Sylvamo Corp 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 Or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from - to –Commission File No. 001-40718 SYLVAMO CORPORATION (Exact Name of Registrant as Specified in its Charter) 901-519-8000(Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.Yesx No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yesx No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ As of June 30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates was $2,008,755,141 based on the closing priceof a share of the common stock on the New York Stock Exchange on such date. The number of shares outstanding of the registrant’s common stock, par value $1.00 per share, as of February 13, 2026 was 39,508,287. Documents incorporated by reference:Portions of the registrant’s proxy statement filed within 120 days of the close of the registrant’s fiscal year in connection with the registrant’s 2026annual meeting of shareholders are incorporated by reference into Part III of this Form 10-K. Notes to Consolidated Financial Statements52ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTINGAND FINANCIAL DISCLOSURE.78ITEM 9A.CONTROLS AND PROCEDURES.78ITEM 9B.OTHER INFORMATION.78ITEM 9C.DISCLOSURES REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS.79PART III.79ITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.79ITEM 11.EXECUTIVE COMPENSATION.79ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTAND RELATED STOCKHOLDER MATTERS.79ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE.79ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES.79PART IV.80ITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.80ITEM 16.FORM 10-K SUMMARY82SIGNATURES83APPENDIX I2025 LISTING OF FACILITIES85APPENDIX II 2025 CAPACITY INFORMATION86 ITEM 1. BUSINESS OUR COMPANY Sylvamo Corporation (the “Company” or “Sylvamo”, which may also be referred to as “we” or “us”) is a global uncoatedpapers company with a broad portfolio of top-tier brands and low-cost, large-scale paper mills located in and serving the mostattractive geographies, including Europe, Latin America and North America, which are our business segments. We produceuncoated freesheet (“UFS”) for paper products such as cutsize and offset paper, as well as market pulp. With roots going backto 1898, we have a long history of offering premium quality papers to meet the needs of our customers and end-users. Our millsin North America and Latin America predominantly rank in the lowest quartile on global and regional U