International Paper (IP) financial statements
International Paper reported revenue of $23.6B in fiscal 2025, up 2.2% a year over 9 years.
Net income was -$3.5B.
Free cash flow was -$159M, and the company returned $977M in dividends and $65M in net buybacks.
The diluted share count rose 22% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from International Paper's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.5B | $21.7B | $23.3B | $18.3B | $17.6B | $19.4B | $21.2B | $16.0B | $15.8B | $23.6B |
| Cost of revenue | $14.1B | $14.8B | $15.6B | $12.7B | $12.3B | $13.8B | $15.1B | $11.5B | $11.4B | $16.6B |
| Gross profit | $5.4B | $6.9B | $7.8B | $5.6B | $5.2B | $5.5B | $6.0B | $4.5B | $4.4B | $7.0B |
| Selling, general and admin | $1.5B | $1.6B | $1.7B | $1.4B | $1.4B | $1.4B | $1.3B | $1.3B | $1.7B | $2.0B |
| Interest expense | $695M | $758M | $734M | $701M | $597M | $430M | $403M | $418M | $432M | $551M |
| Pre-tax income | $795M | $848M | $1.8B | $921M | $329M | $999M | $1.5B | $402M | $369M | -$3.4B |
| Income tax | $193M | -$1.1B | $445M | $477M | $176M | $188M | -$236M | $68M | -$361M | -$533M |
| Net income | $904M | $2.1B | $2.0B | $1.2B | $482M | $1.8B | $1.5B | $288M | $557M | -$3.5B |
| EPS (diluted) | $2.18 | $5.13 | $4.85 | $3.07 | $1.22 | $4.47 | $4.10 | $0.82 | $1.57 | -$6.95 |
| Diluted shares | 416M | 418M | 414M | 399M | 396M | 392M | 367M | 349M | 354M | 506M |
| Gross margin | 27.9% | 31.9% | 33.3% | 30.8% | 29.8% | 28.6% | 28.4% | 28.2% | 28.0% | 29.6% |
| Net margin | 4.6% | 9.9% | 8.6% | 6.7% | 2.7% | 9.0% | 7.1% | 1.8% | 3.5% | -14.9% |
Balance sheet
Fiscal years, from International Paper's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $1.0B | $589M | $511M | $468M | $1.3B | $804M | $1.1B | $1.2B | $1.1B |
| Inventory | $2.2B | $2.3B | $2.2B | $2.2B | $1.6B | $1.8B | $1.9B | $1.9B | $1.5B | $2.0B |
| Total current assets | $6.7B | $8.3B | $7.0B | $6.6B | $11.2B | $7.1B | $6.8B | $6.6B | $6.4B | $10.1B |
| Property, plant and equipment | $13.0B | $13.3B | $13.1B | $13.0B | $10.9B | $10.4B | $10.4B | $10.2B | $7.9B | $14.4B |
| Goodwill | $3.4B | $3.4B | $3.4B | $3.1B | $3.1B | $3.1B | $3.0B | $3.0B | $3.0B | $5.3B |
| Total assets | $33.1B | $33.9B | $33.6B | $33.5B | $31.7B | $25.2B | $23.9B | $23.3B | $22.8B | $38.0B |
| Total current liabilities | $4.1B | $5.1B | $4.7B | $8.6B | $8.3B | $4.1B | $5.0B | $4.0B | $4.3B | $7.9B |
| Long-term debt | $11.1B | $10.8B | $10.0B | $9.6B | $8.0B | $5.4B | $4.8B | $5.5B | $5.4B | $8.8B |
| Total liabilities | $28.7B | $27.4B | $26.2B | $25.8B | $23.9B | $16.2B | $15.4B | $14.9B | $14.6B | $23.1B |
| Shareholders' equity | $4.3B | $6.5B | $7.4B | $7.7B | $7.9B | $9.1B | $8.5B | $8.4B | $8.2B | $14.8B |
| Net debt | $10.3B | $10.1B | $10.1B | $9.3B | $7.5B | $4.3B | $4.8B | $4.5B | $4.5B | $8.7B |
Cash flow
Fiscal years, from International Paper's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $1.8B | $3.2B | $3.6B | $3.1B | $2.0B | $2.2B | $1.8B | $1.7B | $1.7B |
| Capital spending | $1.3B | $1.3B | $1.6B | $1.1B | $663M | $480M | $931M | $1.1B | $921M | $1.9B |
| Free cash flow | $1.1B | $477M | $1.7B | $2.5B | $2.4B | $1.6B | $1.2B | $692M | $757M | -$159M |
| Dividends paid | $733M | $769M | $789M | $796M | $806M | $780M | $673M | $642M | $643M | $977M |
| Share buybacks (net) | -$132M | -$47M | -$732M | -$535M | -$42M | -$839M | -$1.3B | -$218M | -$23M | -$65M |
| Net borrowing | $1.9B | $483M | -$518M | -$973M | -$1.7B | -$997M | -$6M | $3M | -$39M | $154M |
| Free cash flow margin | 5.8% | 2.2% | 7.1% | 13.5% | 13.7% | 8.0% | 5.9% | 4.3% | 4.8% | -0.7% |
| Dividends per share | $1.76 | $1.84 | $1.90 | $2.00 | $2.04 | $1.99 | $1.83 | $1.84 | $1.82 | $1.93 |
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Open IP in InvestinglyQuestions
What was International Paper's revenue in 2025?
$23.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does International Paper generate?
-$159M in fiscal 2025 (operating cash flow minus capital spending).
From International Paper's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.