International Paper Co. (IP) financial statements: income statement, balance sheet and cash flow
International Paper Co.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), International Paper Co. reported revenue of $23.6B (+26.9% year on year) and net income of ($3.5B) (-731.2% year on year).
Income statement
International Paper Co. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total net sales
$23.6B
$18.6B
$18.9B
—
Cost of products sold
$16.6B
$13.4B
$13.6B
$15.1B
Selling and administrative expenses
$2.0B
$1.8B
$1.4B
$1.3B
Depreciation and amortization
$2.7B
$1.3B
$1.4B
$1.0B
Distribution expenses
$2.0B
$1.5B
$1.6B
$1.8B
Taxes other than payroll and income taxes
$210.0M
$147.0M
$154.0M
$148.0M
Restructuring charges, net
$626.0M
$221.0M
$99.0M
$89.0M
Impairment of goodwill
$2.5B
—
—
—
Net (gains) losses on sales and impairments of businesses
($25.0M)
$0
$0
$76.0M
Net (gains) losses on sales and impairments of assets
$70.0M
—
—
—
Interest expense, net
$372.0M
$208.0M
$231.0M
$325.0M
Non-operating pension (income) expense
($12.0M)
($42.0M)
$54.0M
($192.0M)
Earnings (loss) from continuing operations before income taxes and equity earnings
($3.4B)
$147.0M
$382.0M
$1.5B
Income tax provision (benefit)
($533.0M)
($415.0M)
$59.0M
($236.0M)
Equity earnings (loss), net of taxes
($3.0M)
($5.0M)
($21.0M)
($6.0M)
EARNINGS (LOSS) FROM CONTINUING OPERATIONS
($2.8B)
$557.0M
$302.0M
$1.7B
Discontinued operations, net of taxes
($678.0M)
$0
($14.0M)
($237.0M)
NET EARNINGS (LOSS)
($3.5B)
$557.0M
$288.0M
$1.5B
Earnings (loss) from continuing operations (in dollars per share)
-$5.61
$1.60
$0.87
$4.79
Discontinued operations (in dollars per share)
-$1.34
$0.00
-$0.04
-$0.65
Net earnings (loss) (in dollars per share)
-$6.95
$1.60
$0.83
$4.14
International Paper Co. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net Sales
$6.0B
$6.0B
$6.2B
$6.8B
Cost of products sold
$4.3B
$4.2B
$4.3B
$4.9B
Selling and administrative expenses
$564.0M
$510.0M
$493.0M
$578.0M
Depreciation and amortization
$488.0M
$489.0M
$1.1B
$480.0M
Distribution expenses
$523.0M
$513.0M
$524.0M
$578.0M
Taxes other than payroll and income taxes
$42.0M
$41.0M
$40.0M
$49.0M
Restructuring charges, net
$9.0M
$23.0M
$342.0M
$39.0M
Net (gains) losses on sales and impairments of businesses
($11.0M)
—
$16.0M
($51.0M)
Net (gains) losses on sales and impairments of assets
$0
$0
$15.0M
$0
Interest expense, net
$87.0M
$76.0M
$85.0M
$107.0M
Non-operating pension expense (income)
($16.0M)
($18.0M)
($4.0M)
($5.0M)
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss)
($26.0M)
$93.0M
($675.0M)
$116.0M
Income tax provision (benefit)
($15.0M)
$17.0M
($250.0M)
$40.0M
Equity earnings (loss), net of taxes
($1.0M)
$0
($1.0M)
($1.0M)
Earnings (Loss) From Continuing Operations
($12.0M)
$76.0M
($426.0M)
—
Discontinued operations, net of taxes
$0
($16.0M)
($676.0M)
—
Net Earnings (Loss)
($12.0M)
$60.0M
($1.1B)
$75.0M
Earnings (loss) from continuing operations (in dollars per share)
-$0.02
$0.14
-$0.81
—
Discontinued operations (in dollars per share)
$0.00
-$0.03
-$1.28
—
Net earnings (loss) (in dollars per share)
-$0.02
$0.11
-$2.09
$0.14
Average Shares of Common Stock Outstanding - assuming dilution (in shares)
529.5M
531.8M
528.0M
532.6M
Balance sheet
International Paper Co. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and temporary investments
$1.1B
$1.2B
$1.1B
$804.0M
Accounts and notes receivable (less allowances of $70 in 2025 and $30 in 2024)
$3.8B
$3.0B
$3.1B
$3.3B
Contract assets
$635.0M
$396.0M
$433.0M
$481.0M
Assets held for sale
$1.8B
—
$0
$133.0M
Inventories
$2.0B
$1.8B
$1.9B
$1.9B
Other current assets
$723.0M
$108.0M
$114.0M
$126.0M
Total Current Assets
$10.1B
$6.4B
$6.6B
$6.8B
Plants, Properties and Equipment, net
$14.4B
$9.7B
$10.2B
$10.4B
Goodwill
$5.3B
$3.0B
$3.0B
$3.0B
Intangibles, net
$4.0B
—
—
—
Long-Term Financial Assets of Variable Interest Entities (Note 15)
$2.3B
$2.3B
$2.3B
$2.3B
Right of Use Assets
$697.0M
$433.0M
$448.0M
$424.0M
Overfunded Pension Plan Assets
$486.0M
$92.0M
$118.0M
$297.0M
Long-Term Assets Held For Sale
$0
—
—
$0
Deferred Charges and Other Assets
$514.0M
$664.0M
$421.0M
$497.0M
TOTAL ASSETS
$38.0B
$22.8B
$23.3B
$23.9B
Notes payable and current maturities of long-term debt
$992.0M
$193.0M
$138.0M
$763.0M
Accounts payable
$3.9B
$2.3B
$2.4B
$2.7B
Accrued payroll and benefits
$834.0M
$749.0M
$397.0M
$355.0M
Liabilities held for sale
$502.0M
—
—
—
Other current liabilities
$1.7B
$1.0B
$982.0M
$1.2B
Total Current Liabilities
$7.9B
$4.3B
$4.0B
$5.0B
Long-Term Debt
$8.8B
$5.4B
$5.5B
$4.8B
Deferred Income Taxes
$1.9B
$1.1B
$1.6B
$1.7B
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)
$2.1B
$2.1B
$2.1B
$2.1B
Long-Term Lease Obligations
$486.0M
$292.0M
$312.0M
$283.0M
Underfunded Pension Benefit Obligations
$316.0M
$233.0M
$280.0M
$281.0M
Postretirement and Postemployment Benefit Obligation
$133.0M
$133.0M
$140.0M
$150.0M
Long-Term Liabilities Held For Sale
$0
—
—
—
Other Liabilities
$1.4B
$1.2B
$1.1B
$1.1B
Common stock $1 par value, 2025 - 627.0 shares and 2024 - 448.9 shares
627.0M
449.0M
449.0M
449.0M
Paid-in capital
$14.4B
$4.7B
$4.7B
$4.7B
Retained earnings
$4.9B
$9.4B
$9.5B
$9.9B
Accumulated other comprehensive loss
($528.0M)
($1.7B)
($1.6B)
($1.9B)
Total Shareholders' Equity Before Treasury Stock
$19.4B
$12.9B
$13.1B
$13.1B
Less: Common stock held in treasury, at cost, 2025 – 99.0 shares and 2024 – 101.5 shares
4.6B
4.7B
4.8B
4.6B
Total Equity
$14.8B
$8.2B
$8.4B
$8.5B
TOTAL LIABILITIES AND EQUITY
$38.0B
$22.8B
$23.3B
$23.9B
International Paper Co. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and temporary investments
$726.0M
$1.2B
$995.0M
$1.1B
Accounts and notes receivable, net
$4.3B
$4.0B
$4.1B
$4.8B
Contract assets
$622.0M
$670.0M
$672.0M
$451.0M
Assets held for sale
$0
$85.0M
$1.8B
$58.0M
Inventories
$2.0B
$1.9B
$2.2B
$2.7B
Other current assets
$682.0M
$602.0M
$681.0M
$430.0M
Total Current Assets
$8.2B
$8.6B
$10.5B
$9.5B
Plants, Properties and Equipment, net
$14.8B
$14.3B
$14.5B
$16.9B
Goodwill
$5.3B
$5.3B
$7.7B
$7.5B
Intangibles, net
$3.9B
$4.1B
$4.2B
$4.4B
Long-Term Financial Assets of Variable Interest Entities (Note 15)
$2.4B
$2.4B
$2.3B
$2.3B
Right of Use Assets
$672.0M
$652.0M
$679.0M
$712.0M
Overfunded Pension Plan Assets
$533.0M
$507.0M
$246.0M
$218.0M
Deferred Charges and Other Assets
$659.0M
$732.0M
$487.0M
$794.0M
Total Assets
$36.5B
$36.4B
$40.6B
$42.4B
Notes payable and current maturities of long-term debt
$1.0B
$918.0M
$972.0M
$225.0M
Accounts payable
$4.1B
$3.8B
$3.8B
$4.3B
Accrued payroll and benefits
$732.0M
$693.0M
$821.0M
$675.0M
Liabilities held for sale
$0
$6.0M
$439.0M
—
Other current liabilities
$1.6B
$1.6B
$1.9B
$1.9B
Total Current Liabilities
$7.5B
$7.1B
$8.0B
$7.1B
Long-Term Debt
$8.2B
$8.2B
$9.0B
$9.7B
Deferred Income Taxes
$1.9B
$2.0B
$1.9B
$2.6B
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15)
$2.1B
$2.1B
$2.1B
$2.1B
Long-Term Lease Obligations
$471.0M
$450.0M
$450.0M
$475.0M
Underfunded Pension Benefit Obligation
$296.0M
$297.0M
$310.0M
$308.0M
Postretirement and Postemployment Benefit Obligation
$128.0M
$131.0M
$123.0M
$126.0M
Other Liabilities
$1.4B
$1.4B
$1.4B
$1.3B
Common stock, $1 par value, 2026 – 627.0 shares and 2025 – 627.0 shares
627.0M
627.0M
627.0M
627.0M
Paid-in capital
$14.4B
$14.4B
$14.4B
$14.4B
Retained earnings
$4.4B
$4.7B
$7.5B
$8.9B
Accumulated other comprehensive income (loss)
($485.0M)
($366.0M)
($646.0M)
($672.0M)
Total Shareholders' Equity Before Treasury Stock
$19.0B
$19.3B
$21.9B
$23.2B
Less: Common stock held in treasury, at cost, 2026 – 97.5 shares and 2025 – 99.0 shares
4.5B
4.5B
4.6B
4.6B
Total Equity
$14.5B
$14.8B
$17.3B
$18.6B
Total Liabilities and Equity
$36.5B
$36.4B
$40.6B
$42.4B
Cash flow statement
International Paper Co. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earnings (loss)
($3.5B)
$557.0M
$288.0M
$1.5B
Depreciation and amortization
$2.9B
$1.3B
$1.4B
—
Deferred income tax provision (benefit), net
($855.0M)
($473.0M)
($156.0M)
($773.0M)
Restructuring charges, net
$618.0M
—
—
—
Impairment of goodwill
$2.5B
—
—
—
Net (gains) losses on sales and impairments of businesses
$1.0B
$0
$0
$76.0M
Net (gains) losses on sales and impairments of assets
($70.0M)
—
—
—
Net (gains) losses on sales and impairments of equity method investments
$0
$0
$153.0M
$543.0M
Periodic pension (income) expense, net
$39.0M
$1.0M
$94.0M
($116.0M)
Equity method dividends received
$0
$0
$13.0M
$204.0M
Other, net
($78.0M)
$130.0M
$20.0M
$108.0M
Accounts and notes receivable
$91.0M
$59.0M
$255.0M
($59.0M)
Contract assets
($21.0M)
$36.0M
$48.0M
($103.0M)
Inventories
$158.0M
$12.0M
$73.0M
($162.0M)
Accounts payable and other liabilities
($1.0B)
($140.0M)
($402.0M)
$110.0M
Interest payable
$22.0M
$16.0M
($19.0M)
$41.0M
Other
($57.0M)
$7.0M
$43.0M
$28.0M
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$1.7B
$1.7B
$1.8B
$2.2B
Capital expenditures
($1.9B)
—
—
—
Acquisitions, net of cash acquired
$414.0M
—
$0
$0
Proceeds from divestitures, net of transaction costs
$141.0M
—
$0
$0
Proceeds from sales of equity method investments, net of transaction costs
$0
$0
$472.0M
$0
Proceeds from sale of fixed assets
$218.0M
$91.0M
$4.0M
$13.0M
Proceeds from insurance recoveries
$28.0M
$25.0M
—
—
Other
$32.0M
($3.0M)
($3.0M)
($1.0M)
CASH PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES
($1.0B)
($808.0M)
($668.0M)
($608.0M)
Issuance of debt
$409.0M
$102.0M
$783.0M
$1.0B
Reduction of debt
($255.0M)
($141.0M)
($780.0M)
($1.0B)
Change in book overdrafts
$181.0M
($69.0M)
($8.0M)
$1.0M
Repurchases of common stock and payments of restricted stock tax withholding
($65.0M)
($23.0M)
($218.0M)
($1.3B)
Dividends paid
($977.0M)
($643.0M)
($642.0M)
($673.0M)
Other
($1.0M)
($1.0M)
($1.0M)
($3.0M)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
($708.0M)
($775.0M)
($866.0M)
($2.1B)
Effect of Exchange Rate Changes on Cash
$25.0M
($38.0M)
$10.0M
($3.0M)
Change in Cash and Temporary Investments
($9.0M)
$57.0M
$309.0M
($491.0M)
Beginning of the period
$1.2B
$1.1B
$804.0M
$1.3B
End of the period
$1.2B
$1.2B
$1.1B
$804.0M
International Paper Co. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net earnings (loss)
$48.0M
$60.0M
($1.1B)
($30.0M)
Depreciation and amortization
$977.0M
$489.0M
$2.2B
$1.1B
Deferred income tax provision (benefit), net
($9.0M)
$7.0M
($738.0M)
($95.0M)
Restructuring charges, net
$32.0M
$23.0M
$459.0M
$122.0M
Net (gains) losses on sales and impairments of businesses
($8.0M)
$3.0M
$973.0M
($51.0M)
Net (gains) losses on sales and impairments of assets
$0
$0
($52.0M)
—
Periodic pension (income) expense, net
$6.0M
$13.0M
$20.0M
$16.0M
Other, net
$37.0M
$52.0M
($54.0M)
($75.0M)
Accounts and notes receivable
($303.0M)
($158.0M)
($166.0M)
($211.0M)
Contract assets
$8.0M
($39.0M)
($62.0M)
($53.0M)
Inventories
$29.0M
$58.0M
($53.0M)
$28.0M
Accounts payable
$394.0M
$158.0M
—
—
Other current liabilities
($182.0M)
($272.0M)
—
—
Other current assets
$108.0M
$217.0M
—
—
Cash Provided By (Used For) Operations
$1.1B
$611.0M
$793.0M
$188.0M
Capital expenditures
($1.1B)
($517.0M)
($1.2B)
($752.0M)
Acquisitions, net of cash acquired
($455.0M)
$0
$414.0M
$419.0M
Proceeds from divestitures, net of cash divested
$1.1B
$1.1B
$138.0M
$138.0M
Proceeds from sale of fixed assets
$31.0M
$21.0M
$108.0M
$93.0M
Proceeds from insurance recoveries
$44.0M
$8.0M
$33.0M
$28.0M
Other
($2.0M)
($6.0M)
($124.0M)
($148.0M)
Cash Provided By (Used For) Investment Activities
($349.0M)
$565.0M
($478.0M)
($38.0M)
Issuance of debt
$92.0M
$0
$422.0M
$349.0M
Reduction of debt
($593.0M)
($660.0M)
($193.0M)
($149.0M)
Change in book overdrafts
($185.0M)
($84.0M)
$14.0M
$99.0M
Repurchases of common stock and payments of restricted stock tax withholding
($31.0M)
($30.0M)
($64.0M)
($63.0M)
Dividends paid
($490.0M)
($245.0M)
($733.0M)
($488.0M)
Other
($5.0M)
—
$36.0M
$36.0M
Cash Provided By (Used For) Financing Activities
($1.2B)
($1.0B)
($555.0M)
($253.0M)
Effect of Exchange Rate Changes on Cash and Temporary Investments