International Paper
IP · NYSEPaper Mills · Fiscal year ends Dec 31
International Paper reported revenue of $23.6B in the fiscal year ended Dec 2025, up 49.3% from the year before. Net income was −$3.5B. Operating cash flow of $1.7B less capital expenditure of $1.9B left free cash flow of −$159M. Net debt was $8.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $19.4B | $21.2B | $16B | $15.8B | $23.6B |
| Cost of revenue | $13.8B | $15.1B | $11.5B | $11.4B | $16.6B |
| Gross profit | $5.5B | $6B | $4.5B | $4.4B | $7B |
| Selling, general & admin | $1.4B | $1.3B | $1.3B | $1.7B | $2.1B |
| Net interest incomeBanks | −$337M | −$325M | −$230M | −$214M | −$372M |
| Interest expense | $430M | $403M | $418M | $432M | $551M |
| Pre-tax income | $999M | $1.5B | $402M | $369M | −$3.4B |
| Income tax | $188M | −$236M | $68M | −$361M | −$533M |
| Net income | $1.8B | $1.5B | $288M | $557M | −$3.5B |
| Diluted EPS | 4.47 | 4.10 | 0.82 | 1.57 | −6.95 |
| Diluted shares | 392M | 367M | 349M | 354M | 506M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $804M | $1.1B | $1.1B | $1.1B |
| Inventory | $1.8B | $1.9B | $1.9B | $1.5B | $2B |
| Current assets | $7.1B | $6.8B | $6.6B | $6.4B | $10.1B |
| Net PP&E | $10.4B | $10.4B | $10.2B | $7.9B | $14.4B |
| Goodwill | $3.1B | $3B | $3B | $3B | $5.3B |
| Total assets | $25.2B | $23.9B | $23.3B | $22.8B | $38B |
| Payables | $2.6B | $2.7B | $2.4B | $2.1B | $3.9B |
| Deferred revenue | $27M | $38M | $32M | $30M | $18M |
| Current liabilities | $4.1B | $5B | $4B | $4.3B | $7.9B |
| Short-term debt | $196M | $763M | $138M | $193M | $992M |
| Long-term debt | $5.4B | $4.8B | $5.5B | $5.4B | $8.8B |
| Shareholders' equity | $9.1B | $8.5B | $8.4B | $8.2B | $14.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2B | $2.2B | $1.8B | $1.7B | $1.7B |
| Capital expenditure | $480M | $931M | $1.1B | $921M | $1.9B |
| Free cash flow | $1.6B | $1.2B | $692M | $757M | −$159M |
| Depreciation & amortisation | $1.1B | $1B | $1.1B | $851M | $2.7B |
| Acquisitions | $80M | $0 | $0 | – | – |
| Share buybacks | $839M | $1.3B | $218M | $23M | $65M |
| Dividends paid | $780M | $673M | $642M | $643M | $977M |
| Dividend per share | 2.00 | 1.85 | 1.85 | 1.85 | 1.85 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.3% | −24.2% | −1.2% | 49.3% |
| EPS growth (YoY) | – | −8.3% | −80.0% | 91.5% | −542.7% |
| Gross margin | 28.6% | 28.4% | 28.2% | 28.0% | 29.6% |
| Net margin | 9.0% | 7.1% | 1.8% | 3.5% | −14.9% |
| Return on equityBlank when equity is negative | 19.3% | 17.7% | 3.4% | 6.8% | −23.7% |
| Free cash flow margin | 8.0% | 5.9% | 4.3% | 4.8% | −0.7% |
| Cash conversion (CFO ÷ net income) | 1.16x | 1.45x | 6.36x | 3.01x | −0.48x |
| Inventory days | 48 | 47 | 60 | 48 | 44 |
| Payable days | 69 | 65 | 77 | 68 | 86 |
| Debt ÷ equity | 0.61x | 0.66x | 0.67x | 0.68x | 0.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.3B | $4.8B | $4.5B | $4.5B | $8.7B |
| Current ratio | 1.71x | 1.35x | 1.67x | 1.51x | 1.28x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.