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International Paper Company

IP Consumer Cyclical Packaging & Containers

International Paper Company’s revenue for fiscal 2025 (year ended December 2025) was $23.6 billion, up 49.3% from fiscal 2024.

Revenue
−0.40%
EPS
−1.91%
Free cash flow
−218.2%
Total debt
−14.0%

Quarter to September 2026, against a year earlier

34.32 1.33 −3.73%
Market cap
$18.1B
P/E
0.0×
Fwd P/E
−23.0×
Dividend yield
5.39%
F-score
4/9
Altman Z
1.41
Beneish M
−2.62
Dividend safety
24/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • PS NA
  • PS EMEA
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 4.32
Sold, $m 1.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — 2 — 1 — 1 — — — — — —
Sell — — — — — — — — 2 — — —
Insider Ownership 1.88%

Capital & Financial Ratios $m

Size
Market Cap 18,130.00
Revenue ttm 24,178.00
Net income ttm (3,462.00)
Free cash flow ttm 288.00
Net debt Q 6,913.00
Valuation
P/E 0.00
Forward P/E (23.00) (negative: loss-making)
Price / sales 0.75
Forward P/S Powerpack
Price / FCF 63.00
Price / book 1.38
Financial health
Current ratio Q 1.01
Debt / equity Q 0.59
Interest coverage Q 3.03
Growth
Revenue growth Q −0.40% (below 0%: shrinking)
Operating income growth Q +260.77% (above 0%: growing)
EPS, this year +1,431.76% (at or above 15%: strong)
EPS, next year A +152.83% (at or above 15%: strong)
Revenue, next year A +3.64%
EPS, past 5 yrs —
EPS, next 5 yrs A +39.25% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.3×; over the ten years it ranged from 0.7× in 2023 to 1.8× in 2021.
P/S against its own 10 years 26.37%
10-year low 10-year high
P/B against its own 10 years 15.51%
10-year low 10-year high
EV/Sales against its own 10 years 18.12%
10-year low 10-year high
EV/FCF against its own 10 years 85.09%
10-year low 10-year high

Dividends

Yield
5.39%
Annual rate
1.85
Payout ratio
—
Growth, 2018–26
+0.18%/yr
  1. 1.82 ’18
  2. 1.91 ’19 +5
  3. 1.94 ’20 +2
  4. 1.92 ’21 −1
  5. 1.85 ’22 −4
  6. 1.85 ’23 +0
  7. 1.85 ’24 +0
  8. 1.85 ’25 +0
  9. 1.85 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,113 1,062 1,145 815
Receivables 3,059 2,402 3,791 4,324
Inventory 1,889 1,486 2,012 2,119
Other 547 1,474 3,158 1,453
6,608 6,424 10,106 8,711
2023 2024 2025 Q'26
Payables 2,442 2,110 3,902 6,625
ST’ Debt — — — —
Other 982 344 502 —
3,959 4,258 7,899 8,588

Compound Annual Growth %

10y 5y 3y
Sales 1.35% 6.12% 3.75%
Cash Flow (4.10%) (11.13%) (7.91%)
Earnings 0.00% 0.00% 0.00%
Book Value 14.26% 13.51% 20.39%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.30 Actual 0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.28 −0.08 Miss by 0.36
Q1 FY26 0.18 0.15 Miss by 0.03
Q2 FY26 −0.04 0.04 Beat by 0.08
Q3 FY26 0.30 0.37 Beat by 0.07
Q4 FY26 0.59 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.11 (0.02) (2.13) — —
’25 (0.24) 0.14 (2.09) (4.52) (6.95)
’24 0.16 1.41 0.42 (0.42) 1.57
’23 0.49 0.68 0.47 (0.82) 0.82
’22 0.95 1.38 2.64 (0.90) 4.10
’21 0.88 1.09 2.20 0.28 4.47
’20 (0.36) 0.67 0.52 0.39 1.22
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,971 6,004 6,197 — —
’25 5,264 6,142 6,222 6,006 23,634
’24 3,915 4,019 3,979 3,922 15,835
’23 5,020 4,682 4,613 1,718 16,033
’22 5,237 5,389 5,402 5,133 21,161
’21 4,593 4,770 4,914 5,086 19,363
’20 5,352 4,866 5,123 2,224 17,565
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 611 526 339 — —
’25 (288) 476 605 905 1,698
’24 395 365 521 397 1,678
’23 345 528 468 492 1,833
’22 588 390 435 761 2,174
’21 512 766 645 107 2,030
’20 649 890 735 789 3,063
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 115 3 (195) — —
’25 (535) 64 165 365 59
’24 145 170 310 223 848
’23 6 262 241 187 696
’22 408 210 197 441 1,256
’21 423 633 614 (88) 1,582
’20 364 640 616 700 2,320
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 25.2% a year for ten years. It grew −9.7% a year over the last ten.

Implied
25.2%
10 years, reported
−9.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19,495 21,743 23,306 18,317 17,565 19,363 21,161 16,033 15,835 23,634 24,178 +2.2% 24,495 26,138 26,573 +4.0%
Gross margin, % 31.17 31.92 33.26 30.83 29.75 28.56 28.44 28.20 28.03 29.61 29.80 (1.6) pt
EBT 795 848 1,781 921 329 999 1,511 402 369 (3,368) (3,781) n/m
EBT margin, % 4.08 3.90 7.64 5.03 1.87 5.16 7.14 2.51 2.33 (14.25) (15.64) (18.3) pt
Net income 902 2,144 2,017 1,220 482 1,754 1,504 288 557 (3,516) (3,462) n/m
Per share, $
Per share, $ Revenue 47.42 52.68 56.97 46.34 44.69 49.73 58.21 46.22 45.61 46.74 45.74 (0.2%)
Earnings 2.20 5.19 4.91 3.10 1.23 4.50 4.14 0.83 1.57 (6.95) (6.56) n/m
Cash flow 6.03 4.26 7.89 9.13 7.79 5.21 5.98 5.28 4.83 3.36 4.50 (6.3%)
Capex (3.23) (3.31) (3.79) (3.18) (1.89) (1.15) (2.53) (3.28) (2.39) (3.24) (3.96) 0.0%
Free cash flow 2.79 0.95 4.10 5.95 5.90 4.06 3.46 2.01 2.44 0.12 0.54 (29.7%)
Book value 10.60 15.85 18.05 19.52 20.02 23.32 23.38 24.08 23.54 29.32 24.87 +12.0%
Shares, m 411 413 409 395 393 389 364 347 347 506 523 +2.3%
Valuation, ×
Valuation, × P/E 23.13 10.98 7.87 14.16 38.84 10.46 8.62 44.56 33.64 0.00 0.00 19.2
P/S 1.07 1.08 0.68 0.95 1.06 0.94 0.61 0.79 1.18 0.84 0.75 0.9
P/B 4.80 3.59 2.13 2.25 2.37 2.01 1.51 1.52 2.29 1.34 1.38 2.4
EV/Sales 1.59 1.53 1.08 1.44 1.49 1.14 0.80 1.06 1.45 1.17 1.04 1.3
EV/FCF 26.95 85.05 15.01 11.24 11.29 13.99 13.44 24.45 27.11 468.03 87.00 69.7
Cash, $m
Cash, $m Operating cash flow 2,478 1,757 3,226 3,610 3,063 2,030 2,174 1,833 1,678 1,698 2,381 (4.1%)
Capex (1,329) (1,365) (1,549) (1,258) (743) (448) (918) (1,137) (830) (1,639) (2,093) +2.4%
Free cash flow 1,149 392 1,677 2,352 2,320 1,582 1,256 696 848 59 288 (28.1%)
Balance, $m
Balance, $m Working capital 2,601 3,175 2,302 (2,007) 2,952 2,952 1,770 2,649 2,166 2,207 123 (1.8%)
Net debt 10,042 9,828 9,426 9,086 7,574 3,843 4,012 4,342 4,300 7,694 6,913 (2.9%)
Shareholders’ equity 4,359 6,541 7,383 7,718 7,868 9,082 8,497 8,355 8,173 14,827 13,146 +14.6%
Returns, %
Returns, % ROA 2.84 6.40 5.96 3.65 1.48 6.15 6.12 1.22 2.42 (11.57) (9.09) (14.4) pt
ROIC 9.80 9.71 11.65 6.98 6.05 7.76 9.50 4.32 3.53 0.56 2.15 (9.2) pt
ROE 21.87 39.34 28.90 16.22 6.19 20.67 17.11 3.42 6.74 (30.57) (22.73) (52.4) pt
People
People Employees 55,000 56,000 53,000 51,000 49,300 38,200 39,000 39,000 37,000 62,602 — +1.4%
Revenue/emp, $m 0.35 0.39 0.44 0.36 0.36 0.51 0.54 0.41 0.43 0.38 — +0.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

International Paper makes fiber-based packaging used to protect, ship and display goods. It produces containerboard, the paper material used to make corrugated packaging, and converts it into products such as boxes, bulk bins, shipping containers and specialty packaging. Its customers include businesses in food and beverage, agriculture, industrial manufacturing, personal care, pharmaceuticals, consumer goods and e-commerce.

The company operates mills that make packaging paper, plants that convert paper into packaging, and recycling facilities. Its manufacturing operations span North America, Latin America, Europe and North Africa. In the United States, it operated 15 packaging mills, 159 converting and packaging plants and 15 recycling plants as of the filing date. Its facilities in Europe, North Africa and Latin America included 14 containerboard mills, 159 converting and packaging plants and 20 recycling plants.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
PS NA 14,293 90.26%
PS EMEA 1,355 8.56%
Other, not broken out 187 1.18%
Gross margin 28.03%
Operating margin 4.45%
Pre-tax margin 2.33%

Revenue by segment since 2009

International Paper Company vs peers in Packaging & Containers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SW Smurfit Westrock PLC $23.3B 49.6× 29.4× +1.97% (above 0%: growing) −11.85% (below 0%: shrinking) −29.37% (below 0%: shrinking) 17.64% 5.97% Compare
PKG Packaging Corporation of America $22.2B 30.4× 26.2× +12.46% (above 0%: growing) +16.67% (above 0%: growing) +5.30% (above 0%: growing) 23.21% 14.81% Compare
AMCR Amcor PLC $21.2B 19.4× 15.8× +25.90% (above 0%: growing) n/m +54.49% (above 0%: growing) 20.90% 10.10% Compare
IP International Paper Company $18.1B — (loss-making) — (loss-making) −0.40% (below 0%: shrinking) n/m −218.18% (below 0%: shrinking) 31.21% 4.70%
BALL Ball Corporation $17.4B 33.6× 19.0× +23.94% (above 0%: growing) n/m −87.55% (below 0%: shrinking) 16.93% (1.84%) Compare
AVY Avery Dennison Corporation $14.3B 20.5× 19.2× +5.24% (above 0%: growing) +5.16% (above 0%: growing) −9.96% (below 0%: shrinking) 28.08% 11.69% Compare
CCK Crown Holdings, Inc. $13.2B 16.9× 16.3× +15.90% (above 0%: growing) +12.37% (above 0%: growing) −39.10% (below 0%: shrinking) 16.41% 11.91% Compare
REYN Reynolds Consumer Products Inc. $5.2B 16.0× 14.6× +1.40% (above 0%: growing) −27.61% (below 0%: shrinking) −81.25% (below 0%: shrinking) 25.00% 10.38% Compare
SON Sonoco Products Company $5.1B — (loss-making) — (loss-making) −4.20% (below 0%: shrinking) n/m +1.80% (above 0%: growing) 19.85% (31.25%) Compare
Median of peers $15.9B 20.5× 19.0× +8.85% +5.16% −19.66% 20.38% 10.24%

All 23 Packaging & Containers stocks →

From the latest earnings call

Updated

  • CEO Andy Silvernail said North American box shipments fell in the third quarter amid produce and protein market disruption, while inflation remained a pressure across both regions.
  • Silvernail said International Paper is evaluating a potential sale of its EMEA business while preparing a spinoff, under which it would retain approximately a 20% stake.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
RBC Nov 5, 2026 Reiterated Buy 45.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 85.25%
Held by the ten largest 58.17%
Holder Shares Stake Change
Capital Group 98.42m 15.70% −17.47m
Vanguard 65.07m 10.38% +261.87k
BlackRock 50.94m 8.12% +4.72m
T. Rowe Price 45.90m 7.32% −5.79m
State Street 33.00m 5.26% +2.19m
BNY 18.10m 2.89% +4.50m
Invesco 17.55m 2.80% +5.05m
Geode Capital Management 14.57m 2.32% +716.28k
Goldman Sachs 11.37m 1.81% +4.30m
Atlas FRM LLC 9.84m 1.57% +2.25m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Ownership

Directors and executive officers, together 0.21%
Capital Research & Management Co. (International Investors) 12.01%
T Rowe Price Associates, Inc. (IM) 11.78%
The Vanguard Group, Inc. 11.19%
Capital Research & Management (Global Investors) 10.33%
BlackRock Fund Advisors 5.95%
SSgA Funds Management, Inc. 5.68%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

International Paper Company (IP) Latest News

5 Nov

Impact 3 · · Barchart

4 Nov

Impact 3 · · packagingdive.com

31 Oct

Impact 3 · · 24/7 Wall St.

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · packagingdive.com
Impact 4 · · packaging-gateway.com

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · Zacks earnings
Impact 4 · · PR Newswire
Impact 3 · · The Motley Fool transcript
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory

27 Oct

Impact 3 · · StockStory

26 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · 24/7 Wall St.

19 Oct

Impact 4 · · packaging-gateway.com
Impact 4 · · packaging-gateway.com

16 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

15 Oct

Impact 4 · · StockStory
Impact 4 · · The Motley Fool
Impact 4 · · packagingdive.com
Impact 4 · · PR Newswire
Impact 4 · · Investing.com

14 Oct

Impact 4 · · PR Newswire
Impact 3 · · Barchart

30 Sep

Impact 3 · · PR Newswire

IP metrics, ten years each

stockrow.com/IP · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com