Company file · IP

International Paper

International Paper's revenue rose 49.3% in FY2025, to $23.6B, and it posted a net loss of $3.5B (FY2024: net income of $557M)

Revenue rose 49.3% to $23.6B in FY2025, from $15.8B in FY2024. It posted a net loss of $3.5B. Packaging Solutions North America was the largest segment, at 64% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 27, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026) · Data pulled Nov 11, 2026

Key facts

International Paper (NYSE: IP) reported revenue of $23.6B for fiscal 2025, the year ended Dec 31, 2025, up 49.3% from fiscal 2024. Net income was −$3.5B, compared with $557M. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $6.2B, down 0.4% from the same quarter a year earlier, and net income was −$1.1B. The largest piece by segment was Packaging Solutions North America, at 64% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).

Revenue$23.6BFY2025 · +49.3% vs FY2024

Net income−$3.5BFY2025 · vs $557M in FY2024

Operating cash flow$1.7BFY2025 · +1.2% vs FY2024

Cash & equivalents$815Mat Sep 30, 2026 · −28.8% vs FY2025 end

Total debt$9.8BFY2025 end · +77.0% vs FY2024

Diluted shares506MFY2025 avg · +42.8% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 27, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Packaging Solutions North America$15.2B64%+6.2%
Packaging Solutions EMEA$8.5B36%+523.7%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Packaging Solutions North America (64%) and Packaging Solutions EMEA (36%), as shares of total revenue. Total revenue was $23.6B.

By segment: three-year mixShare of the total each fiscal year

FY2023

91%9%

FY2024

91%9%

FY2025

64%36%

Packaging Solutions North AmericaPackaging Solutions EMEA

Source: 10-K FY2025

By region, FY2025

United States$14.4B61%+5.5%

EMEA$8.5B36%+523.7%

Americas Other Than U S$713M3%−2.3%

Asia Pacific$31M0%−51.6%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$6.2B Q3 2026

$6.2B Q3 2025

0.4% decrease

Net income

−$1.1B Q3 2026

−$1.1B Q3 2025

n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: International Paper 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

By segment

Packaging Solutions North America

$3.9B Q3 2026

$3.9B Q3 2025

0.5% decrease

Packaging Solutions EMEA

$2.3B Q3 2026

$2.3B Q3 2025

1.3% decrease

Source: International Paper 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

Cash & equivalents $815M at Sep 30, 2026, vs $1.1B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.5B vs $793M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 49.3% in FY2025 to $23.6B, from $15.8B a year earlier. 10-K, FY2025
Operating cash flow rose 1.2% in FY2025 to $1.7B. 10-K, FY2025
Packaging Solutions EMEA revenue grew 523.7% in FY2025 to $8.5B. 10-K, FY2025

The bear case

It reported a net loss of $3.5B in FY2025. 10-K, FY2025
Diluted shares rose 42.8% in FY2025, which spreads profit across more shares. 10-K, FY2025
Total debt rose 77.0% in FY2025 to $9.8B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $6.2B, down 0.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

International Paper is in the paper & plastic packaging products & materials industry, part of the materials sector. The SEC files it under Paper Mills.

International Paper reports 2 segments: Packaging Solutions North America and Packaging Solutions EMEA.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the paper & plastic packaging products & materials industry. They are not a summary of International Paper’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$16.0B	$15.8B	$23.6B
Net income	$288M	$557M	−$3.5B
Operating cash flow	$1.8B	$1.7B	$1.7B
Cash & equivalents (year end)	$1.1B	$1.1B	$1.1B
Total debt (year end)	$5.6B	$5.6B	$9.8B
Diluted shares	349M	354M	506M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt due within one year plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 4, 2026	Sep 30, 2026
10-Q	Aug 5, 2026	Jun 30, 2026
10-Q	May 5, 2026	Mar 31, 2026
DEF 14A	Mar 27, 2026	Dec 31, 2025
10-K	Feb 27, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about International Paper

How does International Paper make money?

International Paper's revenue was $23.6B in fiscal 2025. By segment in FY2025: Packaging Solutions North America (64%) and Packaging Solutions EMEA (36%), as shares of total revenue. Total revenue was $23.6B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What was International Paper's revenue in fiscal 2025?

$23.6B of revenue for the fiscal year ended Dec 31, 2025, up 49.3% from $15.8B in fiscal 2024. Fiscal 2023 was $16.0B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

Is International Paper profitable?

International Paper reported net income of −$3.5B for fiscal 2025, compared with $557M from $557M in fiscal 2024. That is a loss under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was −$1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What did International Paper report in its latest quarterly filing?

Revenue was $6.2B in the quarter ended Sep 30, 2026, down 0.4% from $6.2B a year earlier. Net income was −$1.1B, compared with −$1.1B from −$1.1B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.

What are the main risks International Paper faces?

International Paper's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the paper & plastic packaging products & materials industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these International Paper numbers come from?

From International Paper's own SEC filings: the 10-K for fiscal 2025 (filed Feb 27, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning International Paper

Slate Path Capital: 4,861,976 shares, reported value $185.2M at Jun 30, 2026 (+43.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 3,547,334 shares, reported value $135.2M at Jun 30, 2026 (+109.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 593,259 shares, reported value $22.6M at Jun 30, 2026 (−0.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 31,310 shares, reported value $1.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in IP: The editor holds no position in International Paper (IP). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell IP from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold IP, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
International PaperIP	FY2025	$23.6B	+49.3%	−$3.5B
Packaging Corporation of AmericaPKG	FY2025	$9.0B	+7.2%	$774M
Smurfit WestrockSW	FY2025	$31.2B	+47.7%	$699M
AmcorAMCR	FY2026	$23.5B	+56.6%	$1.1B
Avery DennisonAVY	FY2025	$8.9B	+1.1%	$688M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.