Every material Form 8-K International Paper has filed with the SEC since February 11, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
International Paper reported preliminary third-quarter 2026 net sales of $6.20 billion and a loss from continuing operations of $1.10 billion, or $2.07 per diluted share, which includes a $1.38 billion non-cash goodwill impairment for its Packaging Solutions EMEA segment. Adjusted operating earnings were $0.37 per share, compared with a loss of $0.43 a year earlier, and the company will no longer provide EMEA guidance as it prepares to separate that business.
Net sales were $6.20 billion, compared with $6.22 billion in the third quarter of 2025 and $6.00 billion in the second quarter of 2026.
Loss from continuing operations was $1.10 billion, or $2.07 per diluted share, versus a loss of $0.81 per share a year earlier.
Packaging Solutions North America operating profit was $427 million; guidance is $460-$500 million for the fourth quarter and $1.3-$1.4 billion for full-year 2026.
EMEA packaging leadership will hold a Capital Markets Day in London on November 3, 2026.
International Paper reported preliminary, unaudited second-quarter 2026 results, with net sales of $6.00 billion, down from $6.14 billion a year earlier, and a loss from continuing operations of $12 million, compared with earnings of $75 million in the second quarter of 2025. Adjusted EBITDA from continuing operations fell to $587 million from $670 million, and the company set third-quarter adjusted EBITDA guidance of $780 million to $830 million and full-year guidance of $3.20 billion to $3.40 billion, which shareholders will weigh against the weaker profit trend.
Net sales of $6.00 billion, down from $6.14 billion in Q2 2025 and up from $5.97 billion in Q1 2026
Loss from continuing operations of $12 million, or $(0.02) per diluted share, versus earnings of $75 million, or $0.14 per share, a year earlier
Adjusted EBITDA from continuing operations of $587 million, versus $670 million in Q2 2025; free cash flow was $(7) million
Full-year 2026 adjusted EBITDA guidance of $3.20 billion to $3.40 billion; third-quarter guidance of $780 million to $830 million, including an $85 million negative impact from the temporary Pine Hill, Alabama mill closure
International Paper's board appointed Katherine Collins and Lori J. Ryerkerk as independent directors, effective October 1, 2026. Directors Kathryn D. Sullivan and Ahmet C. Dorduncu will retire effective December 31, 2026, and the board will have 13 members, 12 of them independent. The filing describes the changes as governance updates and does not discuss financial results.
Katherine Collins and Lori J. Ryerkerk join the board effective October 1, 2026, with terms ending at the May 2027 shareowner meeting.
After the appointments, the board will have 13 members, 12 of whom are independent.
Dr. Kathryn D. Sullivan and Ahmet C. Dorduncu retire effective December 31, 2026, with no disagreement with the company cited.
Governance guidelines amended in March 2026 eliminate the mandatory retirement age of 75 and adopt a 12-year director term limit.
International Paper reported preliminary first-quarter 2026 net sales of $5.97 billion, up from $5.26 billion a year earlier, and earnings from continuing operations of $76 million, compared with a loss of $124 million in the first quarter of 2025. Adjusted EBITDA from continuing operations fell to $677 million from $689 million, and the company updated its full-year 2026 adjusted EBITDA target to $3.20 billion to $3.50 billion, citing a tougher macro environment and a severe winter storm.
Q1 2026 net sales of $5.97 billion vs. $5.26 billion in Q1 2025; diluted EPS from continuing operations of $0.14 vs. a loss of $0.28
Adjusted operating EPS of $0.15 vs. $0.17 in Q1 2025; adjusted EBITDA of $677 million vs. $689 million
Updated 2026 targets: second-quarter adjusted EBITDA of $520 million to $570 million; full-year adjusted EBITDA of $3.20 billion to $3.50 billion
Received $1.1 billion in net proceeds from the sale of the Global Cellulose Fibers business and paid down $660 million of debt; separation of the EMEA packaging business is ongoing
International Paper reported preliminary full-year 2025 net sales of $23.63 billion, up from $15.84 billion in 2024, but a loss from continuing operations of $2.84 billion, compared with earnings of $725 million a year earlier. The loss reflects a $2.47 billion pre-tax goodwill impairment tied to its PS EMEA business, and the company also announced plans to separate its North America and EMEA packaging businesses into two independent public companies, expected within 12 to 15 months.
Full-year 2025 net sales were $23.63 billion versus $15.84 billion in 2024; loss from continuing operations was $2.84 billion versus earnings of $725 million.
Fourth-quarter 2025 loss from continuing operations was $2.36 billion, including a $2.47 billion pre-tax non-cash goodwill impairment charge.
2026 targets call for full-year adjusted EBITDA of $3.5 to $3.7 billion and first-quarter adjusted EBITDA of $740 to $760 million.
The separation of PS NA and PS EMEA is expected to be completed in 12 to 15 months; the Form 10-K is intended for filing on February 26, 2026.
International Paper completed the sale of its Global Cellulose Fibers business to funds affiliated with American Industrial Partners on January 23, 2026, for $1.5 billion, which includes preferred stock of the buyer's parent with an aggregate initial liquidation preference of $190 million. The filing says the sale covers the company's entire GCF business and was made under a securities purchase agreement dated August 20, 2025.
Purchase price of $1.5 billion, including preferred stock with an aggregate initial liquidation preference of $190 million
Sale agreement dated August 20, 2025, as amended; closing completed January 23, 2026
The business sold generated approximately $2.3 billion in revenue in 2024, excluding closed mills
GCF has 3,300 employees globally and nine manufacturing facilities
International Paper reported a third-quarter 2025 loss from continuing operations of $(426) million, or $(0.81) per diluted share, compared with earnings of $111 million a year earlier. Net sales rose to $6.2 billion from $3.98 billion, reflecting the DS Smith acquisition, while the company recorded $675 million of accelerated depreciation tied to mill closures and 80/20 strategic actions. The company said it will provide updated guidance and adjust its 2025 full-year target on its earnings call, so shareholders will see the revised outlook at that time.
Q3 2025 loss from continuing operations of $(426) million, or $(0.81) per diluted share, versus earnings of $111 million in Q3 2024
Q3 2025 net sales of $6.2 billion, up from $3.98 billion in Q3 2024; adjusted operating loss of $(224) million, or $(0.43) per share
Adjusted EBITDA from continuing operations of $859 million, up from $670 million in Q2 2025 and $366 million in Q3 2024
Net loss of $(1.10) billion includes a $676 million after-tax loss from discontinued operations, mainly the $1.0 billion pre-tax impairment on the Global Cellulose Fibers business
International Paper agreed to sell its Global Cellulose Fibers business to American Industrial Partners for $1.5 billion, subject to closing adjustments, and committed to closing its Riceboro and Savannah, Georgia containerboard mills. The company estimates aggregate pre-tax cash charges of about $158 million and non-cash accelerated depreciation charges of about $570 million, which it expects to record in the quarter ending September 30, 2025.
Global Cellulose Fibers sale to American Industrial Partners for $1.5 billion, including preferred stock with an aggregate initial liquidation preference of $190 million; expected to close by the end of 2025, subject to regulatory approvals
Riceboro, Georgia containerboard mill operations expected to cease by September 12, 2025; Savannah, Georgia containerboard mill by September 30, 2025
Estimated pre-tax cash charges of about $158 million and non-cash accelerated depreciation of about $570 million, to be recorded in the three months ending September 30, 2025
About 1,100 hourly and salaried positions affected; $250 million investment to convert the Riverdale mill machine in Selma, Ala., expected complete by the third quarter of 2026
International Paper agreed on August 20, 2025 to sell its Global Cellulose Fibers business to a buyer led by American Industrial Partners for $1.5 billion, subject to closing adjustments, including $190 million of preferred stock. The company expects a non-cash impairment charge of $700 million to $900 million in the quarter ending September 30, 2025, and says the sale is expected to close by the end of 2025, subject to regulatory approvals.
Purchase price of $1.5 billion, subject to closing adjustments, including preferred stock with an aggregate initial liquidation preference of $190 million
Non-cash impairment charge of approximately $700 million to $900 million expected in the quarter ending September 30, 2025; the amount could differ from this preliminary estimate
Closing requires Hart-Scott-Rodino and Canadian Competition Act approvals; End Date is February 20, 2026, extendable to May 20, 2026 if only competition approvals remain; $85 million termination fee payable to the company in specified circu
International Paper reported second quarter 2025 net sales of $6.8 billion, up from $4.7 billion a year earlier, and net earnings of $75 million, or $0.14 per diluted share, down from $498 million a year earlier. Adjusted operating earnings were $105 million, or $0.20 per diluted share, versus $0.55 a year earlier, and the results include the first full quarter of the combined DS Smith business. Management expects stronger global revenue and earnings in the third quarter of 2025.
Net sales were $6,767 million, up from $4,734 million in Q2 2024 and $5,901 million in Q1 2025.
Net earnings were $75 million ($0.14 per diluted share), compared with $498 million ($1.41) in Q2 2024 and a loss of $105 million in Q1 2025.
Adjusted operating EPS was $0.20, compared with $0.55 in Q2 2024 and $0.23 in Q1 2025; net special items were an after-tax charge of $34 million ($0.06 per share).
Management expects stronger global revenue and earnings in the third quarter of 2025.
At its May 12, 2025 annual meeting, International Paper shareholders elected all 11 director nominees and ratified Deloitte & Touche LLP as auditor for 2025. The company also amended its Pension Restoration Plan so employees in the cellulose fibers business keep earning service toward early retirement after the planned divestiture of that business.
All 11 director nominees elected for one-year terms, with votes for ranging from about 384.9 million to 428.1 million shares
Shareowners ratified Deloitte & Touche LLP as independent auditor for 2025, with 450,810,149 votes for
Shareowners rejected a non-binding LGBTQIA+ equity and inclusion report proposal, with 27,910,701 votes for and 398,849,110 against
Amendment No. 9 covers participants in the global cellulose fibers business immediately before its planned divestiture; it benefits Clayton R. Ellis, a named executive officer
International Paper reported a first-quarter 2025 net loss of $105 million, or $0.24 per diluted share, compared with net earnings of $56 million a year earlier. Net sales rose to $5.9 billion from $4.6 billion, mainly due to the DS Smith acquisition completed January 31, 2025, while adjusted operating earnings improved to $101 million, or $0.23 per share.
Net sales were $5.9 billion, up from $4.6 billion in the first quarter of 2024, driven by the DS Smith acquisition, sales price increases and cost reductions.
Net loss was $105 million, or $0.24 per diluted share, versus net earnings of $56 million, or $0.16 per share, a year earlier.
Adjusted operating earnings were $101 million, or $0.23 per diluted share, compared with $61 million, or $0.17 per share, in the first quarter of 2024.
Net special items were a $204 million after-tax charge, and free cash flow was negative $618 million, with a $271 million pre-tax charge tied to the Red River mill closure in Campti, Louisiana.
International Paper became guarantor of four DS Smith Limited note series, effective March 10, 2025, after noteholders approved amendments at meetings held that day. The amendments remove DS Smith's obligation to prepare consolidated accounts and align certain default terms with International Paper's debt documents. The full principal of each series remains outstanding.
Noteholders passed Extraordinary Resolutions at meetings held March 10, 2025 for all four series
Four series covered: €600 million 2026 Notes, €850 million 2027 Notes, £250 million 2029 Notes, €650 million 2030 Notes
International Paper guarantees DS Smith's payment obligations on each series, effective March 10, 2025
Amendments remove the requirement for DS Smith to prepare audited and unaudited consolidated accounts
International Paper appointed Lance Loeffler, formerly of Halliburton, as senior vice president and chief financial officer, effective April 1, 2025, succeeding Timothy Nicholls, who becomes executive vice president and president of DS Smith, a newly created role leading the company's Europe, Middle East and Africa business. For shareholders, the change brings a new CFO and a dedicated leader for the EMEA region, which the filing says will oversee integration of DS Smith.
Lance Loeffler, 48, becomes CFO effective April 1, 2025, with an annual base salary of $850,000 and a target bonus of 100% of base salary
Loeffler receives a one-time inducement RSU grant valued at $1,700,000 and a 2025 PSU grant valued at $3,500,000
Timothy Nicholls, 63, becomes executive vice president and president of DS Smith, effective April 1, 2025, reporting to CEO Andrew Silvernail
International Paper said it committed on February 11, 2025 to permanently close its containerboard mill in Campti, Louisiana, and announced on February 13 that it will also close a recycling plant in Phoenix, Arizona, a box plant in Hazleton, Pennsylvania, and a sheet feeder facility in St. Louis, Missouri. The company estimates pre-tax charges of about $357 million, mostly noncash asset write-offs, to be recorded in the three months ending March 31, 2025. The closures reduce containerboard capacity and affect 495 hourly and 179 salaried employees, which shareholders should weigh against the charge.
Campti, La. mill operations expected to cease by March 31, 2025; closure reduces containerboard capacity by about 814,000 tons annualized in the 8-K (press release says about 800,000 tons)
Estimated pre-tax charges of about $357 million: $311 million noncash asset write-off, including $276 million accelerated depreciation, and $46 million cash severance and shutdown charges
Press release adds closures of Phoenix, Ariz. recycling plant, Hazleton, Pa. box plant and St. Louis, Mo. sheet feeder facility, all ceasing operations by the end of April 2025
Company expects the Campti closure to reduce its workforce by about 481 employees; 495 hourly and 179 salaried employees are affected across the facilities
On February 11, 2025, International Paper's board appointed David A. Robbie as an independent director, effective immediately, and approved an Executive Severance Plan covering named executive officers. The board now has 11 members, 10 of them independent, and Robbie joins the Audit and Finance and Public Policy and Environment committees. The severance plan sets payment multiples for executives, so shareholders may want to note its potential cost if executives are terminated.
David A. Robbie appointed independent director effective February 11, 2025; he will stand for re-election at the May 2025 shareowners meeting
Robbie previously served on the DS Smith board since 2019; International Paper acquired DS Smith on January 31, 2025
Severance Plan sets a 2x Total Cash Compensation multiple for CEO Andrew K. Silvernail and 1.5x for other named executive officers
Silvernail's outplacement cap is $75,000; other named executive officers' cap is $40,000
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