At a glance
International Paper is worth $19.40B. Revenue grew 49.3% to $23.63B in fiscal 2025, at a loss. It pays a 6.28% dividend yield, and returned $6.14B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.5% over the past year with dividends reinvested and −1.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.8% in the 2020 crash (S&P 500: 33.7%) and 35.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 19 months after the lows.
The business in plain English
International Paper makes packaging from renewable fiber. Its mills produce containerboard, the stiff paperboard used to make shipping boxes, and its converting plants turn that board into boxes and other packaging for business customers. It also runs recycling plants. The company earns money on the gap between what it charges for packaging and what it pays for fiber, energy, labor and freight, and results move in cycles tied to industry capacity and the economy.
It reports two segments. In fiscal 2025, Packaging Solutions North America brought in $15.2 billion, or 64.2% of $23.63 billion in net sales, and Packaging Solutions EMEA (Europe, the Middle East and Africa) brought in $8.5 billion, or 35.8%. The United States made up 61.1% of sales. Sales rose 49.3% that year, when the company completed its purchase of DS Smith.
The company runs on what it calls the 80/20 performance system, which concentrates effort on priority customers, products and regions and exits non-core businesses. In January 2026 it completed the $1.5 billion sale of its Global Cellulose Fibers business to American Industrial Partners, leaving a packaging-only company. That same month it announced plans to split into two public companies, one for North America and one for EMEA, aiming to finish near the end of 2026 or early 2027.
Price history
The interactive chart needs JavaScript.
IP +0.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Packaging Solutions North America | $15.18B | 64.2% |
| Packaging Solutions EMEA Segment | $8.45B | 35.8% |
By geography
| United States | $14.44B | 61.1% |
| EMEA | $8.45B | 35.8% |
| Americas, other than U.S. | $713.0M | 3% |
| Pacific Rim and Asia | $31.0M | 0.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $6.00B, down 2.2% from a year earlier, and net income was $-12.0M (-116.0%).
- For fiscal 2025, revenue was $23.63B (+49.3% year over year) with a -14.9% net margin.
Financial health check
| Free cash flow margin | -0.7% weak |
|---|---|
| Return on equity (FY2025) | -23.7% weak |
| Return on assets (FY2025) | -9.3% weak |
| Net cash (cash minus debt) | $-8.49B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $17.57B | $482.0M | $2.40B |
| FY2021 | $19.36B | $1.75B | $1.55B |
| FY2022 | $21.16B | $1.50B | $1.24B |
| FY2023 | $16.03B | $288.0M | $692.0M |
| FY2024 | $15.84B | $557.0M | $757.0M |
| FY2025 | $23.63B | $-3.52B | $-159.0M |
Valuation snapshot
| Market value | $19.40B |
|---|---|
| P/E ratio | — |
| Dividend yield | 6.28% |
Rank among 1514 US companies
Market value at each year end
International Paper’s market value went from $32.73B at the end of 2016 to $19.40B on Nov 2, 2026, down 41%; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $19.40B | -6.7% |
| 2025 | $20.80B | -25.8% |
| 2024 | $28.05B | +49.5% |
| 2023 | $18.76B | +1.6% |
| 2022 | $18.48B | -30.3% |
| 2021 | $26.52B | -9.5% |
| 2020 | $29.32B | +8.2% |
| 2019 | $27.09B | +10.5% |
| 2018 | $24.52B | -31.7% |
| 2017 | $35.89B | +9.7% |
| 2016 | $32.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IP price data to Nov 2, 2026 | -2.6% | +0.5% | +7.4% | -1.1% | +3.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.6% |
| 2025 | -23.8% |
| 2024 | +55.1% |
| 2023 | +10.1% |
| 2022 | -23.1% |
| 2021 | +3.5% |
| 2020 | +13.6% |
| 2019 | +19.5% |
| 2018 | -27.7% |
| 2017 | +13.1% |
| 2016 | +46.9% |
| 2015 | -27.2% |
| 2014 | +14.2% |
| 2013 | +26.5% |
| 2012 | +39.1% |
| 2011 | +12.4% |
| 2010 | +3.5% |
| 2009 | +136.0% |
| 2008 | -62.0% |
| 2007 | -2.4% |
| 2006 | +4.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 87.1% over that stretch · deepest drop along the way 88%, back to its old high 34.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.3% over that stretch · deepest drop along the way 38.8%, back to its old high 5.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.7% over that stretch · deepest drop along the way 35.5%, back to its old high 19.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 3 open-market purchases ($1.3M) and 2 sales ($1.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | William Thomas Hamic Exec. VP & President | sell | $1.0M |
| Mar 11, 2026 | Anders Gustafsson Director | buy | $500K |
| Mar 12, 2026 | Anders Gustafsson Director | buy | $500K |
| May 1, 2026 | Scott Tozier Director | buy | $313K |
| Aug 4, 2026 | Holly G. Goughnour VP & Chief Accounting Officer | sell | $147K |
Who owns it
Large shareholders (13G filings)
| Capital Research Global Investors | 14.8% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 9.3% | Mar 31, 2026 |
| BlackRock, Inc. | 8.9% | Jun 30, 2026 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.4% | Mar 31, 2025 |
| FMR LLC | 3.9% | Jun 30, 2025 |
| Capital International Investors | 3.8% | Jun 30, 2026 |
ETFs with the most weight in IP
| IVEG iShares Emergent Food and AgTech Multisector ETF | 5.24% |
| CUT Invesco MSCI Global Timber ETF | 4.96% |
| WOOD iShares Global Timber & Forestry ETF | 4.42% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 3.95% |
| XLB Materials Select Sector SPDR Fund | 3.59% |
| STNC Hennessy Stance ESG ETF | 3.5% |
| IYM iShares U.S. Basic Materials ETF | 3.34% |
| DDIV First Trust Dorsey Wright Momentum & Dividend ETF | 3.04% |
What could go wrong
- Planned split may be delayed or derailed. The company plans to split into separate North America and EMEA public companies, aiming for late 2026 or early 2027. The split may be delayed, done on different terms, or not happen at all.
- Fixing DS Smith's financial control gaps. DS Smith, bought in fiscal 2025, had found material weaknesses, meaning serious gaps in the checks that keep financial reports accurate. Unfixed, these could raise costs, absorb management time and hurt the share price.
- Cost-cutting plan may not deliver. Under its 80/20 system, which focuses effort on priority customers and products, the company has exited non-core businesses and cut duplicate roles. Expected cost savings and other benefits may not materialize.
- Heavy debt and credit rating risk. Total debt was $9.2 billion against $726 million of cash as of June 30, 2026. A credit downgrade, or higher rates on loans whose interest resets with the market, could raise borrowing costs.
- Packaging demand and prices swing with economy. Packaging demand and prices rise and fall with the economy and industry capacity. Price competition can squeeze profits, and the 10-K says weak economic conditions could affect its ability to pay a dividend.
- Swings in fiber, energy and freight costs. Making packaging takes wood fiber, recycled fiber, energy and shipping. The 10-K says changes in the cost and availability of raw materials, energy and transportation have affected profits before and could again.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Acquisition or sale of assets completed; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
International Paper has held its dividend at $1.85 per share in each fiscal year from 2022 through 2025, so there is no streak of increases. In fiscal 2025 it paid $977 million in dividends while posting a $3.5 billion net loss and negative free cash flow (cash from operations minus capital spending) of $159 million, so neither covered the payout. The 10-K names weak economic conditions as a risk to its ability to pay a dividend. The yield was 6.68% as of October 28, 2026, partly because the share price fell 22.4% over the prior year. Buybacks totaled $2.4 billion over fiscal 2021–2025 but just $65 million in 2025.
In past downturns the shares fell 88% in the 2008 crisis, not recovering until January 2012; 39% in the 2020 COVID crash, recovering by September 2020; and 36% in the 2022 bear market, recovering by May 2024. A single stock carries more risk than a diversified fund.
Questions investors ask
How does International Paper make money?
International Paper makes money by selling fiber-based packaging, such as containerboard (the stiff paperboard used for shipping boxes) and finished boxes, to business customers. Net sales were $23.63 billion in fiscal 2025. Packaging Solutions North America supplied 64.2% of that and Packaging Solutions EMEA (Europe, the Middle East and Africa) supplied 35.8%; the United States made up 61.1%. Profit depends on packaging prices and volumes, which rise and fall with the economy, versus the cost of fiber, energy and freight.
Does International Paper raise its dividend every year?
No. International Paper paid $1.85 per share in dividends in each fiscal year from 2022 through 2025, without an increase. The dividend yield was 6.68% as of October 28, 2026. In fiscal 2025 the company paid $977 million in dividends but reported a net loss of $6.95 per share and negative free cash flow (cash left after capital spending) of $159 million, so neither earnings nor free cash flow covered the payout that year. Its 10-K lists weak economic conditions as a risk to the dividend.
Is International Paper splitting into two companies?
Yes, that is the plan. In January 2026 International Paper announced it intends to separate into two independent, publicly traded companies, one for North America and one for EMEA (Europe, the Middle East and Africa). Its 10-K, filed February 27, 2026, says it aims to finish near the end of 2026 or in early 2027. The company warns the separation may not be completed on that timeline or on the announced terms, if at all, and that expected benefits may not materialize.
How much debt does International Paper have?
About $9.2 billion of total debt as of June 30, 2026, against $726 million of cash and investments, for net debt (debt minus cash) of about $8.5 billion. Shareholders' equity was $14.5 billion. The 10-K flags several debt risks: a credit rating downgrade could raise borrowing costs and weigh on the share price, some debt has variable interest rates that rise with market rates, and the debt level could impair its ability to operate.
Is International Paper only a packaging company?
Yes, that is the aim. In January 2026 it completed the $1.5 billion sale of its Global Cellulose Fibers business to American Industrial Partners. The 10-K says it took steps to become a pure play in sustainable packaging, meaning a company focused on one business, and exited other non-core businesses and markets. Its two reported segments, Packaging Solutions North America and Packaging Solutions EMEA, are both packaging businesses.