Sylvamo Corp

sylvamo.com

What Do They Do?

Produces uncoated paper and market pulp for end users, printers and converters.

How Do They Make Money?

Customers pay mainly for paper and pulp when they take ownership of the goods; customized goods with an enforceable right to payment are paid for as they are produced.

revenue

Segment	Share	How money arrives
Europe Sold outright	22% FY2022: 14%	Sold outright
Latin America Sold outright	26% FY2022: 26%	Sold outright
North America Sold outright	52% FY2022: 60%	Sold outright

Who Are Their Customers?

Sylvamo sells directly to end users and converters, and also through agents, resellers and paper distributors. One North America customer represented 15% of consolidated net sales in FY2025.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 14% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 1 cent into free cash flow.

Operating income, FY2025

7% of revenue

▼ −45% vs FY2024 ($453M, 12%)

Net income, FY2025

4% of revenue

▼ −56% vs FY2024 ($302M, 8%)

Free cash flow, FY2025

1% of revenue

▼ −82% vs FY2024 ($248M, 7%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +2%; vs $794M in Q2 FY2025
Net income: ▼ Now a loss; vs $15M in Q2 FY2025

North America Segment share of revenue vs 52.8% in Q2 FY2025

Growing. Revenue grew 18% in 4 years, from $2.8B in FY2021 to $3.4B in FY2025, about 4% a year.

Russia exit The earlier report says Sylvamo sold its Russian operations; the latest describes its business across Europe, Latin America and North America.

Revenue over time

Europe Latin America North America

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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