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International Paper 8-K Report, Financial Results (Jan 29, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 29, 2026
Period End
January 29, 2026
Securities
IPINPAP
In the record · 2016–202610-K1110-Q328-K153

IP filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 153 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’19Feb ’19
  2. Leadership change8-K · Feb ’21Feb ’21
  3. Material agreement8-K · Jan ’23Jan ’23
  4. Material agreement8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed January 29, 2026. Cited figures are marked; the original filing is the authoritative source.

International Paper (NYSE: IP; LSE: IPC) reported preliminary, unaudited results for the full-year and fourth quarter ended December 31, 2025, and announced its plan to create two independent, publicly traded packaging solutions companies, one in North America and one in EMEA.

For full-year 2025, net sales were $23.63 billiona, loss from continuing operations was $2.84 billion, adjusted EBITDA from continuing operations was $2.98 billion, cash provided by operating activities was $1.70 billion, and free cash flow was $(0.16) billion. The loss was driven largely by a $2.47 billion pre-tax non-cash goodwill impairment related to the Packaging Solutions EMEA reporting unit, along with $0.96 billion of non-cash accelerated depreciation tied to asset rationalization and $0.63 billion of restructuring charges. For the fourth quarter, net sales were $6.01 billion and loss from continuing operations was $2.36 billion, with adjusted EBITDA of $0.76 billion.

The company expects the separation to be completed in 12 to 15 months, subject to customary conditions. For 2026, International Paper targets adjusted EBITDA from continuing operations of $3.5 to $3.7 billionb for the full year and $740 to $760 million for the first quarter. Management states these targets are based on above-industry growth but do not reflect future price realization, and that the impact of a winter storm across the US had not yet been fully assessed.

The company also disclosed the sale of its Global Cellulose Fibers business to American Industrial Partners for $1.5 billionc, with a preferred stock consideration having an initial liquidation preference of $190 million, and a 2025 impairment charge of $1.07 billion on that business. The results will be finalized in the Form 10-K, which the company intends to file on February 26, 2026.

North America segment operating profit was $319 milliond in the fourth quarter of 2025 compared with $(166) million in the third quarter, while the EMEA segment posted an operating loss of $(223) million in the fourth quarter compared with $(58) million in the third quarter. Adjusted operating earnings were $(100) million for the full year 2025 versus $471 million in 2024, and diluted loss per share from continuing operations was $(5.61) for the full year.

02—Key points

Key Highlights

  1. Full-year 2025 net sales of $23.63 billion and loss from continuing operations of $2.84 billion, including a $2.47 billion pre-tax non-cash goodwill impairment on PS EMEA.
  2. Full-year 2025 adjusted EBITDA from continuing operations of $2.98 billion; fourth-quarter adjusted EBITDA of $0.76 billion.
  3. Plan to create two independent public packaging companies (North America and EMEA), expected to be completed in 12 to 15 months, subject to customary conditions.
  4. 2026 targets: adjusted EBITDA from continuing operations of $3.5 to $3.7 billion for the full year and $740 to $760 million for the first quarter, excluding future price realization.
  5. Free cash flow of $(0.16) billion for 2025 versus $757 million in 2024, with capital expenditures of $1.857 billion in 2025 compared with $921 million in 2024.
  6. Sale of the Global Cellulose Fibers business to American Industrial Partners for $1.5 billion, with a 2025 impairment charge of $1.07 billion recorded on the business.
  7. Management said the impact of the winter storm across the US had not yet been fully assessed.

03—Questions

Frequently Asked Questions

  1. Why was the company's loss so large in 2025?

    The loss from continuing operations of $2.84 billion was driven mainly by a $2.47 billion pre-tax non-cash goodwill impairment related to the PS EMEA reporting unit, recorded as of December 31, 2025. The company also recorded $0.96 billion of non-cash accelerated depreciation associated with asset rationalization decisions and $0.63 billion of restructuring charges.

  2. What is the plan to separate the company?

    International Paper plans to create two independent, publicly traded packaging solutions companies through the separation of its PS NA and PS EMEA businesses. The company said the separation is expected to be completed in 12 to 15 months, subject to the satisfaction of certain customary conditions.

  3. What are the company's 2026 financial targets?

    The company targets adjusted EBITDA from continuing operations of $3.5 to $3.7 billion for full-year 2026 and $740 to $760 million for the first quarter of 2026. Management said these targets are based on above-industry growth but do not reflect future price realization.

  4. When will the final 2025 results be available?

    The preliminary full-year and fourth-quarter 2025 results discussed in the release will be finalized in the company's Annual Report on Form 10-K, which the company intends to file with the SEC on February 26, 2026. The release states the financial results may change upon finalization.

  5. How did the segments perform in the fourth quarter?

    Packaging Solutions North America reported operating profit of $319 million in the fourth quarter of 2025, compared with $(166) million in the third quarter. Packaging Solutions EMEA reported an operating loss of $(223) million in the fourth quarter, compared with $(58) million in the third quarter, with net sales decreasing amid soft demand in the region.

04—Continue

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