International Paper Co Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows International Paper Co (IP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 40/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

International Paper Co's revenue declined 1.6% year-over-year, from $18.9B to $18.6B. This contraction results in a growth score of 24/100.

Leverage

International Paper Co carries a low D/E ratio of 0.66, meaning only $0.66 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

International Paper Co's current ratio of 1.51 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

International Paper Co's free cash flow margin of 4.1% results in a low score of 20/100. Capital expenditures of $921.0M absorb a large share of operating cash flow.

Returns

International Paper Co generates a 6.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is up from 3.5% the prior year.

Piotroski F-Score Neutral

6/9

International Paper Co passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.01x

For every $1 of reported earnings, International Paper Co generates $3.01 in operating cash flow ($1.7B OCF vs $557.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Revenue

$18.6B

YoY-1.6%

5Y CAGR+0.3%

10Y CAGR-2.3%

International Paper Co generated $18.6B in revenue in fiscal year 2024. This represents a decrease of 1.6% from the prior year.

EBITDA

N/A

Free Cash Flow

$757.0M

YoY+9.4%

5Y CAGR-21.1%

10Y CAGR-7.8%

International Paper Co generated $757.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 9.4% from the prior year.

Net Income

$557.0M

YoY+93.4%

5Y CAGR-14.6%

10Y CAGR+0.0%

International Paper Co reported $557.0M in net income in fiscal year 2024. This represents an increase of 93.4% from the prior year.

EPS (Diluted)

$1.57

YoY+91.5%

5Y CAGR-12.6%

10Y CAGR+2.0%

International Paper Co earned $1.57 per diluted share (EPS) in fiscal year 2024. This represents an increase of 91.5% from the prior year.

Cash & Debt

$1.1B

YoY-4.6%

5Y CAGR+15.8%

10Y CAGR-5.6%

International Paper Co held $1.1B in cash against $5.4B in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.85

YoY+0.0%

5Y CAGR-1.7%

10Y CAGR+2.5%

International Paper Co paid $1.85 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

526M

YoY+51.9%

5Y CAGR+6.1%

10Y CAGR+1.6%

International Paper Co had 526M shares outstanding in fiscal year 2024. This represents an increase of 51.9% from the prior year.

Gross Margin

28.2%

YoY+0.2pp

5Y CAGR-2.7pp

10Y CAGR-3.0pp

International Paper Co's gross margin was 28.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.

Operating Margin

N/A

Net Margin

3.0%

YoY+1.5pp

5Y CAGR-3.7pp

10Y CAGR+0.6pp

International Paper Co's net profit margin was 3.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.5 percentage points from the prior year.

Return on Equity

6.8%

YoY+3.4pp

5Y CAGR-9.1pp

10Y CAGR-4.0pp

International Paper Co's ROE was 6.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.4 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$23.0M

YoY-89.4%

5Y CAGR-46.7%

10Y CAGR-31.8%

International Paper Co spent $23.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 89.4% from the prior year.

Capital Expenditures

$921.0M

YoY-19.3%

5Y CAGR-4.1%

10Y CAGR-3.9%

International Paper Co invested $921.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 19.3% from the prior year.

IP Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$18.6B-1.6%	$18.9B-10.6%	$21.2B+9.3%	$19.4B+10.2%	$17.6B-4.1%	$18.3B
Cost of Revenue	$13.4B-1.9%	$13.6B-10.0%	$15.1B+9.5%	$13.8B+12.1%	$12.3B-2.6%	$12.7B
Gross Profit	$5.2B-0.8%	$5.3B-12.1%	$6.0B+8.8%	$5.5B+5.8%	$5.2B-7.5%	$5.6B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.8B+35.3%	$1.4B+5.2%	$1.3B-6.6%	$1.4B+2.4%	$1.4B-6.6%	$1.4B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$430.0M+2.1%	$421.0M+4.5%	$403.0M-6.3%	$430.0M-28.0%	$597.0M-14.8%	$701.0M
Income Tax	-$415.0M-803.4%	$59.0M+125.0%	-$236.0M-225.5%	$188.0M+6.8%	$176.0M-63.1%	$477.0M
Net Income	$557.0M+93.4%	$288.0M-80.9%	$1.5B-14.2%	$1.8B+263.5%	$482.0M-60.7%	$1.2B
EPS (Diluted)	$1.57+91.5%	$0.82-80.0%	$4.10-8.3%	$4.47+266.4%	$1.22-60.3%	$3.07

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$6.2B-8.1%	$6.8B+14.7%	$5.9B+28.3%	$4.6B-0.3%	$4.6B-1.5%	$4.7B-6.7%	$5.0B-2.2%	$5.1B
Cost of Revenue	$4.3B-12.1%	$4.9B+14.5%	$4.3B+29.8%	$3.3B-1.9%	$3.3B-0.4%	$3.4B-7.7%	$3.6B-0.7%	$3.7B
Gross Profit	$1.9B+2.3%	$1.9B+15.2%	$1.6B+24.5%	$1.3B+4.0%	$1.3B-4.1%	$1.3B-4.1%	$1.4B-5.9%	$1.5B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$493.0M-14.7%	$578.0M+9.1%	$530.0M+48.5%	$357.0M+24.8%	$286.0M-14.9%	$336.0M-11.8%	$381.0M+21.0%	$315.0M
Operating Income	$237.0M-26.4%	$322.0M+90.5%	$169.0M	N/A	$352.0M+5.4%	$334.0M+9.2%	$306.0M	N/A
Interest Expense	$135.0M-5.6%	$143.0M+7.5%	$133.0M+20.9%	$110.0M+4.8%	$105.0M+1.9%	$103.0M0.0%	$103.0M+10.8%	$93.0M
Income Tax	-$250.0M-725.0%	$40.0M+229.0%	-$31.0M+49.2%	-$61.0M-256.4%	$39.0M+18.2%	$33.0M-31.3%	$48.0M-67.6%	$148.0M
Net Income	-$1.1B-1569.3%	$75.0M+171.4%	-$105.0M+63.0%	-$284.0M-272.1%	$165.0M-29.8%	$235.0M+36.6%	$172.0M+154.1%	-$318.0M
EPS (Diluted)	$-2.09-1592.9%	$0.14+158.3%	$-0.24+70.7%	$-0.82-274.5%	$0.47-30.9%	$0.68+38.8%	$0.49+154.4%	$-0.90

IP Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$22.8B-2.0%	$23.3B-2.8%	$23.9B-5.2%	$25.2B-20.4%	$31.7B-5.2%	$33.5B
Current Assets	$6.4B-2.8%	$6.6B-2.4%	$6.8B-4.6%	$7.1B-36.8%	$11.2B+69.2%	$6.6B
Cash & Equivalents	$1.1B-4.6%	$1.1B+38.4%	$804.0M-37.9%	$1.3B+117.6%	$595.0M+16.4%	$511.0M
Inventory	$1.5B-21.3%	$1.9B-2.7%	$1.9B+7.1%	$1.8B+11.6%	$1.6B-26.4%	$2.2B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.0B-0.1%	$3.0B0.0%	$3.0B-2.8%	$3.1B+0.5%	$3.1B0.0%	$3.1B
Total Liabilities	$14.6B-1.9%	$14.9B-3.5%	$15.4B-4.4%	$16.2B-32.3%	$23.9B-7.4%	$25.8B
Current Liabilities	$4.3B+7.6%	$4.0B-20.8%	$5.0B+20.7%	$4.1B-50.0%	$8.3B-4.2%	$8.6B
Long-Term Debt	$5.4B-1.6%	$5.5B+13.3%	$4.8B-10.5%	$5.4B-33.1%	$8.0B-16.2%	$9.6B
Total Equity	$8.2B-2.2%	$8.4B-1.7%	$8.5B-6.4%	$9.1B+15.6%	$7.9B+1.8%	$7.7B
Retained Earnings	$9.4B-1.0%	$9.5B-3.7%	$9.9B+9.1%	$9.0B+11.9%	$8.1B-4.0%	$8.4B

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$40.6B-4.3%	$42.4B+2.9%	$41.2B+77.0%	$23.3B-2.9%	$24.0B+1.1%	$23.7B-0.4%	$23.8B-0.7%	$23.9B
Current Assets	$10.5B+10.2%	$9.5B+2.3%	$9.3B+40.6%	$6.6B-2.5%	$6.8B+4.7%	$6.5B-2.1%	$6.6B-2.3%	$6.8B
Cash & Equivalents	$995.0M-12.3%	$1.1B-1.8%	$1.2B+3.9%	$1.1B-3.1%	$1.1B+54.0%	$746.0M+17.3%	$636.0M-20.9%	$804.0M
Inventory	$2.2B-18.0%	$2.7B+2.6%	$2.6B+37.1%	$1.9B-2.1%	$1.9B+0.9%	$1.9B-1.4%	$1.9B-0.2%	$1.9B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$7.7B+1.9%	$7.5B+4.0%	$7.2B+138.1%	$3.0B0.0%	$3.0B-0.1%	$3.0B0.0%	$3.0B0.0%	$3.0B
Total Liabilities	$23.3B-2.1%	$23.8B+3.0%	$23.1B+54.8%	$14.9B-1.1%	$15.1B-1.4%	$15.3B-0.7%	$15.4B-0.4%	$15.4B
Current Liabilities	$8.0B+11.9%	$7.1B+1.9%	$7.0B+76.5%	$4.0B+2.0%	$3.9B-4.5%	$4.1B-4.7%	$4.3B-14.7%	$5.0B
Long-Term Debt	$9.0B-7.3%	$9.7B+5.7%	$9.2B+68.2%	$5.5B-1.7%	$5.5B-0.4%	$5.6B+1.8%	$5.5B+13.6%	$4.8B
Total Equity	$17.3B-7.0%	$18.6B+2.9%	$18.1B+116.5%	$8.4B-5.9%	$8.9B+5.7%	$8.4B+0.2%	$8.4B-1.3%	$8.5B
Retained Earnings	$7.5B-15.2%	$8.9B-1.9%	$9.0B-4.8%	$9.5B-4.5%	$9.9B0.0%	$9.9B+0.7%	$9.9B+0.1%	$9.9B

IP Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.7B-8.5%	$1.8B-15.7%	$2.2B+7.1%	$2.0B-33.7%	$3.1B-15.2%	$3.6B
Capital Expenditures	$921.0M-19.3%	$1.1B+22.6%	$931.0M+94.0%	$480.0M-27.6%	$663.0M-41.7%	$1.1B
Free Cash Flow	$757.0M+9.4%	$692.0M-44.3%	$1.2B-19.8%	$1.6B-35.4%	$2.4B-3.0%	$2.5B
Investing Cash Flow	-$808.0M-21.0%	-$668.0M-9.9%	-$608.0M-110.0%	$6.1B+2350.6%	-$269.0M+79.3%	-$1.3B
Financing Cash Flow	-$775.0M+10.5%	-$866.0M+57.8%	-$2.1B+72.1%	-$7.4B-173.1%	-$2.7B-13.0%	-$2.4B
Dividends Paid	$643.0M+0.2%	$642.0M-4.6%	$673.0M-13.7%	$780.0M-3.2%	$806.0M+1.3%	$796.0M
Share Buybacks	$23.0M-89.4%	$218.0M-83.0%	$1.3B+53.0%	$839.0M+1897.6%	$42.0M-92.1%	$535.0M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$605.0M+27.1%	$476.0M+265.3%	-$288.0M-158.5%	$492.0M+5.1%	$468.0M-11.4%	$528.0M+53.0%	$345.0M-54.7%	$761.0M
Capital Expenditures	$455.0M+7.8%	$422.0M+27.9%	$330.0M+8.2%	$305.0M+33.8%	$228.0M-14.6%	$267.0M-21.7%	$341.0M+5.9%	$322.0M
Free Cash Flow	$150.0M+177.8%	$54.0M+108.7%	-$618.0M-430.5%	$187.0M-22.1%	$240.0M-8.0%	$261.0M+6425.0%	$4.0M-99.1%	$439.0M
Investing Cash Flow	-$440.0M-60.0%	-$275.0M-216.0%	$237.0M+176.5%	-$310.0M-226.5%	$245.0M+192.8%	-$264.0M+22.1%	-$339.0M-7.6%	-$315.0M
Financing Cash Flow	-$302.0M-10.2%	-$274.0M-1404.8%	$21.0M+109.5%	-$222.0M+27.5%	-$306.0M-33.0%	-$230.0M-113.0%	-$108.0M+32.1%	-$159.0M
Dividends Paid	$246.0M-0.8%	$248.0M+1.6%	$244.0M+52.5%	$160.0M-3.0%	$165.0M+1.2%	$163.0M+0.6%	$162.0M-1.2%	$164.0M
Share Buybacks	$1.0M0.0%	$1.0M-98.4%	$62.0M	$0	$0-100.0%	$41.0M-76.8%	$177.0M-7.3%	$191.0M

IP Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	28.2%+0.2pp	28.0%-0.5pp	28.4%-0.1pp	28.6%-1.2pp	29.8%-1.1pp	30.8%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	3.0%+1.5pp	1.5%-5.6pp	7.1%-1.9pp	9.0%+6.3pp	2.7%-4.0pp	6.7%
Return on Equity	6.8%+3.4pp	3.5%-14.2pp	17.7%-1.6pp	19.3%+13.1pp	6.1%-9.7pp	15.9%
Return on Assets	2.4%+1.2pp	1.2%-5.0pp	6.3%-0.7pp	6.9%+5.4pp	1.5%-2.1pp	3.7%
Current Ratio	1.51-0.2	1.67+0.3	1.35-0.4	1.71+0.4	1.36+0.6	0.77
Debt-to-Equity	0.660.0	0.65+0.1	0.57-0.0	0.59-0.4	1.02-0.2	1.24
FCF Margin	4.1%+0.4pp	3.7%-2.2pp	5.9%-2.1pp	8.0%-5.7pp	13.7%+0.2pp	13.5%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	31.1%+3.2pp	27.9%+0.1pp	27.8%-0.8pp	28.7%+1.2pp	27.5%-0.8pp	28.2%+0.8pp	27.5%-1.1pp	28.5%
Operating Margin	6.0%-0.8pp	6.8%+3.1pp	3.7%	N/A	7.6%+0.5pp	7.1%+1.0pp	6.1%	N/A
Net Margin	-17.7%-18.8pp	1.1%+2.9pp	-1.8%+4.4pp	-6.2%-9.8pp	3.6%-1.4pp	5.0%+1.6pp	3.4%+9.6pp	-6.2%
Return on Equity	1.7%+1.3pp	0.4%-0.3pp	0.7%	N/A	1.9%-0.9pp	2.8%+0.8pp	2.1%	N/A
Return on Assets	-2.7%-2.9pp	0.2%+0.4pp	-0.3%+1.0pp	-1.2%-1.9pp	0.7%-0.3pp	1.0%+0.3pp	0.7%+2.0pp	-1.3%
Current Ratio	1.31-0.0	1.330.0	1.33-0.3	1.67-0.1	1.75+0.2	1.59+0.0	1.55+0.2	1.35
Debt-to-Equity	0.520.0	0.52+0.0	0.51-0.1	0.65+0.0	0.62-0.0	0.66+0.0	0.65+0.1	0.57
FCF Margin	2.4%+1.6pp	0.8%+11.3pp	-10.5%-14.5pp	4.1%-1.1pp	5.2%-0.4pp	5.6%+5.5pp	0.1%-8.5pp	8.6%

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Frequently Asked Questions

What is International Paper Co's annual revenue?

International Paper Co (IP) reported $18.6B in total revenue for fiscal year 2024. This represents a -1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is International Paper Co's revenue growing?

International Paper Co (IP) revenue declined by 1.6% year-over-year, from $18.9B to $18.6B in fiscal year 2024.

Is International Paper Co profitable?

Yes, International Paper Co (IP) reported a net income of $557.0M in fiscal year 2024, with a net profit margin of 3.0%.

What is International Paper Co's earnings per share (EPS)?

International Paper Co (IP) reported diluted earnings per share of $1.57 for fiscal year 2024. This represents a 91.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does International Paper Co have?

As of fiscal year 2024, International Paper Co (IP) had $1.1B in cash and equivalents against $5.4B in long-term debt.

What is International Paper Co's gross margin?

International Paper Co (IP) had a gross margin of 28.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is International Paper Co's net profit margin?

International Paper Co (IP) had a net profit margin of 3.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does International Paper Co pay dividends?

Yes, International Paper Co (IP) paid $1.85 per share in dividends during fiscal year 2024.

What is International Paper Co's return on equity (ROE)?

International Paper Co (IP) has a return on equity of 6.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is International Paper Co's free cash flow?

International Paper Co (IP) generated $757.0M in free cash flow during fiscal year 2024. This represents a 9.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is International Paper Co's operating cash flow?

International Paper Co (IP) generated $1.7B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are International Paper Co's total assets?

International Paper Co (IP) had $22.8B in total assets as of fiscal year 2024, including both current and long-term assets.

What are International Paper Co's capital expenditures?

International Paper Co (IP) invested $921.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does International Paper Co buy back shares?

Yes, International Paper Co (IP) spent $23.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does International Paper Co have outstanding?

International Paper Co (IP) had 526M shares outstanding as of fiscal year 2024.

What is International Paper Co's current ratio?

International Paper Co (IP) had a current ratio of 1.51 as of fiscal year 2024, which is generally considered healthy.

What is International Paper Co's debt-to-equity ratio?

International Paper Co (IP) had a debt-to-equity ratio of 0.66 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is International Paper Co's return on assets (ROA)?

International Paper Co (IP) had a return on assets of 2.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is International Paper Co's Piotroski F-Score?

International Paper Co (IP) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are International Paper Co's earnings high quality?

International Paper Co (IP) has an earnings quality ratio of 3.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is International Paper Co?

International Paper Co (IP) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.