INTERNATIONAL PAPER CO /NEW/
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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.
Sep 30, 2026 · Filed Nov 4, 2026
IP$35.53+2.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
Condensed Consolidated Statement of Operations
(In millions, except per share amounts)
| Three Months EndedSeptember 30 | Nine Months EndedSeptember 30 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net Sales | $6,197 | $6,222 | $18,172 | $17,628 |
| Costs and Expenses | ||||
| Cost of products sold | 4,263 | 4,287 | 12,851 | 12,514 |
| Selling and administrative expenses | 558 | 493 | 1,632 | 1,505 |
| Depreciation and amortization | 526 | 1,099 | 1,503 | 2,050 |
| Distribution expenses | 559 | 524 | 1,595 | 1,457 |
| Taxes other than payroll and income taxes | 41 | 40 | 124 | 168 |
| Restructuring charges, net | 9 | 342 | 41 | 464 |
| Impairment of goodwill | 1,377 | — | 1,377 | — |
| Net (gains) losses on sales and impairments of businesses | — | 16 | (11) | (35) |
| Net (gains) losses on sales and impairments of assets | (23) | 15 | (23) | (52) |
| Interest expense, net | 96 | 85 | 259 | 277 |
| Non-operating pension expense (income) | (15) | (4) | (49) | (6) |
| Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings (Loss) | (1,194) | (675) | (1,127) | (714) |
| Income tax provision (benefit) | (97) | (250) | (95) | (242) |
| Equity earnings (loss), net of taxes | — | (1) | (1) | (3) |
| Earnings (Loss) From Continuing Operations | $(1,097) | $(426) | $(1,033) | $(475) |
| Discontinued operations, net of taxes | (29) | (676) | (45) | (657) |
| Net Earnings (Loss) | $(1,126) | $(1,102) | $(1,078) | $(1,132) |
| Basic Earnings (Loss) Per Share | ||||
| Earnings (loss) from continuing operations | $(2.07) | $(0.81) | $(1.95) | $(0.95) |
| Discontinued operations | (0.06) | (1.28) | (0.09) | (1.32) |
| Net earnings (loss) | $(2.13) | $(2.09) | $(2.04) | $(2.27) |
| Diluted Earnings (Loss) Per Share | ||||
| Earnings (loss) from continuing operations | $(2.07) | $(0.81) | $(1.95) | $(0.95) |
| Discontinued operations | (0.06) | (1.28) | (0.09) | (1.32) |
| Net earnings (loss) | $(2.13) | $(2.09) | $(2.04) | $(2.27) |
| Average Shares of Common Stock Outstanding – assuming dilution | 529.6 | 528.0 | 529.3 | 498.2 |
Condensed Consolidated Statement of Comprehensive Income (Loss)
| Three Months EndedSeptember 30 | Nine Months EndedSeptember 30 | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net Earnings (Loss) | $(1,126) | $(1,102) | $(1,078) | $(1,132) |
| Other Comprehensive Income (Loss), Net of Tax: | ||||
| Amortization of pension and post-retirement prior service costs and net loss: | ||||
| U.S. plans | 12 | 16 | 36 | 48 |
| Pension and postretirement adjustments: | ||||
| U.S. plans | — | — | 16 | 8 |
| Non-U.S. plans | 2 | — | — | — |
| Change in cumulative foreign currency translation adjustment | (84) | 4 | (172) | 1,059 |
| Net gains/(losses) on cash flow hedging derivatives: | ||||
| Net gains/(losses) on cash flow hedging derivatives | 155 | (2) | 247 | (54) |
| Reclassification adjustment for (gains) losses included in net earnings (losses) | (44) | 8 | (43) | 15 |
| Total Other Comprehensive Income (Loss), Net of Tax | 41 | 26 | 84 | 1,076 |
| Comprehensive Income (Loss) | $(1,085) | $(1,076) | $(994) | $(56) |
Condensed Consolidated Balance Sheet
| September 30,2026 | December 31,2025 | |
|---|---|---|
| (unaudited) | ||
| Assets | ||
| Current Assets | ||
| Cash and temporary investments | $815 | $1,145 |
| Accounts and notes receivable, net | 4,324 | 3,791 |
| Contract assets | 640 | 635 |
| Assets held for sale | — | 1,800 |
| Inventories | 2,119 | 2,012 |
| Other current assets | 813 | 723 |
| Total Current Assets | 8,711 | 10,106 |
| Plants, Properties and Equipment, net | 14,880 | 14,443 |
| Goodwill | 3,910 | 5,326 |
| Intangibles, net | 3,852 | 4,043 |
| Long-Term Financial Assets of Variable Interest Entities (Note 15) | 2,363 | 2,349 |
| Right of Use Assets | 644 | 697 |
| Overfunded Pension Plan Assets | 564 | 486 |
| Deferred Charges and Other Assets | 713 | 514 |
| Total Assets | $35,637 | $37,964 |
| Liabilities and Equity | ||
| Current Liabilities | ||
| Notes payable and current maturities of long-term debt | $2,203 | $992 |
| Accounts payable | 4,149 | 3,902 |
| Accrued payroll and benefits | 719 | 834 |
| Liabilities held for sale | — | 502 |
| Other current liabilities | 1,757 | 1,669 |
| Total Current Liabilities | 8,828 | 7,899 |
| Long-Term Debt | 7,488 | 8,839 |
| Deferred Income Taxes | 1,938 | 1,898 |
| Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities (Note 15) | 2,132 | 2,127 |
| Long-Term Lease Obligations | 449 | 486 |
| Underfunded Pension Benefit Obligation | 294 | 316 |
| Postretirement and Postemployment Benefit Obligation | 126 | 133 |
| Other Liabilities | 1,236 | 1,439 |
| Equity | ||
| Common stock, $1 par value, 2026 – 627.0 shares and 2025 – 627.0 shares | 627 | 627 |
| Paid-in capital | 14,395 | 14,414 |
| Retained earnings | 3,066 | 4,885 |
| Accumulated other comprehensive income (loss) | (444) | (528) |
| 17,644 | 19,398 | |
| Less: Common stock held in treasury, at cost, 2026 – 97.5 shares and 2025 – 99.0 shares | 4,498 | 4,571 |
| Total Equity | 13,146 | 14,827 |
| Total Liabilities and Equity | $35,637 | $37,964 |
Condensed Consolidated Statement of Cash Flows
| Nine Months EndedSeptember 30 | ||
|---|---|---|
| 2026 | 2025 | |
| Operating Activities | ||
| Net earnings (loss) | $(1,078) | $(1,132) |
| Depreciation and amortization | 1,503 | 2,184 |
| Deferred income tax provision (benefit), net | (68) | (738) |
| Restructuring charges, net | 41 | 459 |
| Impairment of goodwill | 1,377 | — |
| Net (gains) losses on sales and impairments of businesses | 30 | 973 |
| Net (gains) losses on sales and impairments of assets | (23) | (52) |
| Periodic pension (income) expense, net | (1) | 20 |
| Other, net | (108) | (54) |
| Changes in operating assets and liabilities | ||
| Accounts and notes receivable | (337) | (166) |
| Contract assets | (9) | (62) |
| Inventories | (116) | (53) |
| Accounts payable | 373 | (182) |
| Other current liabilities | (205) | (280) |
| Other current assets | 97 | (124) |
| Cash Provided By (Used For) Operations | 1,476 | 793 |
| Investment Activities | ||
| Capital expenditures | (1,656) | (1,207) |
| Acquisitions, net of cash acquired | (457) | 414 |
| Proceeds from divestitures, net of cash divested | 1,045 | 138 |
| Proceeds from sale of fixed assets | 103 | 108 |
| Proceeds from insurance recoveries | 65 | 33 |
| Other | (7) | 36 |
| Cash Provided By (Used For) Investment Activities | (907) | (478) |
| Financing Activities | ||
| Issuance of debt | 789 | 422 |
| Reduction of debt | (829) | (193) |
| Change in book overdrafts | (85) | 14 |
| Repurchases of common stock and payments of restricted stock tax withholding | (31) | (64) |
| Dividends paid | (735) | (733) |
| Other | (7) | (1) |
| Cash Provided By (Used For) Financing Activities | (898) | (555) |
| Effect of Exchange Rate Changes on Cash and Temporary Investments | (17) | 75 |
| Change in Cash and Temporary Investments | (346) | (165) |
| Cash and Temporary Investments | ||
| Beginning of period | 1,161 | 1,170 |
| End of period | $815 | $1,005 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.