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International Paper cash flow statement

In fiscal 2025, International Paper's operations generated $1.70bn of cash; it spent $1.86bn on capital projects, leaving free cash flow of −$159m. It returned $977m in dividends and $65.0m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations4,6551,6312,6752,9673,0283,0772,5802,4781,7573,2263,6103,0632,0302,1741,8331,6781,6982,647
Depreciation and amortisation1,4161,3961,2631,3901,4151,4061,1671,1241,3431,3281,0721,0911,0971,0401,1468512,7472,773
Stock-based pay—————————142147881431328296124109
Capital spending5347751,1591,3831,1981,3661,3101,2411,2801,5721,1376634809311,1419211,8572,155
Free cash flow4,1218561,5161,5841,8301,7111,2701,2374771,6542,4732,4001,5501,243692757−159492
Free cash flow after stock pay—————————1,5122,3262,3121,4071,111610661−283383
Dividends paid140175427476554620685733769789796806780673642643977979
Share buybacks102630355121,06260513247732535428391,284218236533
Shares issued00010829866200—————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from International Paper's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to International Paper.