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Smurfit WestrockSW

Legal name
Smurfit Westrock plc
Sector
Other
Industry
Paperboard Containers & Boxes
Exchange
NYSE

Stock Price $SW

Latest filings

You are here#19 of 25 in Materials by market cap

Filing record · 2024–202610-K210-Q98-K28

SW filed 2 annual reports (10-K), 9 quarterly reports (10-Q) and 28 current reports (8-K) between 2024 and 2026.

  1. Material agreement8-K · Sep ’24Sep ’24
  2. Impairment8-K · Apr ’25Apr ’25
  3. Leadership change8-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  4. $31.18B
YoY changeLargest recent move+74.6%in FY24Latest +47.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All SW Financial Metrics56 metrics

Income Statement14

Balance Sheet24

Cash Flow13

Per Share5

02—Overview

Smurfit Westrock Financial Overview 2024–2025

Updated Nov 4, 2026

Smurfit Westrock's net income more than doubled, from $319 million in FY2024 to $699 milliona in FY2025, yet the stock still closed FY2025 at 29.1x earnings. The core thesis: this is a post-merger earnings recovery, not an organic growth story, and the market priced in a clean integration before the cost savings fully showed up. Excluding WestRock, FY2025 net sales rose only $225 million, because a $716 million volume decline offset gains from price mix and currency.

The long-term arc is stark. Net sales climbed from $21,109 million in FY2024 to $31,179 millionb in FY2025, with $9,845 million coming from WestRock. Adjusted EBITDA rose from $3,386 million to $4,939 million, a 15.8% margin in FY2025. Operating cash flow more than doubled to $3,392 million from $1,483 million. Capital expenditures of $2,192 million and dividends of $900 million still left debt at $13,773 million, against $5,452 million of liquidity.

Valuation moved with the earnings. At the close of FY2025, shares traded at $38.67c, a $20.2 billion market cap, on diluted EPS of $1.33. Costs are the risk. Q1 2026 Adjusted EBITDA fell to $1,076 million from $1,252 million, and management cut its full-year 2026 estimate to about $4.7 billion, citing roughly $700 million of added freight and energy costs.

Recent Developments (Q1 and Q2 2026)

Q2 2026 rebounded from a weak start. Net income attributable to common shareholders was $89 milliond, against a $28 million loss a year earlier, after Q1 2026 net income fell to $65 million from $384 million. Lower impairment and restructuring costs ($119 million versus $280 million) drove the swing. Adjusted EBITDA still slipped to $1,140 million from $1,213 million. Management guided Q3 2026 to about $1.3 billion but delivered $1,205 million, a 14.8% margin versus 16.3%. The July full-year range of $4.9 billion to $5.1 billion was then cut in October. A Medium-Term Plan targets about $7 billion of Adjusted EBITDA by 2030.

Bull case: the 2030 target and roughly $5 billione of planned dividends pay off if price increases recover costs. Bear case: at 31.0x earnings as of July 30, 2026, not today, the stock is priced for recovery, while $14,164 million of debt and antitrust litigation limit room for error.

What to watch: price increases offsetting freight and energy costs; antitrust class action developments

03—Filings

Recent SEC Filings

  1. 8-KSmurfit Westrock 8-K Report, Financial Results (Oct 28, 2026)Smurfit Westrock plc (NYSE: SW) reported third quarter 2026 results for the period ended September 30, 2026, with net sales of $8,161 million, compared with $8,003 million in the prior-year quarter. Net income was $219 million (net income margin of 2.7%, versus 3.1% a year earlier), and Adjusted EBITDA was $1,205 million (Adjusted EBITDA margin of 14.8%, versus 16.3%). Basic EPS was $0.42 and Adjusted Basic EPS was $0.45, compared with $0.47 and $0.58 in the third quarter of 2025. Net cash provided by operating activities was $874 million, down from $1,133 million a year earlier. Management described the quarter as resilient against what it called unprecedented cost inflation and somewhat weaker than anticipated converting volumes. By segment, North America reported Adjusted EBITDA of $760 million (15.6% margin), Europe, MEA and APAC reported $379 million (13.4% margin), and LATAM reported $126 million (21.4% margin). Management now estimates full-year 2026 Adjusted EBITDA of approximately $4.7 billion and expects to absorb about $700 million of additional freight and energy costs in 2026. The company says it has implemented price increases intended to more than offset these costs, with full benefits expected to be realized into 2027. The company also announced an agreement to acquire the containerboard assets of CMPC in Chile. The Board approved a quarterly dividend of $0.4523 per ordinary share, payable December 10, 2026 to shareholders of record on November 13, 2026. The company also furnished a third quarter 2026 earnings presentation for its October 28, 2026 conference call. The filing notes that management did not reconcile the full-year Adjusted EBITDA outlook to GAAP net income because it could not do so without unreasonable efforts.
  2. 8-KSmurfit Westrock 8-K Report, Financial Results (Jul 29, 2026)Smurfit Westrock plc (NYSE: SW) reported second quarter 2026 results on July 29, 2026, furnished under Item 2.02 of this Form 8-K. Net sales were $8,031 million, up from $7,940 million in the prior-year quarter. Net income was $88 million (1.1% net income margin), compared with a net loss of $(26) million a year earlier. Adjusted EBITDA was $1,140 million with a 14.2% margin, versus $1,213 million (15.3%) in Q2 2025. Management attributed the quarter's pressure to significantly higher input costs, particularly freight, while noting strong paper demand and an expectation of recovering input cost inflation through the second half of the year. By segment, North America posted Adjusted EBITDA of $704 million (14.8% margin) versus $752 million a year earlier, EMEA and APAC posted $380 million (13.4%), and LATAM posted $124 million (22.2%). Operating cash flow was $765 million, against $829 million in the prior-year quarter. Cash and cash equivalents were $677 million at June 30, 2026, and current portion of debt rose to $931 million from $346 million at December 31, 2025. Looking ahead, the company expects third-quarter 2026 Adjusted EBITDA of approximately $1.3 billion and full-year 2026 Adjusted EBITDA of $4.9 billion to $5.1 billion. The Board approved a quarterly dividend of $0.4523 per share, payable September 10, 2026 to holders of record on August 14, 2026. The presentation also outlines a Medium-Term Plan targeting Adjusted EBITDA of approximately $7 billion by 2030 and cumulative dividends of about $5 billion over 2026 to 2030.
  3. 8-KSmurfit Westrock 8-K Report, Shareholder Vote Results (May 1, 2026)Smurfit Westrock plc held its 2026 annual general meeting of shareholders on May 1, 2026, and filed this Form 8-K under Item 5.07 to report the voting results. Shareholders elected all 12 director nominees named in Proposal 1, and each of Proposals 2 through 6 was approved. The vote tallies are set out in the filing, and the proposal numbers correspond to those in the definitive proxy statement filed on March 11, 2026. Director support was strong, with the lowest For vote at 97.59% for Kaisa Hietala and the highest at 99.71% for Carol Fairweather. The advisory say-on-pay vote on named executive officer compensation (Proposal 2) received 93.82% For and 6.18% Against, the weakest support among the operational proposals. The KPMG ratification (Proposal 3(a), 99.27% For) and the Audit Committee's authority to set KPMG's remuneration (Proposal 3(b), 98.74% For) both passed comfortably. The weakest result was Proposal 5, the renewal of the Board's authority to opt out of statutory pre-emption rights, which received 83.80% For and 16.20% Against. The renewal of the Board's share issuance authority (Proposal 4) received 97.05% For, and the price range for re-issuing treasury shares (Proposal 6) received 99.62% For. Ken Bowles, Executive Vice President and Group Chief Financial Officer, signed the report.
  4. 8-KSmurfit Westrock 8-K Report, Financial Results (Apr 30, 2026)Smurfit Westrock plc (NYSE: SW, LSE: SWR) reported first quarter 2026 results, furnished under Item 2.02 of this Form 8-K and detailed in Exhibit 99.1. Net sales were $7,712 million versus $7,656 million in the prior-year quarter. Net income fell to $63 million from $382 million, with a net income margin of 0.8% compared with 5.0%. Adjusted EBITDA was $1,076 million, with a 14.0% margin, down from $1,252 million and 16.4%. Management attributed $65 million of the quarter's net income and Adjusted EBITDA impact to adverse weather, primarily in North America. Basic EPS was $0.12 versus $0.74, and Adjusted Basic EPS was $0.33 versus $0.68. By segment, North America Adjusted EBITDA declined to $597 million from $785 million, while Europe, MEA and APAC rose to $421 million from $389 million and LATAM edged down to $109 million from $115 million. Management said containerboard pricing rose a net $20 per ton in the quarter, with a further $30 per ton increase implemented in April, and expects volume growth in the second half. For the second quarter, management currently expects Adjusted EBITDA of $1.1 billion to $1.2 billion, and it reaffirmed full-year 2026 Adjusted EBITDA guidance of $5.0 billion to $5.3 billion. The company also declared a quarterly dividend of $0.4523 per share, payable June 10, 2026 to holders of record on May 15, 2026. It is reviewing its London Stock Exchange listing, which may result in delisting from the LSE; the NYSE primary listing is outside the review, and an outcome is anticipated in May 2026. Operating cash flow was $204 million and capital expenditures were $624 million in the quarter.
  5. 8-KSmurfit Westrock 8-K Report, Executive Changes (Feb 27, 2026)Smurfit Westrock plc (SW) filed a Form 8-K dated February 27, 2026, under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers). The filing reports that directors Terrell K. Crews and Lourdes Melgar notified the company on February 25, 2026, that they will step down from the Board effective at the conclusion of the 2026 Annual General Meeting of Shareholders, currently scheduled for May 1, 2026. Upon their departure, the size of the Board will be reduced to 12 directors. The filing states that neither resignation was related to any disagreement with the company or to any matters concerning its operations, policies, or practices. The departures also affect committee roles. Crews will step down as Chair of the Audit Committee and as a member of the Finance Committee, and Melgar will step down as a member of the Audit and Sustainability Committees. Carole L. Brown will succeed Crews as Chair of the Audit Committee effective at the same time, and the company states that appropriate succession arrangements will be implemented within the relevant Board Committees. For investors, the filing is a board-composition and governance update rather than a financial disclosure. It contains no financial results or figures. The most notable items are the Audit Committee chair transition and the reduction of the Board to 12 directors, both taking effect at the 2026 AGM. The filing was signed by Ken Bowles, Executive Vice President & Group Chief Financial Officer.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.