Short answer
International Paper (IP) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $23.6B (+26.9% year over year) and net income of −$3.5B.
- Top risk flagged: Outstanding debt ~$9.8B; credit downgrade would trigger interest rate increases on ~$4.0B of debt and may eliminate commercial paper market access
FY2025 key financial metrics · XBRL
- Revenue
- $23.6B
- +26.9% YoY
- Net income
- −$3.5B
- −731.2% YoY
- EPS (diluted)
- −$6.95
- −542.7% YoY
- ROE
- -23.7%
- −30.5 pp YoY
- Operating cash flow
- $1.7B
- +1.2% YoY
Source: XBRL data from the International Paper (IP) FY2025 10-K on SEC EDGAR. USD.
International Paper FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Pure-play sustainable fiber-based packaging company; two segments: Packaging Solutions North America and Packaging Solutions EMEA
- DS Smith acquisition completed 2025; divestiture of Global Cellulose Fibers business for $1.5B to American Industrial Partners
- Announced January 2026 plan to separate into two independent publicly traded companies (North America + EMEA), targeting late 2026/early 2027
- Net sales $23.63B; capex $1.9B in 2025, rising to $2.0–$2.1B in 2026; $977M returned to shareholders via dividends
- 62,602 total employees post-DS Smith acquisition; 830,000 learning activities completed enterprise-wide via MyLearning platform
Management Discussion & Analysis
- Revenue not explicitly stated as single YoY figure in provided text; DS Smith acquisition completed, adding EMEA segment as new business unit
- Indebtedness ~$9.8B as of Dec 31, 2025; variable rate debt ~$2.1B; potential deferred tax acceleration of $487M if letter-of-credit banks downgraded
- Restructuring actions: closed 3 mills, 2 recycling facilities, 6 box plants in NA; 17 packaging plants, 1 mill, 1 recycling center in EMEA; ~1,400 workforce reduction
- Sold Global Cellulose Fibers business (completed Jan 2026); exited converting bag business; no capex, buyback, or dividend dollar figures disclosed in provided text
- Key forward risks: planned EMEA spin-off within 12-15 months uncertain; tariff/trade policy upheaval post Feb 2026 Supreme Court ruling; ~$4.0B debt subject to rate increase on credit downgrade
Risk Factors
- Outstanding debt ~$9.8B; credit downgrade would trigger interest rate increases on ~$4.0B of debt and may eliminate commercial paper market access
- US Supreme Court struck down IEEPA-based tariffs Feb 20, 2026; new Executive Orders restructuring tariff authority create unresolved supply chain and capital cost uncertainty
- DS Smith ITGC material weaknesses (user access, change-management, authentication) unremediated; excluded from Dec 31, 2025 internal control assessment under SOX Section 404
- Italian Competition Authority antitrust decision and US Sherman Act class action (price-fixing containerboard from Nov 2020) both pending with unquantified material liability risk
- Brazilian tax exposure under Sylvamo spin-off agreement: IP liable for ~$274M (60% of first $300M plus 100% above) on ~$394M total assessment
Generated from the filing text; verify against the original. How to read a 10-K
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