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International Paper Company (IP) investor relations material
International Paper Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Transformation strategy focused on cost initiatives, margin expansion, and dynamic resource allocation, with significant progress despite challenging macro conditions in North America and EMEA.
Company exited non-core businesses, including the sale of Global Cellulose Fibers (GCF) and Bag businesses, and closed specialty and low-margin export businesses.
Transformation actions led to a 40% year-to-date adjusted EBITDA increase in North America and 28% sequential growth company-wide, with margin expansion supported by cost actions and commercial wins.
Net loss for Q3 2025 was $1.10 billion, including a $1.0 billion impairment charge on GCF and $675 million in accelerated depreciation from mill closures.
DS Smith acquisition completed, contributing to scale and segment realignment.
Financial highlights
Q3 2025 net sales were $6.22 billion, up from $3.98 billion in Q3 2024, driven by DS Smith acquisition.
Adjusted EBITDA from continuing operations was $859 million in Q3 2025, up 28% sequentially, with margin at 13.8%.
Free cash flow for Q3 2025 was $150 million, down from $521 million in Q3 2024.
Adjusted operating loss per share was $(0.43) in Q3 2025, impacted by $675 million in accelerated depreciation.
Dividend payments totaled $733 million for the first nine months of 2025.
Outlook and guidance
2025 net sales target revised to ~$24.0 billion, with adjusted EBITDA expected at ~$3.0 billion and free cash flow at $(0.1) billion to $0.3 billion, excluding GCF.
2027 targets updated to ~$25.5 billion net sales, ~$5.0 billion adjusted EBITDA, and ~$2.0 billion free cash flow.
Incremental ~$0.6 billion adjusted EBITDA secured for 2026 from 2025 actions, with further upside possible from market growth and pricing.
Q4 2025 North America adjusted EBITDA expected to decline due to lower volumes from mill closures, while EMEA is expected to see higher adjusted EBITDA from price realization and seasonally higher volumes.
Full-year 2025 capital expenditures projected at $1.8–$1.9 billion.
Explain the negative 2025 FCF target revision?
What drove the Q3 adjusted operating EPS drop?
Explain the 2025 effective tax rate increase?
Quantify future cost savings from mill closures?
Drivers of NA box shipment growth?
DS Smith integration challenges or synergies?
EMEA restructuring: How quickly will it move?
North America volume outperformance drivers?
Impact of sustained transformation CapEx?
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Next International Paper Company earnings date
Baird 55th Annual Global Industrial Conference11 Nov, 2025
Next International Paper Company earnings date
Baird 55th Annual Global Industrial Conference11 Nov, 2025
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Frequently asked questions
International Packaging and Paper
International Paper is an American company with multinational operations that’s active in the production of paper and associated products. The company provides a range of products that include printing paper, packaging solutions for different industries, and cellulose fibers. It also manages numerous mills and production facilities worldwide. International Paper is headquartered in Corinth, New York, and its shares are listed on the NYSE.
A Merger Between 18 Mills
International Paper was formed in 1898 through the merger of 18 pulp and paper mills in the northeastern United States. Its early focus was on producing newsprint, with the company growing rapidly through acquisitions, expansions, and by supplying local industry with paper of various kinds. While the company still produces paper and various other related products, the advent of digital media has meant that International Paper has increased its focus on packaging products to better adapt to the time. Today, the company's primary operations encompass three core segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers.
Industrial Packaging, Global Cellulose Fibers, and Printing Papers
Industrial Packaging: This segment manufactures container boards, which are the raw materials for corrugated boxes – an essential component in packaging and shipping. The company also offers packaging solutions and services, catering to a wide range of industries, from food and beverage to industrial products.
Global Cellulose Fibers: In this segment, International Paper produces fluff, market, and specialty pulps. These materials are critical in the manufacture of products like diapers, tissue, and other personal hygiene products that are in constant demand globally.
Printing Papers: This segment involves the production of printing and writing papers used in both commercial and consumer settings. Products include high-quality papers used in office environments, commercial printing, and retail applications. As previously mentioned, the digital era has impacted the demand for traditional printing paper, this segment continues to be a significant part of International Paper’s portfolio.
Competitors
While International Paper is one of the largest companies in its niche in the world, they’re far from being the only publicly listed company with a focus on paper and packaging. Some publicly listed peers are WestRock Company, Smurfit Kappa Group, and Packaging Corporation of America.
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