International Paper reported net sales of US$ 6.197 billion in the third quarter of 2026, compared with US$ 6.222 billion in the same period last year. The company recorded a US$ 1.097 billion loss from continuing operations, including a US$ 1.38 billion non-cash goodwill impairment related to its Packaging Solutions EMEA business.
Adjusted EBITDA from continuing operations reached US$ 843 million, slightly below the US$ 859 million reported in the third quarter of 2025, but significantly higher than the US$ 587 million recorded in the previous quarter.
Adjusted operating earnings totalled US$ 197 million, equivalent to US$ 0.37 per share. On a reported basis, the loss from continuing operations was US$ 2.07 per diluted share.
Operating cash flow amounted to US$ 339 million, while free cash flow was negative US$ 267 million. In North America, the packaging segment generated US$ 427 million in operating profit.
International Paper Chairman and CEO Andy Silvernail highlighted the progress made in operational improvements, cost reductions and the effects of previously implemented pricing actions in North America. In EMEA, restructuring initiatives continued, although market conditions slowed the recovery in margins.
NORTH AMERICAN PACKAGING OUTLOOK
For the fourth quarter of 2026, International Paper expects operating profit in its North American packaging segment to range from US$ 460 million to US$ 500 million, with adjusted EBITDA projected between US$ 700 million and US$ 740 million.
For the full year, the company maintains operating profit guidance of US$ 1.3 billion to US$ 1.4 billion and adjusted EBITDA of US$ 2.27 billion to US$ 2.31 billion.
The company has withdrawn its EMEA guidance as it advances with the planned separation of the business.
International Paper noted that the third-quarter results remain preliminary and unaudited. The company expects to finalise the figures in its quarterly Form 10-Q filing, scheduled for around November 4, 2026.
