International Paper Company: financial statements

IPNYSEBasic materials · Paper Mills

Price

$34.43

November 13, 2026Market cap $18.2B

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  • The full history: 17 fiscal years, from 2009
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Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

Click a line to see it on the chart.

Revenue

+21.4% a year over 2 years

Line202320242025Average a year
Revenue $16.0B$15.8B$23.6B+21.4%
Cost of revenue $11.5B$11.4B$16.6B+20.2%
Gross profit $4.5B$4.4B$7.0B+24.4%
Operating income $402M$369M-$3.4B
Net income $288M$557M-$3.5B
Earnings per share $0.82$1.57-$6.95
Earnings per share, basic $0.83$1.60-$6.95
Margins
Gross margin 28.2%28.0%29.6%
Operating margin 2.5%2.3%-14.3%
Net margin 1.8%3.5%-14.9%

Financial statements

IP's revenue, profits and cash flows from 2009 to 2022, 14 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

  • 2023: Packaging Solutions North America $14.3B, Packaging Solutions EMEA $1.4B
  • 2024: Packaging Solutions North America $14.3B, Packaging Solutions EMEA $1.4B
  • 2025: Packaging Solutions North America $15.2B, Packaging Solutions EMEA $8.5B
Segment202320242025Share 2025
Packaging Solutions North America$14.3B$14.3B$15.2B64%
Packaging Solutions EMEA$1.4B$1.4B$8.5B36%

By segment

IP's revenue by segment from 2009 to 2022, 14 more fiscal years

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From the XBRL of 17 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

In some years the company reports no operating income, so we show pre-tax income.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$3.6B Due within 2 years$778M Leases16.0% Effective tax rate

When the debt falls due

Dec 31, 2025

Due within 2 years

$3.6B

Principal of loans and bonds falling due, from the annual report dated December 31, 2025, without leases and interest. The filing

  • 2026: $992M
  • 2027: $2.6B

Leases

Dec 31, 2025

Operating leases

$707M

Finance leases

$71M

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Goodwill by segment

Dec 31, 2025

Total goodwill

$5.3B

  • Packaging Solutions North America$3.9B73%

Goodwill is what the company paid in acquisitions above the value of what it bought, at December 31, 2025. If an acquisition earns less, the goodwill is impaired and earnings fall. Impairment in the year: $2.5B.The filing

$5.3BTotal goodwill

From the statutory to the effective tax rate, 2025

Dec 31, 2025

Statutory rate

21.0%

Effective rate

16.0%

-5.0 pts

The company paid 16.0% in tax on its profit, 5.0 points below the US federal rate (21.0%). Below, the reasons it gives.

The lines the company states do not reach its effective rate, so we do not show them. Both rates are the filing's. The filing

Claims ahead of shareholders

What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.

$186M ahead of the shares1.0% of market value

Besides its $10.4B of debt, $186M of other claims rank ahead of the shares, about 1.0% of the market value.

Ahead of the shares

at Sep 30, 2026
$186M

From the balance sheet of September 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.

The full analysis

What do International Paper's filings show?

These are International Paper's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about IP's financials

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How much revenue did IP have in 2025?

International Paper had revenue of $23.6B and net income of -$3.5B in fiscal 2025, a net margin of -14.9%.

How much debt does IP have?

On December 31, 2025 International Paper had total assets of $38.0B, debt of $9.8B and shareholders' equity of $14.8B.

How much free cash flow does IP have?

In fiscal 2025 International Paper had cash from operations of $1.7B and spent $1.9B on capital expenditure, leaving -$159M of free cash flow.

Where are the figures from?

From International Paper Company's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.