NYSE: IP
International Paper
Materials · Paper Mills
52-week range
$29.26$50.25
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$20.2B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $21.8B |
| FY2017, ended Dec 31, 2017 | $23.9B |
| FY2018, ended Dec 31, 2018 | $16.2B |
| FY2019, ended Dec 31, 2019 | $18.1B |
| FY2020, ended Dec 31, 2020 | $19.5B |
| FY2021, ended Dec 31, 2021 | $17.7B |
| FY2022, ended Dec 31, 2022 | $12.1B |
| FY2023, ended Dec 31, 2023 | $12.5B |
| FY2024, ended Dec 31, 2024 | $28.3B |
| FY2025, ended Dec 31, 2025 | $20.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $20.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$24.2B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $19.5B |
| FY2017, ended Dec 31, 2017 | $21.7B |
| FY2018, ended Dec 31, 2018 | $23.3B |
| FY2019, ended Dec 31, 2019 | $18.3B |
| FY2020, ended Dec 31, 2020 | $17.6B |
| FY2021, ended Dec 31, 2021 | $19.4B |
| FY2022, ended Dec 31, 2022 | $21.2B |
| FY2023, ended Dec 31, 2023 | $16.0B |
| FY2024, ended Dec 31, 2024 | $15.8B |
| FY2025, ended Dec 31, 2025 | $23.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $24.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $904M | $1.24B |
| FY2017, ended Dec 31, 2017 | $2.14B | $477M |
| FY2018, ended Dec 31, 2018 | $2.01B | $1.65B |
| FY2019, ended Dec 31, 2019 | $1.23B | $2.47B |
| FY2020, ended Dec 31, 2020 | $482M | $2.40B |
| FY2021, ended Dec 31, 2021 | $1.75B | $1.55B |
| FY2022, ended Dec 31, 2022 | $1.50B | $1.24B |
| FY2023, ended Dec 31, 2023 | $288M | $692M |
| FY2024, ended Dec 31, 2024 | $557M | $757M |
| FY2025, ended Dec 31, 2025 | −$3.52B | −$159M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | −$3.44B | $492M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$726M
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.03B |
| FY2017, ended Dec 31, 2017 | $1.02B |
| FY2018, ended Dec 31, 2018 | $589M |
| FY2019, ended Dec 31, 2019 | $511M |
| FY2020, ended Dec 31, 2020 | $595M |
| FY2021, ended Dec 31, 2021 | $1.29B |
| FY2022, ended Dec 31, 2022 | $804M |
| FY2023, ended Dec 31, 2023 | $1.11B |
| FY2024, ended Dec 31, 2024 | $1.06B |
| FY2025, ended Dec 31, 2025 | $1.15B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $726M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.22B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.3B |
| FY2017, ended Dec 31, 2017 | $11.2B |
| FY2018, ended Dec 31, 2018 | $10.7B |
| FY2019, ended Dec 31, 2019 | $9.77B |
| FY2020, ended Dec 31, 2020 | $8.07B |
| FY2021, ended Dec 31, 2021 | $5.58B |
| FY2022, ended Dec 31, 2022 | $5.58B |
| FY2023, ended Dec 31, 2023 | $5.59B |
| FY2024, ended Dec 31, 2024 | $5.55B |
| FY2025, ended Dec 31, 2025 | $9.83B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $9.22B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 28.8% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.530M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 411M |
| FY2017, ended Dec 31, 2017 | 413M |
| FY2018, ended Dec 31, 2018 | 400M |
| FY2019, ended Dec 31, 2019 | 392M |
| FY2020, ended Dec 31, 2020 | 393M |
| FY2021, ended Dec 31, 2021 | 376M |
| FY2022, ended Dec 31, 2022 | 350M |
| FY2023, ended Dec 31, 2023 | 346M |
| FY2024, ended Dec 31, 2024 | 526M |
| FY2025, ended Dec 31, 2025 | 529M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 530M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $33.0M more bought back than issued
Show tableHide table
| Period | Bought back | Sold for cash | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $132M | $0 | — |
| FY2017, ended Dec 31, 2017 | $47.0M | $0 | — |
| FY2018, ended Dec 31, 2018 | $732M | — | — |
| FY2019, ended Dec 31, 2019 | $535M | — | — |
| FY2020, ended Dec 31, 2020 | $42.0M | — | — |
| FY2021, ended Dec 31, 2021 | $839M | — | — |
| FY2022, ended Dec 31, 2022 | $1.28B | — | — |
| FY2023, ended Dec 31, 2023 | $218M | — | — |
| FY2024, ended Dec 31, 2024 | $23.0M | — | — |
| FY2025, ended Dec 31, 2025 | $65.0M | — | $9.91B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $33.0M | — | — |
Revenue (TTM)
$24.2B
+35.3% YoY
Net income (TTM)
−$3.44B
n/m YoY
Cash
$726M
−36.0% YoY
Total debt
$9.22B
−7.1% YoY
Valuation
At current price- Market Cap
- $19.3B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.8×
- Price / Book
- 1.3×
- EV / EBITDA
- 590×
Growth
Trailing 12 months- Revenue (TTM)
- $24.2B
- Revenue Growth YoY
- 35.3%
- Revenue CAGR 3Y
- 3.8%
- Revenue CAGR 5Y
- 6.1%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- 29.8%
- Operating Margin
- —
- Net Margin
- −14.2%
- FCF Margin
- 2.0%
- Return on Equity
- −20.8%
Earnings
Trailing 12 months- Net Income
- −$3.44B
- EPS (diluted)
- −$6.80
- EBITDA
- $47.0M
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $726M
- Total Debt
- $9.22B
- Net Debt
- $8.49B
- Total Assets
- $36.5B
- Total Liabilities
- $22.1B
- Shareholders' Equity
- $14.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.65B
- Capital Expenditure
- $2.15B
- Free Cash Flow
- $492M
Dividends and risk
Last 12 months- Dividend Yield
- 5.1%
- Dividend / Share
- $1.85
- Beta (5Y)
- 0.93
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 35.3% over the last year, to $24.2B.
Watch
Lost $3.44B over the last 12 months.
Watch
Net debt is 181× EBITDA ($8.49B), a heavy load.
Note
Free cash flow of $492M, 2.0% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K32Serious concerns
32Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 21, 2025 · Read the filing on EDGAR
- Sales fell 2% to $18.6 billion; net earnings rose to $557 million only because of a $416 million tax benefit, while pre-tax earnings fell 62%.
- International Paper completed its all-share purchase of DS Smith on January 31, 2025, issuing about 178 million new shares and adding a London listing.
- Cost cutting continued: 650 corporate jobs cut, five box plants and the Georgetown mill closing, and the Campti mill closing with about $357 million in charges.
- The company is reviewing strategic options for its loss-making Global Cellulose Fibers pulp business, with no assurance of a transaction.
Business momentum
Sharp deterioration
“Earnings from continuing operations before income taxes and equity earnings (loss) 147 382”
Outlook
Positive
“As we progress further in the year, we expect our earnings to progressively ramp up as the commercial contract restructuring is completed and the 80/20 initiatives deliver value.”
Financial stress
Low
“Our liquidity position remains strong, supported by approximately $1.9 billion of credit facilities.”
Tone against the previous report
About the same
Red flags
- Medium
Weak internal controls
“Designing, implementing and maintaining effective internal control over financial reporting and remediating the previously disclosed material weaknesses of DS Smith”
- Medium
Large write-down
“We estimate that the closure will result in aggregate pre-tax charges of approximately $357 million”
- Minor
Major lawsuit
“there can be no guarantee that the aggregate of possible damages could not have a material impact on our financial condition”
- Minor
Other
“conditional on International Paper entering into commitments to divest its plants in Mortagne, Saint-Amand, and Cabourg (France), Over (Portugal) and Bilbao (Spain)”
Positives
DS Smith deal closed, adding scale in North America and Europe
“we completed the acquisition of DS Smith on January 31, 2025, creating a global leader in sustainable packaging solutions”
Free cash flow rose despite lower earnings before tax
“The Company generated free cash flow of approximately $757 million in 2024 and $692 million in 2023.”
Corporate restructuring should cut about $120 million of yearly costs
“We expect this to reduce costs by approximately $120 million on a run rate basis.”
Concerns
Net earnings growth came from a one-time tax benefit
“This includes a tax benefit of $416 million related to internal legal entity restructuring.”
Mill breakdowns pushed costs up through the year
“Mill reliability was an issue in 2024 resulting in elevated costs throughout the year.”
Selling and administrative costs jumped, mainly on incentive pay
“The increase in 2024 compared to the 2023 was primarily driven by higher incentive compensation of $325 million.”
New risks since the previous report
Integrating DS Smith may cost more or deliver less than expected
“The complexity and magnitude of the integration effort associated with the business combination are significant, and integrating DS Smith has resulted, and will continue to result, in significant costs.”
Greater exposure to pound and euro exchange rates after the deal
“Our financial condition and results of operation will therefore be more sensitive to movements in foreign exchange rates.”
Uncertain outcome of the pulp business strategic review
“There can be no assurance that this review will result in any kind of transaction or other outcome, or, if any transaction or other outcome occurs, the timing or terms thereof.”
US tariffs and retaliation could raise costs and hurt exports
“Tariffs could increase the cost of our products and the components and raw materials that go into making them.”
Dual New York and London listing could cause price gaps and added cost
“Our maintenance of two exchange listings may adversely affect liquidity in the market for our shares of common stock and result in pricing differentials of shares of common stock between the two exchanges.”
Biggest risks named
- Failure to integrate DS Smith and achieve expected savings
- Weak economy and lower demand or prices for packaging and pulp
- Rising costs of raw materials, energy and transport
- Restructuring and mill closures failing to deliver expected savings
- Tariffs, trade tensions and currency swings across global operations
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −14.1 | |
| New risks | −2 | |
| Score | 32 | |
Written by AI (Claude Opus 5.5) from the report’s text. 18 of 18 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 21, 2025 | 32 | Sharp deterioration | 2 medium2 minor | |
| 10-K | Feb 16, 2024 | 41 | Sharp deterioration | 1 medium | |
| 10-K | Feb 17, 2023 | 47 | Mixed | 1 medium1 minor | |
| 10-K | Feb 18, 2022 | 59 | Mixed | 1 minor | |
| 10-K | Feb 19, 2021 | 45 | Sharp deterioration | 1 medium | |
| 10-K | Feb 19, 2020 | 34 | Sharp deterioration | 2 medium | |
| 10-K | Feb 20, 2019 | 59 | Mixed | 1 minor | |
| 10-K | Feb 22, 2018 | 58 | Mixed | 1 medium | |
| 10-K | Feb 22, 2017 | 55 | Weakening | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR