NYSE : IP
International Paper Company — Financial statements
Consumer Discretionary · Packaging & Containers · United States
Last price 36.37 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 19.26B
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Financial statements
International Paper Company (IP) reported revenue of 24.18B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 24.18B | 23.63B | 15.84B | 16.03B | 21.16B | 19.36B |
| Cost of Revenue | 16.98B | 16.61B | 11.32B | 11.51B | 15.14B | 13.83B |
| Gross Profit | 7.20B | 7.03B | 4.51B | 4.52B | 6.02B | 5.53B |
| Selling, General & Admin | 4.07B | 3.83B | 2.71B | 2.55B | 2.88B | 2.63B |
| Other Operating Expenses | 166.00M | 210.00M | 119.00M | 127.00M | 148.00M | 139.00M |
| Operating Expenses | 6.28B | 5.83B | 3.45B | 3.48B | 4.07B | 3.87B |
| Operating Income | 919.00M | 1.20B | 1.06B | 1.04B | 1.95B | 1.67B |
| Interest Expense | -544.00M | -551.00M | -432.00M | -418.00M | -403.00M | -430.00M |
| Interest & Investment Income | 190.00M | 179.00M | 218.00M | 188.00M | 78.00M | 93.00M |
| Earnings From Equity Investments | -1.00M | -3.00M | -5.00M | -21.00M | -6.00M | 2.00M |
| EBT Excluding Unusual Items | 564.00M | 826.00M | 846.00M | 793.00M | 1.61B | 1.33B |
| Merger & Restructuring Charges | -497.00M | -1.77B | -422.00M | -412.00M | 4.00M | -48.00M |
| Impairment of Goodwill | -3.84B | -2.47B | -76.00M | |||
| Gain (Loss) on Sale of Investments | 55.00M | 172.00M | ||||
| Gain (Loss) on Sale of Assets | 34.00M | 95.00M | 59.00M | 7.00M | ||
| Asset Writedown | 8.00M | |||||
| Other Unusual Items | -47.00M | -54.00M | -119.00M | -93.00M | -461.00M | |
| Pretax Income | -3.78B | -3.37B | 364.00M | 381.00M | 1.50B | 1.00B |
| Income Tax Expense | -386.00M | -533.00M | -361.00M | 68.00M | -236.00M | 188.00M |
| Earnings From Continuing Operations | -3.40B | -2.84B | 725.00M | 313.00M | 1.74B | 813.00M |
| Earnings From Discontinued Operations | -66.00M | -678.00M | -168.00M | -25.00M | -237.00M | 941.00M |
| Net Income to Company | -3.46B | -3.52B | 557.00M | 288.00M | 1.50B | 1.75B |
| Minority Interest in Earnings | -2.00M | |||||
| Net Income | -3.46B | -3.52B | 557.00M | 288.00M | 1.50B | 1.75B |
| Net Income to Common | -3.46B | -3.52B | 557.00M | 288.00M | 1.50B | 1.75B |
| Shares Outstanding (Basic) | 528.01M | 505.70M | 347.20M | 346.90M | 363.50M | 389.40M |
| Shares Outstanding (Diluted) | 528.01M | 505.70M | 354.20M | 349.10M | 367.00M | 392.40M |
| EPS (Basic) | -6.56 | -6.95 | 1.60 | 0.83 | 4.14 | 4.50 |
| EPS (Diluted) | -6.56 | -6.95 | 1.58 | 0.82 | 4.09 | 4.47 |
| Free Cash Flow | 75.00M | -159.00M | 757.00M | 692.00M | 1.24B | 1.48B |
| Free Cash Flow Per Share | 0.14 | -0.31 | 2.14 | 1.98 | 3.39 | 3.77 |
| Dividend Per Share | 0.46 | 1.85 | 1.85 | 1.85 | 1.85 | 2.00 |
| Gross Margin | 29.78% | 29.74% | 28.51% | 28.20% | 28.44% | 28.57% |
| Operating Margin | 3.80% | 5.08% | 6.73% | 6.51% | 9.20% | 8.60% |
| Profit Margin | -14.32% | -14.88% | 3.52% | 1.80% | 7.11% | 9.05% |
| Free Cash Flow Margin | 0.31% | -0.67% | 4.78% | 4.32% | 5.87% | 7.65% |
| EBITDA | 3.79B | 3.95B | 1.92B | 2.19B | 2.99B | 2.81B |
| EBITDA Margin | 15.65% | 16.71% | 12.10% | 13.66% | 14.11% | 14.51% |
| D&A For EBITDA | 2.87B | 2.75B | 851.00M | 1.15B | 1.04B | 1.14B |
| EBIT | 919.00M | 1.20B | 1.06B | 1.04B | 1.95B | 1.67B |
| EBIT Margin | 3.80% | 5.08% | 6.73% | 6.51% | 9.20% | 8.60% |
| Effective Tax Rate | 17.85% | 18.78% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 815.00M | 1.15B | 1.06B | 1.11B | 804.00M | 1.29B |
| Short-Term Investments | 245.00M | |||||
| Cash & Short-Term Investments | 815.00M | 1.15B | 1.06B | 1.11B | 804.00M | 1.54B |
| Accounts Receivable | 4.96B | 3.99B | 2.51B | 3.27B | 3.54B | 3.40B |
| Receivables | 4.96B | 4.43B | 2.76B | 3.49B | 3.77B | 3.61B |
| Inventory | 2.12B | 2.01B | 1.49B | 1.89B | 1.94B | 1.81B |
| Other Current Assets | 813.00M | 2.52B | 1.11B | 114.00M | 259.00M | 132.00M |
| Total Current Assets | 8.71B | 10.11B | 6.42B | 6.61B | 6.77B | 7.10B |
| Property, Plant & Equipment | 15.52B | 15.14B | 8.32B | 10.60B | 10.86B | 10.81B |
| Long-Term Investments | 2.36B | 163.00M | 186.00M | 194.00M | ||
| Goodwill | 3.91B | 5.33B | 3.04B | 3.04B | 3.04B | 3.13B |
| Other Intangible Assets | 3.85B | 4.04B | 72.00M | 183.00M | 220.00M | 268.00M |
| Long-Term Deferred Charges | 713.00M | 514.00M | 648.00M | 238.00M | 277.00M | 318.00M |
| Other Long-Term Assets | 564.00M | 2.83B | 4.30B | 2.43B | 2.59B | 3.43B |
| Total Assets | 35.64B | 37.96B | 22.80B | 23.26B | 23.94B | 25.24B |
| Accounts Payable | 6.62B | 3.90B | 2.11B | 2.44B | 2.71B | 2.61B |
| Accrued Expenses | 834.00M | 680.00M | 397.00M | 355.00M | 440.00M | |
| Current Portion of Long-Term Debt | 1.96B | 975.00M | 182.00M | 127.00M | 753.00M | 186.00M |
| Current Portion of Leases | 238.00M | 153.00M | 164.00M | 157.00M | 142.00M | |
| Current Unearned Revenue | 18.00M | 30.00M | 32.00M | 27.00M | ||
| Other Current Liabilities | 1.93B | 1.10B | 797.00M | 1.03B | 743.00M | |
| Total Current Liabilities | 8.59B | 7.90B | 4.26B | 3.96B | 5.00B | 4.14B |
| Long-Term Debt | 7.73B | 8.79B | 5.33B | 5.41B | 4.77B | 5.33B |
| Long-Term Leases | 449.00M | 540.00M | 300.00M | 356.00M | 332.00M | 292.00M |
| Pension & Post-Retirement Benefits | 420.00M | 449.00M | 365.00M | 420.00M | 431.00M | 582.00M |
| Long-Term Deferred Tax Liabilities | 1.94B | 1.90B | 1.03B | 1.55B | 1.73B | 2.62B |
| Other Long-Term Liabilities | 3.37B | 3.57B | 3.35B | 3.21B | 3.18B | 3.20B |
| Total Liabilities | 22.49B | 23.14B | 14.63B | 14.91B | 15.44B | 16.16B |
| Common Stock | 627.00M | 627.00M | 449.00M | 449.00M | 449.00M | 449.00M |
| Additional Paid-In Capital | 14.39B | 14.41B | 4.73B | 4.73B | 4.72B | 4.67B |
| Retained Earnings | 3.07B | 4.88B | 9.39B | 9.49B | 9.86B | 9.03B |
| Treasury Stock | -4.50B | -4.57B | -4.68B | -4.75B | -4.61B | -3.40B |
| Comprehensive Income & Other | -444.00M | -528.00M | -1.72B | -1.56B | -1.93B | -1.67B |
| Total Common Equity | 13.15B | 14.83B | 8.17B | 8.36B | 8.50B | 9.08B |
| Shareholders' Equity | 13.15B | 14.83B | 8.17B | 8.36B | 8.50B | 9.08B |
| Total Liabilities & Equity | 35.64B | 37.96B | 22.80B | 23.26B | 23.94B | 25.24B |
| Total Debt | 10.14B | 10.54B | 5.97B | 6.06B | 6.01B | 5.95B |
| Net Cash (Debt) | -9.32B | -9.39B | -4.90B | -4.95B | -5.21B | -4.41B |
| Net Cash Per Share | -17.66 | -18.57 | -13.85 | -14.16 | -14.18 | -11.23 |
| Filing Date Shares Outstanding | 528.64M | 529.47M | 526.13M | 346.35M | 350.08M | 376.36M |
| Total Common Shares Outstanding | 528.64M | 528.05M | 347.42M | 346.04M | 350.28M | 378.55M |
| Working Capital | 123.00M | 2.21B | 2.17B | 2.65B | 1.77B | 2.95B |
| Book Value Per Share | 24.87 | 28.08 | 23.53 | 24.14 | 24.26 | 23.99 |
| Tangible Book Value | 5.38B | 5.46B | 5.06B | 5.13B | 5.24B | 5.68B |
| Tangible Book Value Per Share | 10.18 | 10.34 | 14.57 | 14.83 | 14.95 | 15.02 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.46B | -3.52B | 557.00M | 288.00M | 1.50B | 1.75B |
| Depreciation & Amortization | 2.87B | 2.75B | 851.00M | 1.15B | 1.04B | 1.14B |
| Loss (Gain) From Sale of Assets | 76.00M | 975.00M | -58.00M | -444.00M | ||
| Asset Writedown & Restructuring Costs | 3.23B | 3.08B | 221.00M | 99.00M | 165.00M | 509.00M |
| Loss (Gain) From Sale of Investments | 153.00M | 478.00M | -173.00M | |||
| Loss (Gain) on Equity Investments | 13.00M | -87.00M | -154.00M | |||
| Other Operating Activities | -299.00M | -894.00M | -337.00M | -150.00M | -781.00M | -178.00M |
| Change in Accounts Receivable | -48.00M | 70.00M | 95.00M | 303.00M | -162.00M | -645.00M |
| Change in Inventory | 95.00M | 158.00M | 12.00M | 73.00M | -162.00M | -263.00M |
| Change in Accounts Payable | -472.00M | -1.03B | -140.00M | -402.00M | 110.00M | 519.00M |
| Change in Other Net Operating Assets | 261.00M | -35.00M | 23.00M | 24.00M | 69.00M | -37.00M |
| Operating Cash Flow | 2.38B | 1.70B | 1.68B | 1.83B | 2.17B | 2.03B |
| Capital Expenditures | -2.31B | -1.86B | -921.00M | -1.14B | -931.00M | -549.00M |
| Sale of Property, Plant & Equipment | 213.00M | 218.00M | 91.00M | 4.00M | 13.00M | 101.00M |
| Cash Acquisitions | -457.00M | 414.00M | -80.00M | |||
| Divestitures | 1.05B | 141.00M | 827.00M | |||
| Investment in Securities | 472.00M | 908.00M | ||||
| Other Investing Activities | 49.00M | 60.00M | 22.00M | -3.00M | 310.00M | 4.85B |
| Investing Cash Flow | -1.45B | -1.02B | -808.00M | -668.00M | -608.00M | 6.05B |
| Short-Term Debt Issued | 181.00M | 1.00M | 65.00M | |||
| Long-Term Debt Issued | 409.00M | 102.00M | 783.00M | 1.01B | 1.51B | |
| Total Debt Issued | 943.00M | 590.00M | 102.00M | 783.00M | 1.01B | 1.58B |
| Short-Term Debt Repaid | -69.00M | -8.00M | -4.22B | |||
| Long-Term Debt Repaid | -255.00M | -141.00M | -780.00M | -1.02B | -2.51B | |
| Total Debt Repaid | -976.00M | -255.00M | -210.00M | -788.00M | -1.02B | -6.73B |
| Net Debt Issued (Repaid) | -33.00M | 335.00M | -108.00M | -5.00M | -5.00M | -5.15B |
| Repurchase of Common Stock | -32.00M | -65.00M | -23.00M | -218.00M | -1.28B | -839.00M |
| Common Dividends Paid | -979.00M | -977.00M | -643.00M | -642.00M | -673.00M | -780.00M |
| Other Financing Activities | -7.00M | -1.00M | -1.00M | -1.00M | -92.00M | -474.00M |
| Financing Cash Flow | -1.05B | -708.00M | -775.00M | -866.00M | -2.05B | -7.38B |
| Foreign Exchange Rate Adjustments | -67.00M | 25.00M | -38.00M | 10.00M | -3.00M | -9.00M |
| Net Cash Flow | -190.00M | -9.00M | 57.00M | 309.00M | -491.00M | 700.00M |
| Free Cash Flow | 75.00M | -159.00M | 757.00M | 692.00M | 1.24B | 1.48B |
| Free Cash Flow Margin | 0.31% | -0.67% | 4.78% | 4.32% | 5.87% | 7.65% |
| Free Cash Flow Per Share | 0.14 | -0.31 | 2.14 | 1.98 | 3.39 | 3.77 |
| Levered Free Cash Flow | 2.32B | 553.25M | 790.62M | 498.25M | 1.06B | 2.40B |
| Unlevered Free Cash Flow | 2.66B | 897.62M | 1.06B | 759.50M | 1.31B | 2.67B |
| Cash Interest Paid | 550.00M | 550.00M | 437.00M | 459.00M | 380.00M | 473.00M |
| Cash Income Tax Paid | 161.00M | 161.00M | 394.00M | 340.00M | 345.00M | 601.00M |
| Change in Working Capital | -164.00M | -834.00M | -10.00M | -2.00M | -145.00M | -426.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.26B | 20.80B | 18.70B | 12.51B | 12.32B | 18.19B |
| Enterprise Value | 28.59B | 30.45B | 23.55B | 17.50B | 17.58B | 24.96B |
| Last Close Price | 36.37 | 38.00 | 49.88 | 32.12 | 29.15 | 37.88 |
| PE Ratio | 33.57 | 43.43 | 8.19 | 10.38 | ||
| Forward PE | 17.87 | 22.82 | 24.92 | 18.77 | 10.51 | 10.43 |
| PS Ratio | 0.80 | 0.88 | 1.18 | 0.78 | 0.58 | 0.94 |
| PB Ratio | 1.46 | 1.40 | 2.29 | 1.50 | 1.45 | 2.00 |
| P/TBV Ratio | 3.58 | 3.81 | 3.69 | 2.44 | 2.35 | 3.20 |
| P/FCF Ratio | 256.81 | 24.70 | 18.08 | 9.91 | 12.29 | |
| P/OCF Ratio | 8.09 | 12.25 | 11.14 | 6.82 | 5.67 | 8.96 |
| PEG Ratio | 0.50 | 0.28 | 1.42 | 0.57 | 0.57 | 1.00 |
| EV/Sales Ratio | 1.18 | 1.29 | 1.49 | 1.09 | 0.83 | 1.29 |
| EV/EBITDA Ratio | 7.55 | 7.71 | 12.29 | 7.99 | 5.89 | 8.88 |
| EV/EBIT Ratio | 31.10 | 25.35 | 22.12 | 16.76 | 9.03 | 14.98 |
| EV/FCF Ratio | 381.14 | 31.11 | 25.28 | 14.14 | 16.85 | |
| Debt / Equity Ratio | 0.77 | 0.71 | 0.73 | 0.72 | 0.71 | 0.66 |
| Debt / EBITDA Ratio | 2.40 | 2.41 | 2.71 | 2.47 | 1.86 | 1.96 |
| Debt / FCF Ratio | 135.20 | 7.88 | 8.75 | 4.83 | 4.02 | |
| Net Debt / Equity Ratio | 0.71 | 0.63 | 0.60 | 0.59 | 0.61 | 0.48 |
| Net Debt / EBITDA Ratio | 2.46 | 2.38 | 2.56 | 2.26 | 1.74 | 1.57 |
| Net Debt / FCF Ratio | 124.33 | -59.08 | 6.48 | 7.15 | 4.19 | 2.98 |
| Asset Turnover | 0.64 | 0.78 | 0.69 | 0.68 | 0.86 | 0.68 |
| Inventory Turnover | 7.90 | 9.49 | 6.71 | 6.01 | 8.06 | 8.04 |
| Quick Ratio | 0.67 | 0.65 | 0.84 | 1.11 | 0.87 | 1.19 |
| Current Ratio | 1.01 | 1.28 | 1.51 | 1.67 | 1.35 | 1.71 |
| Return on Equity (ROE) | -22.30% | -24.68% | 8.77% | 3.72% | 19.81% | 9.59% |
| Return on Assets (ROA) | 1.51% | 2.47% | 2.89% | 2.77% | 4.95% | 3.66% |
| Return on Invested Capital (ROIC) | 3.99% | 6.44% | 8.08% | 6.35% | 14.31% | 9.22% |
| Return on Capital Employed (ROCE) | 3.40% | 4.00% | 5.70% | 5.40% | 10.30% | 7.90% |
| Earnings Yield | -18.03% | -16.90% | 2.98% | 2.30% | 12.21% | 9.63% |
| FCF Yield | 0.39% | -0.76% | 4.05% | 5.53% | 10.09% | 8.14% |
| Dividend Yield | 5.09% | 4.70% | 3.44% | 5.12% | 5.26% | 4.16% |
| Payout Ratio | 115.44% | 222.92% | 44.75% | 44.52% | ||
| Buyback Yield / Dilution | -14.69% | -42.77% | -1.46% | 4.88% | 6.47% | 0.83% |
| Total Shareholder Return | -9.61% | -38.07% | 1.98% | 9.99% | 11.73% | 5.00% |