Quick answer: Smurfit Westrock is the world's largest paper company, with US$31.2 billion in 2025 revenue (company results). International Paper ranks second at US$23.6 billion after buying DS Smith. Oji Holdings, UPM, Stora Enso and Nine Dragons follow, each between US$10 billion and US$12.5 billion. Nine Dragons also runs about 25 million tonnes of paper capacity.
This ranking uses each company's latest audited annual results, not estimates. We converted every figure to US dollars at the US Federal Reserve's 2025 average exchange rates (Federal Reserve G.5A), including ₹87.15 per dollar for Indian rupees. Indian companies report in fiscal years (FY) ending in March, so the India table converts at ₹88.35, the FY2025-26 average of Reserve Bank of India (RBI) monthly reference rates (RBI Handbook, Table 205). Each row links to the filing we used, so you can check any number yourself.
Top 10 Largest Paper Companies in the World by Revenue
We count companies whose main business is pulp, paper, paperboard or paper-based packaging. Tissue and personal-care groups such as Kimberly-Clark are listed separately below, because most of their sales come from finished consumer products.
Notes: Oji's and Nine Dragons' fiscal years do not match the calendar year, so their dollar figures are close approximations. Oji's and UPM's totals include some non-paper businesses (for example UPM's plywood and labels). Packaging Corporation of America and Suzano are only US$20 million apart, so currency moves can swap them.
Just outside the top 10
- Nippon Paper Industries (Japan): ¥1,192.6 billion for the year to March 2026, about US$8.0 billion (Nippon Paper Fact Book 2026)
- Empresas CMPC (Chile): US$7,475 million in 2025 (CMPC 2025 results)
- Domtar (USA/Canada, privately owned): US$6,943 million in 2025 (Domtar 2025 annual report)
- Sappi (South Africa): US$5,420 million for the year to September 2025 (Sappi FY2025 results)
- Shandong Sun Paper (China): more than 14 million tonnes of pulp and paper capacity (Sun Paper 2025 annual report summary)
Tissue and hygiene giants (ranked separately)
What about Asia Pulp & Paper?
Asia Pulp & Paper (APP), part of Indonesia's Sinar Mas group, is one of the biggest paper producers in Asia, but it is privately held and does not publish group revenue. Any revenue figure you see for APP is an estimate, so we leave it out of the ranking rather than guess. Its listed Indonesian units, such as Indah Kiat and Tjiwi Kimia, report only part of the group. You can find its mills and products in our Asia Pulp & Paper directory profile.
The Top 10 Companies at a Glance
1. Smurfit Westrock
Smurfit Westrock was formed when Ireland's Smurfit Kappa and America's WestRock completed their merger on 5 July 2024 (merger completion filing). It reported net sales of US$31,179 million for 2025 (Smurfit Westrock 2025 results, SEC filing). The group says it employs more than 96,000 people across 40 countries, with 500+ facilities (Smurfit Westrock company profile). Chief executive: Tony Smurfit. Almost all of its sales come from paper-based packaging: containerboard, corrugated boxes and paperboard.
2. International Paper
International Paper reported 2025 net sales of US$23,634 million (International Paper 2025 results, SEC filing). Two deals reshaped it in the last two years. It completed the purchase of UK packaging group DS Smith on 31 January 2025, and it sold its Global Cellulose Fibers pulp business to American Industrial Partners in January 2026, so that business is reported as discontinued. In January 2026 it also announced a plan to separate its North American and EMEA (Europe, Middle East and Africa) packaging businesses into two listed companies. Chief executive: Andy Silvernail. See our International Paper directory profile for mills and contacts.
3. Oji Holdings
Japan's largest paper group reported net sales of ¥1,861.7 billion for the year to March 2026 (Oji Holdings FY2025 results). Oji is unusually diversified: packaging, household tissue, printing papers, specialty papers and overseas pulp and plantation businesses. President: Hiroyuki Isono.
4. UPM-Kymmene
UPM reported 2025 sales of €9,656 million and 15,127 employees at year end (UPM 2025 financial statements release). It is shrinking graphic paper: it stopped production at its Ettringen mill in Germany on 31 December 2025, removing 270,000 tonnes a year of capacity (UPM Ettringen release). In May 2026 UPM and Sappi signed a binding agreement to combine their European graphic paper businesses in a joint venture, which still needs European Commission merger approval (UPM and Sappi agreement). President and chief executive: Massimo Reynaudo.
5. Stora Enso
Stora Enso reported 2025 sales of €9,326 million and about 19,000 employees (Stora Enso 2025 results). The Finnish-Swedish group is focused on packaging board, pulp and wood products. It sold about 175,000 hectares of Swedish forest in 2025 and plans to list its remaining Swedish forest assets as a separate company. President and chief executive: Hans Sohlström.
6. Nine Dragons Paper
Hong Kong-listed Nine Dragons, a recycled-fibre containerboard maker, reported revenue of RMB 75.0 billion for the year to 30 June 2026, up 18.6% (Nine Dragons FY2026 results, HKEX). It has about 24.8 million tonnes of paper capacity and 5.4 million tonnes of wood pulp capacity, mostly in China, with operations in Vietnam and Malaysia. Chairlady: Cheung Yan. More detail in our Nine Dragons Paper directory profile.
7. Packaging Corporation of America
PCA reported 2025 net sales of US$8,989 million, up 7.2%, helped by the containerboard business it bought from Greif in September 2025 (PCA 2025 annual report, SEC filing). Packaging accounts for US$8,294 million of that and the white paper business for US$615 million.
8. Suzano
Brazil's Suzano, which describes itself as one of the world's largest integrated pulp and paper producers, reported record 2025 net revenue of R$50,116 million (Suzano 4Q25 results) and sold 14.2 million tonnes of pulp and paper (Suzano 2025 sales release). In June 2025 it agreed with Kimberly-Clark to form a global tissue joint venture, 51% owned by Suzano, built on Kimberly-Clark's international tissue business (Suzano and Kimberly-Clark announcement). Chief executive: Beto Abreu.
9. Mondi
Mondi reported 2025 revenue of €7,663 million and an average of 22,100 employees (Mondi 2025 full-year results). It makes corrugated and flexible packaging, kraft paper and uncoated fine paper, and completed the purchase of Schumacher Packaging's Western European operations on 1 April 2025 (Mondi completion release). Chief executive: Andrew King.
10. Graphic Packaging
Graphic Packaging reported 2025 net sales of US$8,617 million (Graphic Packaging 2025 results, SEC filing). It makes paperboard and the folding cartons used for food, drinks and consumer goods. President and chief executive: Robbert Rietbroek.
Largest Paper Companies by Production
Revenue rankings favour companies that sell high-value packaging. Ranked by tonnes, the picture changes, but most groups do not publish a single comparable production figure. These are the ones that do:
For country-level output, see our ranking of the top paper producing countries, where China alone makes about a third of the world's paper.
Paper Industry Deals, 2025 to 2026
- January 2025: International Paper completes its purchase of DS Smith (SEC filing).
- April 2025: Mondi completes the purchase of Schumacher Packaging's Western European operations (Mondi release).
- June 2025: Suzano and Kimberly-Clark agree to form a global tissue joint venture, valuing Kimberly-Clark's international tissue business at about US$3.4 billion (announcement).
- September 2025: PCA completes its US$1.8 billion purchase of Greif's containerboard business (PCA annual report).
- December 2025: UPM closes the Ettringen paper mill in Germany (UPM release).
- January 2026: International Paper sells Global Cellulose Fibers and announces a plan to split into two companies (SEC filing).
- May 2026: UPM and Sappi sign a binding deal to combine their European graphic paper businesses, pending regulatory approval (UPM release).
- July 2026: Equipment maker Valmet completes its US$480 million purchase of Severn Group (stock exchange release).
- August 2026: ITC completes its purchase of Century Pulp & Paper in India (Aditya Birla Real Estate Q1 FY27 results).
Mill closures are the other half of this story; our analysis of paper mill closures and industry restructuring covers them, and China's paper overcapacity explains much of the price pressure behind them.
Top Paper Companies in India
India's largest paper makers are much smaller than the global leaders: the biggest, ITC's paperboards business, is about a tenth of Mondi's size. The table uses audited revenue from operations for FY2025-26 (year to 31 March 2026).
Notes: ITC's figure is a business segment before inter-segment adjustments, not company revenue. West Coast Paper's consolidated revenue includes Andhra Paper, so Andhra Paper is not listed separately. Century Pulp & Paper's figure comes from its former parent's annual report; ITC completed its purchase on 1 August 2026.
For what it costs to build a mill in India and where demand is heading, see our guides to paper plant cost in India and growth of the paper industry in India.
What the Ranking Tells a Mill Buyer
- Packaging won. Six of the top 10 (Smurfit Westrock, International Paper, Nine Dragons, PCA, Mondi and Graphic Packaging) are mainly packaging companies. New capacity and machine orders follow them: containerboard, kraft and folding boxboard lines.
- Graphic paper is being closed, not built. UPM's Ettringen closure and the UPM-Sappi joint venture are both about shrinking printing and writing paper capacity in Europe. Second-hand graphic paper machines will keep coming to market.
- Growth is in Asia. Nine Dragons grew revenue 18.6% in its latest year (HKEX results), while UPM's sales fell 7% (UPM results) and Graphic Packaging's fell 2% (Graphic Packaging results).
- Fibre matters. Suzano's eucalyptus and Nine Dragons' recycled fibre show two cheap routes to scale. For a new mill, the raw material choice decides the process line more than anything else.
The wider picture of how these companies fit into the industry is in our paper manufacturing guide.
Perusahaan Kertas Terbesar di Dunia
Perusahaan kertas terbesar di dunia adalah Smurfit Westrock, dengan pendapatan US$31,2 miliar pada 2025, disusul International Paper (US$23,6 miliar) dan Oji Holdings dari Jepang (sekitar US$12,4 miliar). Dari Asia, Nine Dragons Paper asal Tiongkok memiliki kapasitas kertas sekitar 24,8 juta ton. Asia Pulp & Paper (Sinar Mas) adalah salah satu produsen kertas terbesar di Indonesia, melalui unit seperti Indah Kiat dan Tjiwi Kimia, tetapi grup ini tidak memublikasikan total pendapatannya sehingga tidak masuk peringkat di atas. Semua angka berasal dari laporan keuangan resmi perusahaan yang ditautkan pada tabel di atas.
Sources and References
- Smurfit Westrock 2025 results
- International Paper 2025 results (SEC filing)
- Oji Holdings results, year to March 2026
- UPM financial statements release 2025
- Stora Enso full-year 2025 results
- Nine Dragons Paper annual results, year to June 2026 (HKEX)
- Packaging Corporation of America 2025 annual report (SEC)
- Suzano 4Q25 earnings release
- Mondi full-year results 2025
- Graphic Packaging 2025 results (SEC filing)
- US Federal Reserve G.5A annual exchange rates 2025
- Reserve Bank of India, Handbook of Statistics, reference rates
