Company file · SW

Smurfit Westrock

North America was Smurfit Westrock's fastest-growing segment in FY2025, up 84.0%

Revenue rose 47.7% to $31.2B in FY2025, from $21.1B in FY2024. Net income rose 119.1% to $699M. North America was the largest segment, at 58% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 27, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026) · Data pulled Nov 11, 2026

Key facts

Smurfit Westrock (NYSE: SW) closed fiscal 2025 on Dec 31, 2025 with revenue of $31.2B, up 47.7% from a year before; net income came to $699M, up 119.1%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $8.2B, up 2.0% on the same stretch of the prior year, and net income of $222M. Broken down by segment, North America led with 58% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).

Revenue$31.2BFY2025 · +47.7% vs FY2024

Net income$699MFY2025 · +119.1% vs FY2024

Operating cash flow$3.4BFY2025 · +128.7% vs FY2024

Cash & equivalents$723Mat Sep 30, 2026 · −18.9% vs FY2025 end

Total debt$14.0Bat Sep 30, 2026 · +2.0% vs FY2025 end

Diluted shares526MFY2025 avg · +35.2% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 27, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026 · 10-Q filed Nov 4, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
North America$18.2B58%+84.0%
Europe, Middle East and Africa, and Asia-Pacific$10.9B35%+13.6%
Latin America$2.1B7%+27.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: North America (58%), Europe, Middle East and Africa, and Asia-Pacific (35%) and Latin America (7%), as shares of total revenue. Total revenue was $31.2B.

By segment: three-year mixShare of the total each fiscal year

FY2023

13%76%11%

FY2024

47%45%8%

FY2025

58%35%

North AmericaEurope, Middle East and Africa, and Asia-PacificLatin America

Source: 10-K FY2025

By product or service, FY2025

Packaging$25.0B80%+45.2%

Paper$6.1B20%+59.0%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$8.2B Q3 2026

$8.0B Q3 2025

2.0% increase

Net income

$222M Q3 2026

$246M Q3 2025

9.8% decrease

Source: Smurfit Westrock 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

By segment

North America

$4.8B Q3 2026

$4.6B Q3 2025

2.4% increase

Europe, Middle East and Africa, and Asia-Pacific

$2.8B Q3 2026

$2.8B Q3 2025

0.2% increase

Latin America

$587M Q3 2026

$545M Q3 2025

7.7% increase

Source: Smurfit Westrock 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

Cash & equivalents $723M at Sep 30, 2026, vs $892M at FY2025 end.
Total debt $14.0B at Sep 30, 2026, vs $13.8B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.8B vs $2.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 47.7% in FY2025 to $31.2B, from $21.1B a year earlier. 10-K, FY2025
Net income rose 119.1% in FY2025 to $699M, from $319M. 10-K, FY2025
Operating cash flow rose 128.7% in FY2025 to $3.4B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $8.2B, up 2.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Diluted shares rose 35.2% in FY2025, which spreads profit across more shares. 10-K, FY2025
Net income in the quarter ended Sep 30, 2026 was $222M, down 9.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; demand cycles; energy and input costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Smurfit Westrock is in the paper & plastic packaging products & materials industry, part of the materials sector. The SEC files it under Paperboard Containers & Boxes.

Smurfit Westrock reports 3 segments: North America, Europe, Middle East and Africa, and Asia-Pacific and Latin America.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the paper & plastic packaging products & materials industry. They are not a summary of Smurfit Westrock’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$12.1B	$21.1B	$31.2B
Net income	$825M	$319M	$699M
Operating cash flow	$1.6B	$1.5B	$3.4B
Cash & equivalents (year end)	$1.0B	$855M	$892M
Total debt (year end)	$3.7B	$13.6B	$13.8B
Diluted shares	260M	389M	526M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 4, 2026	Sep 30, 2026
10-Q	Jul 31, 2026	Jun 30, 2026
10-Q	May 1, 2026	Mar 31, 2026
DEF 14A	Mar 11, 2026	May 1, 2026
10-K	Feb 27, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Smurfit Westrock

How does Smurfit Westrock make money?

Fiscal 2025 revenue: $31.2B. By segment in FY2025: North America (58%), Europe, Middle East and Africa, and Asia-Pacific (35%) and Latin America (7%), as shares of total revenue. Total revenue was $31.2B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What was Smurfit Westrock's revenue in fiscal 2025?

$31.2B, up 47.7% from fiscal 2024 ($21.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $12.1B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

Is Smurfit Westrock profitable?

Net income was $699M in fiscal 2025 (up 119.1%; fiscal 2024 was $319M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $222M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.

What did Smurfit Westrock report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $8.2B (up 2.0% from $8.0B) and net income $222M (down 9.8% from $246M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.

How much cash and debt does Smurfit Westrock have?

As of Sep 30, 2026: $723M of cash and cash equivalents, $14.0B of total debt. Total debt here is debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it. Source: 10-Q filed Nov 4, 2026.

What are the main risks Smurfit Westrock faces?

Smurfit Westrock's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the paper & plastic packaging products & materials industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these Smurfit Westrock numbers come from?

The 10-K filed Feb 27, 2026 (fiscal 2025) and the 10-Q filed Nov 4, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Smurfit Westrock

Citadel Advisors: 2,017,654 shares, reported value $93.3M at Jun 30, 2026 (+306.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Soros Fund Management: 1,512,798 shares, reported value $70.0M at Jun 30, 2026 (−40.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 1,307,410 shares, reported value $60.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 471,953 shares, reported value $21.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in SW: The editor holds no position in Smurfit Westrock (SW). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell SW from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold SW, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Smurfit WestrockSW	FY2025	$31.2B	+47.7%	$699M
Packaging Corporation of AmericaPKG	FY2025	$9.0B	+7.2%	$774M
AmcorAMCR	FY2026	$23.5B	+56.6%	$1.1B
International PaperIP	FY2025	$23.6B	+49.3%	−$3.5B
Avery DennisonAVY	FY2025	$8.9B	+1.1%	$688M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.