Smurfit Westrock
SW · NYSEPaperboard Containers & Boxes · Fiscal year ends Dec 31
Smurfit Westrock reported revenue of $31.2B in the fiscal year ended Dec 2025, up 47.7% from the year before. Operating income was $1.7B, an operating margin of 5.5%, and net income was $699M. Operating cash flow of $3.4B less capital expenditure of $2.2B left free cash flow of $1.2B. Net debt was $12.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $13.5B | $12.1B | $21.1B | $31.2B |
| Cost of revenue | $10.2B | $9B | $16.9B | $25.1B |
| Gross profit | $3.3B | $3.1B | $4.2B | $6B |
| Selling, general & admin | $1.5B | $1.6B | $2.7B | $3.8B |
| Operating income | $1.6B | $1.4B | $1B | $1.7B |
| Interest expense | $148M | $170M | $525M | $840M |
| Pre-tax income | $1.4B | $1.1B | $560M | $959M |
| Income tax | $391M | $312M | $241M | $260M |
| Net income | $1B | $825M | $319M | $699M |
| Diluted EPS | 3.96 | 3.17 | 0.82 | 1.33 |
| Diluted shares | 261M | 260M | 389M | 526M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $841M | $1B | $855M | $892M |
| Receivables | – | $1.8B | $4.1B | $4.3B |
| Inventory | – | $1.2B | $3.6B | $3.7B |
| Current assets | – | $4.6B | $10.1B | $10.4B |
| Goodwill | $2.7B | $2.8B | $6.8B | $7.2B |
| Total assets | – | $14.1B | $43.8B | $45.2B |
| Payables | – | $1.7B | $3.3B | $3.6B |
| Deferred revenue | – | – | $5M | $6M |
| Current liabilities | – | $3B | $7.3B | $7.1B |
| Short-term debt | – | $78M | $1.1B | $346M |
| Long-term debt | – | $3.7B | $13.1B | $13.2B |
| Total liabilities | – | $7.9B | $26.4B | $26.8B |
| Shareholders' equity | $107 | $6.2B | $17.4B | $18.3B |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.6B | $1.5B | $3.4B |
| Capital expenditure | $930M | $929M | $1.5B | $2.2B |
| Free cash flow | $503M | $630M | $17M | $1.2B |
| Depreciation & amortisation | $564M | $580M | $1.5B | $2.6B |
| Stock-based compensation | $68M | $66M | $206M | $139M |
| Acquisitions | $93M | $29M | $719M | $6M |
| Share buybacks | $32M | $30M | $27M | $0 |
| Dividends paid | $349M | $391M | $650M | $900M |
| Dividend per share | 1.35 | 1.50 | 1.89 | 1.72 |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.5% | 74.6% | 47.7% |
| Operating income growth (YoY) | – | −11.9% | −26.6% | 70.7% |
| EPS growth (YoY) | – | −19.9% | −74.1% | 62.2% |
| Gross margin | 24.2% | 25.3% | 19.9% | 19.4% |
| Operating margin | 11.5% | 11.3% | 4.8% | 5.5% |
| Net margin | 7.7% | 6.8% | 1.5% | 2.2% |
| Return on equityBlank when equity is negative | 966355140.2% | 13.4% | 1.8% | 3.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 12.4% | 2.8% | 4.5% |
| Free cash flow margin | 3.7% | 5.2% | 0.1% | 3.8% |
| Cash conversion (CFO ÷ net income) | 1.39x | 1.89x | 4.65x | 4.85x |
| Receivable days | – | 55 | 71 | 50 |
| Inventory days | – | 49 | 77 | 54 |
| Payable days | – | 70 | 71 | 52 |
| Interest cover | 10.5x | 8.07x | 1.92x | 2.05x |
| Debt ÷ equity | – | 0.61x | 0.81x | 0.74x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $2.7B | $13.3B | $12.7B |
| Current ratio | – | 1.52x | 1.37x | 1.48x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.