International Paper Co.
Income Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $23.63B | $15.84B | $16.03B | $21.16B | $19.36B | $17.57B | $18.32B |
| Cost of Revenue | — | $16.64B | $11.40B | $11.51B | $15.14B | $13.83B | $12.34B | $12.67B |
| Gross Profit | — | $7.00B | $4.44B | $4.52B | $6.02B | $5.53B | $5.23B | $5.65B |
| Gross Margin | — | 29.6% | 28.0% | 28.2% | 28.4% | 28.6% | 29.8% | 30.8% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | $2.05B | $1.70B | $1.26B | $1.29B | $1.39B | $1.35B | $1.45B |
| Operating Income | — | $-2.82B | $801.0M | $820.0M | $1.91B | $1.43B | $926.0M | $1.62B |
| Operating Margin | — | -11.9% | 5.1% | 5.1% | 9.0% | 7.4% | 5.3% | 8.9% |
| Interest Expense | — | $551.0M | $432.0M | $418.0M | $403.0M | $430.0M | $597.0M | $701.0M |
| Pretax Income | — | $-3.37B | $369.0M | $402.0M | $1.51B | $999.0M | $329.0M | $921.0M |
| Income Tax Expense | — | $-533.0M | $-361.0M | $68.0M | $-236.0M | $188.0M | $176.0M | $477.0M |
| Net Income | — | $-3.52B | $557.0M | $288.0M | $1.50B | $1.75B | $482.0M | $1.23B |
| Net Margin | — | -14.9% | 3.5% | 1.8% | 7.1% | 9.0% | 2.7% | 6.7% |
| EPS (Basic) | — | $-6.95 | $1.60 | $0.83 | $4.14 | $4.50 | $1.23 | $3.10 |
| EPS (Diluted) | — | $-6.95 | $1.57 | $0.82 | $4.10 | $4.47 | $1.22 | $3.07 |
| Shares Outstanding (Basic) | 529.5M | 505.7M | 347.2M | 346.9M | 363.5M | 389.4M | 393.0M | 395.3M |
| Shares Outstanding (Diluted) | 529.5M | 505.7M | 354.2M | 349.1M | 367.0M | 392.4M | 395.7M | 398.8M |
| Dividends Per Share | — | $1.85 | $1.85 | $1.85 | $1.85 | $2.00 | $2.05 | $2.01 |
You never know who's swimming naked until the tide goes out.