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…
Earnings analysis · 10-Q
IP earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.14
What stood out
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Revenue Slightly Misses Estimates
Reported revenue was $5.97 billion, missing the estimate of $6.02 billion by 1%.
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EPS Meets Expectations
Diluted EPS was reported at $0.14, matching consensus estimates.
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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.
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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.
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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.
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Debt Reduction via Divestiture Proceeds
Utilized $660 million of proceeds from the divestiture of the GCF business to reduce debt.
What to watch
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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.
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Seasonal Revenue Decline Expected
Management signaled that Q2 2026 adjusted EBITDA is anticipated to be lower sequentially due to seasonality and planned maintenance.
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Challenges in European Markets
EMEA segment profitability was impacted by higher costs and lower prices, leading to negative operating profit of $51 million.
Management's outlook
Expecting continued EBITDA pressure in Q2 2026 and projecting full-year capital expenditures of $2.0-$2.1 billion.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.