INTERNATIONAL PAPER CO NEW

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 7, 2025

IP$35.13-1.1%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

Condensed Consolidated Statement of Operations

(In millions, except per share amounts)

	Three Months EndedMarch 31,
	2025	2024
Net Sales	$5,901	$4,619
Costs and Expenses
Cost of products sold	4,259	3,424
Selling and administrative expenses	530	358
Depreciation and amortization	571	278
Distribution expenses	483	391
Taxes other than payroll and income taxes	93	41
Restructuring charges, net	83	3
Net (gains) losses on sales of fixed assets	(67)	5
Interest expense, net	81	46
Non-operating pension expense (income)	3	(12)
Earnings (Loss) Before Income Taxes and Equity Earnings (Loss)	(135)	85
Income tax provision (benefit)	(31)	27
Equity earnings (loss), net of taxes	(1)	(2)
Net Earnings (Loss)	$(105)	$56
Basic Earnings (Loss) Per Share
Net earnings (loss)	$(0.24)	$0.16
Diluted Earnings (Loss) Per Share
Net earnings (loss)	$(0.24)	$0.16
Average Shares of Common Stock Outstanding – assuming dilution	437.6	348.5

Condensed Consolidated Statement of Comprehensive Income

	Three Months EndedMarch 31,
	2025	2024
Net Earnings (Loss)	$(105)	$56
Other Comprehensive Income (Loss), Net of Tax:
Amortization of pension and post-retirement prior service costs and net loss:
U.S. plans	16	17
Pension and postretirement adjustments:
U.S. plans	8	—
Change in cumulative foreign currency translation adjustment	410	(10)
Net gains/losses on cash flow hedging derivatives:
Net gains/(losses) on cash flow hedging derivatives	(52)	—
Reclassification adjustment for (gains) losses included in net earnings (loss)	(1)	—
Total Other Comprehensive Income (Loss), Net of Tax	381	7
Comprehensive Income (Loss)	276	63

Condensed Consolidated Balance Sheet

	March 31,2025	December 31,2024
(unaudited)
Assets
Current Assets
Cash and temporary investments	$1,156	$1,170
Accounts and notes receivable, net	4,565	2,966
Contract assets	443	396
Inventories	2,590	1,784
Assets held for sale	174	—
Other current assets	360	108
Total Current Assets	9,288	6,424
Plants, Properties and Equipment, net	16,026	9,658
Goodwill	7,242	3,038
Intangibles, net	4,585	145
Long-Term Financial Assets of Variable Interest Entities (Note 14)	2,335	2,331
Right of Use Assets	695	433
Overfunded Pension Plan Assets	199	92
Deferred Charges and Other Assets	798	679
Total Assets	$41,168	$22,800
Liabilities and Equity
Current Liabilities
Notes payable and current maturities of long-term debt	$444	$193
Accounts payable	4,224	2,316
Accrued payroll and benefits	596	749
Other current liabilities	1,724	1,000
Total Current Liabilities	6,988	4,258
Long-Term Debt	9,175	5,368
Deferred Income Taxes	2,532	1,072
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 14)	2,122	2,120
Long-Term Lease Obligations	477	292
Underfunded Pension Benefit Obligation	310	233
Postretirement and Postemployment Benefit Obligation	130	133
Other Liabilities	1,342	1,151
Equity
Common stock, $1 par value, 2025 – 627.0 shares and 2024 – 448.9 shares	627	449
Paid-in capital	14,350	4,732
Retained earnings	9,038	9,393
Accumulated other comprehensive loss	(1,341)	(1,722)
	22,674	12,852
Less: Common stock held in treasury, at cost, 2025 – 99.2 shares and 2024 – 101.5 shares	4,582	4,679
Total Equity	18,092	8,173
Total Liabilities and Equity	$41,168	$22,800

Condensed Consolidated Statement of Cash Flows

	Three Months EndedMarch 31,
	2025	2024
Operating Activities
Net earnings (loss)	$(105)	$56
Depreciation and amortization	571	278
Deferred income tax provision (benefit), net	(74)	(11)
Restructuring charges, net	83	3
Net (gains) losses on sales of fixed assets	(67)	5
Periodic pension (income) expense, net	13	(2)
Other, net	(87)	34
Changes in operating assets and liabilities
Accounts and notes receivable	(178)	7
Contract assets	(47)	2
Inventories	22	76
Accounts payable and other liabilities	(370)	(44)
Interest payable	23	17
Other	(72)	(26)
Cash Provided By (Used For) Operations	(288)	395
Investment Activities
Capital expenditures	(330)	(251)
Acquisitions, net of cash acquired	415	—
Proceeds from sale of fixed assets	83	1
Proceeds from insurance recoveries	28	—
Other	41	3
Cash Provided By (Used For) Investment Activities	237	(247)
Financing Activities
Issuance of debt	239	—
Reduction of debt	(6)	(3)
Change in book overdrafts	94	(5)
Repurchases of common stock and payments of restricted stock tax withholding	(62)	(22)
Dividends paid	(244)	(161)
Cash Provided By (Used For) Financing Activities	21	(191)
Cash Included in Assets Held for Sale	(2)	—
Effect of Exchange Rate Changes on Cash and Temporary Investments	18	—
Change in Cash and Temporary Investments	(14)	(43)
Cash and Temporary Investments
Beginning of period	1,170	1,113
End of period	$1,156	$1,070

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.