International Paper Company
IPFinancial Snapshot
ticker: IP step: 04 generated: 2026-05-12 source: quick-research
International Paper Company (IP) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$21.2B | $18.9B | $18.6B | -1.6% |
| EBITDA | ~$2.94B | $2.35B | $1.93B | -18% |
| Net Income (GAAP) | ~$0.9B | $0.29B | $0.56B | +93% |
| EPS (GAAP, diluted) | ~$2.49 | $0.82 | $1.57 | +91% |
| Adj. Operating EPS | — | $2.16 | $1.13 | -48% |
FY2024 EBITDA declined as containerboard prices remained cyclically depressed. GAAP EPS improvement reflects lower restructuring charges vs. FY2023. Adjusted operating EPS declined due to volume/price pressure. FY2025 was impacted by large goodwill impairment and restructuring charges from the DS Smith integration — net loss of ~$2.6B (GAAP) — with management guiding to $6-7B adj. EBITDA by FY2027.
Cash Flow & Balance Sheet (Post-DS Smith, FY2025)
| Metric | Value |
|---|---|
| Pro Forma Revenue (FY2025) | ~$27B (incl. DS Smith full year) |
| Adjusted EBITDA Target (FY2027) | $6–7B |
| DS Smith Synergy Target | $600–700M annually (by 2029) |
| Total Debt (post-acquisition) | ~$12–14B (elevated from DS Smith deal) |
| GCF Divestiture Proceeds | $1.5B (announced 2025, pending close) |
Balance sheet is materially levered post-DS Smith. Dividend sustainability is a key debate — bears argue a cut is likely given FCF constraints. Management is targeting debt paydown via GCF proceeds and FCF generation.
Key Ratios (approximate)
- Dividend Yield: ~5.5% | P/EBITDA (FY2025E): ~11x (elevated vs. historical ~4x)
- Integration rate post-DS Smith: ~90%
- Synergy target: $600–700M annually by 2029
Growth Profile
IP is in deep transformation mode post-DS Smith. The near-term profile is capital-intensive with significant integration costs and restructuring charges (5 German DS Smith sites closing, 500 roles affected). The medium-term thesis (FY2026–FY2027) is synergy realization + containerboard pricing recovery driving EBITDA toward $6–7B. FY2022's stronger pricing has since normalized significantly as the containerboard cycle troughed.
Forward Estimates
- FY2026 adj. EBITDA: ~$3.5–4.0B (early integration synergies + price recovery)
- FY2027 adj. EBITDA target: $6–7B (full synergy realization + packaging cycle recovery)
- Containerboard price increases: $70/ton announced June 2026 (IP) + additional $40/ton in 2027 expected
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $IP.