01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Smurfit Westrock plc's 10-K for fiscal 2025 reports net sales of $31,179 milliona, 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 millionb, 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 millionc 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 milliond 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.
02—Key points
Key Highlights
- Net sales rose to $31,179 million from $21,109 million, primarily due to the $9,845 million impact of the WestRock acquisition.
- Net income attributable to common shareholders increased to $699 million from $319 million; diluted EPS was $1.33 versus $0.82.
- Adjusted EBITDA was $4,939 million, compared with $3,386 million in 2024; segment Adjusted EBITDA for North America was $2,998 million.
- Net cash provided by operating activities was $3,392 million, up from $1,483 million, and capital expenditures were $2,192 million.
- Total debt was $13,773 million at December 31, 2025, with available liquidity of $5,452 million.
- Impairment and restructuring costs were $385 million, mainly from mill and converting facility closures announced in 2025.
- The Board approved a quarterly dividend of $0.4523 per share ($1.81 annualized) payable March 18, 2026; dividends paid in 2025 totaled $900 million.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Smurfit Westrock kept $0.02.
- Revenue$31.18B100.0%
- Cost of revenue−$25.14B80.6%
- Gross profit$6.04B19.4%
- Operating costs−$4.32B13.9%
- Operating income$1.72B5.5%
- Interest, other & tax−$1.02B3.3%
- Net income$699.0M2.2%
Where FY2025 revenue went
$31.18B- Cost of revenue: $25.14B, 81% of revenue
- SG&A: $3.82B, 12% of revenue
- Net income: $699.0M, 2.2% of revenue
- Other operating costs: $505.0M, 1.6% of revenue
- Interest, other & tax: $1.02B, 3.3% of revenue
Kept 2.2% as net incomeNet income $699.0M · 2.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $31.18B$21.11B | +47.7% |
| Cost of Revenue | $25.14B$16.91B | +48.6% |
| Gross Profit | $6.04B$4.20B | +44.1% |
| SG&A Expenses | $3.82B$2.74B | +39.5% |
| Operating Income | $1.72B$1.01B | +70.7% |
| Net Income | $699.00M$319.00M | +119.1% |
| EPS (Basic) | $1.34$0.83 | +61.4% |
| EPS (Diluted) | $1.33$0.82 | +62.2% |
| Shares Outstanding (Basic) | 522.00M386.00M | +35.2% |
| Shares Outstanding (Diluted) | 526.00M389.00M | +35.2% |
05—Questions
Frequently Asked Questions
How much of the revenue increase came from the WestRock acquisition versus the underlying business?
Of the $10,070 million increase in net sales, $9,845 million was attributed to the acquisition of WestRock. Excluding the acquisition, net sales increased by $225 million, driven by 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.
What drove the increase in net income?
The filing states that net income attributable to common shareholders increased by $380 million to $699 million, primarily due to the operations acquired in the Combination. This was partly offset by higher interest expense, net, which rose to $729 million from $398 million, and higher impairment and restructuring costs. The 2024 results also included a $224 million charge for the amortization of the inventory fair value step-up.
What is the company's debt position and liquidity?
Total debt was $13,773 million at December 31, 2025, of which $346 million was current. The company held $892 million in cash and cash equivalents and had $4,560 million in undrawn committed facilities, for total available liquidity of $5,452 million. The company stated it believes these sources will be adequate for the next 12 months and the foreseeable future.
What facility closures and restructuring actions did the company take in 2025?
The company announced in April 2025 the permanent closure of its coated recycled paperboard mill in St. Paul, Minnesota, and the discontinuation of production at its containerboard mill in Forney, Texas, and stopped production at those mills in June and May 2025. It also ceased production at two converting facilities in Germany in the fourth quarter of 2025. These actions contributed to impairment charges of $246 million and restructuring costs of $139 million in 2025.
06—Continue