IP earnings analysis
What we found in IP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
International Paper reported Q1 2026 results with revenues of $5.97 billion, slightly below previous estimates. EPS matched expectations at $0.14, and free cash flow was positive at $94 million. Despite adverse weather conditions and increased operating costs, the company managed to achieve commercial growth in its North America segment, albeit with challenges in profitability due to cost pressures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Slightly Misses Estimates
- Reported revenue was $5.97 billion, missing the estimate of $6.02 billion by 1%.
- EPS Meets Expectations
- Diluted EPS was reported at $0.14, matching consensus estimates.
- Positive Free Cash Flow
- Free cash flow for the quarter stood at $94 million, a significant improvement over a negative FCF of $618 million in Q1 2025.
- Adjusted EBITDA Increased
- Adjusted EBITDA from continuing operations reached $677 million, slightly down from $689 million in Q4 2025, but improved from $758 million in Q1 2025.
- Segment Growth in PS NA
- Pricing and productivity measures led to an increase in sales in the North America segment, with net sales at $3.63 billion.
- Debt Reduction via Divestiture Proceeds
- Utilized $660 million of proceeds from the divestiture of the GCF business to reduce debt.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Inflation and Operating Cost Pressures
- Higher costs were noted, particularly from freight, with operating costs increasing to $4.24 billion compared to $3.80 billion year-over-year.
- Seasonal Revenue Decline Expected
- Management signaled that Q2 2026 adjusted EBITDA is anticipated to be lower sequentially due to seasonality and planned maintenance.
- Challenges in European Markets
- EMEA segment profitability was impacted by higher costs and lower prices, leading to negative operating profit of $51 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.14
- Segment
- North America: $3.63B
- Segment
- EMEA: $2.32B
What they said about what is next.
Expecting continued EBITDA pressure in Q2 2026 and projecting full-year capital expenditures of $2.0-$2.1 billion.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 27, 2026
- International Paper reports net sales of $23.63 billion in 2025 and completed the DS Smith acquisition while selling its Global Cellulose Fibers business for $1.5 billion (completed January 2026). The company emphasizes…
- 10-Q · November 6, 2025
- International Paper reported Q3 2025 earnings showing a significant decline with revenue at $6.22 billion, down from $6.77 billion in Q2 2025 and a GAAP EPS of -$2.09, missing estimates of $0.55. The quarter reflected…
- 10-Q · November 1, 2024
- Q3 results show modest top-line growth but margin and EPS compression. Net sales were $4,686 million, up $73 million (+1.6%) versus Q3 2023, while diluted EPS from continuing operations fell to $0.42 from $0.55 a year…
- 10-K · February 17, 2023
- International Paper positions itself as a global producer of renewable fiber-based packaging and pulp focused on its strategic framework “The IP Way Forward” and Vision 2030 sustainability goals (including SBTi‑approved…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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