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

International Paper Co (IP) reported diluted earnings per share of $-6.95 for fiscal year 2025. This represents a -542.7% 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.

International Paper Co Financials

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 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 19 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).

Rhea AI IP FY2025 2026-05-05

FY2025 shows a larger, more asset-heavy business where cash generation deteriorated far less than reported earnings.

Revenue climbed to $23.6B while gross margin improved to 29.6%, so the year's net loss did not start with weaker unit economics. Instead, operating cash flow stayed near $1.7B as capital spending rose to $1.9B, which pushed free cash flow below zero and suggests a heavier asset base is now absorbing cash.

The balance sheet expanded much faster than the recent income profile: total assets reached $38.0B and goodwill rose to $5.3B. That combination helps explain why profit and cash no longer tell the same story, because a bigger footprint usually brings more non-cash charges and financing cost before it improves earnings.

Liquidity remains workable, but the cushion is thinner. A current ratio of 1.3x with cash at $1.1B suggests near-term obligations are manageable; however, dividends of $977M left little room after reinvestment, so shareholder payouts were no longer comfortably covered by free cash flow.

Financial Health Signals

Financial Health Score 34/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of International Paper Co's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

International Paper Co's revenue surged 49.3% year-over-year to $23.6B, reflecting rapid business expansion. This strong growth earns a score of 83/100.

Leverage

International Paper Co has a moderate D/E ratio of 0.60. This balance of debt and equity financing earns a leverage score of 56/100.

Liquidity

International Paper Co's current ratio of 1.28 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While International Paper Co generated $1.7B in operating cash flow, capex of $1.9B consumed most of it, leaving -$159.0M in free cash flow. This results in a low score of 35/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

International Paper Co passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.48x

For every $1 of reported earnings, International Paper Co generates $-0.48 in operating cash flow ($1.7B OCF vs -$3.5B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$23.6B

YoY+49.3%

5Y CAGR+6.1%

10Y CAGR+1.3%

International Paper Co generated $23.6B in revenue in fiscal year 2025. This represents an increase of 49.3% from the prior year.

EBITDA

N/A

Net Income

-$3.5B

YoY-731.2%

International Paper Co reported -$3.5B in net income in fiscal year 2025. This represents a decrease of 731.2% from the prior year.

EPS (Diluted)

$-6.95

YoY-542.7%

International Paper Co earned $-6.95 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 542.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$159.0M

YoY-121.0%

International Paper Co generated -$159.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 121.0% from the prior year.

Cash & Debt

$1.1B

YoY+7.8%

5Y CAGR+14.0%

10Y CAGR+0.9%

International Paper Co held $1.1B in cash against $8.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.85

YoY+0.0%

5Y CAGR-2.0%

10Y CAGR+1.2%

International Paper Co paid $1.85 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

627M

YoY+19.2%

5Y CAGR+9.8%

10Y CAGR+3.4%

International Paper Co had 627M shares outstanding in fiscal year 2025. This represents an increase of 19.2% from the prior year.

Margins & Returns

Gross Margin

29.6%

YoY+1.6pp

5Y CAGR-0.1pp

10Y CAGR-3.8pp

International Paper Co's gross margin was 29.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.

Operating Margin

N/A

Net Margin

-14.9%

YoY-18.4pp

5Y CAGR-17.6pp

10Y CAGR-19.4pp

International Paper Co's net profit margin was -14.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 18.4 percentage points from the prior year.

Return on Equity

-23.7%

YoY-30.5pp

5Y CAGR-29.8pp

10Y CAGR-47.9pp

International Paper Co's ROE was -23.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 30.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$65.0M

YoY+182.6%

5Y CAGR+9.1%

10Y CAGR-20.0%

International Paper Co spent $65.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 182.6% from the prior year.

Capital Expenditures

$1.9B

YoY+101.6%

5Y CAGR+22.9%

10Y CAGR+3.6%

International Paper Co invested $1.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 101.6% from the prior year.

IP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$23.6B+49.3%	$15.8B-1.2%	$16.0B-24.2%	$21.2B+9.3%	$19.4B+10.2%	$17.6B
Cost of Revenue	$16.6B+46.0%	$11.4B-1.0%	$11.5B-24.0%	$15.1B+9.5%	$13.8B+12.1%	$12.3B
Gross Profit	$7.0B+57.7%	$4.4B-1.8%	$4.5B-24.9%	$6.0B+8.8%	$5.5B+5.8%	$5.2B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.0B+20.4%	$1.7B+35.5%	$1.3B-2.8%	$1.3B-6.6%	$1.4B+2.4%	$1.4B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$551.0M+27.5%	$432.0M+3.3%	$418.0M+3.7%	$403.0M-6.3%	$430.0M-28.0%	$597.0M
Income Tax	-$533.0M-47.6%	-$361.0M-630.9%	$68.0M+128.8%	-$236.0M-225.5%	$188.0M+6.8%	$176.0M
Net Income	-$3.5B-731.2%	$557.0M+93.4%	$288.0M-80.9%	$1.5B-14.2%	$1.8B+263.5%	$482.0M
EPS (Diluted)	$-6.95-542.7%	$1.57+91.5%	$0.82-80.0%	$4.10-8.3%	$4.47+266.4%	$1.22

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$6.0B-0.6%	$6.0B-3.5%	$6.2B+1.3%	$6.1B+16.7%	$5.3B+34.2%	$3.9B-1.4%	$4.0B-1.0%	$4.0B
Cost of Revenue	$4.2B	N/A	$4.3B-12.1%	$4.9B+28.1%	$3.8B	N/A	$2.9B-14.3%	$3.4B
Gross Profit	$1.7B	N/A	$1.9B+52.8%	$1.3B-13.2%	$1.5B	N/A	$1.1B+66.8%	$659.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$510.0M	N/A	$493.0M-14.7%	$578.0M+18.7%	$487.0M	N/A	$473.0M+4.4%	$453.0M
Operating Income	$248.0M	N/A	N/A	N/A	N/A	N/A	$237.0M-26.4%	$322.0M
Interest Expense	$132.0M	N/A	$135.0M-5.6%	$143.0M+5.9%	$135.0M	N/A	$107.0M0.0%	$107.0M
Income Tax	$17.0M	N/A	-$250.0M-725.0%	$40.0M+225.0%	-$32.0M	N/A	-$107.0M+63.5%	-$293.0M
Net Income	$60.0M+102.5%	-$2.4B-116.3%	-$1.1B-1569.3%	$75.0M+171.4%	-$105.0M+28.6%	-$147.0M-198.0%	$150.0M-69.9%	$498.0M
EPS (Diluted)	$0.11+102.4%	$-4.52-116.3%	$-2.09-1592.9%	$0.14+158.3%	$-0.24+42.9%	$-0.42-200.0%	$0.42-70.2%	$1.41

IP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$38.0B+66.5%	$22.8B-2.0%	$23.3B-2.8%	$23.9B-5.2%	$25.2B-20.4%	$31.7B
Current Assets	$10.1B+57.3%	$6.4B-2.8%	$6.6B-2.4%	$6.8B-4.6%	$7.1B-36.8%	$11.2B
Cash & Equivalents	$1.1B+7.8%	$1.1B-4.6%	$1.1B+38.4%	$804.0M-37.9%	$1.3B+117.6%	$595.0M
Inventory	$2.0B+35.4%	$1.5B-21.3%	$1.9B-2.7%	$1.9B+7.1%	$1.8B+11.6%	$1.6B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$5.3B+75.3%	$3.0B-0.1%	$3.0B0.0%	$3.0B-2.8%	$3.1B+0.5%	$3.1B
Total Liabilities	$23.1B+58.2%	$14.6B-1.9%	$14.9B-3.5%	$15.4B-4.4%	$16.2B-32.3%	$23.9B
Current Liabilities	$7.9B+85.5%	$4.3B+7.6%	$4.0B-20.8%	$5.0B+20.7%	$4.1B-50.0%	$8.3B
Long-Term Debt	$8.8B+64.8%	$5.4B-1.7%	$5.5B+13.3%	$4.8B-10.5%	$5.4B-33.1%	$8.0B
Total Equity	$14.8B+81.4%	$8.2B-2.2%	$8.4B-1.7%	$8.5B-6.4%	$9.1B+15.6%	$7.9B
Retained Earnings	$4.9B-48.0%	$9.4B-1.0%	$9.5B-3.7%	$9.9B+9.1%	$9.0B+11.9%	$8.1B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$36.4B-4.0%	$38.0B-6.4%	$40.6B-4.3%	$42.4B+2.9%	$41.2B+80.6%	$22.8B-1.6%	$23.2B+0.4%	$23.1B
Current Assets	$8.6B-15.1%	$10.1B-3.4%	$10.5B+10.2%	$9.5B+2.3%	$9.3B+44.6%	$6.4B-3.3%	$6.6B+1.3%	$6.6B
Cash & Equivalents	$1.2B+7.9%	$1.1B+15.1%	$995.0M-12.3%	$1.1B-1.8%	$1.2B+8.9%	$1.1B-8.4%	$1.2B+10.5%	$1.0B
Inventory	$1.9B-5.5%	$2.0B-7.7%	$2.2B-18.0%	$2.7B+2.6%	$2.6B+74.3%	$1.5B-17.2%	$1.8B+3.9%	$1.7B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$5.3B-0.5%	$5.3B-30.6%	$7.7B+1.9%	$7.5B+4.0%	$7.2B+138.4%	$3.0B0.0%	$3.0B-0.1%	$3.0B
Total Liabilities	$21.6B-6.5%	$23.1B-0.5%	$23.3B-2.1%	$23.8B+3.0%	$23.1B+57.8%	$14.6B+0.7%	$14.5B+0.4%	$14.5B
Current Liabilities	$7.1B-10.5%	$7.9B-0.9%	$8.0B+11.9%	$7.1B+1.9%	$7.0B+64.1%	$4.3B-2.2%	$4.4B+5.8%	$4.1B
Long-Term Debt	$8.2B-7.5%	$8.8B-1.7%	$9.0B-7.3%	$9.7B+5.7%	$9.2B+71.1%	$5.4B+1.0%	$5.3B-0.4%	$5.3B
Total Equity	$14.8B-0.1%	$14.8B-14.4%	$17.3B-7.0%	$18.6B+2.9%	$18.1B+121.4%	$8.2B-5.3%	$8.6B+0.4%	$8.6B
Retained Earnings	$4.7B-3.8%	$4.9B-35.0%	$7.5B-15.2%	$8.9B-1.9%	$9.0B-3.8%	$9.4B-3.2%	$9.7B-0.1%	$9.7B

IP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.7B+1.2%	$1.7B-8.5%	$1.8B-15.7%	$2.2B+7.1%	$2.0B-33.7%	$3.1B
Capital Expenditures	$1.9B+101.6%	$921.0M-19.3%	$1.1B+22.6%	$931.0M+94.0%	$480.0M-27.6%	$663.0M
Free Cash Flow	-$159.0M-121.0%	$757.0M+9.4%	$692.0M-44.3%	$1.2B-19.8%	$1.6B-35.4%	$2.4B
Investing Cash Flow	-$1.0B-26.7%	-$808.0M-21.0%	-$668.0M-9.9%	-$608.0M-110.0%	$6.1B+2350.6%	-$269.0M
Financing Cash Flow	-$708.0M+8.6%	-$775.0M+10.5%	-$866.0M+57.8%	-$2.1B+72.1%	-$7.4B-173.1%	-$2.7B
Dividends Paid	$977.0M+51.9%	$643.0M+0.2%	$642.0M-4.6%	$673.0M-13.7%	$780.0M-3.2%	$806.0M
Share Buybacks	$65.0M+182.6%	$23.0M-89.4%	$218.0M-83.0%	$1.3B+53.0%	$839.0M+1897.6%	$42.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$611.0M-32.5%	$905.0M+49.6%	$605.0M+27.1%	$476.0M+265.3%	-$288.0M-172.5%	$397.0M-23.8%	$521.0M+42.7%	$365.0M
Capital Expenditures	$517.0M-20.5%	$650.0M+42.9%	$455.0M+7.8%	$422.0M+27.9%	$330.0M+26.9%	$260.0M+22.6%	$212.0M+7.1%	$198.0M
Free Cash Flow	$94.0M-63.1%	$255.0M+70.0%	$150.0M+177.8%	$54.0M+108.7%	-$618.0M-551.1%	$137.0M-55.7%	$309.0M+85.0%	$167.0M
Investing Cash Flow	$565.0M+203.5%	-$546.0M-24.1%	-$440.0M-60.0%	-$275.0M-216.0%	$237.0M+236.2%	-$174.0M+7.4%	-$188.0M+5.5%	-$199.0M
Financing Cash Flow	-$1.0B-566.0%	-$153.0M+49.3%	-$302.0M-10.2%	-$274.0M-1404.8%	$21.0M+111.2%	-$187.0M+16.1%	-$223.0M-28.2%	-$174.0M
Dividends Paid	$245.0M+0.4%	$244.0M-0.8%	$246.0M-0.8%	$248.0M+1.6%	$244.0M+51.6%	$161.0M-1.8%	$164.0M-0.6%	$165.0M
Share Buybacks	$30.0M+2900.0%	$1.0M0.0%	$1.0M0.0%	$1.0M-98.4%	$62.0M+6100.0%	$1.0M	$0	$0

IP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	29.6%+1.6pp	28.0%-0.2pp	28.2%-0.2pp	28.4%-0.1pp	28.6%-1.2pp	29.8%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-14.9%-18.4pp	3.5%+1.7pp	1.8%-5.3pp	7.1%-1.9pp	9.0%+6.3pp	2.7%
Return on Equity	-23.7%-30.5pp	6.8%+3.4pp	3.5%-14.2pp	17.7%-1.6pp	19.3%+13.1pp	6.1%
Return on Assets	-9.3%-11.7pp	2.4%+1.2pp	1.2%-5.0pp	6.3%-0.7pp	6.9%+5.4pp	1.5%
Current Ratio	1.28-0.2	1.51-0.2	1.67+0.3	1.35-0.4	1.71+0.4	1.36
Debt-to-Equity	0.60-0.1	0.660.0	0.65+0.1	0.57-0.0	0.59-0.4	1.02
FCF Margin	-0.7%-5.5pp	4.8%+0.5pp	4.3%-1.6pp	5.9%-2.1pp	8.0%-5.7pp	13.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	28.9%	N/A	31.1%+10.5pp	20.6%-7.1pp	27.7%	N/A	27.6%+11.2pp	16.4%
Operating Margin	4.2%	N/A	N/A	N/A	N/A	N/A	6.0%-2.1pp	8.0%
Net Margin	1.0%+40.7pp	-39.7%-22.0pp	-17.7%-18.9pp	1.2%+3.2pp	-2.0%+1.8pp	-3.8%-7.5pp	3.8%-8.6pp	12.4%
Return on Equity	0.4%+16.5pp	-16.1%-9.7pp	-6.4%-6.8pp	0.4%+1.0pp	-0.6%+1.2pp	-1.8%-3.5pp	1.7%-4.0pp	5.8%
Return on Assets	0.2%+6.4pp	-6.3%-3.6pp	-2.7%-2.9pp	0.2%+0.4pp	-0.3%+0.4pp	-0.6%-1.3pp	0.7%-1.5pp	2.2%
Current Ratio	1.21-0.1	1.28-0.0	1.31-0.0	1.330.0	1.33-0.2	1.51-0.0	1.53-0.1	1.59
Debt-to-Equity	0.55-0.0	0.60+0.1	0.520.0	0.52+0.0	0.51-0.1	0.66+0.0	0.610.0	0.62
FCF Margin	1.6%-2.7pp	4.3%+1.8pp	2.4%+1.5pp	0.9%+12.6pp	-11.7%-15.2pp	3.5%-4.3pp	7.8%+3.6pp	4.2%

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Frequently Asked Questions

What is International Paper Co's annual revenue?

International Paper Co (IP) reported $23.6B in total revenue for fiscal year 2025. This represents a 49.3% 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 grew by 49.3% year-over-year, from $15.8B to $23.6B in fiscal year 2025.

Is International Paper Co profitable?

No, International Paper Co (IP) reported a net income of -$3.5B in fiscal year 2025, with a net profit margin of -14.9%.

How much debt does International Paper Co have?

As of fiscal year 2025, International Paper Co (IP) had $1.1B in cash and equivalents against $8.8B in long-term debt.

What is International Paper Co's gross margin?

International Paper Co (IP) had a gross margin of 29.6% in fiscal year 2025, 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 -14.9% in fiscal year 2025, 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 2025.

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

International Paper Co (IP) has a return on equity of -23.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is International Paper Co's free cash flow?

International Paper Co (IP) generated -$159.0M in free cash flow during fiscal year 2025. This represents a -121.0% 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 2025, representing cash generated from core business activities.

What are International Paper Co's total assets?

International Paper Co (IP) had $38.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are International Paper Co's capital expenditures?

International Paper Co (IP) invested $1.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does International Paper Co buy back shares?

Yes, International Paper Co (IP) spent $65.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does International Paper Co have outstanding?

International Paper Co (IP) had 627M shares outstanding as of fiscal year 2025.

What is International Paper Co's current ratio?

International Paper Co (IP) had a current ratio of 1.28 as of fiscal year 2025, which is considered adequate.

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

International Paper Co (IP) had a debt-to-equity ratio of 0.60 as of fiscal year 2025, 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 -9.3% for fiscal year 2025, 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 4 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 to 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 -0.48x, considered mixed 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 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.