INTERNATIONAL PAPER CO /NEW/
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in
conjunction with our consolidated financial statements and related notes included in “Item 8. Financial Statements
and Supplementary Data” of this Annual Report on Form 10-K. In addition to historical consolidated financial
information, the following discussion contains forward-looking statements that reflect our plans, estimates, and
beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed
in the forward-looking statements. Factors that could cause or contribute to those differences include those
discussed below and elsewhere in this Annual Report on Form 10-K, particularly in Item 1A “Risk Factors” and
“Forward-Looking Statements.”
The following generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024.
Discussion of historical items in 2023, and year-to-year comparisons between 2024 and 2023, can be found in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21,
2025, under Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of
Operations.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.