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International Paper

IP NYSE Paper & Plastic Packaging Products & Materials Financials FY2016–FY2025

International Paper's revenue rose 49.2% to $23.6 billion in fiscal 2025. Its net margin was −14.9%, down from 3.5% a year earlier. Free cash flow was −$159 million, against $757 million a year earlier. It paid out $1.0 billion in dividends and buybacks. The diluted share count rose 42.8%.

Last close · Oct 23, 2026

$33.19

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$23.6B
49.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
−$3.5B
731.2%
Free cash flow Cash from operations minus capital spending.
−$159M
121.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−12.3%
18.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$17.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. International Paper's 2025 loss included a large goodwill write-down that made its EBITDA negative, so net debt to EBITDA is blank for that year. International Paper's figures from 2023 are as restated in its 2025 annual report, which reports a business being sold separately; earlier years include that business, so the change from 2022 to 2023 compares different businesses.

What International Paper does

No business description yet.

Legal name
INTERNATIONAL PAPER COMPANY
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000051434-26-000055
0000051434

Revenue and margins

International Paper had $23.6B of revenue in fiscal 2025, up 49.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$159M in fiscal 2025, −0.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

International Paper returned $1.0B to shareholders in fiscal 2025. The diluted share count rose 42.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value International Paper yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$8.7B and divides by 505.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably International Paper can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$804M$1.1B$1.2B$1.1B
Debt incl. finance leases $5.6B$5.6B$5.6B$5.6B$9.8B
Net debt / EBITDA 1.7x1.6x2.3x2.7x—
Debt / equity 0.6x0.7x0.7x0.7x0.7x
Interest coverage 3.3x4.8x2.0x1.9x−5.1x
Current ratio 1.7x1.4x1.7x1.5x1.3x
Quick ratio 1.3x1.0x1.2x1.2x1.0x
Total assets $25.2B$23.9B$23.3B$22.8B$38.0B
Total liabilities $16.2B$15.4B$14.9B$14.6B$23.1B
Shareholders' equity $9.1B$8.5B$8.4B$8.2B$14.8B
Net debt (− = net cash) $4.3B$4.8B$4.5B$4.4B$8.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$4.3M

4 insiders

Sold, 12 months

$1.8M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 William Thomas HamicExec. VP & President Sold 24,500 $41.20 $1.0M Form 4
Aug 4, 2026 Holly G. GoughnourVP & Chief Accounting Officer Sold 3,500 $41.96 $0.1M Form 4
May 1, 2026 Scott TozierDirector Bought 10,000 $31.30 $0.3M Form 4
Mar 12, 2026 Anders GustafssonDirector Bought 13,217 $37.83 $0.5M Form 4
Mar 11, 2026 Anders GustafssonDirector Bought 12,875 $38.84 $0.5M Form 4
Jan 30, 2026 Andrew K SilvernailChief Executive Officer Bought 50,000 $39.98 $2.0M Form 4
Jan 30, 2026 Christopher M ConnorDirector Bought 25,000 $40.37 $1.0M Form 4
Nov 18, 2025 Clay R EllisSenior Vice President Sold 18,819 $36.85 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 95 / 94 / 9
Accruals ratio −6.6%−4.9%−17.2%
Altman Z'' 2.902.790.98

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
International Paper IP $17.6B 49.3% — −0.7% −12.3% — 4
Amcor AMCR $21.4B 56.6% 8.1% 5.2% 6.6% 19.4x 6 Compare →
Smurfit Westrock SW $22.0B 47.7% 5.5% 3.9% 4.1% 44.1x 5 Compare →
Crown CCK $12.9B 4.8% 12.6% 9.0% 13.7% 16.9x 7 Compare →
Packaging Corporation of America PKG $22.0B 7.2% 12.3% 8.1% 11.8% 32.1x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $19.5B $21.7B $23.3B $18.3B $17.6B $19.4B $21.2B $16.0B $15.8B $23.6B
Gross profit $5.4B $6.9B $7.8B $5.6B $5.2B $5.5B $6.0B $4.5B $4.4B $7.0B
Interest expense $695M $758M $734M $701M $597M $430M $403M $418M $432M $551M
Pretax income $795M $848M $1.8B $921M $329M $999M $1.5B $402M $369M −$3.4B
Income tax $193M −$1.1B $445M $477M $176M $188M −$236M $68.0M −$361M −$533M
Net income $904M $2.1B $2.0B $1.2B $482M $1.8B $1.5B $288M $557M −$3.5B
Diluted EPS $2.18 $5.13 $4.85 $3.07 $1.22 $4.47 $4.10 $0.82 $1.57 −$6.95
Diluted shares 0.42B 0.42B 0.41B 0.40B 0.40B 0.39B 0.37B 0.35B 0.35B 0.51B
Cash flow
Cash from operations $2.5B $1.8B $3.2B $3.6B $3.1B $2.0B $2.2B $1.8B $1.7B $1.7B
Capital expenditure $1.2B $1.3B $1.6B $1.1B $663M $480M $931M $1.1B $921M $1.9B
Free cash flow $1.2B $477M $1.7B $2.5B $2.4B $1.6B $1.2B $692M $757M −$159M
Depreciation and amortization $1.1B $1.3B $1.3B $1.1B $1.1B $1.1B $1.0B $1.1B $851M $2.7B
Acquisitions $2.2B $45.0M $8.0M $103M $65.0M $80.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $132M $47.0M $732M $535M $42.0M $839M $1.3B $218M $23.0M $65.0M
Dividends paid $733M $769M $789M $796M $806M $780M $673M $642M $643M $977M
Dividends and buybacks $865M $816M $1.5B $1.3B $848M $1.6B $2.0B $860M $666M $1.0B
Balance sheet
Cash and short-term investments $1.0B $1.0B $589M $511M $468M $1.3B $804M $1.1B $1.2B $1.1B
Total debt $11.3B $11.2B $10.7B $9.8B $8.1B $5.6B $5.6B $5.6B $5.6B $9.8B
Finance lease liabilities $0.0M $0.0M $63.0M $100M $71.0M $66.0M $59.0M $55.0M $43.0M $71.0M
Current assets $6.7B $8.3B $7.0B $6.6B $11.2B $7.1B $6.8B $6.6B $6.4B $10.1B
Current liabilities $4.1B $5.1B $4.7B $8.6B $8.3B $4.1B $5.0B $4.0B $4.3B $7.9B
Inventory $2.2B $2.3B $2.2B $2.2B $1.6B $1.8B $1.9B $1.9B $1.5B $2.0B
Property and equipment, net $13.0B $13.3B $13.1B $13.0B $10.9B $10.4B $10.4B $10.2B $7.9B $14.4B
Total assets $33.1B $33.9B $33.6B $33.5B $31.7B $25.2B $23.9B $23.3B $22.8B $38.0B
Total liabilities $28.7B $27.4B $26.2B $25.8B $23.9B $16.2B $15.4B $14.9B $14.6B $23.1B
Shareholders' equity $4.3B $6.5B $7.4B $7.7B $7.9B $9.1B $8.5B $8.4B $8.2B $14.8B
Margins
Gross margin 27.9% 31.9% 33.3% 30.8% 29.8% 28.6% 28.4% 28.2% 28.0% 29.6%
EBITDA margin 13.4% 13.6% 16.5% 14.7% 11.5% 13.1% 14.0% 12.3% 10.4% −0.3%
Net margin 4.6% 9.9% 8.6% 6.7% 2.7% 9.1% 7.1% 1.8% 3.5% −14.9%
FCF margin 6.4% 2.2% 7.1% 13.5% 13.7% 8.0% 5.9% 4.3% 4.8% −0.7%
Returns
Return on capital 8.4% 10.3% 11.1% 4.7% 2.9% 8.1% 14.4% 5.2% 6.3% −12.3%
Return on capital employed 5.4% 5.6% 8.7% 6.0% 3.8% 6.4% 9.6% 4.3% 4.2% −11.6%
Return on equity 22.0% 39.5% 29.0% 16.3% 6.2% 20.7% 17.1% 3.4% 6.7% −30.6%
Return on assets 2.8% 6.4% 6.0% 3.7% 1.5% 6.2% 6.1% 1.2% 2.4% −11.6%
Growth
Revenue growth −5.7% 11.5% 7.2% −21.4% −4.1% 10.2% 9.3% −24.2% −1.2% 49.3%
Net income growth −3.6% 137.2% −6.2% −39.1% −60.7% 263.5% −14.2% −80.9% 93.4% −731.2%
EPS growth −2.2% 135.3% −5.5% −36.7% −60.3% 266.4% −8.3% −80.0% 91.5% −542.7%
FCF growth −2.6% −61.4% 246.8% 49.5% −3.0% −35.4% −19.8% −44.3% 9.4% −121.0%
Share count change −1.2% 0.5% −0.8% −3.7% −0.8% −0.8% −6.5% −4.9% 1.5% 42.8%
Financial health
Net debt / EBITDA 3.9x 3.4x 2.6x 3.4x 3.8x 1.7x 1.6x 2.3x 2.7x —
Debt / equity 2.6x 1.7x 1.5x 1.3x 1.0x 0.6x 0.7x 0.7x 0.7x 0.7x
Interest coverage 2.1x 2.1x 3.4x 2.3x 1.6x 3.3x 4.8x 2.0x 1.9x −5.1x
Current ratio 1.6x 1.6x 1.5x 0.8x 1.4x 1.7x 1.4x 1.7x 1.5x 1.3x
Quick ratio 1.1x 1.2x 1.0x 0.5x 1.2x 1.3x 1.0x 1.2x 1.2x 1.0x
Capital allocation
Capex / revenue 6.4% 5.9% 6.8% 6.2% 3.8% 2.5% 4.4% 7.1% 5.8% 7.9%
Payouts / FCF 69.9% 171.1% 92.0% 53.8% 35.3% 104.5% 157.4% 124.3% 88.0% —
Quality scores
Piotroski F-score 4.0 6.0 7.0 5.0 6.0 8.0 6.0 5.0 5.0 4.0
Altman Z'' 1.5 1.8 2.0 1.1 2.0 2.9 2.9 2.9 2.8 1.0
Accruals ratio −5.0% 1.2% −3.6% −7.1% −7.9% −1.0% −2.7% −6.6% −4.9% −17.2%

Source: SEC EDGAR XBRL filings (CIK 0000051434). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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