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International Paper
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Latest analysis
Updated Nov 4, 2026
IP records $1.4B PS EMEA goodwill impairment in Q3 2026 as separation advances and PS NA returns to adjusted profitability
International Paper's Q3 2026 results are defined by a $1.4 billion non-cash goodwill impairment on its PS EMEA segment — the second impairment in two reporting periods — driven by deteriorating macroeconomic indicators and persistent soft European demand, underscoring why management is accelerating the EMEA separation into an independent company. PS NA recovered sequentially with $427 million in operating profit as pricing actions and reduced maintenance outage spending more than offset softer volumes and rising recovered fiber, energy, and diesel costs. The planned PS EMEA spin-off has introduced a new disclosed material weakness in DS Smith legacy IT general controls, adding execution risk to an already complex separation process.
Tone: defensiveRevenue
$23.6B
IP 10-K · FY 2025
Employees
62,602
Revenue FY2024
$18.6B
Founded
1898
Profile
IP 10-K Item 1 · Feb 27, 2026International Paper is a global leader in sustainable, renewable fiber-based packaging solutions, operating across North America, Latin America, Europe and North Africa. The company manufactures containerboard and corrugated packaging products serving industrial, consumer goods and e-commerce end markets. It is executing a strategic transformation including the completed acquisition of DS Smith and a planned separation into two independent, publicly traded companies in North America and EMEA.
Read filing description ↓ Collapse description ↑
International Paper Company is a global leader in sustainable packaging solutions. We produce renewable fiber-based packaging products with manufacturing operations in North America, Latin America, Europe and North Africa. We are a New York corporation, incorporated in 1941 as the successor to the New York corporation of the same name organized in 1898. In recent years, the Company has undergone significant transformation designed to simplify our operations, strengthen performance and position the business for long-term value creation. At International Paper, we follow the IP 80/20 performance system. The 80/20 approach is a disciplined, data-driven operating model focused on simplification, segmentation, resourcing and growth. In recent years the Company has taken actions to drive meaningful operational improvement and increase strategic flexibility across our global portfolio, including focusing on our core business of sustainable packaging solutions, exiting non-core businesses, planning to separate into two independent, publicly traded companies in North America and EMEA, and investing in greenfield packaging facilities. The Company manufactures a broad range of containerboard and corrugated packaging products, which are used to protect, ship and display goods across diverse end-use categories. Our containerboard portfolio includes linerboard, medium, whitetop, and saturating kraft, which serve as the base materials for corrugated packaging. The Company converts containerboard into corrugated boxes, bulk bins, shipping containers and specialty packaging through its network of U.S. and international converting facilities. These products support customers in industries such as food and beverage, agriculture, industrial manufacturing, personal care pharmaceuticals and consumer goods.
Primary products
- linerboard
- medium
- whitetop
- saturating kraft
- corrugated boxes
- bulk bins
Business segments
End markets
Geographies
“The packaging sector is large and fragmented, and the areas into which we sell our principal products are very competitive.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased from $15.84 billion in 2024 to $23.63 billion in 2025, primarily reflecting the full-year inclusion of DS Smith following its acquisition.
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