.15	1.25	1.35	1.97	1.65	1.49	-	1.20	1.29
Enterprise Value to EBITDA (EV/EBITDA)	9.11	10.25	11.29	13.39	15.17	22.13	18.52	16.62	-	665.34	0.00
Enterprise Value to EBIT (EV/EBIT)	30.40	42.92	52.42	93.78	70.94	230.18	273.52	0.00	-	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	35.95	1,950.04	0.00	0.00	3.68	34.55	24.42	29.85	-	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.17	10.51	12.43	13.17	15.01	39.33	32.64	30.29	-	11.27	11.81
Enterprise Value to Free Cash Flow (EV/FCFF)	24.41	32.64	0.00	0.00	3.54	0.00	0.00	0.00	-	14.00	13.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	0.97	0.93	0.92	0.98	0.68	0.67	0.72	-	0.79	0.82
Long-Term Debt to Equity	0.94	0.95	0.90	0.89	0.95	0.65	0.66	0.67	-	0.73	0.75
Financial Leverage	0.81	0.84	0.83	0.77	0.81	0.68	0.67	0.72	-	0.65	0.68
Leverage Ratio	2.80	2.81	2.75	2.69	2.79	2.44	2.40	2.46	-	2.36	2.39
Compound Leverage Factor	3.33	1.82	2.17	1.64	3.72	6.09	1.25	2.81	-	1.30	-1.02
Debt to Total Capital	48.97%	49.25%	48.22%	48.04%	49.38%	40.31%	40.21%	41.99%	-	44.08%	44.98%
Short-Term Debt to Total Capital	0.84%	0.85%	1.56%	1.56%	1.20%	1.46%	0.72%	3.26%	-	3.47%	3.81%
Long-Term Debt to Total Capital	48.13%	48.40%	46.66%	46.48%	48.19%	38.85%	39.48%	38.74%	-	40.61%	41.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	51.03%	50.75%	51.78%	51.96%	50.62%	59.69%	59.79%	58.01%	-	55.92%	55.02%
Debt to EBITDA	3.92	4.15	4.23	4.58	4.80	6.91	6.42	5.78	-	265.27	-106.48
Net Debt to EBITDA	3.30	3.51	3.59	3.82	4.00	6.26	5.84	5.32	-	235.75	-99.94
Long-Term Debt to EBITDA	3.85	4.08	4.09	4.43	4.69	6.66	6.31	5.33	-	244.41	-97.45
Debt to NOPAT	15.47	789.74	-7.41	-0.81	1.17	10.79	8.47	10.38	-	-5.95	-5.76
Net Debt to NOPAT	13.01	668.52	-6.28	-0.67	0.97	9.77	7.70	9.56	-	-5.29	-5.41
Long-Term Debt to NOPAT	15.20	776.14	-7.17	-0.78	1.14	10.40	8.32	9.58	-	-5.48	-5.28
Altman Z-Score	1.96	2.06	2.16	2.22	2.24	1.58	1.52	1.51	-	1.44	1.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.67	1.68	1.59	1.53	1.51	1.33	1.33	1.31	-	1.21	1.10
Quick Ratio	1.05	1.07	1.03	0.98	0.97	0.82	0.83	0.64	-	0.74	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-801	677	900	584	1,190	-14,150	-14,125	-14,048	-14,761	4,175	4,842
Operating Cash Flow to CapEx	161.31%	158.00%	187.18%	246.92%	228.16%	-116.60%	115.53%	137.50%	-	123.19%	100.57%
Free Cash Flow to Firm to Interest Expense	-15.40	14.72	16.36	11.44	21.26	-174.69	-132.01	-165.27	-	54.94	55.65
Operating Cash Flow to Interest Expense	9.46	8.59	6.64	10.22	7.09	-3.56	4.45	7.12	-	8.04	6.05
Operating Cash Flow Less CapEx to Interest Expense	3.60	3.15	3.09	6.08	3.98	-6.60	0.60	1.94	-	1.51	0.03
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.80	0.79	0.79	0.79	0.81	0.62	0.67	0.76	-	0.63	0.61
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Inventory Turnover	7.12	7.46	7.81	7.85	7.36	6.58	7.07	8.51	-	7.63	7.38
Fixed Asset Turnover	1.84	1.81	1.82	1.83	1.88	1.53	1.64	1.98	-	1.61	1.53
Accounts Payable Turnover	5.29	5.69	5.99	6.09	5.68	4.39	4.64	5.41	-	4.25	4.03
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Inventory Outstanding (DIO)	51.30	48.91	46.71	46.52	49.57	55.43	51.61	42.87	-	47.87	49.44
Days Payable Outstanding (DPO)	68.96	64.11	60.90	59.95	64.21	83.20	78.68	67.47	-	85.86	90.60
Cash Conversion Cycle (CCC)	-17.66	-15.20	-14.18	-13.43	-14.64	-27.77	-27.06	-24.60	-	-37.99	-41.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,097	15,040	15,387	15,288	14,816	29,154	30,000	29,298	24,828	25,102	25,548
Invested Capital Turnover	1.24	1.21	1.20	1.21	1.24	0.90	0.97	1.08	-	0.90	0.87
Increase / (Decrease) in Invested Capital	-245	-596	-292	-359	-281	14,114	14,613	14,010	12,198	-4,052	-4,452
Enterprise Value (EV)	18,633	19,786	21,386	23,350	25,185	39,131	36,105	36,040	-	29,275	31,268
Market Capitalization	11,891	13,003	14,594	16,691	18,542	28,069	24,722	24,498	-	18,902	20,175
Book Value per Share	$24.15	$23.77	$24.75	$24.84	$23.53	$34.39	$35.27	$32.80	$28.08	$27.97	$27.30
Tangible Book Value per Share	$15.36	$15.02	$15.99	$16.10	$14.78	$11.91	$12.65	$10.36	$10.34	$10.30	$9.87
Total Capital	16,373	16,270	16,599	16,608	16,146	30,310	31,135	29,854	27,271	26,480	26,274
Total Debt	8,018	8,013	8,004	7,979	7,973	12,218	12,518	12,537	12,444	11,672	11,819
Total Long-Term Debt	7,880	7,875	7,745	7,720	7,780	11,774	12,293	11,565	11,452	10,754	10,817
Net Debt	6,742	6,783	6,792	6,659	6,643	11,062	11,383	11,542	11,299	10,373	11,093
Capital Expenditures (CapEx)	305	250	195	211	174	247	412	440	540	496	523
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,674	1,673	1,653	1,390	1,189	1,588	1,468	2,472	2,054	1,126	1,014
Debt-free Net Working Capital (DFNWC)	2,787	2,743	2,702	2,549	2,359	2,744	2,603	3,467	3,199	2,425	1,740
Net Working Capital (NWC)	2,649	2,605	2,443	2,290	2,166	2,300	2,378	2,495	2,207	1,507	738
Net Nonoperating Expense (NNE)	-762	25	110	75	1,056	69	413	1,064	-179	63	402
Net Nonoperating Obligations (NNO)	6,742	6,783	6,792	6,659	6,643	11,062	11,383	11,981	10,001	10,294	11,093
Total Depreciation and Amortization (D&A)	689	278	261	267	499	571	480	1,133	698	489	488
Debt-free, Cash-free Net Working Capital to Revenue	8.85%	9.04%	8.90%	7.46%	6.39%	7.98%	6.69%	10.22%	-	4.63%	4.19%
Debt-free Net Working Capital to Revenue	14.73%	14.82%	14.55%	13.67%	12.67%	13.79%	11.87%	14.34%	-	9.96%	7.19%
Net Working Capital to Revenue	14.00%	14.07%	13.16%	12.29%	11.63%	11.56%	10.84%	10.32%	-	6.19%	3.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.81)	$0.16	$1.43	$0.43	($0.42)	($0.24)	$0.14	($2.09)	($4.76)	$0.11	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	346.35M	347.33M	347.37M	347.41M	526.13M	527.90M	527.98M	528.04M	529.47M	529.52M	529.57M
Adjusted Diluted Earnings per Share	($0.82)	$0.16	$1.41	$0.42	($0.42)	($0.24)	$0.14	($2.09)	($4.76)	$0.11	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	346.35M	348.50M	352.80M	353.40M	526.13M	437.60M	532.60M	528M	529.47M	531.80M	529.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	346.35M	347.33M	347.37M	347.41M	526.13M	527.90M	527.98M	528.04M	529.47M	529.52M	529.57M
Normalized Net Operating Profit after Tax (NOPAT)	-977	87	172	123	982	-25	514	212	-2,462	142	396
Normalized NOPAT Margin	-21.22%	1.88%	3.64%	2.61%	21.44%	-0.42%	7.59%	3.41%	-	2.38%	6.60%
Pre Tax Income Margin	-7.09%	1.84%	4.35%	1.71%	-4.89%	-2.29%	1.71%	-10.85%	-	1.56%	-0.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.27	2.85	4.75	2.57	-3.00	-0.67	2.08	-6.94	-	2.22	0.70
NOPAT to Interest Expense	-20.11	1.77	11.05	4.40	16.24	-0.44	4.56	-0.44	-	1.62	4.48
EBIT Less CapEx to Interest Expense	-11.13	-2.59	1.20	-1.57	-6.11	-3.72	-1.77	-12.12	-	-4.30	-5.31
NOPAT Less CapEx to Interest Expense	-25.98	-3.67	7.51	0.27	13.13	-3.49	0.71	-5.62	-	-4.90	-1.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	222.92%	372.67%	147.36%	152.86%	115.44%	183.33%	-3,000.00%	-69.90%	-	-29.19%	-28.48%
Augmented Payout Ratio	298.61%	409.30%	152.41%	158.10%	119.57%	199.24%	-3,237.04%	-74.98%	-	-30.17%	-29.44%

Financials Breakdown Chart

Key Financial Trends

International Paper’s latest quarter shows a sharp operational improvement, but the bigger picture is still mixed. In Q1 2026, the company returned to positive profitability with $60 million of net income after posting a loss in Q4 2025. Revenue also improved sequentially to $5.97 billion from $4.74 billion in the prior quarter, while operating income rebounded to $151 million from a large operating loss. That said, margins remain thin and the balance sheet still carries meaningful debt.

What stands out most is that International Paper generated solid operating cash flow even in a low-profit quarter. Q1 2026 operating cash flow was $611 million, supported by depreciation and other non-cash items. The company also benefited from a large $1.059 billion divestiture, which helped investing cash flow and cash generation overall.

Longer term, the trend has improved from the weak 2025 stretch but is not yet back to the strength seen in parts of 2024 and 2023. The company had a very difficult Q4 2025 and several weaker quarters in 2025, while 2024 showed periods of much stronger profitability. The most recent quarter suggests the business is stabilizing, but investors should watch whether this improvement is durable.

Q1 2026 profit recovery: Net income improved to $60 million from a Q4 2025 loss of $2.384 billion.
Revenue rebounded sequentially: Sales rose to $5.97 billion in Q1 2026 from $4.74 billion in Q4 2025.
Operating income turned positive again: Q1 2026 operating income was $151 million versus a Q4 2025 operating loss of $3.661 billion.
Strong operating cash flow: Q1 2026 cash from operations reached $611 million.
Divestiture proceeds boosted liquidity: The company reported $1.059 billion from divestitures in Q1 2026.
Balance sheet equity improved versus year-end 2024: Total common equity increased to $14.8 billion at Q1 2026 from $8.17 billion at FY 2024, helped by the 2025 asset restructuring/divestiture activity.
Depreciation remains a major expense: Quarterly depreciation stayed high at $489 million in Q1 2026, which reflects the capital-intensive nature of the business.
Share count has stayed fairly stable: Weighted average diluted shares were about 531.8 million in Q1 2026, only modestly above recent quarters.
Margins are still thin: Q1 2026 gross margin was only about 19.6%, and operating margin was just 2.5%.
Debt remains significant: Q1 2026 balance sheet debt totaled roughly $11.2 billion combined short- and long-term.

Key trend to watch: International Paper appears to be moving out of a very volatile period, but profitability remains sensitive to pricing, costs, and one-time items. The company’s ability to keep operating cash flow above capital spending while reducing leverage will likely matter more than a single quarter of earnings improvement.

Bottom line: The latest quarter is a positive sign, especially on revenue and cash flow, but International Paper still looks like a turnaround story rather than a clean-growth story. Investors may want to see a few more quarters of stable margins and consistent earnings before calling the recovery complete.

08/12/26 01:12 AM ETAI Generated. May Contain Errors.

International Paper Financials - Frequently Asked Questions

According to the most recent income statement we have on file, International Paper's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

International Paper's net income appears to be on a downward trend, with a most recent value of -$3.52 billion in 2025, falling from $917 million in 2015. The previous period was $557 million in 2024. View International Paper's forecast to see where analysts expect International Paper to go next.

International Paper's total operating income in 2025 was -$3.02 billion, based on the following breakdown:

Total Gross Profit: $7.00 billion
Total Operating Expenses: $10.02 billion

Over the last 10 years, International Paper's total revenue changed from $20.68 billion in 2015 to $23.63 billion in 2025, a change of 14.3%.

International Paper's total liabilities were at $23.14 billion at the end of 2025, a 58.2% increase from 2024, and a 13.1% decrease since 2015.

In the past 10 years, International Paper's cash and equivalents has ranged from $468 million in 2020 to $1.30 billion in 2021, and is currently $1.15 billion as of their latest financial filing in 2025.

Over the last 10 years, International Paper's book value per share changed from 9.37 in 2015 to 28.08 in 2025, a change of 199.7%.

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Financial statements for NYSE:IP last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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International Paper (IP) Financials

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International Paper Financials - Frequently Asked Questions

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International Paper (IP) Financials

Annual Income Statements for International Paper

Quarterly Income Statements for International Paper

Annual Cash Flow Statements for International Paper

Quarterly Cash Flow Statements for International Paper

Annual Balance Sheets for International Paper

Quarterly Balance Sheets for International Paper

Annual Metrics And Ratios for International Paper

Quarterly Metrics And Ratios for International Paper

Financials Breakdown Chart

Key Financial Trends

International Paper Financials - Frequently Asked Questions

When does International Paper's fiscal year end?

How has International Paper's net income changed over the last 10 years?

What is International Paper's operating income?

How has International Paper's revenue changed over the last 10 years?

How much debt does International Paper have?

How much cash does International Paper have?

How has International Paper's book value per share changed over the last 10 years?

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