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SW · Smurfit Westrock

2 filings

10-K

SW 10-K Annual Reports

Smurfit Westrock - 2 annual reports

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

2025
Smurfit Westrock Annual Report, Year Ended Dec 31, 2025
Smurfit Westrock plc's 10-K for fiscal 2025 reports net sales of $31,179 million, up from $21,109 million in 2024, driven mainly by the $9,845 million impact of the WestRock acquisition (the Combination, closed July 5, 2024). Excluding the acquisition, net sales rose $225 million, with a $487 million higher selling price mix and a $452 million net positive foreign currency impact, partly offset by a $716 million negative volume impact. Net income attributable to common shareholders increased to $699 million from $319 million, while operating profit rose to $1,719 million from $1,007 million. Impairment and restructuring costs increased to $385 million, mainly tied to the planned closure of a St. Paul, Minnesota mill, the discontinuation of production at a Forney, Texas mill, and two German converting facilities. Cash generation improved, with net cash provided by operating activities of $3,392 million versus $1,483 million in 2024. Capital expenditures were $2,192 million, and dividends paid totaled $900 million. Adjusted EBITDA was $4,939 million compared with $3,386 million. Total debt stood at $13,773 million at year end, and available liquidity was $5,452 million, including $892 million of cash. The company reported a remediated material weakness related to internal controls, and KPMG issued an unqualified opinion on both the financial statements and internal control over financial reporting. Investors should note the ongoing integration of legacy Smurfit Kappa and WestRock, the $13.8 billion debt load, a U.S. antitrust class action filed July 29, 2025 (Smurfit Westrock plc was later dismissed from it), and a pending Brazil tax dispute of R$790 million ($144 million). The company also announced a quarterly dividend of $0.4523 per share, an annualized $1.81, and a medium-term plan in February 2026.
Feb 27, 2026
2024
Smurfit Westrock Annual Report, Year Ended Dec 31, 2024
Smurfit Westrock plc reported its 2024 annual results on Form 10-K following the July 5, 2024 combination of Smurfit Kappa and WestRock, which was accounted for with Smurfit Kappa as the accounting acquirer. Net sales rose to $21,109 million in 2024 from $12,093 million in 2023, driven mainly by the $9,381 million contributed by WestRock after closing. Net income attributable to common shareholders fell to $319 million from $825 million, reflecting $395 million of transaction and integration-related expenses, a $224 million inventory fair value step-up charge, and higher interest expense of $398 million versus $139 million. Adjusted EBITDA was $3,386 million versus $2,128 million, and Adjusted Earnings per Share - Basic was $2.34 versus $3.63. Cash generation and balance sheet changes were significant. Net cash provided by operating activities was $1,483 million, while capital expenditures were $1,466 million and cash paid for acquisitions was $719 million. Total debt stood at $13,658 million excluding debt issuance costs, and cash and cash equivalents were $855 million. Total assets increased to $43,759 million from $14,051 million. The company paid $650 million in cash dividends in 2024 and declared a quarterly dividend of $0.4308 per share in January 2025. Investors should note that management concluded disclosure controls were not effective because of a material weakness in internal control over financial reporting, which relates principally to legacy Smurfit Kappa controls. The company also targets $400 million in annual pre-tax run-rate synergies by the end of the first full year after the Combination, and its Section 404 assessment is not required until the year ending December 31, 2025.
Mar 7, 2025