10-Q · May 5, 2026
International Paper reported Q1 2026 results with revenues of $5.97 billion, slightly below previous estimates. EPS matched expectations at $0.14, and free cash flow was positive at $94 million. Despite adverse weather…
Earnings analysis · 10-Q
IP earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
International Paper delivered Q3 revenue of $6.197 billion and EPS of $0.37, with an EPS beat but a revenue miss versus consensus. The company continues to pursue the EMEA packaging separation, while withdrawing EMEA…
Read full summary
International Paper delivered Q3 revenue of $6.197 billion and EPS of $0.37, with an EPS beat but a revenue miss versus consensus. The company continues to pursue the EMEA packaging separation, while withdrawing EMEA guidance and retaining North America operating-profit targets of $460 million-$500 million for Q4 2026 and $1.345 billion-$1.385 billion for full-year 2026. The most material negative development is the legacy DS Smith ITGC material weakness, which caused disclosure controls to be deemed ineffective as of September 30, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.37
What stood out
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EPS Beat Despite Revenue Miss
Q3 revenue was $6.197 billion and reported EPS was $0.37, versus consensus revenue of $6.299 billion and EPS of $0.29; EPS exceeded estimates by $0.08 while revenue was $102 million below consensus.
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Substantial Repurchase Capacity
The company retained $2.96 billion of remaining share-repurchase authorization as of September 30, 2026, although no shares were purchased under the repurchase program during the quarter.
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EMEA Separation Progresses
Management stated that the proposed separation was announced on January 29, 2026 and is intended to create two independent publicly traded companies, separating the EMEA packaging business from the North American business.
What to watch
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Material ITGC Control Weakness
Management concluded that disclosure controls were not effective as of September 30, 2026 because legacy DS Smith IT general-control deficiencies constituted a material weakness in internal control over financial reporting.
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Execution Risk From EMEA Separation
The proposed separation may not be completed on the announced terms or timeline, if at all; the company expects to incur additional separation costs after announcing the transaction on January 29, 2026.
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Negative Free Cash Flow
Free cash flow was negative $267 million in Q3, limiting internally generated liquidity while the company undertakes separation and integration activities.
Management's outlook
The filing does not provide company-wide EPS or revenue guidance. Previously disclosed Packaging Solutions North America targets were Q4 2026 operating profit of $460 million-$500 million, full-year 2026 operating profit of $1.345 billion-$1.385 billion, and full-year adjusted EBITDA of $2.270 billion-$2.310 billion. Packaging Solutions EMEA guidance was withdrawn in connection with the planned separation.
Earlier filings 4
10-K · February 27, 2026
International Paper reports net sales of $23.63 billion in 2025 and completed the DS Smith acquisition while selling its Global Cellulose Fibers business for $1.5 billion (completed January 2026). The company emphasizes…
10-Q · November 6, 2025
International Paper reported Q3 2025 earnings showing a significant decline with revenue at $6.22 billion, down from $6.77 billion in Q2 2025 and a GAAP EPS of -$2.09, missing estimates of $0.55. The quarter reflected…
10-Q · November 1, 2024
Q3 results show modest top-line growth but margin and EPS compression. Net sales were $4,686 million, up $73 million (+1.6%) versus Q3 2023, while diluted EPS from continuing operations fell to $0.42 from $0.55 a year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.