Detailed financial statements for International Paper Company (IP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
International Paper Company, established in 1898 and headquartered in Memphis, Tennessee, functions as a leading global packaging enterprise. Its extensive operational footprint spans the United States, Europe, the Middle East, Africa, the Pacific Rim, Asia, and various other regions across the Americas. The company's business activities are structured into two principal divisions: Industrial Packaging and Global Cellulose Fibers.
Analysis Summary
International Paper Company reported revenue of $24.90B in the most recent fiscal year, growing at a 5-year CAGR of 7.2%.
Trailing-twelve-month margins: gross margin 27.7%, operating margin -11.5%, net margin -14.2%.
At the current price of $32.05, IP has negative trailing earnings (P/E not meaningful) and an ROE of -23.71%. Market capitalisation stands at $17.0B, placing it among large-cap names.
Balance sheet quality for IP: current ratio of 1.3, net debt of $9.66B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.50B | $21.74B | $23.31B | $18.32B | $17.57B | $19.36B | $21.16B | $18.92B | $18.62B | $24.90B |
| Cost of Revenue | $13.42B | $14.80B | $15.55B | $12.67B | $13.38B | $13.83B | $15.14B | $15.06B | $13.38B | $17.55B |
| Gross Profit | $6.08B | $6.94B | $7.75B | $5.65B | $4.18B | $5.53B | $6.02B | $3.85B | $5.24B | $7.35B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.69B | $3.06B | $3.29B | $2.70B | $2.64B | $2.83B | $3.08B | $2.51B | $3.31B | $3.73B |
| Operating Expenses | $3.97B | $4.57B | $4.79B | $3.90B | $2.78B | $4.07B | $4.26B | $2.67B | $4.77B | $10.17B |
| Operating Income | $2.10B | $2.37B | $2.96B | $1.74B | $1.40B | $1.47B | $1.75B | $1.19B | $476.0M | -$2.82B |
| EBITDA | $2.72B | $3.03B | $3.84B | $2.93B | $2.06B | $2.64B | $2.95B | $2.27B | $1.88B | -$138.0M |
| Interest Expense | $695.0M | $758.0M | $734.0M | $701.0M | $596.0M | $430.0M | $403.0M | $421.0M | $430.0M | $372.0M |
| Pre-tax Income | $993.0M | $1.02B | $2.12B | $1.17B | $406.0M | $1.00B | $1.50B | $361.0M | $142.0M | -$3.35B |
| Income Tax | $193.0M | -$1.08B | $445.0M | $477.0M | $176.0M | $188.0M | -$236.0M | $59.0M | -$415.0M | -$532.0M |
| Net Income | $904.0M | $2.14B | $2.01B | $1.23B | $230.0M | $1.75B | $1.50B | $302.0M | $557.0M | -$3.52B |
| EPS | $2.20 | $5.19 | $4.91 | $3.10 | $1.23 | $4.50 | $4.14 | $0.83 | $1.60 | $-6.71 |
| EPS (Diluted) | $2.18 | $5.13 | $4.86 | $2.43 | $1.22 | $4.47 | $4.10 | $0.87 | $1.57 | $-6.71 |
| Shares Outstanding (Diluted) | $415.6M | $417.7M | $414.2M | $398.8M | $395.7M | $392.4M | $367.0M | $349.1M | $354.2M | $528.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $6.22B | $6.01B | $5.97B | $6.00B |
| Gross Profit | $1.94B | $1.88B | $1.24B | $1.66B |
| Operating Income | -$426.0M | -$2.56B | $174.0M | $45.0M |
| EBITDA | $424.0M | -$1.86B | $658.0M | $549.0M |
| Net Income | -$1.10B | -$2.38B | $60.0M | -$12.0M |
| EPS | $-2.09 | $-4.52 | $0.11 | $-0.02 |
| EPS (Diluted) | $-2.09 | $-4.52 | $0.11 | $-0.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.03B | $1.02B | $589.0M | $511.0M | $468.0M | $1.29B | $804.0M | $1.11B | $1.17B | $1.15B |
| Short-term Investments | 0 | 0 | 0 | 0 | $4.85B | $245.0M | 0 | 0 | 0 | 0 |
| Receivables | $2.85B | $3.29B | $3.92B | $3.67B | $2.96B | $3.61B | $3.77B | $3.49B | $3.36B | $4.43B |
| Inventory | $2.23B | $2.31B | $2.24B | $2.21B | $1.63B | $1.81B | $1.94B | $1.89B | $1.78B | $2.01B |
| Total Current Assets | $6.67B | $8.28B | $7.00B | $6.64B | $11.24B | $7.10B | $6.77B | $6.61B | $6.42B | $10.11B |
| Property, Plant & Equipment | $13.00B | $13.27B | $13.07B | $13.44B | $11.33B | $10.81B | $10.86B | $10.60B | $10.09B | $15.14B |
| Goodwill | $3.36B | $3.41B | $3.37B | $3.35B | $3.12B | $3.13B | $3.04B | $3.04B | $3.04B | $5.33B |
| Intangible Assets | $547.0M | $482.0M | $393.0M | $368.0M | $301.0M | $268.0M | $220.0M | $183.0M | $145.0M | $4.04B |
| Total Assets | $33.09B | $33.90B | $33.58B | $33.47B | $31.72B | $25.24B | $23.94B | $23.26B | $22.80B | $37.96B |
| Accounts Payable | $2.20B | $2.46B | $2.41B | $2.42B | $2.04B | $2.61B | $2.71B | $2.44B | $2.32B | $6.41B |
| Short-term Debt | $239.0M | $311.0M | $639.0M | $4.39B | $4.25B | $196.0M | $763.0M | $138.0M | $193.0M | $992.0M |
| Total Current Liabilities | $4.07B | $5.10B | $4.69B | $8.65B | $8.28B | $4.14B | $5.00B | $3.96B | $4.26B | $7.90B |
| Long-term Debt | $17.36B | $17.14B | $16.31B | $11.68B | $8.04B | $5.38B | $4.82B | $5.46B | $5.37B | $9.32B |
| Total Liabilities | $28.99B | $27.36B | $26.19B | $25.75B | $23.85B | $16.16B | $15.44B | $14.91B | $14.63B | $23.14B |
| Retained Earnings | $4.82B | $6.18B | $7.46B | $8.41B | $8.07B | $9.03B | $9.86B | $9.49B | $9.39B | $4.88B |
| Total Equity | $4.34B | $6.52B | $7.36B | $7.71B | $7.85B | $9.08B | $8.50B | $8.36B | $8.17B | $14.83B |
| Total Debt | $17.60B | $17.45B | $16.95B | $16.37B | $12.54B | $5.82B | $5.86B | $5.91B | $5.85B | $10.80B |
| Net Debt | $16.57B | $16.43B | $16.36B | $15.86B | $7.23B | $4.28B | $5.06B | $4.79B | $4.68B | $9.66B |
| Working Capital | $2.60B | $3.17B | $2.30B | -$2.01B | $2.95B | $2.95B | $1.77B | $2.65B | $2.17B | $2.21B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $995.0M | $1.15B | $1.24B | $726.0M |
| Total Assets | $40.57B | $37.96B | $36.43B | $36.52B |
| Total Liabilities | $23.25B | $23.14B | $21.63B | $22.07B |
| Total Equity | $17.32B | $14.83B | $14.81B | $14.46B |
| Total Debt | $10.41B | $10.80B | $9.54B | $9.69B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $902.0M | $2.14B | $2.02B | $1.22B | $482.0M | $1.75B | $1.50B | $288.0M | $557.0M | -$3.52B |
| Depreciation & Amortization | $1.12B | $1.34B | $1.33B | $1.31B | $1.29B | $1.11B | $1.04B | $1.47B | $1.30B | $2.88B |
| Stock-based Compensation | $124.0M | 0 | $135.0M | $130.0M | 0 | 0 | $124.0M | $58.0M | $82.0M | 0 |
| Change in Working Capital | $71.0M | -$402.0M | -$439.0M | $342.0M | $324.0M | -$426.0M | -$145.0M | -$2.0M | -$10.0M | -$834.0M |
| Operating Cash Flow | $2.48B | $1.76B | $3.23B | $3.61B | $3.06B | $2.03B | $2.17B | $1.83B | $1.68B | $1.70B |
| Capital Expenditure | -$1.35B | -$1.39B | -$1.57B | -$1.28B | -$751.0M | -$549.0M | -$931.0M | -$1.14B | -$921.0M | -$1.86B |
| Acquisitions | -$2.12B | -$41.0M | -$48.0M | -$22.0M | -$17.0M | $848.0M | $13.0M | $4.0M | $91.0M | $414.0M |
| Stock Repurchased | -$132.0M | -$47.0M | -$732.0M | -$535.0M | -$42.0M | -$839.0M | -$1.28B | -$218.0M | -$23.0M | -$65.0M |
| Dividends Paid | -$733.0M | -$769.0M | -$789.0M | -$796.0M | -$806.0M | -$780.0M | -$673.0M | -$642.0M | -$643.0M | -$977.0M |
| Free Cash Flow | $1.13B | $366.0M | $1.65B | $2.33B | $2.31B | $1.48B | $1.24B | $692.0M | $757.0M | -$159.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $605.0M | $905.0M | $611.0M | $526.0M |
| Capital Expenditure | -$455.0M | -$650.0M | -$517.0M | -$533.0M |
| Free Cash Flow | $150.0M | $255.0M | $94.0M | -$7.0M |
| Dividends Paid | -$245.0M | -$244.0M | -$245.0M | -$245.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.5% | +7.2% | -21.4% | -4.1% | +10.2% | +9.3% | -10.6% | -1.6% | +33.7% | |
| Net Income Growth (YoY) | +137.2% | -6.2% | -39.1% | -81.2% | +661.7% | -14.2% | -79.9% | +84.4% | -731.2% | |
| EPS Growth (YoY) | +135.9% | -5.4% | -36.9% | -60.3% | +265.9% | -8.0% | -80.0% | +92.8% | -519.4% | |
| Shares Change (YoY) | +0.5% | -0.8% | -3.7% | -0.8% | -0.8% | -6.5% | -4.9% | +1.5% | +49.1% | |
| FCF Growth (YoY) | -67.6% | +351.9% | +41.1% | -0.9% | -35.9% | -16.1% | -44.3% | +9.4% | -121.0% | |
| Gross Margin | 31.2% | 31.9% | 33.3% | 30.8% | 23.8% | 28.6% | 28.4% | 20.4% | 28.2% | 29.5% |
| Operating Margin | 10.8% | 10.9% | 12.7% | 9.5% | 8.0% | 7.6% | 8.3% | 6.3% | 2.6% | -11.3% |
| EBITDA Margin | 13.9% | 13.9% | 16.5% | 16.0% | 11.7% | 13.6% | 14.0% | 12.0% | 10.1% | -0.6% |
| Net Margin | 4.6% | 9.9% | 8.6% | 6.7% | 1.3% | 9.0% | 7.1% | 1.6% | 3.0% | -14.1% |
| FCF Margin | 5.8% | 1.7% | 7.1% | 12.7% | 13.2% | 7.6% | 5.9% | 3.7% | 4.1% | -0.6% |
| Effective Tax Rate | 19.4% | -105.9% | 21.0% | 40.7% | 43.3% | 18.8% | -15.7% | 16.3% | -292.3% | 15.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.72 | $0.88 | $3.99 | $5.85 | $5.84 | $3.77 | $3.39 | $1.98 | $2.14 | $-0.30 |
| Dividends Per Share | $1.76 | $1.84 | $1.90 | $2.00 | $2.04 | $1.99 | $1.83 | $1.84 | $1.82 | $1.85 |
| Shares Outstanding (Basic) | $410.9M | $413.1M | $409.8M | $395.2M | $391.9M | $389.3M | $363.3M | $347.0M | $347.2M | $528.0M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | -23.71% |
| Return on Invested Capital | -7.64% |
| Return on Assets | -9.26% |
| Gross Margin | 27.75% |
| Operating Margin | -11.45% |
| Net Margin | -14.20% |
Financial Health
| Debt / Equity | 0.67 |
| Current Ratio | 1.10 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.20 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.84 | 10.57 | 7.78 | 14.06 | 38.28 | 10.44 | 8.36 | 43.55 | 33.64 | -5.87 |
| P/B | 4.76 | 3.47 | 2.13 | 2.23 | 2.35 | 2.01 | 1.48 | 1.50 | 2.29 | 1.40 |
| P/S | 1.06 | 1.04 | 0.67 | 0.94 | 1.05 | 0.94 | 0.59 | 0.66 | 1.00 | 0.84 |
| Gross Margin | 31.2% | 31.9% | 33.3% | 30.8% | 23.8% | 28.6% | 28.4% | 20.4% | 28.2% | 29.5% |
| Operating Margin | 10.8% | 10.9% | 12.7% | 9.5% | 8.0% | 7.6% | 8.3% | 6.3% | 2.6% | -11.3% |
| Net Margin | 4.6% | 9.9% | 8.6% | 6.7% | 1.3% | 9.0% | 7.1% | 1.6% | 3.0% | -14.1% |
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Explore sector: Basic Materials · Paper, Lumber & Forest Products
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