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EarningsQ2 2026 Earnings Report
IP Q2 2026 EPS Results
Actual EPS$0.04
Consensus EPS-$0.03
Beat/MissBeat by +$0.07
One Year Ago EPS$0.20
IP Q2 2026 Revenue Results
Actual Revenue$6.00B
Expected Revenue$6.19B
Beat/MissMissed by -$185.20M
YoY Revenue Growth-11.28%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
IP Upcoming Earnings
International Paper Co's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
IP Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call shows clear operational progress (mill performance +500 bps, North America volume growth +1.7%, completed conversions/acquisitions and tangible EMEA cost-out actions) and solid Q2 EBITDA contributions, balanced against meaningful near-term headwinds (heavy outage costs, input inflation, Pine Hill disruption, and a lowered top-end guidance). Management maintains confidence in long-term plans and reiterated mid-teens to mid-20s returns on targeted investments, but acknowledged the macro and geopolitical risks that trimmed near-term upside.Company Guidance
North America Volume Growth
Box volumes in North America increased 1.7% year-over-year on a daily basis and the company expects to outpace the industry by approximately 2% for the full year, driven by strengthened customer relationships and new business wins.
Mill Performance Improvement
Mill performance improved by approximately 500 basis points year-over-year, with consistent improvement in capacity utilization and productivity from targeted reliability investments.
Key Asset Conversions and Ramp-ups
Riverdale machine conversion completed on time; ramp-up expected to be largely achieved by end of 2026 with full run rate in Q1 2027. Second Riverdale paper machine returned to service ahead of schedule.
Strategic Acquisitions and Facility Investments
Completed NORPAC acquisition (June) and returned mill to pre-incident operations; acquired Dover converting facility; Waterloo start-up planned in Q4 2026 with full operations by Q2 2027; Lucca recycled containerboard upgrade expected online in Q3 2026.
Packaging Solutions North America EBITDA
Packaging Solutions North America delivered $425 million of adjusted EBITDA in Q2 2026 despite heavy outage activity and investment spending.
Packaging Solutions EMEA EBITDA and Outlook
Packaging Solutions EMEA delivered $182 million of adjusted EBITDA in Q2 2026 and management provided a Q3 adjusted EBITDA outlook of approximately $230 million to $250 million, with full-year Packaging Solutions EMEA adjusted EBITDA guidance of $900 million to $1.0 billion.
Enterprise Full-Year Adjusted EBITDA Outlook
Updated full-year adjusted EBITDA outlook of $2.35 billion to $2.45 billion (top end reduced ~ $50 million compared to prior view), with expected step-up (~$600 million improvement from H1 to H2 excluding Pine Hill impact) driven by pricing realization, Riverdale ramp, and 80/20 initiatives.
EMEA Cost-Out Progress and Footprint Optimization
Announced more than $210 million of run-rate footprint and cost savings actions in EMEA, including closures of 31 manufacturing facilities and a central office and a net reduction of more than 3,000 positions; ~50% of planned equipment moves already completed.
Free Cash Flow and Capital Deployment
Free cash flow was negative $7 million in Q2 but stronger than anticipated given the heavy outage quarter and transformation investment period; capital investments totaled $533 million in the quarter.
Return Expectations on Targeted Investments
Management expects targeted investments (examples: NORPAC, Riverdale conversion, Waterloo) to deliver financial returns in the mid-teens to mid-20s percent, consistent with the company's 80/20 reinvestment strategy.
IP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed