International Paper (IP) grew revenues in 2025 driven primarily by the transformative acquisition of DS Smith, which expanded its presence significantly in the EMEA packaging market. However, integration costs, impairment charges, and softer demand across regions pressured profitability, resulting in a substantial net loss for the year. The firm completed divestiture of its Global Cellulose Fibers segment early in 2026, aiming to refocus on core packaging operations. Capital allocation remained disciplined through share repurchases and dividend payments, supported by robust operating cash flow despite near-term earnings headwinds.