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International Paper Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Announced plan to separate into two independent public companies focused on North America and EMEA packaging, following the integration of DS Smith assets, with completion expected in 12–15 months.
DS Smith acquisition integrated, creating regional leaders with $15.2B (NA) and $8.5B (EMEA) 2025 net sales.
Transformation initiatives and the 80/20 strategy are driving cost savings, margin expansion, and operational improvements.
Significant progress on profitable growth strategy, with above-market growth in North America and cost actions in EMEA.
Completed sale of Global Cellulose Fibers business for $1.5 billion, with a $1.07 billion impairment charge recorded.
Financial highlights
Full-year 2025 net sales were $23.63 billion, with adjusted EBITDA of $2.98–$3.0 billion and free cash flow of $229 million.
North America achieved 37% year-over-year adjusted EBITDA growth in 2025, with net sales of $15.2 billion and adjusted EBITDA of $2.3 billion.
EMEA reported 2025 net sales of $8.5 billion and adjusted EBITDA of $784–$800 million, with early benefits from transformation actions.
Loss from continuing operations was $2.84 billion in 2025, including $2.47 billion goodwill impairment, $0.96 billion accelerated depreciation, and $0.63 billion restructuring charges.
2026 enterprise guidance: net sales of $24.1–$24.9 billion, adjusted EBITDA of $3.5–$3.7 billion, and free cash flow of $300–$500 million.
Outlook and guidance
2026 adjusted EBITDA target set at $3.5–$3.7 billion for the full year and $740–$760 million for Q1.
North America 2026 adjusted EBITDA target: $2.5–$2.6 billion; EMEA 2026 adjusted EBITDA: $1.0–$1.1 billion, with growth driven by commercial and cost-out benefits.
2027 enterprise EBITDA target: $5 billion, with North America contributing ~$3.5 billion and EMEA ~$1.5 billion.
Transformation costs expected in 1H26, with step-change improvement in 2H26.
Guidance assumes above-industry growth and ongoing cost-out initiatives, but does not reflect future price realization or full impact of recent winter storms.
EMEA pre-separation investment details
1H26 PS NA EBITDA headwinds explanation
EMEA 2026 footprint cost savings quantification
What factors led to PS EMEA goodwill impairment?
What assumptions underpin 2026 EBITDA targets?
What drove PS NA Q4 operating profit increase?
Review dividend policy given 2026 FCF guidance
Quantify 2026 EBITDA impact from announced price
Confidence in H2 2026 EBITDA acceleration drivers
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Next International Paper earnings date
Bank of America 2026 Global Agriculture and Materials Conference26 Feb, 2026
International Paper
Next International Paper earnings date
Bank of America 2026 Global Agriculture and Materials Conference26 Feb, 2026
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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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