A downhole cutting tool includes a tool body and a plurality of cutter knife sets, each of the plurality of cutter knife sets configured to extend outwardly to separately perform a pipe cutting operation. A first cutter knife set has a diameter in an extended position larger than a diameter in an extended position of a second cutter knife set. A method includes running the downhole cutting tool into a wellbore, deploying the first set of expandable cutting arms to an extended position and engaging the extended expandable cutting arms with a first work piece, rotating the downhole cutting tool and cutting the first work piece, deploying the second set of expandable cutting arms during a single trip into the wellbore to an extended position and engaging the extended expandable cutting arms with a second work piece, and rotating the downhole cutting tool and cutting the second work piece.