# INTERNATIONAL PAPER CO /NEW/ (IP) Informational only - not investment advice. CIK: 0000051434 SIC: 2621 Paper Mills SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 26](/major-group/26/) > [SIC 2621 Paper Mills](/industry/2621/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=51434 Filing source: https://www.sec.gov/Archives/edgar/data/51434/000005143426000055/ip-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000051434-26-000055 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000051434.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 23,634,000,000 USD | 2025 | verified | | Net income | -3,516,000,000 USD | 2025 | verified | | Assets | 37,964,000,000 USD | 2025 | verified | | Free cash flow | -159,000,000 USD | 2025 | computed | | Net margin | -14.88% | 2025 | computed | | Revenue YoY | +49.25% | 2025 | computed | | ROE | -23.71% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | IP | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -14.9% | 3.1% | 15 | 14 | | Revenue growth | 49.3% | 4.1% | 100 | 14 | | FCF margin | -0.7% | 4.2% | 18 | 12 | | ROE | -23.7% | 8.6% | 15 | 14 | | ROA | -9.3% | 2.7% | 15 | 14 | | Liabilities / equity | 1.56 | 1.97 | 38 | 14 | | Current ratio | 1.28 | 1.54 | 23 | 14 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 26 SIC Major Group 26, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 23634000000 | USD | 2025 | 2026-02-27 | | Net income | -3516000000 | USD | 2025 | 2026-02-27 | | Assets | 37964000000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000051434.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | 23,306,000,000 | 18,317,000,000 | 17,565,000,000 | 19,363,000,000 | 21,161,000,000 | 16,033,000,000 | 15,835,000,000 | 23,634,000,000 | | Net income | | | | | 904,000,000 | 2,144,000,000 | 2,012,000,000 | 1,225,000,000 | 482,000,000 | 1,752,000,000 | 1,504,000,000 | 288,000,000 | 557,000,000 | -3,516,000,000 | | Diluted EPS | | | | | 2.18 | 5.13 | 4.85 | 3.07 | 1.22 | 4.47 | 4.10 | 0.82 | 1.57 | -6.95 | | Operating cash flow | | | | | 2,478,000,000 | 1,757,000,000 | 3,226,000,000 | 3,610,000,000 | 3,063,000,000 | 2,030,000,000 | 2,174,000,000 | 1,833,000,000 | 1,678,000,000 | 1,698,000,000 | | Capital expenditures | | | | | 1,241,000,000 | 1,280,000,000 | 1,572,000,000 | 1,137,000,000 | 663,000,000 | 480,000,000 | 931,000,000 | 1,141,000,000 | 921,000,000 | 1,857,000,000 | | Dividends paid | | | | | 733,000,000 | 769,000,000 | 789,000,000 | 796,000,000 | 806,000,000 | 780,000,000 | 673,000,000 | 642,000,000 | 643,000,000 | 977,000,000 | | Share buybacks | | | | | 132,000,000 | 47,000,000 | 732,000,000 | 535,000,000 | 42,000,000 | 839,000,000 | 1,284,000,000 | 218,000,000 | 23,000,000 | 65,000,000 | | Assets | | | | | 33,093,000,000 | 33,903,000,000 | 33,576,000,000 | 33,471,000,000 | 31,718,000,000 | 25,243,000,000 | 23,940,000,000 | 23,261,000,000 | 22,800,000,000 | 37,964,000,000 | | Stockholders' equity | | | | | 4,341,000,000 | 6,522,000,000 | 7,362,000,000 | 7,713,000,000 | 7,854,000,000 | 9,082,000,000 | 8,497,000,000 | 8,355,000,000 | 8,173,000,000 | 14,827,000,000 | | Cash and cash equivalents | 1,302,000,000 | 1,802,000,000 | 1,881,000,000 | 1,050,000,000 | 1,033,000,000 | 1,018,000,000 | 589,000,000 | 511,000,000 | | | | | 1,062,000,000 | 1,145,000,000 | | Free cash flow | | | | | 1,237,000,000 | 477,000,000 | 1,654,000,000 | 2,473,000,000 | 2,400,000,000 | 1,550,000,000 | 1,243,000,000 | 692,000,000 | 757,000,000 | -159,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | 8.63% | 6.69% | 2.74% | 9.05% | 7.11% | 1.80% | 3.52% | -14.88% | | Return on equity | | | | | 20.82% | 32.87% | 27.33% | 15.88% | 6.14% | 19.29% | 17.70% | 3.45% | 6.82% | -23.71% | | Return on assets | | | | | 2.73% | 6.32% | 5.99% | 3.66% | 1.52% | 6.94% | 6.28% | 1.24% | 2.44% | -9.26% | | Liabilities / equity | | | | | 6.62 | 4.20 | 3.56 | 3.34 | 3.04 | 1.78 | 1.82 | 1.78 | 1.79 | 1.56 | | Current ratio | | | | | 1.64 | 1.62 | 1.49 | 0.77 | 1.36 | 1.71 | 1.35 | 1.67 | 1.51 | 1.28 | ## As-reported value updates 7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/IP/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000051434.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2021-Q2 | 2021-06-30 | | 432,000,000 | | reported discrete quarter | | 2021-Q3 | 2021-09-30 | | 864,000,000 | | reported discrete quarter | | 2021-Q4 | 2021-12-31 | | 107,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2022-Q1 | 2022-03-31 | | 360,000,000 | 0.95 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | 511,000,000 | | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | 951,000,000 | | reported discrete quarter | | 2022-Q4 | 2022-12-31 | | -318,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2023-Q1 | 2023-03-31 | | | 0.49 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.68 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 4,613,000,000 | | 0.47 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 4,601,000,000 | | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 4,619,000,000 | | 0.16 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 4,734,000,000 | | 1.41 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 4,686,000,000 | | 0.42 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 4,580,000,000 | | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 5,901,000,000 | | -0.24 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 6,767,000,000 | 75,000,000 | 0.14 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 6,222,000,000 | -1,102,000,000 | -2.09 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 6,006,000,000 | -2,384,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 5,971,000,000 | 60,000,000 | 0.11 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 6,004,000,000 | -12,000,000 | -0.02 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from IP's latest 10-K: [/company/IP/business/](/company/IP/business/). ## Risk Factors Verbatim Item 1A Risk Factors from IP's latest 10-K: [/company/IP/risk-factors/](/company/IP/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/51434/000005143426000123/ip-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included in "Financial Statements and Supplementary Data" of this Quarterly Report on Form 10-Q (this "Form 10-Q") and the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (our "Annual Report"). In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and in our Annual Report and subsequent quarterly reports, particularly under "Risk Factors" and "Forward-Looking Statements" of this Form 10-Q. Please see our "Cautionary Statement Regarding Forward-Looking Statements" below. EXECUTIVE SUMMARY Second Quarter 2026 Financial Summary •Net sales of $6 billion •Loss from continuing operations of $12 million •Adjusted EBITDA (non-GAAP) from continuing operations of $587 million (1) •Cash provided by operating activities of $1.14 billion (2) •Free cash flow (non-GAAP) of $87 million (1) (2) (1) See "Non-GAAP Financial Measures" for a list of our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures. (2) Reflects amounts for the six months ended June 30, 2026, rather than the second quarter. Overview The Company’s second quarter results reflect continued progress against the strategic priorities of improving execution, enhancing reliability, optimizing the cost structure, and investing in our most competitive assets. Operational performance improved across the enterprise despite a significant planned maintenance outage schedule in North America and a challenging demand environment in portions of Europe. In North America, adjusted EBITDA was sequentially lower, but better than expected as the Company continued to benefit from commercial initiatives focused on customer engagement and market share growth. Sales volumes were higher, reflecting continued strength in our domestic business, seasonal demand patterns, and the favorable impact of one additional shipping day. Our box shipments increased approximately 1.7% on a daily basis compared with the prior year period, reflecting continued success in winning and retaining customer business. Margins improved due to faster realization of previously announced pricing actions and a more favorable product mix associated with lower export sales. Operating costs were slightly improved due to stronger mill performance, additional Ixtac insurance recoveries and the non-repeat of winter storm impacts in the first quarter. These benefits were mostly offset by costs of the Riverdale paper machine conversion and other planned reliability spending. Our mill system continued to improve with capacity utilization up approximately 5% versus 2025, reflecting the benefits of reliability initiatives, operational discipline, and ongoing investments. Planned maintenance outage spending was exceptionally heavy during the second quarter as expected, reflecting the year's peak outage spending period. Input costs were favorably impacted by the non-repeat of higher natural gas and utility costs resulting from the winter storm in the first quarter, partially offset by higher recovered fiber and freight costs. In EMEA, adjusted EBITDA was sequentially lower, but better than expected, despite a challenging macroeconomic environment. Sales volumes declined modestly, reflecting continued softness in market demand amid ongoing geopolitical uncertainty and subdued consumer sentiment. Margins were lower as higher paper prices compressed packaging margins. Higher oil prices remained a headwind to distribution costs; however, accelerated cost-out actions helped offset a portion of the impact. Energy costs were lower while old corrugated container (“OCC”) costs remained elevated over the first quarter. Looking ahead, we expect adjusted EBITDA to be sequentially higher in the third quarter across both regions. In North America, significantly lower planned maintenance outage spending and improved margins driven by continued realization of previously announced pricing actions are expected to offset lower export sales volumes, higher input costs and the impact of the temporary suspension of operations at our Pine Hill, Alabama mill. In EMEA, improved margins driven by higher paper and box prices, higher seasonal volumes, and ongoing cost reduction initiatives are expected to offset higher energy costs. 29 Table of Contents Recent Strategic Portfolio Actions International Paper executed several important strategic milestones during the second quarter of 2026. PS NA On June 4, 2026, we completed the acquisition of North Pacific Paper Company (“NORPAC”), a portfolio company of One Rock Capital Partners, for $368 million, subject to post-closing adjustments. Located in Longview, Washington, NORPAC enhances International Paper's ability to serve growing demand for lightweight, high-performance packaging grades, improves service levels for customers on the West Coast, and strengthens our overall system position. Shortly before closing, a tragic industrial accident occurred at the adjacent Nippon Dynawave Packaging facility resulting in multiple fatalities and injuries. The mill’s production was temporarily slowed during the investigation as the mill is partially reliant on the Nippon facility for certain utilities. We responded quickly to address the reduced steam supply from their facility and mill operations have returned to pre-incident levels. We also completed the conversion of the No. 16 paper machine at our Riverdale Mill in Selma, Alabama, from producing uncoated freesheet paper to manufacturing containerboard. This $250 million investment is an important step in optimizing our manufacturing footprint, improving mill reliability and better servicing customers. We expect the machine to continue ramping up production throughout the remainder of the year and reach full operating capacity by first quarter 2027. PS EMEA The Company continues to execute strategic capital projects designed to enhance the efficiency, competitiveness, and long-term growth profile of our packaging operations. At our mill in Lucca, Italy, we are modernizing the recycled containerboard platform through the replacement of an existing paper machine with a new lightweight machine. The investment is expected to improve fiber yield, reduce energy consumption, and enhance the mill's sustainability performance while increasing overall operating efficiency. The project is expected to strengthen our ability to serve our integrated converting network and remains on track for startup during the third quarter. In Germany, we are advancing our cost optimization strategy by consolidating production volumes from smaller facilities into a more modern and efficient plant. This initiative is consistent with our lighthouse operating model in North America and is expected to maintain overall production capacity while improving asset utilization, reducing fixed costs, and enhancing our competitive cost position. In Romania, we are expanding capacity within an existing operation to support customer demand and capture growth opportunities in Eastern Europe. The region continues to represent one of the fastest-growing markets within our portfolio, and the investment is expected to enhance our ability to serve customers while supporting long-term volume growth. These strategic portfolio actions reflect the Company's ongoing efforts to strengthen its packaging network, better serve strategic customers, enhance efficiency, and support long-term value creation. Macroeconomic and Market Conditions We continue to operate in a dynamic macroeconomic and geopolitical environment. While industry demand in North America appeared stable, demand in EMEA remained subdued reflecting cautious consumer sentiment amid ongoing economic uncertainty. Continuing tensions and instability in the Middle East contributed to volatility in oil prices, resulting in higher diesel costs. As a result, the Company incurred higher costs to transport products to customers and procure certain key manufacturing inputs, such as OCC, in both regions. In response, we remain focused on disciplined logistics management by increasing trailer fill rates, consolidating shipments and optimizing our supply chain planning. Strategies such as this are designed to help manage exposure to cost-related conditions. Persistent fluctuations driven by geopolitical conflict, evolving trade policies, and persistent economic pressures may have a material adverse effect on our consolidated results of operations, cash flows, or financial condition. Update on Strategic Separation of EMEA Packaging Business Management continues to make steady progress on its plans to separate the North America and EMEA packaging operations into two independent, publicly traded companies. Under the plan for separation, International Paper will be comprised of its current business in North America including both legacy IP and DS Smith assets, and the EMEA packaging business comprised 30 Table of Contents of both legacy DS Smith and IP assets. The Company expects that creating two regionally focused businesses will allow each to tailor strategies to their distinct markets, enhance management focus, and support long-term value creation. During the second quarter, the Company advanced the strategic separation workstream with readiness activities. The separation is expected to be structured as a spinoff, with International Paper retaining a meaningful ownership stake of approximately 20 percent. The EMEA packaging business is expected to be listed on both the London Stock Exchange and the New York Stock Exchange. The transaction is expected to be completed within 12 to 15 months from the announcement date, subject to customary approvals, including final approval by IP’s Board of Directors, filing and effectiveness of a registration statement with the U.S. SEC and publication of a prospectus approved by the U.K. Financial Conduct Authority. Business Update At the end of June 2026, the Company temporarily suspended operations at its Pine Hill, Alabama mill to complete repairs following roof damage caused by a weather event. The Company is taking actions to mitigate any potential impact of this event on customers and expects to resume manufacturing operations in August 2026. NON-GAAP FINANCIAL MEASURES The non-GAAP financial measures presented in this Form 10-Q as referenced below have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with GAAP. In addition, because not all companies utilize identical calculations, the Company's presentation of non-GAAP financial measures in this Form 10-Q may not be comparable to similarly titled measures disclosed by other companies, including companies in the same industry as the Company. Users are cautioned not to place undue reliance on any non-GAAP financial measures presented in this Form 10-Q. Below are the Company’s key non‑GAAP financial measures and their definitions: Adjusted operating earnings (loss) and adjusted operating earnings (loss) per share are defined as earnings (loss) from continuing operations (a GAAP measure) excluding net special items and non-operating pension expense (income). Earnings (loss) from continuing operations and diluted earnings (loss) from continuing operations per share are the most directly comparabl [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/51434/000005143426000055/ip-20251231.htm Complete FY 2025 MD&A: /company/IP/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. CURRENT BUSINESS OVERVIEW In the United States, as of the date of this filing, the Company operated 15 packaging mills, 159 converting and packaging plants and 15 recycling plants. Additionally, production facilities in Europe, North Africa and Latin America included 14 containerboard mills, 159 converting and packaging plants and 20 recycling plants. Substantially all our businesses have experienced, and are likely to continue to experience, cycles relating to industry capacity and general economic conditions. VALUES We are guided by our Company values:  •Safety – Above all else, we care about people. We look out for each other to ensure everyone is physically and emotionally safe. •Ethics – We act honestly and operate with integrity and respect. We promote a culture of transparency and accountability.  •Excellence – We set high expectations and deliver outstanding results for each other, our customers and our shareholders. SEGMENTS We operate under two divisions, which form the basis for the two segments we report, Packaging Solutions North America and Packaging Solutions EMEA. A description of these business segments can be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. AVAILABLE INFORMATION Throughout this Annual Report on Form 10-K, we “incorporate by reference” certain information in parts of other documents filed with the U.S. Securities and Exchange Commission ("SEC"). The SEC permits us to disclose important information by referring you to those documents. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, along with all other reports and any amendments thereto filed with or furnished to the SEC, are publicly available free of charge on the Investors section of our website at www.internationalpaper.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We encourage you to refer to such information. You can learn more about us by visiting our website at www.internationalpaper.com, which includes information about the Company, our SEC filings, financial and other information for investors. Information on our website could be deemed to be material information. We encourage investors, the media, and other interested parties to visit this website regularly for updates. The information contained on or connected to our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this or any other report that we file with or furnish to the SEC. Our internet address is included as an inactive textual reference only. 3 Table of Contents HUMAN CAPITAL EMPLOYEES As of December 31, 2025, we have approximately 62,602 employees, nearly 30,421 of whom are in the United States. Of our U.S. employees, 20,705 are hourly, with unions representing approximately 11,498 employees. Of this number, 8,622 are represented by the United Steelworkers union ("USW"). International Paper, the USW, and several other unions have entered into five master agreements covering various U.S. mills and converting facilities. Four of the master agreements are with the USW and include members from the International Association of Machinists and Aerospace Workers, International Brotherhood of Electrical Workers, United Food and Commercial Workers International Union and Workers Unite at certain U.S. mills and converting facilities. The Company also has a master agreement with District Counsel 2, which is affiliated with the Printing Packaging & Production Workers Union of North America that covers additional converting facilities. Individual facilities continue to have local agreements for subjects not covered by the master agreements. If local facility agreements are not successfully negotiated at the time of expiration, under the terms of the master agreements, the local agreements will automatically renew with the same terms in effect. In addition to our U.S. labor agreements, we operate manufacturing facilities across EMEA, where labor relations are governed by local laws, works councils, national unions, and country specific collective bargaining frameworks. Labor practices, employment protections, and negotiation processes in these regions can differ significantly from those in the U.S. and may impose additional requirements related to consultation, employee representation, and changes in operations. The Company works collaboratively with these local bodies and employee representatives, but labor related regulations, negotiations, or disruptions in any of these jurisdictions could impact operations, costs, or workforce flexibility. SAFETY AND WELLBEING At International Paper, we value safety above all else. The safety and well-being of our employees, visitors and business partners is fundamental to how we operate. In 2025, we reinforced our commitment to safety performance and further implemented our Safety Excellence strategy, which is designed to strengthen our safety culture across all operations. Our Board of Directors has oversight of our safety strategy, and in 2025 began receiving updates on our Safety Excellence efforts at every Board meeting, elevating safety as a standing governance priority and reinforcing accountability at the highest levels of the Company. In addition, in 2026 the Board participated in an intensive, in- person safety training led by our third-party safety consultant alongside senior management, further strengthening alignment on our Safety Excellence objectives and modeling the leadership behaviors we expect throughout the organization. Through our Safety Excellence efforts, we are building a culture guided by five key attributes: 1.          We speak up and take action – every time, without fear. 2.          We show up where the work happens and listen with intent. 3.          We lead with humility and curiosity. 4.          We proactively eliminate risk and invest in what matters. 5.          We create a culture of care, trust, and accountability. To ensure lasting impact, in 2025 we continued engagement of a leading safety consultant and initiated comprehensive, top-down training and cascading through every level of leadership. Members of our executive teams actively participated in safety leadership training, personal coaching and in-field demonstrations, reinforcing accountability and modeling the behaviors we expect across the organization. These efforts are part of a broader plan to embed safety into every aspect of our operations, with additional initiatives scheduled for 2026 and 2027 to further advance our culture of safety excellence and engage every team member across IP. We believe that safety performance and operational performance are inextricably linked. Plants and mills that operate safely are less likely to experience unplanned process interruptions and downtime. The culture we are building to improve safety performance also improves asset reliability, enhances production stability and supports more consistent cost performance. Accordingly, the key drivers of strong safety performance contribute directly to 4 Table of Contents operational excellence and, in turn, to our financial results. Our focus on Safety Excellence is therefore both a cultural imperative and a key operational priority. Our goal is to achieve zero serious injuries and fatalities at all sites and see that everyone goes home safely at the end of each workday. This commitment means empowering every team member to stop unsafe work without hesitation. To advance this goal, the following endeavors were undertaken in 2025: •Trained 163 top leaders in 84 sessions that included classroom modules and coaching; •Began training 3,400 site level leaders through classroom modules and in-field coaching; •Established a Safety Governance Team in North America made up of executive leaders responsible for all North American operations; •Elevated safety updates as a standing agenda item at every meeting of the Board of Directors; •Executed targeted investments to sustainably reduce exposure to harm in our facilities; and •Celebrated team members who modeled our safety culture through personal recognition by our CEO and sharing stories across the enterprise, reinforcing a culture where safety leadership is valued and visible. We also believe workplace safety encompasses holistic well-being. We are committed to supporting the mental, emotional, physical, professional and financial well-being of our employees and their families. Through our Employee Assistance Program (“EAP”), offered at no cost to employees and family members, we provide resources such as counseling, well-being coaching, financial guidance, identity theft resolution and support for emotional and psychological safety. We believe these services help employees manage stress, build resilience, and achieve personal and professional goals. Our holistic approach to wellness also includes tools and guidance for incorporating wellness habits into daily life, ensuring our employees have the support they need to thrive. TALENT MANAGEMENT The attraction, retention and development of our employees is critical to our success. We strive to create a positive employee experience that begins at onboarding. Our Human Resources Talent Management Team hosts online Global New Employee Orientation for employees and each business conducts onsite new hire integration training unique to its business and/or facility. This experience continues through our continuous learning, development and performance management programs. We provide continuing education courses that are relevant to our industry and job functions within the Company, including both instructor-led and online training through our Learning Management System (“LMS”) MyLearning platform. Across the enterprise in 2025, employees completed nearly 830,000 learning activities through our platform. In addition, we have created learning paths for specific positions that are designed to encourage an employee’s advancement and growth within our organization, such as our REACH (Recruit, Engage, Align College Hires) program and Global Manufacturing Training Initiative programs. Through REACH we recruit and develop early- career engineers and safety professionals for our U.S. mills, preparing them to become future leaders. We invest in the growth and development of our employees by providing a multi-dimensional approach to learning that empowers, intellectually grows and professionally develops our employees. Our Global Manufacturing Training Initiative provides training services to hourly operations and maintenance employees in our mills in a standardized and structured manner. On the converting side of our business, nearly 100 front line and future leaders participated in our multi-day in-person Leadership Application and Professional Development and Manufacturing Management Associate Programs during 2025. We develop leaders through a broad range of LMS virtual and in-person resources, courses and workshops for individual contributors, people leaders and teams. In 2025, 44 senior leaders participated in the first offering of a multi-part workshop series developed in partnership with The Aspen Institute. The program focused on cultivating purpose-driven leadership, trust and collaboration, and equipping participants with the mindset and skills to navigate complexity and drive meaningful impact. We support employees in pursuing and preparing for future positions at the Company in several ways. We provide tuition reimbursement and student loan assistance to help employees repay qualified student loans. We also offer peer mentoring and leadership and career develo [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/IP/mda/fy2025/ All MD&A years: /company/IP/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/IP/mda/fy2024/): filed 2025-02-21; accession 0000051434-25-000013 (https://www.sec.gov/Archives/edgar/data/51434/000005143425000013/ip-20241231.htm) - [FY 2023 MD&A](/company/IP/mda/fy2023/): filed 2024-02-16; accession 0000051434-24-000024 (https://www.sec.gov/Archives/edgar/data/51434/000005143424000024/ip-20231231.htm) - [FY 2022 MD&A](/company/IP/mda/fy2022/): filed 2023-02-17; accession 0000051434-23-000013 (https://www.sec.gov/Archives/edgar/data/51434/000005143423000013/ip-20221231.htm) - [FY 2021 MD&A](/company/IP/mda/fy2021/): filed 2022-02-18; accession 0000051434-22-000016 (https://www.sec.gov/Archives/edgar/data/51434/000005143422000016/ip-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2621 Paper Mills) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/IP.md · JSON record: /company/IP.json · verified financials: /company/IP/financials.json / /company/IP/financials.csv · machine TOC for the whole site: /llms.txt