A double-walled insulated cup of paper material having an outer sleeve and an inner cup with a truncated conical wall and a bottom wall interconnected by a peripheral edge frame. The inner cup has a top shoulder and a bottom shoulder and the outside diameter of the inner cup at the level of the top shoulder increases toward the top edge of the inner cup. The outer sleeve lies against the inner cup in the region of the top shoulder thereof and extends to the bottom edge of the peripheral edge frame. The outside diameter of the outer sleeve at the level of the bottom edge of the peripheral edge frame is smaller than the inside diameter of the inner cup just above the bottom shoulder and is greater than the inside diameter of the inner cup just below the bottom shoulder.