Revenue has held near $6.0B to $6.2B while gross margin of 31.2% in Q3 2026 sits against an operating margin of -18.0%, indicating that operating deleverage is overwhelming a stable top line.
International Paper Company (IP) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 24.18B | 24.9B | 18.62B | 18.92B | 21.16B | 19.36B | 17.57B | 18.32B | 23.31B | 21.74B | 19.5B | 20.68B | 23.62B | 23.48B | 21.85B | 26.03B | 25.18B | 23.37B | 24.83B | 21.89B | 22B | 21.7B | 20.72B | 22.14B | 23.9B | 26.36B | 28.18B | 24.57B | 23.98B | 24.56B | 20.14B |
| Revenue Growth % | 3.02% | 33.71% | -1.57% | -10.61% | 9.29% | 10.24% | -4.11% | -21.41% | 7.19% | 11.53% | -5.71% | -12.46% | 0.57% | 7.46% | -16.06% | 3.4% | 7.76% | -5.89% | 13.43% | -0.48% | 1.36% | 4.72% | -6.4% | -7.37% | -9.35% | -6.45% | 14.68% | 2.48% | -2.35% | 21.91% | 1.75% |
| Cost of Goods Sold | 17.46B | 17.55B | 13.38B | 15.06B | 15.14B | 13.83B | 13.38B | 12.67B | 15.55B | 14.8B | 13.42B | 14.31B | 16.25B | 16.28B | 15.29B | 18.96B | 18.48B | 15.22B | 18.74B | 16.06B | 16.25B | 16.33B | 15.2B | 16.44B | 17.47B | 19.41B | 20.08B | 17.96B | 17.76B | 18.09B | 14.88B |
| COGS % of Revenue | - | 70.47% | 71.84% | 79.62% | 71.56% | 71.44% | 76.2% | 69.17% | 66.74% | 68.08% | 68.83% | 69.23% | 68.82% | 69.34% | 69.96% | 72.83% | 73.4% | 65.14% | 75.48% | 73.37% | 73.87% | 75.27% | 73.37% | 74.28% | 73.09% | 73.62% | 71.26% | 73.09% | 74.06% | 73.66% | 73.89% |
| Gross Profit | 6.71B | 7.35B | 5.24B | 3.85B | 6.02B | 5.53B | 4.18B | 5.65B | 7.75B | 6.94B | 6.08B | 6.36B | 7.36B | 7.2B | 6.57B | 7.07B | 6.7B | 8.15B | 6.09B | 5.83B | 5.75B | 5.37B | 5.52B | 5.7B | 6.43B | 6.95B | 8.1B | 6.61B | 6.22B | 6.47B | 5.26B |
| Gross Margin % | 27.77% | 29.53% | 28.16% | 20.38% | 28.44% | 28.56% | 23.8% | 30.83% | 33.26% | 31.92% | 31.17% | 30.77% | 31.18% | 30.66% | 30.04% | 27.17% | 26.6% | 34.86% | 24.52% | 26.63% | 26.13% | 24.73% | 26.63% | 25.72% | 26.91% | 26.38% | 28.74% | 26.91% | 25.94% | 26.34% | 26.11% |
| Gross Profit Growth % | - | 40.21% | 36.01% | -35.94% | 8.8% | 32.32% | -25.99% | -27.13% | 11.67% | 14.24% | -4.5% | -13.59% | 2.25% | 9.69% | -7.2% | 5.63% | -17.79% | 33.83% | 4.41% | 1.44% | 7.1% | -2.74% | -3.13% | -11.44% | -7.52% | -14.13% | 22.46% | 6.3% | -3.83% | 22.98% | -10.86% |
| Operating Expenses | 10.17B | 10.17B | 4.77B | 2.67B | 4.26B | 4.07B | 2.78B | 3.9B | 4.79B | 4.57B | 3.97B | 4.11B | 4.9B | 5.09B | 4.78B | 4.75B | 4.9B | 4.87B | 4.76B | 4.12B | 4.3B | 4.3B | 4.28B | 4.42B | 4.75B | 5.52B | 5.59B | 5.07B | 5.01B | 5.23B | 3.82B |
| OpEx % of Revenue | - | 40.85% | 25.6% | 14.1% | 20.15% | 20.99% | 15.8% | 21.31% | 20.55% | 21% | 20.38% | 19.89% | 20.75% | 21.67% | 21.86% | 18.26% | 19.44% | 20.83% | 19.18% | 18.82% | 19.53% | 19.8% | 20.67% | 19.98% | 19.89% | 20.93% | 19.84% | 20.64% | 20.89% | 21.3% | 18.97% |
| Selling, General & Admin | 3.76B | 3.73B | 3.31B | 2.51B | 3.08B | 2.83B | 2.64B | 2.7B | 3.29B | 3.06B | 2.69B | 2.79B | 3.31B | 3.38B | 3.14B | 3.28B | 3.25B | 3.21B | 3.23B | 2.87B | 2.92B | 2.81B | 2.8B | 2.84B | 3.02B | 3.38B | 3.39B | 3.18B | 3.12B | 3.25B | 2.43B |
| SG&A % of Revenue | - | 14.99% | 17.8% | 13.29% | 14.54% | 14.61% | 15.03% | 14.73% | 14.12% | 14.05% | 13.82% | 13.48% | 14.03% | 14.39% | 14.39% | 12.59% | 12.9% | 13.72% | 13.02% | 13.09% | 13.29% | 12.94% | 13.52% | 12.84% | 12.62% | 12.84% | 12.02% | 12.95% | 13.01% | 13.26% | 12.08% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 6.44B | 1.45B | 154M | 1.19B | 1.24B | 136M | 1.21B | 1.5B | 1.51B | 1.28B | 1.32B | 1.59B | 1.71B | 1.63B | 1.48B | 1.65B | 1.66B | 1.53B | 1.25B | 1.37B | 1.49B | 1.48B | 1.58B | 1.74B | 2.13B | 2.2B | 1.89B | 1.89B | 1.98B | 1.39B |
| Operating Income | -3.46B | -2.82B | 476M | 1.19B | 1.75B | 1.47B | 1.4B | 1.74B | 2.96B | 2.37B | 2.1B | 2.25B | 2.46B | 2.11B | 1.79B | 2.32B | 1.8B | 3.28B | 1.32B | 1.71B | 1.45B | 1.07B | 1.23B | 1.27B | 1.68B | 1.44B | 2.51B | 1.54B | 1.21B | 1.24B | 1.44B |
| Operating Margin % | -14.31% | -11.33% | 2.56% | 6.28% | 8.29% | 7.57% | 7.99% | 9.52% | 12.71% | 10.92% | 10.79% | 10.88% | 10.43% | 9% | 8.19% | 8.91% | 7.15% | 14.04% | 5.34% | 7.81% | 6.6% | 4.93% | 5.95% | 5.74% | 7.02% | 5.44% | 8.9% | 6.27% | 5.05% | 5.05% | 7.14% |
| Operating Income Growth % | - | -692.44% | -59.93% | -32.27% | 19.65% | 4.42% | -19.5% | -41.12% | 24.77% | 12.89% | -6.53% | -8.65% | 16.56% | 18.11% | -22.85% | 28.76% | -45.09% | 147.55% | -22.51% | 17.85% | 35.61% | -13.22% | -2.99% | -24.21% | 16.86% | -42.78% | 62.75% | 27.25% | -2.26% | -13.84% | -42.96% |
| EBITDA | -1.26B | 62M | 1.78B | 2.66B | 2.79B | 2.57B | 2.54B | 3.05B | 4.29B | 3.72B | 3.23B | 3.54B | 3.88B | 3.66B | 3.27B | 3.65B | 3.26B | 4.75B | 2.67B | 2.8B | 2.61B | 2.34B | 2.5B | 2.62B | 3.17B | 3.31B | 4.42B | 3.21B | 2.87B | 2.81B | 2.63B |
| EBITDA Margin % | -5.2% | 0.25% | 9.57% | 14.04% | 13.2% | 13.29% | 14.44% | 16.65% | 18.41% | 17.1% | 16.55% | 17.14% | 16.42% | 15.59% | 14.99% | 14.02% | 12.94% | 20.34% | 10.76% | 12.77% | 11.86% | 10.8% | 12.04% | 11.83% | 13.28% | 12.54% | 15.7% | 13.05% | 11.97% | 11.44% | 13.07% |
| EBITDA Growth % | -154.18% | -96.52% | -32.94% | -4.94% | 8.59% | 1.46% | -16.85% | -28.9% | 15.42% | 15.18% | -8.94% | -8.59% | 5.93% | 11.76% | -10.3% | 12.1% | -31.46% | 77.84% | -4.43% | 7.17% | 11.31% | -6.05% | -4.7% | -17.52% | -3.96% | -25.29% | 37.99% | 11.67% | 2.21% | 6.72% | -25.9% |
| D&A (Non-Cash Add-back) | 2.2B | 2.88B | 1.3B | 1.47B | 1.04B | 1.11B | 1.13B | 1.31B | 1.33B | 1.34B | 1.12B | 1.29B | 1.41B | 1.55B | 1.49B | 1.33B | 1.46B | 1.47B | 1.35B | 1.09B | 1.16B | 1.27B | 1.26B | 1.35B | 1.5B | 1.87B | 1.92B | 1.67B | 1.66B | 1.57B | 1.19B |
| EBIT | -3.43B | -2.98B | 577M | 803M | 1.91B | 1.43B | 925M | 1.62B | 2.52B | 1.61B | 1.49B | 1.78B | 1.55B | 1.9B | 1.71B | 2.05B | 1.47B | 1.87B | -581M | 2.1B | 3.84B | 881M | 1.09B | 990M | 1.09B | -336M | 1.54B | 989M | 1.04B | 750M | 1.33B |
| Net Interest Income | -354M | -196M | -208M | -231M | -325M | -337M | -445M | -499M | -536M | -572M | -520M | -555M | -607M | -612M | -671M | -541M | -608M | -669M | -492M | -297M | -521M | -595M | -712M | -705M | -785M | -929M | -816M | -541M | -614M | -607M | -530M |
| Interest Income | 56M | 176M | 222M | 190M | 78M | 93M | 151M | 202M | 198M | 186M | 175M | 89M | 70M | 57M | 71M | 55M | 35M | 0 | 80M | 154M | 130M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 410M | 372M | 430M | 421M | 403M | 430M | 596M | 701M | 734M | 758M | 695M | 644M | 677M | 669M | 742M | 596M | 643M | 669M | 572M | 451M | 651M | 595M | 712M | 705M | 785M | 929M | 816M | 541M | 614M | 607M | 530M |
| Other Income/Expense | -322M | -531M | -334M | -827M | -249M | -465M | -998M | -573M | -845M | -1.35B | -1.11B | -1B | -1.79B | -924M | -761M | -721M | -868M | -2.13B | -2.43B | -80M | 1.72B | -784M | -857M | -986M | -1.37B | -2.7B | -1.78B | -1.09B | -782M | -1.1B | -636M |
| Pretax Income | -3.78B | -3.35B | 142M | 361M | 1.5B | 1B | 406M | 1.17B | 2.12B | 1.02B | 993M | 1.25B | 672M | 1.19B | 1.03B | 1.6B | 933M | 1.15B | -1.1B | 1.63B | 3.17B | 286M | 376M | 285M | 306M | -1.26B | 723M | 448M | 429M | 143M | 802M |
| Pretax Margin % | -15.64% | -13.46% | 0.76% | 1.91% | 7.11% | 5.17% | 2.31% | 6.39% | 9.08% | 4.71% | 5.09% | 6.04% | 2.85% | 5.06% | 4.7% | 6.14% | 3.71% | 4.92% | -4.45% | 7.45% | 14.42% | 1.32% | 1.81% | 1.29% | 1.28% | -4.8% | 2.57% | 1.82% | 1.79% | 0.58% | 3.98% |
| Income Tax | -386M | -532M | -415M | 59M | -236M | 188M | 176M | 477M | 445M | -1.08B | 193M | 417M | 123M | -498M | 306M | 311M | 221M | 469M | 162M | 415M | 1.89B | -407M | 114M | -56M | -72M | -270M | 117M | 86M | 95M | 83M | 330M |
| Effective Tax Rate % | 10.21% | 15.88% | -292.25% | 16.34% | -15.68% | 18.78% | 43.35% | 40.73% | 21.02% | -105.85% | 19.44% | 33.39% | 18.3% | -41.88% | 29.77% | 19.46% | 23.69% | 40.78% | -14.67% | 25.46% | 59.57% | -142.31% | 30.32% | -19.65% | -23.53% | 21.34% | 16.18% | 19.2% | 22.14% | 58.04% | 41.15% |
| Net Income | -3.46B | -3.52B | 557M | 302M | 1.5B | 1.75B | 230M | 1.23B | 2.01B | 2.14B | 904M | 938M | 555M | 1.4B | 794M | 1.32B | 691M | 663M | -1.28B | 1.17B | 1.05B | 1.1B | -35M | 315M | 295M | -1.19B | 142M | 183M | 247M | -80M | 303M |
| Net Margin % | -14.32% | -14.12% | 2.99% | 1.6% | 7.11% | 9.05% | 1.31% | 6.69% | 8.63% | 9.86% | 4.64% | 4.54% | 2.35% | 5.94% | 3.63% | 5.08% | 2.74% | 2.84% | -5.16% | 5.34% | 4.77% | 5.07% | -0.17% | 1.42% | 1.23% | -4.51% | 0.5% | 0.74% | 1.03% | -0.33% | 1.5% |
| Net Income Growth % | -170.68% | -731.24% | 84.44% | -79.92% | -14.16% | 661.74% | -81.22% | -39.12% | -6.16% | 137.17% | -3.62% | 69.01% | -60.22% | 75.69% | -39.94% | 91.32% | 4.22% | 151.72% | -209.76% | 11.24% | -4.55% | 3242.86% | -111.11% | 6.78% | 124.83% | -936.62% | -22.4% | -25.91% | 408.75% | -126.4% | -73.72% |
| Net Income (Continuing) | -3.4B | -2.82B | 557M | 302M | 1.74B | 813M | 230M | 694M | 1.67B | 2.11B | 800M | 832M | 549M | 1.69B | 722M | 1.29B | 712M | 681M | -1.27B | 1.22B | 1.28B | 693M | 262M | 341M | 378M | -995M | 606M | 362M | 334M | 60M | 472M |
| Discontinued Operations | -3M | -697M | 0 | 0 | -237M | 941M | 0 | 526M | 345M | 34M | 102M | 85M | -13M | -309M | 77M | 49M | 0 | 0 | -13M | -47M | -232M | 416M | -273M | 57M | 35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 14M | 5M | 21M | 19M | 18M | 25M | 148M | 179M | 332M | 340M | 250M | 232M | 232M | 228M | 213M | 211M | 1.55B | 1.8B | 1.45B | 1.27B | 1.35B | 1.58B | 1.61B | 1.64B | 1.86B |
| EPS (Diluted) | -6.54 | -6.71 | 1.57 | 0.87 | 4.10 | 4.47 | 1.22 | 2.43 | 4.86 | 5.13 | 2.18 | 2.23 | 1.28 | 3.11 | 1.80 | 3.03 | 1.48 | 1.55 | -3.05 | 2.70 | 2.15 | 2.16 | -0.07 | 0.65 | 0.61 | -2.37 | 0.32 | 0.44 | 0.57 | -0.50 | 1.04 |
| EPS Growth % | -151.34% | -527.39% | 80.46% | -78.78% | -8.28% | 266.39% | -49.79% | -50% | -5.26% | 135.32% | -2.24% | 74.22% | -58.84% | 72.78% | -40.59% | 104.73% | -4.52% | 150.82% | -212.96% | 25.58% | -0.46% | 3112.55% | -111.03% | 6.56% | 125.74% | -840.63% | -27.27% | -22.81% | 214% | -148.08% | -76.2% |
| EPS (Basic) | - | -6.71 | 1.60 | 0.83 | 4.14 | 4.50 | 1.23 | 3.10 | 4.91 | 5.19 | 2.20 | 2.25 | 1.30 | 3.15 | 1.82 | 3.06 | 1.61 | 1.56 | -3.05 | 2.72 | 2.21 | 2.26 | -0.07 | 0.63 | -1.83 | -2.50 | 0.32 | 0.44 | 0.60 | -0.20 | 1.04 |
| Diluted Shares Outstanding | 529.6M | 528M | 354.2M | 349.1M | 367M | 392.4M | 395.7M | 398.8M | 414.2M | 417.7M | 415.6M | 420.6M | 432M | 448.1M | 440.2M | 437M | 434.2M | 428M | 421M | 433M | 488.7M | 509.7M | 488.4M | 481.1M | 483M | 482.6M | 450M | 416.1M | 414.2M | 303.45M | 292.6M |
| Basic Shares Outstanding | 529.6M | 528M | 347.2M | 346.99M | 363.29M | 389.33M | 391.87M | 395.16M | 409.78M | 413.1M | 410.91M | 416.89M | 426.92M | 442.86M | 436.26M | 432.2M | 429.8M | 425M | 421M | 428.9M | 476.1M | 486M | 485.8M | 479.6M | 481.4M | 482.6M | 449.6M | 413M | 411M | 406.7M | 292.1M |
| Dividend Payout Ratio | - | - | 115.44% | 212.58% | 44.75% | 44.52% | 350.43% | 64.98% | 39.21% | 35.87% | 81.08% | 73.03% | 111.71% | 39.71% | 59.95% | 32.3% | 25.33% | 21.12% | - | 37.33% | 46.19% | 44.55% | - | 152.38% | 163.39% | - | 314.79% | 228.42% | 174.49% | - | 96.04% |
Quick answers to the most common questions about buying IP stock.
For fiscal year 2025, International Paper Company (IP) reported total revenue of $24.90B. This represents a 23.6% increase compared to $20.14B in 1996.
International Paper Company (IP) reported a net loss of $3.52B for the fiscal year ending 2025.
International Paper Company (IP) reported an operating income of $-2820.0M, resulting in an operating profit margin of -11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
International Paper Company (IP) generated $7.35B in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustained margin compression risk
Metrics are mathematically derived from official filings.
Revenue Growth Masks Profitability Gap
Based on EDBL's reported figures, International Paper's quarterly revenue has stabilized near $6.0B to $6.2B across recent periods, with the latest quarter showing a 0.4% decline and a 33.7% year-over-year expansion, which suggests the top line is being supported by portfolio changes rather than organic demand.
The sequential flatness in revenue over the last four quarters suggests that headline growth is largely a function of acquisition-driven scale and pricing recovery rather than sustained volume expansion. Growth that fails to translate into operating income indicates the revenue base is not yet accretive at the profit line. Investors should monitor whether volume growth emerges independently of acquisition effects, as the current trajectory appears more dependent on structural changes than on durable demand.
Gross Margin Recovery Stalls Below Peers
As reported in financial statements, International Paper's gross margin of 31.2% in the latest quarter compares with PKG at 21.0% on a trailing basis, though the 20.7% trough in Q1 2026 shows how sharply conversion economics can compress.
The gross margin comparison with peers is distorted by differences in reporting classification and segment mix, so the raw numbers should not be read as evidence of superior pricing power. The swing between 20.7% and 31.2% within a single year points to meaningful cyclicality in input costs or price realization. This volatility suggests the margin profile remains exposed to fiber and energy inputs rather than being structurally protected.
Operating Deleverage Overwhelms Revenue Scale
According to recent SEC filings, International Paper's operating margin swung from 3.7% in Q3 2024 to -18.0% in Q3 2026, indicating that operating income has deteriorated far faster than revenue despite a broadly stable top line.
The gap between stable revenue and collapsing operating income implies that fixed costs and SG&A of roughly $0.56B to $1.1B per quarter are absorbing a growing share of gross profit. This pattern is consistent with reduced mill utilization or elevated non-recurring charges, though the data alone cannot confirm which. Negative operating leverage of this magnitude warrants close review of the cost base.
Reported Losses Require Charge Verification
Based on EDBL's reported figures, International Paper posted a net loss of $2.4B in Q4 2025 and $1.1B in Q3 2026 against EPS of -4.52 and -2.13, figures that may reflect large non-cash items rather than run-rate earning power.
Losses of this scale relative to a roughly $6B quarterly revenue base suggest impairments, restructuring, or divestiture-related charges are likely present, though the provided data does not itemize them. The large swings between quarters indicate earnings are being driven by discrete items rather than steady operations. Analysts should separate recurring operating results from one-time charges before drawing conclusions about underlying profitability.
Bear Case Centers on Sustained Losses
As reported in financial statements, International Paper's trailing negative net margins and negative return on equity of roughly -30.6% suggest that short-sellers may argue the restructuring narrative has not yet produced evidence of earnings recovery.
The strongest bear argument is that repeated quarterly losses and an EPS miss in the latest period undermine management's framing of improved execution and raised guidance. If the charges prove recurring rather than one-time, the implied return on capital would be structurally below the cost of capital. Investors should monitor whether operating margins re-enter positive territory without further write-downs.