International Paper Co

internationalpaper.com

What Do They Do?

Makes and sells renewable fiber-based packaging products to customers.

How Do They Make Money?

Customers generally pay for fiber-based packaging goods when they receive them; customized goods may be sold as they are made when the company has a right to payment.

revenue

Segment	Share	Revenue	How money arrives
Packaging Solutions North America Sold outright	64%		Sold outright
Packaging Solutions EMEA Segment Sold outright	36%		Sold outright

Do Revenues Turn Into Profits?

No. It lost $3.5B in FY2025.

Operating income, FY2025

21% of revenue

▲ +81% vs FY2024 ($2.7B, 17%)

Net income, FY2025

−15% of revenue

▼ Now a loss vs FY2024 ($557M, 4%)

Free cash flow, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($757M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −2%; vs $6.1B in Q2 FY2025
Net income: ▼ Now a loss; vs $75M in Q2 FY2025

PS NA share of revenue vs 62.9% in Q2 FY2025

Jul 30, 2026 Reported quarterly results and set third-quarter and full-year earnings targets Adjusted EBITDA targets were $780-$830 million for the third quarter and $3.20-$3.40 billion for the full year.

Growing. Revenue grew 22% in 4 years, from $19.4B in FY2021 to $23.6B in FY2025, about 5% a year.

From packaging and pulp to packaging The older report described packaging and pulp products; the latest describes a packaging-focused company after the Global Cellulose Fibers business sale.

Revenue over time

Packaging Solutions North America Packaging Solutions EMEA Segment

$25B$12.5B$0

FY2023 FY2024 FY2025

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