INTERNATIONAL PAPER CO /NEW/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INTERNATIONAL PAPER CO /NEW/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19,495	21,743	23,306	18,317	17,565	19,363	21,161	16,033	15,835	23,634
Cost of revenue	14,057	14,802	15,555	12,669	12,339	13,832	15,143	11,512	11,397	16,637
Gross profit	5,438	6,941	7,751	5,648	5,226	5,531	6,018	4,521	4,438	6,997
Selling, general and administrative	1,458	1,621	1,723	1,449	1,353	1,385	1,293	1,257	1,703	2,050
Interest expense	695	758	734	701	597	430	403	418	432	551
Interest income	175	186	198	202	151	93	78	188	218	179
Other non-operating income					-7
Pre-tax income	795	848	1,781	921	329	999	1,511	402	369	-3,368
Income tax	193	-1,085	445	477	176	188	-236	68	-361	-533
Income from continuing operations	802	2,110	1,667	699	182	811	1,741	313	725	-2,838
Net income to minority interests	-2	0	5	-5	0	2	0	0
Net income	904	2,144	2,012	1,225	482	1,752	1,504	288	557	-3,516
EPS, basic	2.20	5.19	4.91	3.10	1.23	4.50	4.14	0.83	1.60	-6.95
EPS, diluted	2.18	5.13	4.85	3.07	1.22	4.47	4.10	0.82	1.57	-6.95
Shares, basic (weighted)	411	413	409	395	393	389	364	347	347	506
Shares, diluted (weighted)	416	418	414	399	396	392	367	349	354	506
Dividend per share	1.78	1.86	1.93	2.01	2.05	2.00	1.85	1.85	1.85	1.85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,033	1,018	589	511	595	1,295	804	1,113	1,062	1,145
Receivables	2,852	3,287	3,521	3,280	2,632	3,232	3,284	3,059	2,402	3,791
Inventory	2,233	2,313	2,241	2,208	1,626	1,814	1,942	1,889	1,486	2,012
Other current assets	191	282	250	247	141	132	126	114	96	723
Total current assets	6,670	8,277	6,996	6,639	11,236	7,096	6,770	6,608	6,424	10,106
Property, plant and equipment	13,003	13,265	13,067	13,004	10,945	10,441	10,431	10,150	7,916	14,443
Lease right-of-use assets			0	434	387	365	424	448	402	697
Goodwill	3,364	3,411	3,374	3,114	3,115	3,130	3,041	3,041	3,038	5,326
Intangible assets	547	482	393	368	301	268	220	183	72	4,043
Long-term investments	360	390	1,648	1,721
Other non-current assets	1,189	1,061	1,019	847	628	590	497	421	648	514
Total assets	33,093	33,903	33,576	33,471	31,718	25,243	23,940	23,261	22,800	37,964
Accounts payable	2,199	2,458	2,413	2,423	2,035	2,606	2,708	2,442	2,110	3,902
Accrued liabilities	401	485	535	466	410	440	355	397	680	834
Deferred revenue		53	56	56	21	27	38	32	30	18
Short-term debt	239	311	639	168	26	196	763	138	191	992
Total current liabilities	4,069	5,102	4,694	8,646	8,284	4,144	5,000	3,959	4,258	7,899
Long-term debt	11,075	10,846	10,015	9,597	8,042	5,383	4,816	5,455	5,362	8,839
Lease liabilities			0	304	256	236	283	312	269	486
Other non-current liabilities	441	567	560	640	968	1,099	1,075	1,095	1,100	1,439
Total liabilities	28,734	27,362	26,193	25,753	23,850	16,161	15,443	14,906	14,627	23,137
Total debt	11,314	11,157	10,654	9,765	8,068	5,579	5,579	5,593	5,555	9,831
Paid-in capital	6,189	6,206	6,280	6,297	6,325	4,668	4,725	4,730	4,732	14,414
Retained earnings	4,818	6,180	7,465	8,408	8,070	9,029	9,855	9,491	9,393	4,885
Treasury stock	-1,753	-1,680	-2,332	-2,702	-2,648	-3,398	-4,607	-4,750	-4,679	-4,571
Other comprehensive income	-5,362	-4,633	-4,500	-4,739	-4,342	-1,666	-1,925	-1,565	-1,722	-528
Shareholders' equity	4,341	6,522	7,362	7,713	7,854	9,082	8,497	8,355	8,173	14,827
Minority interests	18	19	21	5	14	0
Total equity	4,359	6,541	7,383	7,718	7,868	9,082	8,497	8,355	8,173	14,827
Total liabilities and equity	33,093	33,903	33,576	33,471	31,718	25,243	23,940	23,261	22,800	37,964
Shares outstanding	449	449	449	449	449	449	449	449	449	627

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	902	2,144	2,017	1,220	482	1,754	1,504	288	557	-3,516
Depreciation and amortization	1,124	1,343	1,328	1,072	1,091	1,097	1,040	1,146	851	2,747
Deferred income tax	136	-1,101	16	222	50	-309	-773	-110	-358	-615
Change in inventory	11	-87	-236	-1	35	-263	-162	73	12	158
Change in payables	98	114	151	139	141	519	110	-402	-140	-1,027
Cash from operations	2,478	1,757	3,226	3,610	3,063	2,030	2,174	1,833	1,678	1,698
Capital expenditures	-1,241	-1,280	-1,572	-1,137	-663	-480	-931	-1,141	-921	-1,857
Acquisitions	-2,228	-45	-8	-103	-65	-80	0	0
Purchases of investments	0	0
Cash from investing	-3,498	-1,391	-1,569	-1,300	-269	6,054	-608	-668	-808	-1,024
Debt issued	3,830	1,907	490	534	583	1,512	1,011	783	102	409
Debt repaid	-1,938	-1,424	-1,008	-1,507	-2,278	-2,509	-1,017	-780	-141	-255
Stock issued	0	0
Share buybacks	-132	-47	-732	-535	-42	-839	-1,284	-218	-23	-65
Dividends paid	-733	-769	-789	-796	-806	-780	-673	-642	-643	-977
Cash from financing	982	-399	-2,046	-2,389	-2,700	-7,375	-2,054	-866	-775	-708
Exchange rate effect	21	18	-40	1	-8	-9	-3	10	-38
Net change in cash	-17	-15	-429	-78	84	700	-491	309	57	-9
Free cash flow	1,237	477	1,654	2,473	2,400	1,550	1,243	692	757	-159
Interest paid	682	782	772	748	682	473	380	459	437	550
Income taxes paid	90	7	388	349	162	601	345	340	394	161

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $34.00 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.8%	Gross profit / revenue.
Pre-tax margin	-13.5%	Pre-tax income / revenue.
Net margin	-14.2%	Net income / revenue.
FCF margin	2.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.9%	Cash from operations / revenue.
Return on equity (ROE)	-23.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.4%	Net income / average total assets.
SG&A / revenue	8.7%	Selling, general and administrative expense / revenue.
Capex / revenue	8.9%	Capital expenditures / revenue.
D&A / revenue	11.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	49.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	57.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-731.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-542.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	1.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-7.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-11.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-121.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-2.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	81.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	66.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	42.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.64x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.2%	Total debt / total assets.
Liabilities / assets	60.4%	Total liabilities / total assets.
Net debt	$8.47B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$738.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	1.63x	Revenue / average property, plant and equipment.
Inventory turnover	8.67x	Cost of revenue / average inventory.
Days inventory	42 days	365 x average inventory / cost of revenue.
Receivables turnover	5.69x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	89 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	18 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	81.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$6.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$45.71	Revenue / diluted weighted shares.
FCF per share	$0.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.00	Cash from operations / diluted weighted shares.
Book value per share	$23.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.33	Tangible book value / shares outstanding.
Cash per share	$1.16	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	199.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$18.01B	Share price x shares outstanding.
Enterprise value	$26.48B	Market cap + total debt - cash - short-term investments.
P/S	0.74x	Market cap / revenue.
P/B	1.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.45x	Market cap / tangible book value, when positive.
P/FCF	36.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.80x	Market cap / cash from operations, when positive.
EV/Sales	1.09x	Enterprise value / revenue.
EV/FCF	53.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	-19.1%	Net income / market cap (the inverse of P/E).
Dividend yield	5.4%	Dividends paid over the period / market cap.
Shareholder yield	5.6%	(Dividends paid + share buybacks) / market cap.

What was INTERNATIONAL PAPER CO /NEW/'s revenue in fiscal 2025?

INTERNATIONAL PAPER CO /NEW/ reported revenue of $23.63B for fiscal 2025, 49.3% higher than the year before.

Was INTERNATIONAL PAPER CO /NEW/ profitable in fiscal 2025?

No. It reported a net loss of $3.52B.

How much free cash flow did INTERNATIONAL PAPER CO /NEW/ generate in fiscal 2025?

Cash from operations of $1.70B minus capital expenditures of $1.86B left free cash flow of -$159.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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