International Paper (IP) Q4 FY2021 earnings: revenue $5.1 billion, up 14.5% on the year

International Paper Co. (IP) reported revenue of $5.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 14.5% on the same quarter a year earlier as this quarter's filing gives it. Net income was $107 million, down 30.1% on the year as this quarter's filing gives it, and diluted earnings per share $0.28. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2022.

Revenue

$5.1 billion

+14.5% on the year · +3.5% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

n/a

Q1 FY2020Q4 FY2021

Net income

$107 million

-30.1% on the year · -87.6% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$0.28

-28.2% on the year · -87.3% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	5,086	4,914	4,440	+3.5%	+14.5%
Cost of revenue	3,659	n/a	n/a
Gross profit	1,427	n/a	n/a
Gross margin	28.1%	n/a	n/a
Selling, general and administrative	344	n/a	n/a
Operating income	n/a	490	n/a
Operating margin	n/a	10.0%	n/a
Interest expense	85.0	n/a	n/a
Pre-tax income	44.0	n/a	n/a
Income tax	-5.0	n/a	n/a
Effective tax rate	-11.4%	n/a	n/a
Net income	107	864	153	-87.6%	-30.1%
Net margin	2.1%	n/a	n/a
Diluted EPS	$0.28	$2.20	$0.39	-87.3%	-28.2%

$ million except per share.

Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	107	n/a	n/a
Capital expenditure	132	n/a	n/a
Free cash flow	-25.0	n/a	n/a
Free cash flow margin	-0.5%	n/a	n/a
Cash from investing	-130	n/a	n/a
Cash from financing	-2,301	n/a	n/a
Depreciation and amortisation	277	280	332	-1.1%	-16.6%
Buybacks	414	n/a	n/a
Dividends paid	178	n/a	n/a
Dividend per share	$0.46	n/a	n/a
Diluted shares, weighted	n/a	393m	n/a
Shares outstanding at period end	449m	449m	449m	0.0%	0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	9,082	9,622	7,854	-5.6%	+15.6%
Non-controlling interest	0.0	n/a	n/a
Debt	5,579	8,474	8,068	-34.2%	-30.9%
Operating lease liabilities	236	n/a	n/a
Finance lease liabilities	56.0	n/a	n/a
Other liabilities	10,290	n/a	n/a
Total liabilities and equity	25,243	n/a	n/a
Fixed assets	10,441	n/a	n/a
Goodwill	3,130	n/a	n/a
Intangible assets	268	n/a	n/a
Cash and equivalents	1,295	2,122	595	-39.0%	+117.6%
Inventory	1,814	n/a	n/a
Other assets	8,295	n/a	n/a
Total assets	25,243	n/a	n/a

Questions

What was International Paper's revenue in Q4 FY2021?

International Paper (IP) reported revenue of $5.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 14.5% on the same quarter a year earlier as the company restated it.

How much did International Paper earn in Q4 FY2021?

Net income for Q4 FY2021 was $107 million, down 30.1% on the year, and diluted earnings per share $0.28.

When did International Paper report Q4 FY2021 results?

International Paper filed its 10-K for the quarter ended 31 December 2021 with the SEC on 18 February 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 †	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,086	5,237	5,389	5,402	5,133	5,020	4,682	4,613	4,601	3,915	4,019	3,979	3,922	5,264	6,142	6,222	6,006	5,971	6,004	6,197
Cost of revenue	3,659	3,839	3,806	3,830	3,668	3,642	3,360	3,345	3,282	3,424	3,360	2,880	3,250	3,805	4,422	4,287	4,123	4,244	4,344	4,263
Gross profit	1,427	1,398	1,583	1,572	1,465	1,378	1,322	1,268	1,319	491	659	1,099	672	1,459	1,720	1,935	1,883	1,727	1,660	1,934
Gross margin	28%	27%	29%	29%	29%	27%	28%	27%	29%	13%	16%	28%	17%	28%	28%	31%	31%	29%	28%	31%
SG&A	344	341	300	337	315	381	336	286	357	358	453	473	521	487	525	493	545	510	564	558
Operating income	n/a	348	585	464	n/a	306	334	352	n/a	169	322	237	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	n/a	7%	11%	9%	n/a	6%	7%	8%	n/a	4%	8%	6%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	85.0	77.0	83.0	150	93.0	103	103	105	110	109	107	107	108	135	143	135	138	132	131	133
Pre-tax income	44.0	362	514	313	322	221	255	232	-326	105	146	5.0	113	-155	116	-675	-2,654	93.0	-26.0	-1,194
Tax rate	-11%	26%	19%	-184%	46%	22%	13%	17%	n/a	26%	-201%	-2140%	-69%	n/a	34%	n/a	n/a	18%	n/a	n/a
Net income	107	360	511	951	-318	172	235	165	-284	56.0	498	150	-147	-105	75.0	-1,102	-2,384	60.0	-12.0	-1,126
Net margin	2%	7%	9%	18%	-6%	3%	5%	4%	-6%	1%	12%	4%	-4%	-2%	1%	-18%	-40%	1%	-0%	-18%
Diluted EPS	$0.28	$0.95	$1.38	$2.64	-$0.90	$0.49	$0.68	$0.47	-$0.82	$0.16	$1.41	$0.42	-$0.42	-$0.24	$0.14	-$2.09	-$4.52	$0.11	-$0.02	-$2.13
Operating cash flow	107	588	390	435	761	345	528	468	492	395	365	521	397	-288	476	605	905	611	526	339
Capital expenditure	132	185	186	238	322	341	267	228	305	251	198	212	260	330	422	455	650	517	533	606
Free cash flow	-25.0	403	204	197	439	4.0	261	240	187	144	167	309	137	-618	54.0	150	255	94.0	-7.0	-267
Buybacks	414	428	395	270	191	177	41.0	0.0	0.0	22.0	0.0	0.0	1.0	62.0	1.0	1.0	1.0	30.0	1.0	0.0
Dividends paid	178	174	170	165	164	162	160	160	160	161	160	161	161	244	244	245	244	245	245	245
Shares outstanding	449m	449m	449m	449m	449m	449m	449m	449m	449m	449m	449m	449m	449m	627m	627m	627m	627m	627m	627m	627m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 18 February 2022: the filing.