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International Paper cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$267M in Q3 2026 · $75.0M over twelve months

Operating cash flow$339M
Capital spending−$606M
Free cash flow−$267M

Analysis

In Q3 2026, International Paper generated $339M of operating cash flow and spent $606M on capital projects, leaving free cash flow of −$267M. That is $417M less than in Q3 2025 ($150M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.4B; the largest uses were capital spending ($2.3B), dividends ($979M), other investing ($408M); besides operations, cash came from asset & business sales ($1.3B); the cash balance fell by $190M.

Operating cash flow was $339M against net income of −$1.1B. The largest differences: impairments +$1.4B, depreciation & amortization +$526M, other non-cash −$145M.

Free cash flow

International Paper: free cash flow by quarterInternational Paper: free cash flow by quarter$137MQ4 2024−$618MQ1 2025$54.0MQ2 2025$150MQ3 2025$255MQ4 2025$94.0MQ1 2026−$7.0MQ2 2026−$267MQ3 2026
Operating cash flow less capital spending.
International Paper: operating cash flow against capital spendingInternational Paper: operating cash flow against capital spendingOperating cash flowCapital spending$397M$260MQ4 2024−$288M$330MQ1 2025$476M$422MQ2 2025$605M$455MQ3 2025$905M$650MQ4 2025$611M$517MQ1 2026$526M$533MQ2 2026$339M$606MQ3 2026
Latest (Q3 2026): Operating cash flow $339M, Capital spending $606M.

Capital allocation, year by year

International Paper: where the cash came from (up) and went (down), by fiscal yearInternational Paper: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.0BFY2021: Net borrowing −$1.0BFY2021: Asset sales $928MFY2021: Capital spending −$549MFY2021: Acquisitions −$80.0MFY2021: Buybacks −$839MFY2021: Dividends −$780M$3.0BFY2021FY2022: Operating cash flow $2.2BFY2022: Net borrowing $394MFY2022: Asset sales $13.0MFY2022: Capital spending −$931MFY2022: Buybacks −$1.3BFY2022: Dividends −$673M$2.6BFY2022FY2023: Operating cash flow $1.8BFY2023: Net borrowing −$10.0MFY2023: Asset sales $4.0MFY2023: Capital spending −$1.1BFY2023: Buybacks −$218MFY2023: Dividends −$642M$1.8BFY2023FY2024: Operating cash flow $1.7BFY2024: Net borrowing −$48.0MFY2024: Asset sales $91.0MFY2024: Capital spending −$921MFY2024: Buybacks −$23.0MFY2024: Dividends −$643M$1.8BFY2024FY2025: Operating cash flow $1.7BFY2025: Net borrowing $135MFY2025: Asset sales $359MFY2025: Capital spending −$1.9BFY2025: Buybacks −$65.0MFY2025: Dividends −$977M$2.2BFY2025
Over these 5 years operating cash flow totalled $9.4B; the largest uses were capital spending ($5.4B) and dividends ($3.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$815M
Debt$9.8B
Net debt$9.0B
Due within a year$992M

International Paper funds itself: free cash flow was $75.0M over the last twelve months, and $815M of cash and investments stands against $9.8B of debt ($992M due within a year, 0.8× covered by cash).

International Paper: debt maturities by year (FY2025)International Paper: debt maturities by year (FY2025)$992MYear 1$2.6BYear 2$739MYear 3$381MYear 4$807MYear 5
Principal due in each year as disclosed in the annual report, against $815M of cash and investments now.

Where the cash came from and went

International Paper: sources (+) and uses (−) of cash, Q3 2026International Paper: sources (+) and uses (−) of cash, Q3 2026Capital spending−$606MOther financing$559MOperating cash flow$339MDividends−$245MCash drawn (+) / kept (−)−$89.0MAsset & business sales$34.0MOther investing$16.0MExchange rates−$6.0MAcquisitions−$2.0M
International Paper: sources (+) and uses (−) of cash, TTM to Q3 2026International Paper: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.4BCapital spending−$2.3BAsset & business sales$1.3BDividends−$979MOther investing−$408MCash drawn (+) / kept (−)$190MExchange rates−$67.0MOther financing−$40.0MBuybacks−$32.0M

From profit to cash

International Paper: net income to operating cash flow, Q3 2026International Paper: net income to operating cash flow, Q3 2026Net income−$1.1BDepreciation & amortization$526MDeferred taxes−$59.0MImpairments$1.4BGains on disposals−$23.0MOther non-cash−$145MInventory−$145MPayables−$21.0MContract assets−$17.0MPrepaid and other assets−$11.0MOther liabilities−$23.0MOperating cash flow$339M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$339M−$606M−$2.0M—−$245M—−$89.0M−$267M
Q2 2026$526M−$533M—−$1.0M−$245M$159M$581M−$7.0M
Q1 2026$611M−$517M—−$30.0M−$245M−$660M−$146M$94.0M
Q4 2025$905M−$650M—−$1.0M−$244M−$75.0M−$156M$255M
Q3 2025$605M−$455M−$5.0M−$1.0M−$245M$29.0M$130M$150M
Q2 2025$476M−$422M—−$1.0M−$244M−$33.0M$21.0M$54.0M
Q1 2025−$288M−$330M—−$62.0M−$244M$233M$14.0M−$618M
Q4 2024$397M−$260M—−$1.0M−$161M−$6.0M−$11.0M$137M

International Paper: income statement and cash flow

International Paper, Q3 2026: revenue $6.2B (-0.4% year over year), operating margin -19.7%. The chart follows the revenue to costs, profit and cash.

International Paper: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.