financial statements

The full income statement, balance sheet, and cash-flow statement for International Paper Company (IP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

See the live IP chart & snapshot →

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	23.6B YoY+49.3%	15.8B YoY-1.2%	16.0B YoY-24.2%	21.2B YoY+9.3%	19.4B YoY+10.2%
Cost of revenue	16.6B YoY+46.0%	11.4B YoY-1.0%	11.5B YoY-24.0%	15.1B YoY+9.5%	13.8B YoY+12.1%
Selling, general & administrative	2.05B YoY+20.4%	1.70B YoY+35.5%	1.26B YoY-2.8%	1.29B YoY-6.6%	1.39B YoY+2.4%
Restructuring	626M YoY+507.8%	103M YoY+58.5%	65.0M YoY-27.0%	89.0M YoY-82.5%	509M YoY+161.0%
Amortization of intangibles	259M YoY+936.0%	25.0M YoY+0.0%	25.0M YoY-43.2%	44.0M YoY+0.0%	44.0M YoY-2.2%
Interest expense	551M YoY+27.5%	432M YoY+3.3%	418M YoY+3.7%	403M YoY-6.3%	430M YoY-28.0%
Interest & investment income	179M YoY-17.9%	218M YoY+16.0%	188M YoY+141.0%	78.0M YoY-16.1%	93.0M YoY-38.4%
Net interest income	-372M YoY-73.8%	-214M YoY+7.0%	-230M YoY+29.2%	-325M YoY+3.6%	-337M YoY+24.4%
Equity-method income	-3.00M YoY+40.0%	-5.00M YoY+76.2%	-21.0M YoY-250.0%	-6.00M YoY-400.0%	2.00M YoY-93.1%
Pre-tax income	-3.37B YoY-1012.7%	369M YoY-8.2%	402M YoY-73.4%	1.51B YoY+51.3%	999M YoY+203.6%
Income tax	-533M YoY-47.6%	-361M YoY-630.9%	68.0M YoY+128.8%	-236M YoY-225.5%	188M YoY+6.8%
	-3.52B YoY-731.2%	557M YoY+93.4%	288M YoY-80.9%	1.50B YoY-14.2%	1.75B YoY+263.5%
Income from continuing operations	-2.84B YoY-491.4%	725M YoY+131.6%	313M YoY-82.0%	1.74B YoY+114.7%	811M YoY+345.6%
Net income to non-controlling interest	—	—	0.00	0.00 YoY-100.0%	2.00M
	-$6.95 YoY-542.7%	$1.57 YoY+91.5%	$0.82 YoY-80.0%	$4.10 YoY-8.3%	$4.47 YoY+266.4%
EPS (basic)	-$6.95 YoY-534.4%	$1.60 YoY+92.8%	$0.83 YoY-80.0%	$4.14 YoY-8.0%	$4.50 YoY+265.9%
Weighted-avg shares (basic)	506M YoY+45.7%	347M YoY+0.1%	347M YoY-4.6%	364M YoY-6.7%	389M YoY-0.9%
Weighted-avg shares (diluted)	506M YoY+42.8%	354M YoY+1.5%	349M YoY-4.9%	367M YoY-6.5%	392M YoY-0.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	10.1B YoY+57.3%	6.42B YoY-2.8%	6.61B YoY-2.4%	6.77B YoY-4.6%	7.10B YoY-36.8%
Cash & equivalents	1.15B YoY+7.8%	1.06B YoY-4.6%	1.11B YoY+38.4%	804M YoY-37.9%	1.29B YoY+117.6%
Cash & short-term investments	1.17B YoY+0.0%	1.17B YoY+5.1%	1.11B YoY+38.4%	804M YoY-37.9%	1.29B YoY+176.7%
Inventory	2.01B YoY+35.4%	1.49B YoY-21.3%	1.89B YoY-2.7%	1.94B YoY+7.1%	1.81B YoY+11.6%
Other current assets	723M YoY+653.1%	96.0M YoY-15.8%	114M YoY-9.5%	126M YoY-4.5%	132M YoY-6.4%
	38.0B YoY+66.5%	22.8B YoY-2.0%	23.3B YoY-2.8%	23.9B YoY-5.2%	25.2B YoY-20.4%
Property, plant & equipment	14.4B YoY+82.5%	7.92B YoY-22.0%	10.2B YoY-2.7%	10.4B YoY-0.1%	10.4B YoY-4.6%
Operating lease right-of-use	697M YoY+73.4%	402M YoY-10.3%	448M YoY+5.7%	424M YoY+16.2%	365M YoY-5.7%
Goodwill	5.33B YoY+75.3%	3.04B YoY-0.1%	3.04B YoY+0.0%	3.04B YoY-2.8%	3.13B YoY+0.5%
Intangible assets	4.04B YoY+5515.3%	72.0M YoY-60.7%	183M YoY-16.8%	220M YoY-17.9%	268M YoY-11.0%
Long-term investments	1.72B YoY+0.0%	1.72B YoY+0.0%	1.72B YoY+0.0%	1.72B YoY+0.0%	1.72B YoY+0.0%
Other non-current assets	514M YoY-20.7%	648M YoY+53.9%	421M YoY-15.3%	497M YoY-15.8%	590M YoY-6.1%
Total non-current assets	13.4B YoY+0.0%	13.4B YoY+0.0%	13.4B YoY+0.0%	13.4B YoY+0.0%	13.4B YoY+0.0%
	7.90B YoY+85.5%	4.26B YoY+7.6%	3.96B YoY-20.8%	5.00B YoY+20.7%	4.14B YoY-50.0%
Accounts payable	3.90B YoY+84.9%	2.11B YoY-13.6%	2.44B YoY-9.8%	2.71B YoY+3.9%	2.61B YoY+28.1%
Deferred revenue	18.0M YoY-40.0%	30.0M YoY-6.3%	32.0M YoY-15.8%	38.0M YoY+40.7%	27.0M YoY+28.6%
Short-term & current debt	992M YoY+414.0%	193M YoY+39.9%	138M YoY-81.9%	763M YoY+289.3%	196M YoY+653.8%
Current lease liability	221M YoY+53.5%	144M YoY-5.9%	153M YoY+4.1%	147M YoY+11.4%	132M YoY-10.8%
Other current liabilities	1.67B YoY+78.9%	933M YoY-5.0%	982M YoY-16.4%	1.17B YoY+30.2%	902M YoY-15.5%
Long-term debt	8.84B YoY+64.8%	5.36B YoY-1.7%	5.46B YoY+13.3%	4.82B YoY-10.5%	5.38B YoY-33.1%
Non-current lease liability	486M YoY+80.7%	269M YoY-13.8%	312M YoY+10.2%	283M YoY+19.9%	236M YoY-7.8%
Deferred tax liabilities	1.90B YoY+84.6%	1.03B YoY-33.8%	1.55B YoY-10.4%	1.73B YoY-33.8%	2.62B YoY+1.8%
Other non-current liabilities	1.44B YoY+30.8%	1.10B YoY+0.5%	1.09B YoY+1.9%	1.07B YoY-2.2%	1.10B YoY+13.5%
	14.8B YoY+81.4%	8.17B YoY-2.2%	8.36B YoY-1.7%	8.50B YoY-6.4%	9.08B YoY+15.6%
Common stock	627M YoY+39.6%	449M YoY+0.0%	449M YoY+0.0%	449M YoY+0.0%	449M YoY+0.0%
Additional paid-in capital	14.4B YoY+204.6%	4.73B YoY+0.0%	4.73B YoY+0.1%	4.72B YoY+1.2%	4.67B YoY-26.2%
Retained earnings	4.88B YoY-48.0%	9.39B YoY-1.0%	9.49B YoY-3.7%	9.86B YoY+9.1%	9.03B YoY+11.9%
Treasury stock	4.57B YoY-2.3%	4.68B YoY-1.5%	4.75B YoY+3.1%	4.61B YoY+35.6%	3.40B YoY+28.3%
Accumulated other comprehensive income	-528M YoY+69.3%	-1.72B YoY-10.0%	-1.56B YoY+18.7%	-1.93B YoY-15.5%	-1.67B YoY+61.6%
Non-controlling interest	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Total equity incl. non-controlling	18.1B YoY+121.4%	8.17B YoY-2.2%	8.36B YoY-1.7%	8.50B YoY-6.4%	9.08B YoY+15.4%
Total liabilities & equity	38.0B YoY+66.5%	22.8B YoY-2.0%	23.3B YoY-2.8%	23.9B YoY-5.2%	25.2B YoY-20.4%
Common shares issued	627M YoY+39.7%	449M	—	—	—
Common shares outstanding	627M YoY+39.7%	449M YoY+0.0%	449M YoY+0.0%	449M YoY+0.0%	449M YoY+0.0%
Shares outstanding (cover)	528M YoY+52.0%	347M YoY+0.4%	346M YoY-1.2%	350M YoY-7.0%	376M YoY-4.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.70B YoY+1.2%	1.68B YoY-8.5%	1.83B YoY-15.7%	2.17B YoY+7.1%	2.03B YoY-33.7%
Depreciation & amortization	2.75B YoY+222.8%	851M YoY-25.7%	1.15B YoY+10.2%	1.04B YoY-5.2%	1.10B YoY+0.5%
Deferred income taxes	-615M YoY-71.8%	-358M YoY-225.5%	-110M YoY+85.8%	-773M YoY-150.2%	-309M YoY-718.0%
Change in inventory	-158M YoY-1216.7%	-12.0M YoY+83.6%	-73.0M YoY-145.1%	162M YoY-38.4%	263M YoY+851.4%
	-1.02B YoY-26.7%	-808M YoY-21.0%	-668M YoY-9.9%	-608M YoY-110.0%	6.05B YoY+2350.6%
Capital expenditure	1.86B YoY+101.6%	921M YoY-19.3%	1.14B YoY+22.6%	931M YoY+94.0%	480M YoY-27.6%
Acquisitions	—	—	0.00	0.00 YoY-100.0%	80.0M YoY+23.1%
Proceeds from sale of PP&E	218M YoY+139.6%	91.0M YoY+2175.0%	4.00M YoY-69.2%	13.0M YoY-87.1%	101M YoY+1162.5%
Other investing activities	-32.0M YoY-1166.7%	3.00M YoY+0.0%	3.00M YoY+200.0%	1.00M YoY-66.7%	3.00M YoY+200.0%
	-708M YoY+8.6%	-775M YoY+10.5%	-866M YoY+57.8%	-2.05B YoY+72.1%	-7.38B YoY-173.1%
Long-term debt issued	409M YoY+301.0%	102M YoY-87.0%	783M YoY-22.6%	1.01B YoY-33.1%	1.51B YoY+159.3%
Long-term debt repaid	255M YoY+80.9%	141M YoY-81.9%	780M YoY-23.3%	1.02B YoY-59.5%	2.51B YoY+10.1%
Common stock repurchased	65.0M YoY+182.6%	23.0M YoY-89.4%	218M YoY-83.0%	1.28B YoY+53.0%	839M YoY+1897.6%
Dividends paid	977M YoY+51.9%	643M YoY+0.2%	642M YoY-4.6%	673M YoY-13.7%	780M YoY-3.2%
Other financing activities	-1.00M YoY+0.0%	-1.00M YoY+0.0%	-1.00M YoY+66.7%	-3.00M YoY+83.3%	-18.0M YoY-350.0%
FX effect on cash	—	-38.0M YoY-480.0%	10.0M YoY+433.3%	-3.00M YoY+66.7%	-9.00M YoY-12.5%
Net change in cash	-9.00M YoY-115.8%	57.0M YoY-81.6%	309M YoY+162.9%	-491M YoY-170.1%	700M YoY+733.3%
Interest paid	550M YoY+25.9%	437M YoY-4.8%	459M YoY+20.8%	380M YoY-19.7%	473M YoY-30.6%
Income taxes paid	161M YoY-59.1%	394M YoY+15.9%	340M YoY-1.4%	345M YoY-42.6%	601M YoY+271.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	20.8B YoY+11.2%	18.7B YoY+49.5%	12.5B YoY+3.2%	12.1B YoY-31.4%	17.7B YoY-4.5%
P/E	—	33.6× YoY-31.8%	49.2× YoY+657.7%	6.5× YoY-35.6%	10.1× YoY-73.7%
P/S	0.9× YoY-25.5%	1.2× YoY+83.6%	0.6× YoY+8.3%	0.6× YoY-35.0%	0.9× YoY-2.4%
P/B	1.4× YoY-38.7%	2.3× YoY+62.5%	1.4× YoY+6.6%	1.3× YoY-32.1%	1.9× YoY-17.4%
P/FCF	—	24.7× YoY+86.4%	13.2× YoY-17.7%	16.1× YoY+41.1%	11.4× YoY+47.9%
Earnings yield	—	3.0% YoY+46.7%	2.0% YoY-86.8%	15.4% YoY+55.3%	9.9% YoY+280.5%
FCF yield	—	4.0% YoY-46.4%	7.5% YoY+21.5%	6.2% YoY-29.1%	8.8% YoY-32.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: IP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all IP filings on SEC EDGAR → Not investment advice.

IP▼ financial statements

About this data

financial statements