BUSINESS SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

	Three Months Ended September 30, 2025
In millions	Packaging Solutions North America		Packaging Solutions EMEA		Total
Net Sales	$	3,898	$	2,310	6,208
Corporate and Intrasegment Sales					14
Total Net Sales					6,222
Less:
Cost of products sold	2,582		1,721
Selling and administrative expenses	335		134
Depreciation and amortization	831		267
Distribution expenses	287		235
Other segment items (a)	29		11
Business Segment Operating Profit (Loss)	(166)		(58)		(224)
Interest Expense, net					85
Adjustment for less than wholly owned subsidiaries (b)					(1)
Corporate expenses, net					17
Net special items (i)					354
Non-operating pension (income) expense					(4)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(675)

(i)Includes a charge of $38 million for transaction and other costs related to the DS Smith acquisition, a charge of $135 million for costs related to the

closure of our Savannah containerboard mill, a charge of $95 million for costs related to the closure of our Riceboro containerboard mill, a charge of $31 million for the impairment of assets and a net charge of $55 million for other items.

	Nine Months Ended September 30, 2025
In millions	Packaging Solutions North America		Packaging Solutions EMEA		Total
Net Sales	$	11,460	$	6,151	$	17,611
Corporate and Intrasegment Sales					17
Total Net Sales					17,628
Less:
Cost of products sold	7,846		4,567
Selling and administrative expenses	957		381
Depreciation and amortization	1,480		569
Distribution expenses	834		621
Other segment items (a)	90		26
Business Segment Operating Profit (Loss)	253		(13)		240
Interest Expense, net					277
Adjustment for less than wholly owned subsidiaries (b)					(2)
Corporate expenses, net					74
Net special items (i)					611
Non-operating pension (income) expense					(6)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(714)

(i)Includes a charge of $314 million for transaction and other costs related to the DS Smith acquisition, a charge of $85 million for severance and other costs related to the closure of our Red River containerboard mill, a net gain of $51 million related to the sale of EMEA plants, a net gain of $67 million related to the sale of fixed assets primarily associated with our permanently closed Orange, Texas containerboard mill, a charge of $135 million for costs related to the closure of our Savannah containerboard mill, a charge of $95 million for costs related to the closure of our Riceboro containerboard mill, a charge of $31 million for the impairment of assets and a net charge of $69 million for other items.

	Three Months Ended September 30, 2024
In millions	Packaging Solutions North America		Packaging Solutions EMEA		Total
Net Sales	$	3,640	$	322	$	3,962
Corporate and Intrasegment Sales					17
Total Net Sales					3,979
Less:
Cost of products sold	2,605		246
Selling and administrative expenses	360		29
Depreciation and amortization	192		16
Distribution expenses	265		23
Other segment items (a)	28		1
Business Segment Operating Profit (Loss)	190		7		197
Interest Expense, net					52
Adjustment for less than wholly owned subsidiaries (b)					(1)
Corporate expenses, net					40
Net special items					113
Non-operating pension (income) expense					(12)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	5

	Nine Months Ended September 30, 2024
In millions	Packaging Solutions North America		Packaging Solutions EMEA		Total
Net Sales	$	10,754	$	998	$	11,752
Corporate and Intrasegment Sales					161
Total Net Sales					11,913
Less:
Cost of products sold	7,631		758
Selling and administrative expenses	960		79
Depreciation and amortization	581		48
Distribution expenses	834		68
Other segment items (a)	85		4
Business Segment Operating Profit (Loss)	663		41		704
Interest Expense, net					156
Adjustment for less than wholly owned subsidiaries (b)					(4)
Corporate expenses, net					144
Net special items					186
Non-operating pension (income) expense					(34)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	256

Reconciliation of Assets from Segment to Consolidated

Assets

In millions	September 30, 2025		December 31, 2024
Packaging Solutions North America	$	16,613	$	14,501
Packaging Solutions EMEA	18,127		1,276
Corporate and other (c)	5,828		7,023
Assets	$	40,568	$	22,800

Segment, Reconciliation of Other Items from Segments to Consolidated

Capital Expenditures

In millions	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Packaging Solutions North America	$	720	$	512
Packaging Solutions EMEA	362		37
Subtotal	1,082		549
Corporate and other (d)	125		112
Capital Expenditures	$	1,207	$	661

Revenue from External Customers by Products and Services

External Sales By Segment (e)

	Three Months Ended September 30,				Nine Months Ended September 30,
In millions	2025		2024		2025		2024
Packaging Solutions North America	$	3,859	$	3,604	$	11,330	$	10,667
Packaging Solutions EMEA	2,309		322		6,150		997
Other	54		53		148		249
Net Sales	$	6,222	$	3,979	$	17,628	$	11,913

(a)Other segment items includes Taxes other than payroll.

(b)Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly-owned. The pre-tax earnings for these subsidiaries is added here to present consolidated earnings from continuing operations before income taxes and equity earnings.

(c)Includes corporate assets and held for sale assets related to the Global Cellulose Fibers business.

(d)Includes capital expenditures for corporate and the Global Cellulose Fibers business.

(e)External sales by segment are defined as those made to parties outside International Paper’s consolidated group, whereas sales by segment in the Net Sales table are determined using a management approach and include intersegment sales.