International Paper Co.
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+ FollowMarket Cap$18.88B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Q3 performance: meaningful earnings inflection, but weak free cash flow
- Management says it “improved execution” despite a weak consumer environment and rising inflation.
- Enterprise Q3 adjusted EBITDA margin: 13.6% (up ~400 bps sequentially).
- Q3 adjusted operating EPS: $0.37; Q3 adjusted earnings: $843M (includes $37M corporate).
- Negative / surprising: Free cash flow was -$267M in Q3 (cash pressures from inventory build, heavy maintenance spending timing, and interest payments on legacy DS Smith debt).
North America (Packaging Solutions) outlook: outperformance expected vs. industry, but inflation + volume risks persist
- Demand: Q3 box shipments -2% YoY, described as ~1 pt better than industry demand estimate.
- Key Q3 headwinds: disruption tied to West Coast fresh fruit & vegetable, softer protein linked to smaller livestock herds, inflation, and pressured consumers.
- Q4 expectation: continue to grow above market; specifically outperform industry by >1% in Q4 and ~2% for full year.
- Longer-term view: market seen “generally stable,” but consumer pressure likely continues; management expects elevated energy/energy-cost volatility to remain a planning assumption.
Guidance update (North America): full-year 2026 EBITDA lowered; Q4 EBITDA expected $700M–$740M
- Full-year 2026 adjusted EBITDA (North America): $2.27B–$2.31B (midpoint down due to incremental headwinds).
- Incremental headwinds ~$145M vs prior outlook, driven by higher diesel & distribution costs and volume pressure; includes ~$20M from the Pine Hill event net of insurance recovery plus medical cost/outage timing impacts.
- Offsetting tailwinds: ~$35M price benefit from faster realization of the June increase and partial realization of September.
- Q4 adjusted EBITDA outlook (North America): ~$700M–$740M, benefiting from price/mix, Riverdale ramp, NORPAX synergies, and no repeat of Pine Hill expense, partially offset by continued inflation and seasonal cost items.
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Share Statistics
| Market cap | $18.88 Billion |
|---|---|
| Enterprise Value | $27.84 Billion |
| Annual dividend | $1.85 |
| Dividend yield | 5.09% |
| Earnings per Share | $-6.71 |
| Beta | 0.89 |
| Outstanding Shares | 529,600,000 |
Return
| Return on Equity | -23.95% |
|---|---|
| Return on Assets | -9.48% |
| Return on Invested Capital | -11.79% |
Valuation & Multiples
| P/E Ratio | -5.54 |
|---|---|
| PEG | -254.57 |
| Price to Sales | 0.79 |
| Price to Book Ratio | 1.32 |
| Enterprise Value to Revenue | 1.15 |
| Enterprise Value to EBIT | -8.14 |
| Enterprise Value to Net Income | -9 |
| Total Debt to Enterprise | 0.35 |
| Debt to Equity | 0.67 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$0.43
Consensus analyst estimateRevenue Estimate
$6.39 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$0.46
Consensus analyst estimateRevenue Estimate
$6.36 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 167.83% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 10,200▼ 99.73% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.58%▼ 100.07% |
|---|---|
| Total Invested | $277.25M▼ 98.65% |
| Investors Holding | 283▼ 618.00% |
About International Paper Co.
56,000 employees
CEO: Mark Sutton
The International Paper Company is an American pulp and paper company, the largest such company in the world. It has approximately 56,000 employees, and is headquartered in Memphis, Tennessee. The company was incorporated January 31, 18...