INTERNATIONAL PAPER CO /NEW/

For the period ended Jun 30, 2025. Filed Aug 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.

Jun 30, 2025 · Filed Aug 7, 2025

IP$35.53+2.9%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

Condensed Consolidated Statement of Operations

(In millions, except per share amounts)

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2025	2024	2025	2024
Net Sales	$6,767	$4,734	$12,668	$9,353
Costs and Expenses
Cost of products sold	4,876	3,360	9,135	6,784
Selling and administrative expenses	578	453	1,108	811
Depreciation and amortization	480	261	1,051	539
Distribution expenses	578	379	1,061	770
Taxes other than payroll and income taxes	49	35	142	76
Restructuring charges, net	39	—	122	3
Net (gains) losses on sales and impairments of businesses	(51)	—	(51)	—
Net (gains) losses on sales of fixed assets	—	(5)	(67)	—
Interest expense, net	107	55	188	101
Non-operating pension expense (income)	(5)	(10)	(2)	(22)
Earnings (Loss) Before Income Taxes and Equity Earnings (Loss)	116	206	(19)	291
Income tax provision (benefit)	40	(293)	9	(266)
Equity earnings (loss), net of taxes	(1)	(1)	(2)	(3)
Net Earnings (Loss)	$75	$498	$(30)	$554
Basic Earnings (Loss) Per Share
Net earnings (loss)	$0.14	$1.43	$(0.06)	$1.59
Diluted Earnings (Loss) Per Share
Net earnings (loss)	$0.14	$1.41	$(0.06)	$1.57
Average Shares of Common Stock Outstanding – assuming dilution	532.6	352.8	483.0	352.7

Condensed Consolidated Statement of Comprehensive Income

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2025	2024	2025	2024
Net Earnings (Loss)	$75	$498	$(30)	$554
Other Comprehensive Income (Loss), Net of Tax:
Amortization of pension and post-retirement prior service costs and net loss:
U.S. plans	16	17	32	34
Pension and postretirement adjustments:
U.S. plans	—	—	8	—
Change in cumulative foreign currency translation adjustment	645	(39)	1,055	(49)
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)	8	—	7	—
Total Other Comprehensive Income (Loss), Net of Tax	669	(22)	1,050	(15)
Comprehensive Income (Loss)	$744	$476	$1,020	$539

Condensed Consolidated Balance Sheet

	June 30,2025	December 31,2024
(unaudited)
Assets
Current Assets
Cash and temporary investments	$1,135	$1,170
Accounts and notes receivable, net	4,767	2,966
Contract assets	451	396
Inventories	2,658	1,784
Assets held for sale	58	—
Other current assets	430	108
Total Current Assets	9,499	6,424
Plants, Properties and Equipment, net	16,876	9,658
Goodwill	7,531	3,038
Intangibles, net	4,406	145
Long-Term Financial Assets of Variable Interest Entities (Note 14)	2,340	2,331
Right of Use Assets	712	433
Overfunded Pension Plan Assets	218	92
Deferred Charges and Other Assets	794	679
Total Assets	$42,376	$22,800
Liabilities and Equity
Current Liabilities
Notes payable and current maturities of long-term debt	$225	$193
Accounts payable	4,336	2,316
Accrued payroll and benefits	675	749
Other current liabilities	1,885	1,000
Total Current Liabilities	7,121	4,258
Long-Term Debt	9,694	5,368
Deferred Income Taxes	2,589	1,072
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 14)	2,124	2,120
Long-Term Lease Obligations	475	292
Underfunded Pension Benefit Obligation	308	233
Postretirement and Postemployment Benefit Obligation	126	133
Other Liabilities	1,322	1,151
Equity
Common stock, $1 par value, 2025 – 627.0 shares and 2024 – 448.9 shares	627	449
Paid-in capital	14,374	4,732
Retained earnings	8,865	9,393
Accumulated other comprehensive loss	(672)	(1,722)
	23,194	12,852
Less: Common stock held in treasury, at cost, 2025 – 99.1 shares and 2024 – 101.5 shares	4,577	4,679
Total Equity	18,617	8,173
Total Liabilities and Equity	$42,376	$22,800

Condensed Consolidated Statement of Cash Flows

	Six Months EndedJune 30,
	2025	2024
Operating Activities
Net earnings (loss)	$(30)	$554
Depreciation and amortization	1,051	539
Deferred income tax provision (benefit), net	(95)	(427)
Restructuring charges, net	122	3
Net (gains) losses on sales and impairments of businesses	(51)	—
Net (gains) losses on sales of fixed assets	(67)	—
Periodic pension (income) expense, net	16	(1)
Other, net	(75)	80
Changes in operating assets and liabilities
Accounts and notes receivable	(211)	(161)
Contract assets	(53)	(3)
Inventories	28	112
Accounts payable and other liabilities	(348)	90
Interest payable	49	4
Other	(148)	(30)
Cash Provided By (Used For) Operations	188	760
Investment Activities
Capital expenditures	(752)	(449)
Acquisitions, net of cash acquired	419	—
Proceeds from divestitures, net of transaction costs	138	—
Proceeds from sale of fixed assets	93	4
Proceeds from insurance recoveries	28	—
Other	36	(1)
Cash Provided By (Used For) Investment Activities	(38)	(446)
Financing Activities
Issuance of debt	349	—
Reduction of debt	(149)	(8)
Change in book overdrafts	99	(14)
Repurchases of common stock and payments of restricted stock tax withholding	(63)	(22)
Dividends paid	(488)	(321)
Other	(1)	—
Cash Provided By (Used For) Financing Activities	(253)	(365)
Effect of Exchange Rate Changes on Cash and Temporary Investments	68	(13)
Change in Cash and Temporary Investments	(35)	(64)
Cash and Temporary Investments
Beginning of period	1,170	1,113
End of period	$1,135	$1,049

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.