# International Paper Company (IP) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/IP/thesis · /stocks/IP/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/IP/fundamental

## Navigation

- Overview: /stocks/IP
- Financials (this page): /stocks/IP/financials
- Thesis: /stocks/IP/thesis
- Investment Memo: /stocks/IP/memo
- Coverage universe: /stocks