International Paper (IP) Q3 2026 Earnings
GAAP EPS of $(2.07) includes a $1.377 billion non-cash goodwill impairment charge for PS EMEA, $52 million after-tax PS EMEA separation costs, offset by $78 million tax benefit from settlement of tax audits and $38 million tax benefit from capital losses
How Did IP Stock React to Q3 2026 Earnings?
Did IP Beat Earnings? Q3 2026 Results
Yes. International Paper reported Q3 2026 earnings of $0.37 a share on Oct 28, 2026, beating the $0.29 consensus estimate by 29.5%. Revenue was $6.2B against a $6.3B estimate.
International Paper delivered a sharply better-than-expected third quarter, posting adjusted EPS of $0.37 against a consensus estimate of $0.29, a beat of 29.46%, even as revenue of $6.20 billion came in 1.42% below expectations and edged down 0.4% year over year. The headline figures, however, were overshadowed by a $1.38 billion non-cash goodwill impairment charge tied to its Packaging Solutions EMEA segment, which drove a GAAP loss of $2.07 per diluted share. The real story was in North America, where the Packaging Solutions segment swung to $427 million in operating profit from a loss of $166 million a year ago, fueled by higher realized prices from prior pricing actions, lower maintenance outage costs, improved mill operations, and a full quarter of NORPAC contributions. European packaging remained a drag, with PS EMEA posting a $73 million operating loss amid soft demand and lagging box price realization. Looking ahead, management guided Q4 2026 PS North America operating profit of $460 to $500 million, while the planned separation of the EMEA business remains on track, with a Capital Markets Day set for November 3 in London.
- Higher sales prices reflecting prior pricing actions in North America
- Lower planned maintenance outage costs in PS NA
- Improved mill performance and lower operating costs including non-repeat of Riverdale paper machine conversion
- Full quarter of NORPAC mill acquisition earnings vs one month in Q2 2026
- Continued cost-out actions and restructuring in EMEA
- 80/20 strategic approach driving resource realignment and operational optimization
“Our third-quarter results reflect meaningful progress on our strategy despite persistent macro headwinds. In North America, we are improving our operational performance, building a structurally lower-cost business and realizing the benefits of prior pricing actions, while continuing to create value for our customers. In EMEA, we executed well on our ongoing restructuring and cost-out initiatives, while the macro environment continued to weigh on results and pace of margin recovery.”
International Paper CEO, on the earnings call
What Is International Paper's Outlook?
International Paper guided Packaging Solutions North America segment operating profit of $460-$500 million for Q4 2026 and $1.345-$1.385 billion for full-year 2026. PS NA Adjusted EBITDA is targeted at $700-$740 million for Q4 2026 and $2.27-$2.31 billion for full-year 2026. The company is no longer providing Packaging Solutions EMEA financial guidance due to the planned separation and subsequent U.K. regulatory requirements. The EMEA packaging business leadership team will hold a Capital Markets Day in London on November 3, 2026 to discuss plans for the new independent company, its growth strategy and financial outlook post-separation.
IP YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $6.2B | $6.2B | −0.4% |
| Gross Profit | $1.9B | $1.9B | −0.0% |
| Net Income | −$1.1B | −$1.1B | +0.4% |
IP Revenue by Segment
When Does International Paper Report Next?
Figures from SEC filings and company reports. Not investment advice.