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IP −2.08% on Nov 12 · Analysis updated Nov 12, 2026, 4:51 PM ET
Why is International Paper (IP) stock down?
International Paper reported Q3 adjusted EPS of $0.37 against a $0.28 estimate, and adjusted EBITDA of $843M. Revenue of $6.20B was slightly light. The headline loss of $1.10B came from a $1.38B non-cash EMEA goodwill impairment. North America packaging operating profit recovered to $427M, and Q4 targets of $460-$500M point to further improvement. Offsetting that, free cash flow was $(267)M and management cut the full-year outlook for about $145M of new headwinds from inflation and weaker volumes. The shares rallied from about $33 to a high near $36.6 after the report on heavy volume, then faded. They closed at $33.94 on Nov 12, near the bottom of the recent range and close to the 52-week low of $33.57. Volume has dried up to roughly 3M shares, below the roughly 7M average. Analysts lean positive, with 10 Buy ratings out of 14, but the stock is held back by cash burn, dividend worries, and uncertainty over selling or spinning off the EMEA unit. The near term looks balanced to soft, with a weak tape against a recovering North American business.
News behind the analysis
- International Paper Reports Third Quarter 2026 ResultsQ3 net sales were $6.20B and adjusted EBITDA was $843M. A $1.38B non-cash EMEA goodwill impairment drove a $1.10B loss from continuing operations. Free cash flow was $(267)M.
- Earnings call transcript: International Paper posts Q3 2026 profit beatAdjusted EPS of $0.37 beat the $0.28 estimate, while revenue of $6.2B was slightly below forecasts. Management called the quarter an inflection in earnings.
- International Paper Q3 2026 Earnings Call TranscriptManagement said higher inflation and weaker volume expectations reduced the full-year outlook. About $145M of incremental headwinds have emerged since the Q2 call.
- International Paper Reports $1.097 Billion Q3 Continuing-Operations LossAdjusted operating earnings were $197M, or $0.37 per share, versus an adjusted loss a year earlier. North America packaging operating profit was $427M.
- International Paper Q3 2026 results (8-K exhibit)The filing sets Q4 North America packaging operating profit targets of $460-$500M and adjusted EBITDA targets of $700-$740M. Full-year 2026 adjusted EBITDA is targeted at $2.27-$2.31B.
- International Paper Company Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2026Q3 sales were $6,197M versus $6,222M a year ago. Diluted loss per share from continuing operations was $2.07.
- International Paper (NYSE:IP) Stock Rating Raised to Hold at Wall Street ZenWall Street Zen upgraded the stock to Hold. Of 14 analysts, 10 rate it Buy, 3 Hold and 1 Sell, and market cap is about $18.3B.
- International Paper stock trades at 31.50 euros late TuesdayThe stock was quoted at 31.50 euros on Lang & Schwarz in late European trading on Nov 10.
- International Paper Co. (IP-N) Stock Price and NewsCoverage lists a Q3 revenue miss, a deep dive on cost actions and price realization amid weak demand, and mixed analyst opinions. It also notes a review of selling versus spinning off the EMEA packaging unit.
- IP Q3 Earnings Beat Estimates, Sales Miss on Lower VolumesQ3 GAAP EPS was $0.37 and revenue was $6.2B, down 0.4% year over year. Posts also discuss the stock's rebound after earnings.
About International Paper Co.
International Paper is a Memphis-based packaging company, more than 125 years old, that makes containerboard and corrugated boxes in North America and in Europe, the Middle East and Africa (EMEA). It bought UK packaging maker DS Smith, sold its pulp (cellulose fibers) business in early 2026 so it now focuses only on packaging, and plans to separate its North American and EMEA businesses, either by spinning off EMEA as its own listed company or by selling it.
How it makes money
Almost all of its revenue comes from selling corrugated boxes and the containerboard used to make them to businesses that ship goods, such as food, consumer products and online retail. In Q2 2026, North America brought in roughly $3.7 billion of about $6.0 billion in quarterly sales (around 60%) and EMEA about $2.3 billion (around 40%). The company has guided to roughly $24.5–25 billion in sales for full-year 2026. Profits depend on box prices and volumes, how well its mills run, and costs like wood fiber, energy and freight.
What usually moves IP
- Containerboard and box price increases
- Box shipment volumes and the overall economy
- Energy, fiber, diesel and freight costs
- Mill performance and closures
- Progress on separating EMEA (spin-off or sale)