International Paper (IP) FY2015 results: revenue $20.7 billion, down 12.5% on the year
International Paper Co. (IP) reported revenue of $20.7 billion for fiscal 2015, the year ended 31 December 2015, down 12.5% on the year before. Net income was $938 million, up 69.0%, and diluted earnings per share $2.23. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2016.
Revenue
$20.7 billion
-12.5% on the year
FY2008FY2015
Operating margin
11.4%
8.7% a year earlier
FY2008FY2015
Net income
$938 million
+69.0% on the year
FY2008FY2015
Diluted EPS
$2.23
+72.9% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
20,675
23,617
23,483
-12.5%
Cost of revenue
14,313
16,254
n/a
-11.9%
Gross profit
6,362
7,363
7,201
-13.6%
Gross margin
30.8%
31.2%
30.7%
Selling, general and administrative
1,539
1,793
1,796
-14.2%
Operating income
2,361
2,058
2,233
+14.7%
Operating margin
11.4%
8.7%
9.5%
Interest expense
644
677
669
-4.9%
Pre-tax income
1,132
872
1,228
+29.8%
Income tax
417
123
-498
+239.0%
Effective tax rate
36.8%
14.1%
-40.6%
Net income
938
555
1,395
+69.0%
Net margin
4.5%
2.4%
5.9%
Diluted EPS
$2.23
$1.29
$3.11
+72.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,580
3,077
3,028
-16.2%
Capital expenditure
1,310
1,366
1,198
-4.1%
Free cash flow
1,270
1,711
1,830
-25.8%
Free cash flow margin
6.1%
7.2%
7.8%
Cash from investing
-1,739
-860
-827
Cash from financing
-1,601
-2,086
-1,688
Depreciation and amortisation
1,167
1,406
1,494
-17.0%
Buybacks
605
1,062
512
-43.0%
Dividends paid
685
620
554
+10.5%
Dividend per share
$1.64
$1.45
$1.25
+13.1%
Diluted shares, weighted
421m
432m
448m
-2.6%
Shares outstanding at period end
449m
449m
447m
0.0%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,884
5,115
8,105
-24.1%
Non-controlling interest
25.0
148
179
-83.1%
Debt
15,547
11,423
11,531
+36.1%
Other liabilities
10,815
11,998
11,713
-9.9%
Total liabilities and equity
30,271
28,684
31,528
+5.5%
Fixed assets
11,980
12,728
13,672
-5.9%
Goodwill
3,335
3,773
3,987
-11.6%
Investments
228
248
733
-8.1%
Cash and equivalents
1,050
1,881
1,802
-44.2%
Inventory
2,228
2,424
2,825
-8.1%
Other assets
11,450
7,630
8,509
+50.1%
Total assets
30,271
28,684
31,528
+5.5%
10-K for the year ended 31 December 2015, filed 25 February 2016: the filing.