International Paper Company (IP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	-$0.04	$0.04	+200.0%	—	—	—
Q4 26	$0.14	$0.15	+7.1%	—	—	—
Q3 26	$0.25	-$0.08	-132.0%	—	—	—
Q2 26	$0.59	-$0.43	-172.9%	—	—	—
Q1 26	$0.41	$0.2	-51.2%	—	—	—
Q4 25	$0.37	$0.23	-37.8%	—	—	—
Q3 25	$0.01	-$0.02	-300.0%	—	—	—
Q2 25	$0.25	$0.44	+76.0%	—	—	—
Q1 25	$0.42	$0.55	+31.0%	—	—	—
Q4 24	$0.22	$0.17	-22.7%	—	—	—
Q3 24	$0.35	$0.41	+17.1%	—	—	—
Q2 24	$0.58	$0.64	+10.3%	—	—	—
Q1 24	$0.39	$0.59	+51.3%	—	—	—
Q4 23	$0.46	$0.53	+15.2%	—	—	—
Q3 23	$0.69	$0.87	+26.1%	—	—	—
Q2 23	$1.2	$1.01	-15.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$6.95	—	—	$23.6B	—
FY24	—	$1.6	—	—	$18.6B	—
FY23	—	$0.83	—	—	$18.9B	—
FY22	—	$4.14	—	—	$21.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$19.5B	$21.7B	$23.3B	$18.3B	$17.6B	$19.4B	$21.2B	$18.9B	$18.6B	$23.6B
YoY change	-5.71%	+11.5%	+7.19%	-21.4%	-4.11%	+10.2%	+9.29%	-10.6%	-1.57%	+26.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	19.5B	21.7B	23.3B	18.3B	17.6B	19.4B	21.2B	18.9B	18.6B	23.6B
Cost of revenue	13.4B	14.8B	15.6B	12.7B	12.3B	13.8B	15.1B	13.6B	13.4B	16.6B
Gross profit	6.1B	6.9B	7.8B	5.6B	5.2B	5.5B	6B	5.3B	5.2B	7B
Gross margin	31.2%	31.9%	33.3%	30.8%	29.8%	28.6%	28.4%	27.9%	28.2%	29.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.7B	3.1B	3.3B	2.7B	2.6B	2.8B	3.1B	2.9B	3.3B	4B
Operating expenses	2.7B	3.1B	3.3B	2.7B	2.6B	2.8B	3.1B	2.9B	3.3B	4B
Operating income	2.1B	2.4B	3B	1.7B	1.4B	1.5B	1.8B	766M	476M	-10M
Operating margin	10.8%	10.9%	12.7%	9.52%	7.74%	7.57%	8.29%	4.05%	2.56%	-0.04%
Non-operating income, net	-788M	-954M	-645M	-324M	-584M	-130M	82M	-153M	-121M	-3B
Pretax income	795M	848M	1.8B	921M	329M	999M	1.5B	382M	147M	-3.4B
Income tax	193M	-1.1B	445M	477M	176M	188M	-236M	59M	-415M	-533M
Net income	902M	2.1B	2B	1.2B	482M	1.8B	1.5B	288M	557M	-3.5B
Net margin	4.63%	9.86%	8.65%	6.66%	2.74%	9.06%	7.11%	1.52%	2.99%	-14.9%
EBITDA	2.8B	3.5B	4B	3.2B	2.8B	3B	3.1B	2.3B	2B	3.1B
EPS	2.2	5.19	4.91	3.1	1.23	4.5	4.14	0.83	1.6	-6.95
Diluted EPS	2.18	5.13	4.85	3.07	1.22	4.47	4.1	0.82	1.57	-6.95

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.6B	4.6B	4.6B	4.7B	4.7B	4.6B	5.9B	6.8B	6.2B	6B	6B	6B
Cost of revenue	3.3B	3.3B	3.4B	3.4B	3.3B	3.3B	4.3B	4.9B	4.3B	4.1B	4.2B	4.3B
Gross profit	1.3B	1.3B	1.2B	1.4B	1.3B	1.3B	1.6B	1.9B	1.9B	1.9B	1.7B	1.7B
Gross margin	27.5%	28.7%	25.9%	29%	28.7%	29%	27.8%	27.9%	31.1%	31.4%	28.9%	27.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	668M	752M	749M	832M	865M	869M	1B	1.2B	1B	1.1B	1B	1.1B
Operating expenses	668M	752M	749M	832M	865M	869M	1B	1.2B	1B	1.1B	1B	1.1B
Operating income	303M	-161M	127M	246M	175M	-72M	-35M	206M	-221M	56M	174M	43M
Operating margin	6.57%	-3.5%	2.75%	5.2%	3.73%	-1.57%	-0.59%	3.04%	-3.55%	0.93%	2.91%	0.72%
Non-operating income, net	-13M	-113M	4M	15M	-44M	-96M	-19M	17M	-369M	-2.6B	-5M	18M
Pretax income	232M	-326M	85M	206M	80M	-224M	-135M	116M	-675M	-2.7B	93M	-26M
Income tax	39M	-61M	27M	-293M	-71M	-78M	-31M	40M	-250M	-291M	17M	-15M
Net income	165M	-284M	56M	498M	150M	-147M	-105M	75M	-1.1B	-2.4B	60M	-12M
Net margin	3.58%	-6.17%	1.21%	10.5%	3.2%	-3.21%	-1.78%	1.11%	-17.7%	-39.7%	1%	-0.2%
EBITDA	595M	572M	480M	569M	509M	487M	585M	727M	916M	939M	737M	591M
EPS	0.47	-0.82	0.16	1.43	0.43	-0.42	-0.24	0.14	-2.09	-4.52	0.11	-0.02
Diluted EPS	0.47	-0.82	0.16	1.41	0.42	-0.42	-0.24	0.14	-2.09	-4.52	0.11	-0.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	20.6B	22.7B	15.7B	17.2B	18.5B	18.3B	12.6B	12.5B	18.7B	—	18B
Enterprise value	37.2B	39.1B	32B	33.1B	25.7B	22.6B	17.6B	17.3B	23.4B	—	27.7B
Shares outstanding	410.9M	413.1M	409.8M	395.2M	391.9M	389.3M	363.3M	347M	348.1M	505.9M	505.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.9	10.6	7.76	14.1	38.3	10.4	8.36	43.6	33.6	—	41.8
P/S	1.06	1.04	0.67	0.94	1.05	0.94	0.59	0.66	1.01	—	0.77
P/B	4.74	3.47	2.12	2.23	2.35	2.01	1.48	1.5	2.29	—	1.28
EV/EBITDA	13.1	11.3	8.02	10.3	9.05	7.6	5.76	7.43	11.5	—	7.05
EV/Sales	1.91	1.8	1.37	1.81	1.46	1.17	0.83	0.92	1.26	—	1.15
Earnings yield	4.37%	9.46%	12.9%	7.08%	2.61%	9.59%	12%	2.3%	2.97%	—	2.39%
FCF yield	5.47%	1.61%	10.6%	13.5%	12.5%	8.1%	9.88%	5.52%	4.04%	—	9.14%
PEG	—	—	—	—	—	—	—	—	—	—	-0.37

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	31.2%	31.9%	33.3%	30.8%	29.8%	28.6%	28.4%	27.9%	28.2%	29.6%	27.6%
Operating margin	10.8%	10.9%	12.7%	9.52%	7.74%	7.57%	8.29%	4.05%	2.56%	-0.04%	2.3%
Net margin	4.63%	9.86%	8.65%	6.66%	2.74%	9.06%	7.11%	1.52%	2.99%	-14.9%	-14.2%
ROE	20.7%	32.8%	27.3%	15.8%	6.13%	19.3%	17.7%	3.45%	6.82%	-23.7%	-16.5%
ROA	2.73%	6.32%	6.01%	3.64%	1.52%	6.95%	6.28%	1.24%	2.44%	-9.26%	1.59%
ROIC	7.61%	10.3%	9.36%	3.57%	4.19%	8.91%	12.9%	4.93%	3.7%	-0.04%	0.22%
Return on tangible assets	3.57%	8.21%	7.75%	4.68%	1.94%	9.51%	8.63%	1.71%	3.39%	-18.3%	-19%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.64	1.62	1.49	0.77	1.36	1.71	1.35	1.67	1.51	1.28	1.1
Quick ratio	1.09	1.17	1.01	0.51	1.16	1.27	0.97	1.19	1.09	1.02	0.84
Debt / equity	4.04	2.67	2.3	2.12	1.59	0.64	0.69	0.71	0.72	0.7	0.69
Debt / assets	0.53	0.51	0.5	0.49	0.4	0.23	0.24	0.25	0.26	0.27	0.27
Net debt / EBITDA	5.83	4.76	4.1	4.93	2.55	1.44	1.65	2.05	2.29	2.99	2.82
Interest coverage	2.14	2.12	3.43	2.31	1.55	3.32	4.75	1.91	1.34	-5.11	-4.24
Effective tax rate	24.3%	0%	25%	51.8%	53.5%	18.8%	0%	15.4%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	47.4	52.6	56.9	46.4	44.8	49.7	58.2	54.5	53.5	46.7	45.8
EPS (basic)	2.2	5.19	4.91	3.1	1.23	4.5	4.14	0.83	1.6	-6.95	-6.95
EPS (diluted)	2.18	5.13	4.85	3.07	1.22	4.47	4.1	0.82	1.57	-6.95	-5.39
Book value per share	10.6	15.8	18	19.5	20.1	23.3	23.4	24.1	23.5	29.3	27.3
FCF per share	2.75	0.89	4.04	5.91	5.9	3.8	3.42	1.99	2.17	-0.31	0.82
Cash per share	2.51	2.46	1.44	1.29	13.6	3.96	2.21	3.21	3.36	2.26	1.37
Capex per share	3.23	3.3	3.78	3.18	1.9	1.15	2.53	3.28	2.38	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.82%	6.28%	6.65%	6.87%	4.23%	2.31%	4.34%	6.01%	4.46%	—	—
Capex / operating cash flow	54.3%	58.6%	49.2%	38%	28.9%	15.2%	51.5%	66.9%	48.4%	—	—
Payout ratio	81.3%	35.9%	39.1%	65.2%	167.2%	44.5%	44.7%	222.9%	115.4%	-27.8%	158.1%
Dividend yield	3.55%	3.39%	5.04%	4.62%	4.37%	4.26%	5.35%	5.12%	3.43%	—	5.44%

Yield

5.44%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.463

ex-dividend Aug 14, 2026

Payout ratio

158%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$0.463
May 22, 2026	$0.463
Feb 23, 2026	$0.463

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.6B	$4.6B	$4.6B	$4.7B	$4.7B	$4.6B	$5.9B	$6.8B	$6.2B	$6B	$6B	$6B
YoY change	-14.6%	-10.4%	-7.99%	+1.11%	+1.58%	-0.46%	+27.8%	+42.9%	+32.8%	+31.1%	+1.19%	-11.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	1B	589M	511M	5.3B	1.5B	804M	1.1B	1.2B	1.1B
Receivables	2.9B	3.3B	3.5B	3.3B	2.6B	3.2B	3.3B	3.1B	2.7B	3.8B
Inventory	2.2B	2.3B	2.2B	2.2B	1.6B	1.8B	1.9B	1.9B	1.8B	2B
Total current assets	6.7B	8.3B	7B	6.6B	11.2B	7.1B	6.8B	6.6B	6.4B	10.1B
Property, plant & equipment	13B	13.3B	13.1B	13.4B	11.3B	10.8B	10.9B	10.6B	10.1B	15.1B
Goodwill & intangibles	7.8B	7.8B	7.5B	7.4B	6.8B	6.8B	6.5B	6.4B	6.4B	18.7B
Total assets	33.1B	33.9B	33.6B	33.5B	31.7B	25.2B	23.9B	23.3B	22.8B	38B
Accounts payable	2.2B	2.5B	2.4B	2.4B	2B	2.6B	2.7B	2.4B	2.3B	3.9B
Short-term debt	239M	311M	639M	4.4B	4.2B	196M	763M	138M	193M	992M
Total current liabilities	4.1B	5.1B	4.7B	8.6B	8.3B	4.1B	5B	4B	4.3B	7.9B
Long-term debt	17.4B	17.1B	16.3B	12B	8.3B	5.6B	5.1B	5.8B	5.7B	9.3B
Total liabilities	28.7B	27.4B	26.2B	25.8B	23.9B	16.2B	15.4B	14.9B	14.6B	23.1B
Shareholders' equity	4.4B	6.5B	7.4B	7.7B	7.9B	9.1B	8.5B	8.4B	8.2B	14.8B
Total debt	17.6B	17.4B	17B	16.4B	12.5B	5.8B	5.9B	5.9B	5.9B	10.3B
Net debt	16.6B	16.4B	16.4B	15.9B	12.1B	4.5B	5.1B	4.8B	4.7B	9.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	1.1B	1.1B	1B	1.2B	1.2B	1.2B	1.1B	995M	1.1B	1.2B	726M
Receivables	2.9B	3.1B	2.8B	2.9B	2.9B	2.7B	4B	4.2B	3.6B	3.8B	3.5B	3.8B
Inventory	1.9B	1.9B	1.8B	1.7B	1.8B	1.8B	2.6B	2.7B	2.2B	2B	1.9B	2B
Total current assets	6.8B	6.6B	6.5B	6.6B	6.6B	6.4B	9.3B	9.5B	10.5B	10.1B	8.6B	8.2B
Property, plant & equipment	10.9B	10.6B	10.5B	10.4B	10.4B	10.1B	16.7B	17.6B	15.2B	15.1B	14.9B	15.5B
Goodwill & intangibles	6.5B	6.4B	6.4B	6.4B	6.4B	6.4B	23.7B	23.9B	23.7B	18.7B	18.7B	18.5B
Total assets	24B	23.3B	23B	23.1B	23.2B	22.8B	41.2B	42.4B	40.6B	38B	36.4B	36.5B
Accounts payable	2.4B	2.4B	2.3B	2.4B	2.4B	2.3B	4.2B	4.3B	3.8B	3.9B	3.8B	4.1B
Short-term debt	120M	138M	138M	259M	259M	193M	444M	225M	972M	992M	918M	1B
Total current liabilities	3.9B	4B	3.9B	4.1B	4.4B	4.3B	7B	7.1B	8B	7.9B	7.1B	7.5B
Long-term debt	5.9B	5.8B	5.8B	5.6B	5.6B	5.7B	9.7B	10.2B	9.4B	9.3B	8.6B	8.7B
Total liabilities	15.1B	14.9B	14.8B	14.5B	14.5B	14.6B	23.1B	23.8B	23.3B	23.1B	21.6B	22.1B
Shareholders' equity	8.9B	8.4B	8.3B	8.6B	8.6B	8.2B	18.1B	18.6B	17.3B	14.8B	14.8B	14.5B
Total debt	6B	5.9B	5.9B	5.9B	5.9B	5.9B	10.1B	10.4B	10.4B	10.3B	9.5B	9.7B
Net debt	4.8B	4.8B	4.8B	4.8B	4.7B	4.7B	8.9B	9.3B	9.4B	9.2B	8.3B	9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	902M	2.1B	2B	1.2B	482M	1.8B	1.5B	288M	557M	-3.5B
Depreciation & amortization	1.2B	1.4B	1.3B	1.3B	1.3B	1.2B	1B	1.4B	1.3B	2.9B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	30M	-403M	-431M	361M	379M	-394M	-186M	17M	-26M	-856M
Operating cash flow	2.4B	2.3B	3.2B	3.3B	2.6B	2.9B	1.8B	1.7B	1.7B	1.7B
Capital expenditure	-1.3B	-1.4B	-1.5B	-1.3B	-743M	-448M	-918M	-1.1B	-830M	—
Investing cash flow	-4.8B	-2.8B	-3.1B	-2.6B	-269M	6.1B	-608M	-668M	-808M	615M
Dividends paid	-733M	-769M	-789M	-796M	-806M	-780M	-673M	-642M	-643M	-977M
Share repurchases	-132M	-47M	-732M	-535M	-42M	-839M	-1.3B	-218M	-23M	-65M
Financing cash flow	982M	-373M	-2B	-2.5B	-2.7B	-7.3B	-2.1B	-874M	-775M	-708M
Net change in cash	-1.4B	-825M	-2B	-1.7B	-363M	1.7B	-879M	158M	131M	1.6B
Free cash flow	1.1B	366M	1.7B	2.3B	2.3B	1.5B	1.2B	692M	757M	-159M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	165M	-284M	56M	498M	150M	-147M	-105M	75M	-1.1B	-2.4B	60M	-12M
Depreciation & amortization	258M	689M	278M	261M	267M	499M	571M	480M	1.1B	698M	489M	488M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-2M	84M	15M	-7M	184M	-218M	-645M	-13M	-528M	8M	-194M	430M
Operating cash flow	389M	463M	373M	379M	497M	460M	-257M	572M	605M	905M	611M	526M
Capital expenditure	-227M	-305M	-250M	-195M	-660M	-174M	-247M	340M	—	—	—	—
Investing cash flow	-227M	-310M	-247M	-199M	-637M	-174M	237M	477M	0	-6M	1.1B	-391M
Dividends paid	-160M	-160M	-161M	-160M	-161M	-161M	-244M	-244M	-245M	-244M	-245M	-245M
Share repurchases	0	0	-22M	0	0	-1M	-62M	-1M	-1M	-1M	-30M	-1M
Financing cash flow	-299M	-204M	-191M	-174M	-223M	-187M	21M	-274M	-302M	-153M	-1B	-193M
Net change in cash	-137M	-51M	-65M	6M	-363M	99M	1M	775M	303M	746M	653M	-58M
Free cash flow	240M	187M	144M	167M	309M	137M	-618M	54M	150M	255M	94M	-7M

Date	Ratio
Oct 1, 2021	1056:1000
Jul 2, 2014	1014:1000
Sep 18, 1995	2:1
May 20, 1987	2:1

International Paper Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history