International Paper Company

IP · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$20,799	$18,698	$12,509	$12,317	$18,194	$19,255	$17,833	$15,630	$22,438	$20,548	$14,600	$21,658	$20,270	$16,225	$11,942	$10,930	$10,625	$4,639	$12,966	$15,154	$15,246	$19,048	$19,299	$15,713	$18,180	$17,130	$21,757	$17,192	$12,217	$11,044	$9,070	$8,784	$7,794	$7,551	$7,279	$5,444	$5,773	$4,824	$4,148	$3,433	$2,302
Enterprise value	$30,457	$23,489	$17,301	$17,375	$22,469	$26,368	$33,701	$32,014	$38,887	$37,131	$29,122	$31,348	$30,178	$27,431	$18,196	$17,778	$17,998	$15,801	$18,909	$20,966	$26,013	$31,854	$34,273	$30,935	$33,449	$33,855	$33,130	$29,243	$23,278	$22,994	$19,404	$16,273	$14,424	$14,004	$13,171	$10,022	$9,371	$6,807	$6,347	$5,390	$3,292
P/E (TTM) at period end	–	33.57×	43.43×	8.19×	10.38×	39.95×	14.56×	7.77×	10.47×	22.61×	15.56×	38.13×	11.90×	22.63×	9.38×	15.82×	15.49×	–	11.10×	14.43×	13.86×	–	61.27×	53.26×	–	120.63×	118.89×	69.60×	–	36.45×	7.87×	20.33×	26.97×	55.52×	18.24×	9.57×	6.68×	6.40×	10.19×	11.26×	17.57×
P/S (TTM) at period end	0.88×	1.18×	0.78×	0.58×	0.94×	1.10×	0.97×	0.67×	1.03×	1.05×	0.71×	0.92×	0.86×	0.74×	0.46×	0.43×	0.45×	0.19×	0.59×	0.69×	0.70×	0.92×	0.87×	0.66×	0.69×	0.61×	0.89×	0.72×	0.50×	0.55×	0.46×	0.59×	0.57×	0.56×	0.57×	0.42×	0.51×	0.51×	0.53×	0.62×	0.51×
P/B at period end	1.40×	2.29×	1.50×	1.45×	2.00×	2.45×	2.31×	2.12×	3.44×	4.73×	3.76×	4.23×	2.50×	2.57×	1.80×	1.59×	1.76×	1.11×	1.50×	1.90×	1.83×	2.31×	2.34×	2.13×	1.77×	1.42×	2.11×	1.93×	1.40×	1.18×	1.16×	1.35×	1.25×	1.22×	1.27×	0.97×	1.12×	1.06×	1.02×	0.94×	0.72×
EV / EBITDA (TTM)	–	16.87×	9.44×	6.00×	9.97×	14.40×	12.50×	8.50×	14.06×	14.80×	8.25×	9.05×	8.27×	8.25×	5.23×	5.77×	4.77×	6.02×	6.76×	8.04×	11.10×	12.77×	13.09×	9.75×	10.12×	7.65×	10.33×	10.19×	8.29×	8.74×	5.46×	8.35×	8.26×	8.23×	7.97×	5.30×	4.32×	–	–	–	–
EV / Sales (TTM)	1.29×	1.48×	1.08×	0.82×	1.16×	1.50×	1.84×	1.37×	1.79×	1.90×	1.41×	1.33×	1.29×	1.26×	0.70×	0.71×	0.77×	0.64×	0.86×	0.95×	1.20×	1.54×	1.55×	1.29×	1.27×	1.20×	1.35×	1.22×	0.95×	1.14×	0.98×	1.09×	1.05×	1.03×	1.04×	0.77×	0.82×	0.71×	0.82×	0.98×	0.73×
Returns
Return on equity	(23.7%)	6.8%	3.4%	17.7%	19.3%	6.1%	15.9%	27.3%	32.9%	20.9%	24.2%	11.1%	21.0%	11.4%	19.2%	10.1%	11.4%	(30.4%)	13.5%	13.2%	13.2%	(0.4%)	3.8%	4.0%	(11.5%)	1.2%	1.8%	2.8%	(0.9%)	3.2%	14.8%	6.6%	4.6%	2.2%	7.0%	10.1%	16.8%	16.5%	10.0%	8.3%	4.1%
Return on invested capital	(10.3%)	4.2%	4.3%	13.7%	6.9%	1.7%	3.3%	7.7%	6.2%	5.0%	8.1%	11.9%	12.4%	7.5%	13.5%	9.0%	10.7%	8.7%	8.8%	4.3%	5.6%	4.1%	5.5%	7.4%	4.4%	7.3%	5.7%	4.5%	2.6%	4.0%	9.0%	5.1%	4.0%	4.6%	5.1%	7.2%	11.3%	12.9%	7.6%	5.5%	2.7%
Dividend yield	4.7%	3.4%	5.1%	5.5%	4.3%	4.2%	4.5%	5.0%	3.4%	3.6%	4.7%	2.9%	2.7%	2.9%	3.6%	1.6%	1.3%	9.2%	3.4%	3.2%	3.2%	2.5%	2.5%	3.1%	2.7%	2.6%	1.9%	2.5%	3.5%	2.6%	2.6%	2.4%	2.7%	2.7%	2.6%	3.4%	3.2%	–	–	–	–
Financial health
Current ratio	1.28×	1.51×	1.67×	1.35×	1.71×	1.36×	0.77×	1.49×	1.62×	1.64×	1.57×	1.62×	1.76×	1.78×	2.21×	1.78×	1.88×	1.55×	1.75×	1.86×	1.53×	1.91×	1.37×	1.69×	1.55×	1.41×	1.65×	1.65×	1.22×	1.02×	1.21×	1.20×	1.10×	0.96×	1.11×	1.25×	1.13×	1.50×	1.44×	1.22×	1.46×
Debt / equity	0.66×	0.68×	0.67×	0.66×	0.61×	1.03×	1.27×	1.45×	1.71×	2.61×	2.39×	1.83×	1.17×	1.61×	1.49×	1.26×	1.50×	2.90×	0.27×	0.91×	1.46×	1.68×	1.89×	2.01×	1.48×	1.38×	0.99×	1.23×	1.13×	1.12×	1.11×	1.01×	0.91×	0.88×	0.88×	0.74×	0.65×	0.46×	0.60×	0.59×	0.39×
Effective tax rate	15.8%	(97.8%)	16.9%	(15.6%)	18.8%	53.5%	51.8%	25.0%	(127.9%)	24.3%	36.8%	14.1%	(40.6%)	31.6%	21.3%	26.9%	39.1%	(14.1%)	25.1%	59.6%	(142.3%)	30.3%	(19.6%)	(23.5%)	21.3%	16.2%	19.2%	22.1%	58.0%	41.1%	35.5%	33.0%	39.6%	31.1%	37.5%	39.9%	38.5%	37.1%	40.2%	32.8%	17.6%
Share count
Diluted shares outstanding	506	354	349	367	392	396	399	414	418	416	421	432	448	440	437	434	428	421	433	489	510	488	481	483	483	450	416	414	303	293	264	250	246	243	220	218	219	223	210	196	194

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$24,203	$23,634	$15,835	$16,033	$21,161	$19,363	$17,565	$18,317	$23,306	$21,743	$19,495	$20,675	$23,617	$23,483	$21,852	$26,034	$25,179	$23,366	$24,829	$21,890	$21,995	$21,700	$20,721	$22,138	$23,899	$26,363	$28,180	$24,573	$23,979	$24,556	$20,143	$19,797	$14,966	$13,685	$13,598	$12,703	$12,960	$11,378	$9,533	$7,763	$5,500	$4,502
Cost of revenue	($16,998)	($16,637)	($11,397)	($11,512)	($15,143)	($13,832)	($12,339)	($12,669)	($15,555)	($15,300)	($14,057)	($14,313)	($16,254)	($16,282)	($15,287)	($18,960)	($18,482)	($15,220)	($18,742)	($16,060)	($16,248)	($16,334)	($15,204)	($16,443)	($17,468)	($19,409)	($20,082)	($17,960)	($17,758)	($18,087)	($14,883)	($13,896)	($11,092)	($10,153)	($10,137)	($9,341)	($9,263)	($7,918)	($6,715)	($5,660)	($4,293)	($3,477)
Gross profit	$7,205	$6,997	$4,438	$4,521	$6,018	$5,531	$5,226	$5,648	$7,751	$6,443	$5,438	$6,897	$7,363	$7,201	$6,565	$7,074	$6,697	$8,146	$6,087	$5,830	$5,747	$5,366	$5,517	$5,695	$6,431	$6,954	$8,098	$6,613	$6,221	$6,469	$5,260	$5,901	$3,874	$3,532	$3,461	$3,362	$3,697	$3,460	$2,818	$2,103	$1,207	$1,025
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,112)	($2,050)	($1,703)	($1,257)	($1,293)	($1,385)	($1,353)	($1,449)	($1,723)	($1,621)	($1,458)	($1,539)	($1,793)	($1,796)	($1,674)	($1,887)	($1,930)	($2,031)	($1,947)	($1,831)	($2,923)	($2,809)	($2,802)	($2,842)	($3,015)	($3,384)	($3,387)	($3,181)	($3,119)	($3,255)	($2,434)	($2,175)	($1,774)	($1,633)	($1,610)	($1,574)	($1,674)	($1,200)	($944)	($836)	($355)	($551)
Total operating expenses	($10,063)	($10,005)	($3,897)	($3,835)	($4,161)	($4,374)	($4,486)	($4,023)	($5,312)	($5,020)	($4,053)	($4,536)	($5,305)	($4,968)	($4,632)	($4,858)	($5,011)	($5,786)	($4,762)	($4,120)	($4,296)	($4,296)	($4,284)	($4,424)	($4,754)	($5,519)	($5,590)	($5,072)	($5,010)	($5,230)	($3,822)	($3,380)	($2,810)	($2,684)	($2,610)	($2,409)	($2,474)	($1,850)	($1,479)	($1,313)	($750)	($889)
Total costs and expenses	($27,061)	($26,642)	($15,294)	($15,347)	($19,304)	($18,206)	($16,825)	($16,692)	($20,867)	($20,320)	($18,110)	($18,314)	($21,559)	($21,250)	($19,919)	($23,818)	($23,493)	($21,006)	($23,504)	($20,180)	($20,544)	($20,630)	($19,488)	($20,867)	($22,222)	($24,928)	($25,672)	($23,032)	($22,768)	($23,317)	($18,705)	($17,276)	($13,902)	($12,837)	($12,747)	($11,750)	($11,737)	($9,768)	($8,194)	($6,973)	($5,043)	($4,366)
Operating income	($2,858)	($3,008)	$541	$686	$1,857	$1,157	$740	$1,625	$2,439	$1,423	$1,385	$2,361	$2,058	$2,233	$1,933	$2,216	$1,686	$2,360	$1,325	$1,710	$1,451	$1,070	$1,233	$1,271	$1,677	$1,435	$2,508	$1,541	$1,211	$1,239	$1,438	$2,521	$1,064	$848	$851	$953	$1,223	$1,610	$1,339	$790	$457	$136
Earnings
EBITDA	($85)	($261)	$1,392	$1,832	$2,897	$2,254	$1,831	$2,697	$3,767	$2,766	$2,509	$3,528	$3,464	$3,648	$3,323	$3,479	$3,082	$3,776	$2,625	$2,796	$2,609	$2,344	$2,495	$2,618	$3,174	$3,305	$4,424	$3,206	$2,871	$2,809	$2,632	$3,552	$1,949	$1,746	$1,701	$1,653	$1,890	$2,169	–	–	–	–
Interest income	$193	$179	$218	$188	$78	$93	$151	$202	$198	$186	$175	$89	$70	$57	$71	$55	$35	$33	$80	$154	$130	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($536)	($551)	($432)	($418)	($403)	($430)	($597)	($701)	($734)	($758)	($695)	($644)	($677)	($669)	($742)	($596)	($643)	($702)	($572)	($451)	($651)	($595)	($712)	($705)	($785)	($929)	($816)	($541)	($614)	($607)	($530)	($493)	($349)	($310)	($247)	–	–	–	–	–	–	–
Pre-tax income	($3,262)	($3,368)	$369	$402	$1,511	$999	$329	$921	$1,781	$848	$795	$1,132	$872	$1,228	$967	$1,458	$822	$1,199	($1,153)	$1,654	$3,171	$286	$376	$285	$306	($1,265)	$723	$448	$429	$143	$802	$2,028	$715	$538	$206	$638	$946	$1,405	$1,198	$681	$454	$159
Income tax expense	$539	$533	$361	($68)	$236	($188)	($176)	($477)	($445)	$1,085	($193)	($417)	($123)	$498	($306)	($311)	($221)	($469)	($162)	($415)	($1,889)	$407	($114)	$56	$72	$270	($117)	($86)	($95)	($83)	($330)	($719)	($236)	($213)	($64)	($239)	($377)	($541)	($444)	($274)	($149)	($28)
Net income	($3,438)	($3,516)	$557	$288	$1,504	$1,752	$482	$1,225	$2,012	$2,144	$904	$938	$555	$1,395	$794	$1,322	$691	$686	($1,282)	$1,168	$1,050	$1,100	($35)	$315	$295	($1,188)	$142	$183	$247	($80)	$303	$1,153	$432	$289	$136	$399	$569	$864	$754	$407	$305	$131
Per share
Diluted EPS (GAAP)	($6.52)	($6.95)	$1.57	$0.82	$4.10	$4.47	$1.22	$3.07	$4.85	$5.13	$2.18	$2.23	$1.29	$3.11	$1.80	$3.03	$1.59	$1.61	($3.05)	$2.70	$2.15	$2.16	($0.0717)	$0.65	$0.61	($2.37)	$0.32	$0.44	$0.57	($0.50)	$1.04	$4.37	$1.73	$1.17	$0.35	$1.81	$2.61	$3.95	$3.38	$1.94	$1.56	$0.67
Basic EPS (GAAP)	($6.52)	($6.95)	$1.60	$0.83	$4.14	$4.50	$1.23	$3.10	$4.91	$5.19	$2.20	$2.25	$1.30	$3.15	$1.82	$3.06	$1.61	$1.61	($3.05)	$2.72	$2.21	$2.26	($0.07)	$0.63	($1.83)	($2.50)	$0.32	$0.44	$0.60	($0.50)	$1.04	$4.50	$1.43	$1.17	$0.36	$1.81	$2.61	$3.86	$3.29	$1.84	$1.45	$0.54
Basic shares outstanding	529	506	347	347	364	389	393	395	409	413	411	417	428	443	435	432	430	425	421	429	476	486	486	480	481	483	450	413	411	303	292	256	250	246	243	220	218	219	223	210	196	194
Margins
Gross margin	29.8%	29.6%	28.0%	28.2%	28.4%	28.6%	29.8%	30.8%	33.3%	29.6%	27.9%	33.4%	31.2%	30.7%	30.0%	27.2%	26.6%	34.9%	24.5%	26.6%	26.1%	24.7%	26.6%	25.7%	26.9%	26.4%	28.7%	26.9%	25.9%	26.3%	26.1%	29.8%	25.9%	25.8%	25.5%	26.5%	28.5%	30.4%	29.6%	27.1%	21.9%	22.8%
Operating margin	(11.8%)	(12.7%)	3.4%	4.3%	8.8%	6.0%	4.2%	8.9%	10.5%	6.5%	7.1%	11.4%	8.7%	9.5%	8.8%	8.5%	6.7%	10.1%	5.3%	7.8%	6.6%	4.9%	6.0%	5.7%	7.0%	5.4%	8.9%	6.3%	5.1%	5.0%	7.1%	12.7%	7.1%	6.2%	6.3%	7.5%	9.4%	14.2%	14.0%	10.2%	8.3%	3.0%
Net margin	(14.2%)	(14.9%)	3.5%	1.8%	7.1%	9.0%	2.7%	6.7%	8.6%	9.9%	4.6%	4.5%	2.4%	5.9%	3.6%	5.1%	2.7%	2.9%	(5.2%)	5.3%	4.8%	5.1%	(0.2%)	1.4%	1.2%	(4.5%)	0.5%	0.7%	1.0%	(0.3%)	1.5%	5.8%	2.9%	2.1%	1.0%	3.1%	4.4%	7.6%	7.9%	5.2%	5.5%	2.9%

Analyst consensus

Buy29 analysts

Bearish · 7 · Hold · 6 · Bullish · 16

Earnings history

	EPS	Estimate
Q3 2024	$0.44	$0.26	Beat
Q4 2024	$-0.02	$0.03	Miss
Q1 2025	$0.23	$0.38	Miss
Q2 2025	$0.20	$0.39	Miss
Q3 2025	$-0.43	$0.47	Miss
Q4 2025	$-0.08	$0.28	Miss
Q1 2026	$0.15	$0.15	Match
Q2 2026	$0.04	$-0.03	Beat

Peers

Company overview

IPO dateJan 2, 1970

CEOAndrew K. Silvernail

Employees62,602

SectorBasic Materials

IndustryPaper, Lumber & Forest Products

CountryUS

ExchangeNew York Stock Exchange

Websitewww.internationalpaper.com

International Paper Company, established in 1898 and headquartered in Memphis, Tennessee, functions as a leading global packaging enterprise. Its extensive operational footprint spans the United States, Europe, the Middle East, Africa, the Pacific Rim, Asia, and various other regions across the Americas. The company's business activities are structured into two principal divisions: Industrial Packaging and Global Cellulose Fibers. The Industrial Packaging segment is dedicated to producing a diverse range of containerboards, which encompass linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft. Concurrently, the Global Cellulose Fibers division supplies fluff, market, and specialized pulps. These pulps are integral components for a wide array of products, including absorbent hygiene items such as baby diapers, feminine care, and adult incontinence products, alongside other non-woven goods, and traditional tissue and paper products. Additionally, they find application in numerous non-absorbent sectors like textiles, filtration systems, building materials, paints and protective coatings, reinforced plastics, and various other industrial uses. International Paper distributes its products directly to ultimate consumers and converters, as well as through an established network of agents, resellers, and paper distributors.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.