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Smurfit Westrock 8-K Report, Financial Results (Feb 11, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 11, 2026
Period End
February 11, 2026
Security
SW
In the 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

01—Abstract

Summary

Summary of the 8-K filed February 11, 2026. Cited figures are marked; the original filing is the authoritative source.

Smurfit Westrock plc (NYSE: SW, LSE: SWR) furnished this Form 8-K on February 11, 2026 to report fourth-quarter and full-year 2025 results and to present its Medium-Term Plan.

For Q4 2025, net sales were $7,580 milliona, net income was $98 million (1.3% net income margin), Adjusted EBITDA was $1,172 million (15.5% margin), and net cash provided by operating activities was $1,195 million, with Adjusted Free Cash Flow of $679 million. For full year 2025, net sales were $31,179 million, net income was $699 million, Adjusted EBITDA was $4,939 million (15.8% margin), and Adjusted Free Cash Flow was $1,501 million, compared with $21,109 million of net sales, $319 million of net income and $3,386 million of Adjusted EBITDA in 2024. The 2024 comparison reflects the July 5, 2024 combination with WestRock Company, with legacy Smurfit Kappa treated as the accounting acquirer.

The Medium-Term Plan targets Adjusted EBITDA of about $7 billionb by 2030, a roughly 7% Adjusted EBITDA CAGR over 2026-2030, and about 300 basis points of margin expansion. It also targets cumulative Discretionary Free Cash Flow of about $14 billion over 2026-2030 (excluding about $4 billion of growth capex), dividends of about $5 billion over the period, and share buyback capacity from 2027. The plan assumes market growth of 1.6% in North America, 1.7% in Europe and 2.0% in Latin America, below mid-market paper pricing in Europe, and no paper price increases in North America.

The company guided Q1 2026 Adjusted EBITDA to $1.1c-1.2 billion and full-year 2026 Adjusted EBITDA to $5.0-5.3 billion. The company also declared a quarterly dividend of $0.4523 per share, payable March 18, 2026, an increase of 5% from the prior dividend. Management noted significant weather events in North America and Europe, and North America's Q4 Adjusted EBITDA fell to $651 million from $710 million a year earlier, reflecting additional downtime and working-capital actions.

02—Key points

Key Highlights

  1. Q4 2025 net sales of $7,580 million and net income of $98 million, with Adjusted EBITDA of $1,172 million (15.5% margin).
  2. Full-year 2025 net sales of $31,179 million, net income of $699 million and Adjusted EBITDA of $4,939 million (15.8% margin).
  3. Full-year 2025 Adjusted Free Cash Flow of $1,501 million, versus $429 million in 2024.
  4. 2030 targets: Adjusted EBITDA of about $7 billion, Adjusted EBITDA CAGR of about 7% over 2026-2030 and about 300 basis points of margin expansion.
  5. Capital allocation: cumulative Discretionary Free Cash Flow of about $14 billion (2026-2030), dividends of about $5 billion, and share buyback capacity from 2027; long-term net debt to EBITDA target below 2.0x.
  6. 2026 guidance: Q1 Adjusted EBITDA of $1.1-1.2 billion and full-year Adjusted EBITDA of $5.0-5.3 billion.
  7. Quarterly dividend of $0.4523 per share, up 5%, payable March 18, 2026; North America Q4 Adjusted EBITDA declined to $651 million from $710 million.

03—Questions

Frequently Asked Questions

  1. What did Smurfit Westrock report for full-year 2025?

    Net sales were $31,179 million, net income was $699 million, Adjusted EBITDA was $4,939 million (15.8% margin) and Adjusted Free Cash Flow was $1,501 million. Net cash provided by operating activities was $3,392 million, and capital expenditures were $2,192 million.

  2. What are the company's 2030 financial targets?

    The company targets Adjusted EBITDA of about $7 billion by 2030, an Adjusted EBITDA CAGR of about 7% over 2026-2030, Adjusted EBITDA margin expansion of about 300 basis points, cumulative Discretionary Free Cash Flow of about $14 billion over 2026-2030 and long-term net debt to EBITDA below 2.0x.

  3. What guidance did management provide for 2026?

    Management expects first-quarter 2026 Adjusted EBITDA of between $1.1 billion and $1.2 billion and full-year 2026 Adjusted EBITDA of between $5.0 billion and $5.3 billion. Its 2026 outlook also cites about $2.4-2.5 billion of capital expenditure and about $2.6 billion of depreciation and amortization.

  4. What assumptions underlie the Medium-Term Plan?

    The plan assumes market growth of 1.6% in North America, 1.7% in Europe and 2.0% in Latin America, based on third-party data. It also assumes below mid-market paper pricing in Europe, no paper price increases in North America, and through-the-cycle pricing around current levels. Targets are not based on market improvements, which the company says would provide upside.

  5. What dividend did the company declare and how will it be paid?

    The company declared a quarterly dividend of $0.4523 per ordinary share, an increase of 5%. It is payable March 18, 2026 to shareholders of record at the close of business on February 17, 2026, with U.S. dollars as the default currency.

04—Continue

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