International Paper Co

Company facts

Industry

Paper Mills

Headquarters

Memphis, Tennessee

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

New York

Filings on record

1,000+ filings

On EDGAR

CIK 51434

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 13 sections worth reading, with 0 positive, 12 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Goodwill impairment, debt covenant details, VIE maturity, antitrust subpoena, and segment operating losses.
  Notable

  • Company intends to separate PS NA and PS EMEA into two independent companies; no assurance on timing or structure.
  • Covenants require minimum net worth of $9B and debt-to-capital under 60%; company was in compliance at Sept 2026.
  Negative

  • Recorded a $1.4 billion goodwill impairment for PS EMEA in Q3 2026, wiping out that segment's goodwill.
  • Received a DOJ subpoena in September 2026 for a grand jury investigation into containerboard pricing.
  • $2.4 billion in VIE assets and $2.1 billion in VIE liabilities both mature in Q4 2027, a large refinancing need.

• Management's Discussion (Item 2)

  Large goodwill impairment, segment separation, and detailed operating results with specific numbers.
  Notable

  • PS NA operating profit rose to $427M in Q3 2026 from $204M in Q2 2026, driven by price hikes and cost cuts.
  • Cash from operations improved to $1.48B for nine months 2026 from $793M in 2025, helped by lower DS Smith costs.
  • Plans to separate PS EMEA into an independent company, with no further financial guidance for that segment.
  • Global input costs rose $94M sequentially in Q3 2026, with $55M in North America and $39M in EMEA.
  • Capital expenditures were $1.66B for nine months 2026, up from $1.21B in 2025; full-year expected $2.0-2.1B.
  • No shares repurchased under the $2.96B remaining authorization in nine months 2026; dividends steady at $1.3875/share.
  • Repaid $692M of euro bonds in Q3 2026; $2.1B of DS Smith notes to be assumed by International Paper.

• Controls and Procedures (Item 4)

  Material weakness in internal controls is a serious red flag for any filer.
  Notable

  • Remediation is tied to the planned separation of the EMEA packaging business, not a near-term fix.
  Negative

  • ITGC deficiencies from the DS Smith acquisition create a material weakness as of September 30, 2026.

• Risk Factors (Item 1A)

  Two new company-specific risks: a material weakness in internal controls and a planned separation of the EMEA business.
  Notable

  • Separation may not be completed; costs incurred without benefits if abandoned.
  • Planned separation of EMEA packaging business announced January 29, 2026, to create two independent public companies.
  Negative

  • Material weakness in internal controls over financial reporting as of September 30, 2026, due to legacy DS Smith ITGC deficiencies.

What changed: Sep 2026 vs. Jun 2026

About 16% of IP's Sep 2026 10-Q is new information. 58 paragraphs were added, 207 changed, and 57 removed. Below are the most important lines SECSift identified.

• Item 2 103
• Item 1 85
• Item 1A 14
• Item 4 8
• Item 6 2
• Item 5 1