International Paper's $0.4625 quarterly dividend must be reallocated between two successor companies after its planned separation, with no dividend policy or allocation yet publicly disclosed. The Memphis-based containerboard producer announced on January 29, 2026, alongside its fourth-quarter 2025 earnings, that it will split into two independent public companies on a 12 to 15 month timeline, an internal effort CEO Andy Silvernail calls Project Diamond and which he said on the July 30, 2026 second-quarter call remains on track. The payout has held at $0.4625 per quarter on every ex-dividend date from November 12, 2021 through August 14, 2026, a trailing 12-month total of $1.85 yielding 5.24%, while peer Packaging Corporation of America has raised its dividend steadily. The cash flow base is shifting: full-year 2025 operating cash flow was $1.698 billion against $1.857 billion of capex and $977 million of dividends paid, leaving free cash flow negative $159 million, and full-year 2026 adjusted EBITDA guidance was trimmed to $3.20 to $3.50 billion. In the first quarter of 2026, North American packaging operating profit was $248 million while EMEA posted a $51 million operating loss, and the stock is down 18.37% over the past year at $35.89.
International PaperPlanned split leaves the $0.4625 quarterly dividend unallocated with no policy disclosed, while free cash flow turned negative and 2026 EBITDA guidance was trimmed.
Packaging Corp of America
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