NYSE : SW
Smurfit Westrock Plc — Financial statements
Consumer Discretionary · Packaging & Containers · Ireland
Last price 43.09 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 22.57B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Smurfit Westrock Plc (SW) reported revenue of 31.48B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 31.48B | 31.18B | 21.11B | 12.09B | 13.51B | 11.93B |
| Cost of Revenue | 26.00B | 25.14B | 16.91B | 9.04B | 10.24B | 9.26B |
| Gross Profit | 5.49B | 6.04B | 4.20B | 3.05B | 3.27B | 2.68B |
| Selling, General & Admin | 3.36B | 3.41B | 2.38B | 1.43B | 1.32B | 1.44B |
| Operating Expenses | 3.75B | 3.79B | 2.76B | 1.62B | 1.55B | 1.44B |
| Operating Income | 1.74B | 2.25B | 1.43B | 1.43B | 1.72B | 1.23B |
| Interest Expense | -833.00M | -840.00M | -525.00M | -170.00M | -148.00M | -168.00M |
| Interest & Investment Income | 111.00M | 111.00M | 127.00M | 31.00M | 9.00M | 3.00M |
| Currency Exchange Gain (Loss) | -33.00M | -33.00M | -22.00M | -52.00M | -2.00M | |
| Other Non Operating Income (Expenses) | -14.00M | -28.00M | -3.00M | 6.00M | 17.00M | 3.00M |
| EBT Excluding Unusual Items | 974.00M | 1.46B | 1.01B | 1.25B | 1.60B | 1.07B |
| Merger & Restructuring Charges | -161.00M | -259.00M | -427.00M | -105.00M | ||
| Impairment of Goodwill | -12.00M | |||||
| Asset Writedown | -112.00M | -246.00M | -24.00M | -5.00M | -159.00M | |
| Other Unusual Items | 6.00M | |||||
| Pretax Income | 701.00M | 959.00M | 560.00M | 1.14B | 1.43B | 1.08B |
| Income Tax Expense | 233.00M | 260.00M | 241.00M | 312.00M | 391.00M | 276.00M |
| Earnings From Continuing Operations | 468.00M | 699.00M | 319.00M | 826.00M | 1.03B | 802.00M |
| Minority Interest in Earnings | 5.00M | -1.00M | -1.00M | |||
| Net Income | 473.00M | 699.00M | 319.00M | 825.00M | 1.03B | 802.00M |
| Net Income to Common | 473.00M | 699.00M | 319.00M | 825.00M | 1.03B | 802.00M |
| Shares Outstanding (Basic) | 521.06M | 522.00M | 386.00M | 258.00M | 258.00M | 257.09M |
| Shares Outstanding (Diluted) | 527.13M | 526.00M | 389.00M | 260.00M | 261.00M | 259.87M |
| EPS (Basic) | 0.91 | 1.34 | 0.83 | 3.20 | 4.01 | 3.12 |
| EPS (Diluted) | 0.90 | 1.33 | 0.82 | 3.17 | 3.96 | 3.08 |
| Free Cash Flow | 852.00M | 1.20B | 17.00M | 630.00M | 503.00M | 367.00M |
| Free Cash Flow Per Share | 1.62 | 2.28 | 0.04 | 2.42 | 1.93 | 1.41 |
| Dividend Per Share | 1.79 | 1.72 | 0.60 | 1.68 | ||
| Gross Margin | 17.43% | 19.38% | 19.87% | 25.25% | 24.22% | 22.44% |
| Operating Margin | 5.54% | 7.23% | 6.79% | 11.85% | 12.74% | 10.34% |
| Profit Margin | 1.50% | 2.24% | 1.51% | 6.82% | 7.65% | 6.72% |
| Free Cash Flow Margin | 2.71% | 3.85% | 0.08% | 5.21% | 3.72% | 3.08% |
| EBITDA | 4.50B | 4.80B | 2.90B | 2.01B | 2.29B | 1.79B |
| EBITDA Margin | 14.30% | 15.41% | 13.73% | 16.65% | 16.91% | 14.98% |
| D&A For EBITDA | 2.76B | 2.55B | 1.46B | 580.00M | 564.00M | 554.00M |
| EBIT | 1.74B | 2.25B | 1.43B | 1.43B | 1.72B | 1.23B |
| EBIT Margin | 5.54% | 7.23% | 6.79% | 11.85% | 12.74% | 10.34% |
| Effective Tax Rate | 33.24% | 27.11% | 43.04% | 27.42% | 27.42% | 25.60% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 723.00M | 892.00M | 855.00M | 1.00B | 841.00M | 972.36M |
| Cash & Short-Term Investments | 723.00M | 892.00M | 855.00M | 1.00B | 841.00M | 972.36M |
| Accounts Receivable | 4.95B | 4.44B | 4.31B | 1.81B | 2.04B | 2.03B |
| Other Receivables | 282.04M | |||||
| Receivables | 4.95B | 4.44B | 4.31B | 1.81B | 2.04B | 2.32B |
| Inventory | 3.77B | 3.69B | 3.55B | 1.20B | 1.35B | 1.19B |
| Prepaid Expenses | 114.86M | |||||
| Restricted Cash | 15.92M | |||||
| Other Current Assets | 1.70B | 1.42B | 1.34B | 561.00M | 591.00M | 20.47M |
| Total Current Assets | 11.13B | 10.44B | 10.05B | 4.57B | 4.82B | 4.63B |
| Property, Plant & Equipment | 22.47B | 24.28B | 23.66B | 6.17B | 5.34B | 5.36B |
| Long-Term Investments | 27.29M | |||||
| Goodwill | 7.15B | 7.22B | 6.82B | 2.84B | 2.72B | 2.86B |
| Other Intangible Assets | 991.00M | 1.06B | 1.12B | 218.00M | 231.00M | 239.96M |
| Long-Term Deferred Tax Assets | 129.00M | 169.45M | ||||
| Other Long-Term Assets | 3.40B | 2.16B | 2.10B | 256.00M | 97.00M | 31.84M |
| Total Assets | 45.15B | 45.16B | 43.76B | 14.05B | 13.34B | 13.31B |
| Accounts Payable | 3.52B | 3.60B | 3.29B | 1.73B | 1.93B | 1.61B |
| Accrued Expenses | 1.61B | 1.60B | 1.60B | 716.00M | 689.00M | 1.07B |
| Short-Term Debt | 155.00M | 546.00M | 16.00M | 18.00M | 31.84M | |
| Current Portion of Long-Term Debt | 842.00M | 148.00M | 474.00M | 59.00M | 75.00M | 52.31M |
| Current Portion of Leases | 364.00M | 342.00M | 116.00M | 92.00M | 103.49M | |
| Current Income Taxes Payable | 30.71M | |||||
| Current Unearned Revenue | 6.00M | 5.00M | ||||
| Other Current Liabilities | 1.57B | 1.20B | 1.08B | 371.00M | 449.00M | 317.30M |
| Total Current Liabilities | 7.54B | 7.06B | 7.33B | 3.01B | 3.25B | 3.22B |
| Long-Term Debt | 13.21B | 12.92B | 12.04B | 3.64B | 3.54B | 3.75B |
| Long-Term Leases | 1.28B | 1.22B | 295.00M | 283.00M | 328.67M | |
| Long-Term Unearned Revenue | 27.29M | |||||
| Pension & Post-Retirement Benefits | 668.00M | 697.00M | 706.00M | 537.00M | 523.00M | 716.48M |
| Long-Term Deferred Tax Liabilities | 3.32B | 3.30B | 3.60B | 280.00M | 274.00M | 199.02M |
| Other Long-Term Liabilities | 2.39B | 1.54B | 1.48B | 116.00M | 126.00M | 79.61M |
| Total Liabilities | 27.13B | 26.80B | 26.37B | 7.88B | 8.00B | 8.32B |
| Common Stock | 1.00M | 1.00M | 1.00M | |||
| Additional Paid-In Capital | 16.15B | 16.08B | 15.95B | 3.58B | 3.53B | 3.01B |
| Retained Earnings | 2.24B | 2.65B | 2.95B | 3.52B | 3.09B | 1.68B |
| Treasury Stock | -34.00M | -64.00M | -93.00M | -91.00M | -78.00M | -67.10M |
| Comprehensive Income & Other | -364.00M | -348.00M | -1.45B | -847.00M | -1.21B | 362.79M |
| Total Common Equity | 17.99B | 18.33B | 17.36B | 6.16B | 5.33B | 4.98B |
| Minority Interest | 21.00M | 27.00M | 27.00M | 16.00M | 15.00M | 14.78M |
| Shareholders' Equity | 18.01B | 18.35B | 17.39B | 6.17B | 5.34B | 4.99B |
| Total Liabilities & Equity | 45.15B | 45.16B | 43.76B | 14.05B | 13.34B | 13.31B |
| Total Debt | 14.05B | 14.87B | 14.61B | 4.13B | 4.01B | 4.27B |
| Net Cash (Debt) | -13.33B | -13.98B | -13.76B | -3.13B | -3.17B | -3.30B |
| Net Cash Per Share | -25.28 | -26.57 | -35.37 | -12.03 | -12.13 | -12.69 |
| Filing Date Shares Outstanding | 523.82M | 522.80M | 519.93M | 258.13M | 257.40M | 257.06M |
| Total Common Shares Outstanding | 523.82M | 520.86M | 518.41M | 258.45M | 257.40M | 257.06M |
| Working Capital | 3.59B | 3.38B | 2.72B | 1.56B | 1.57B | 1.41B |
| Book Value Per Share | 34.35 | 35.19 | 33.49 | 23.83 | 20.70 | 19.37 |
| Tangible Book Value | 9.85B | 10.05B | 9.42B | 3.10B | 2.38B | 1.88B |
| Tangible Book Value Per Share | 18.80 | 19.29 | 18.17 | 11.99 | 9.23 | 7.33 |
| Land | 6.23B | 5.59B | 2.76B | 2.41B | 440.12M | |
| Buildings | 1.85B | |||||
| Machinery | 25.12B | 22.31B | 8.86B | 7.98B | 8.32B | |
| Construction In Progress | 1.71B | 1.52B | 656.00M | 647.00M | 479.93M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 473.00M | 699.00M | 319.00M | 825.00M | 1.03B | 802.00M |
| Depreciation & Amortization | 2.76B | 2.55B | 1.46B | 580.00M | 564.00M | 554.00M |
| Asset Writedown & Restructuring Costs | 112.00M | 246.00M | 24.00M | 5.00M | 121.00M | |
| Stock-Based Compensation | 101.00M | 139.00M | 206.00M | 66.00M | 68.00M | 82.00M |
| Other Operating Activities | -289.00M | -313.00M | -181.00M | -76.00M | -37.00M | -81.00M |
| Change in Accounts Receivable | -298.00M | 164.00M | -144.00M | 245.00M | -91.00M | -501.00M |
| Change in Inventory | -6.00M | 35.00M | 62.00M | 220.00M | -209.00M | -297.00M |
| Change in Accounts Payable | 282.00M | -23.00M | -273.00M | -260.00M | -33.00M | 585.00M |
| Change in Income Taxes | -108.00M | -71.00M | -5.00M | -99.00M | 53.00M | -19.00M |
| Change in Other Net Operating Assets | 12.00M | -34.00M | 11.00M | 53.00M | -37.00M | -43.00M |
| Operating Cash Flow | 3.04B | 3.39B | 1.48B | 1.56B | 1.43B | 1.08B |
| Capital Expenditures | -2.19B | -2.19B | -1.47B | -929.00M | -930.00M | -715.00M |
| Sale of Property, Plant & Equipment | 36.00M | 12.00M | 61.00M | 17.00M | 13.00M | 19.00M |
| Cash Acquisitions | -21.00M | -6.00M | -719.00M | -29.00M | -108.00M | -521.00M |
| Divestitures | 39.00M | |||||
| Other Investing Activities | 38.00M | 43.00M | 10.00M | 10.00M | 5.00M | 6.00M |
| Investing Cash Flow | -2.13B | -2.14B | -2.11B | -931.00M | -1.02B | -1.17B |
| Short-Term Debt Issued | 1.00M | |||||
| Long-Term Debt Issued | 1.99B | 5.71B | 88.00M | 52.00M | 1.25B | |
| Total Debt Issued | 1.90B | 1.99B | 5.71B | 88.00M | 52.00M | 1.25B |
| Short-Term Debt Repaid | -391.00M | |||||
| Long-Term Debt Repaid | -1.90B | -4.34B | -143.00M | -59.00M | -777.00M | |
| Lease Payments | -3.00M | |||||
| Total Debt Repaid | -1.95B | -2.29B | -4.34B | -143.00M | -59.00M | -777.00M |
| Net Debt Issued (Repaid) | -44.00M | -304.00M | 1.37B | -55.00M | -7.00M | 471.00M |
| Issuance of Common Stock | 14.00M | |||||
| Repurchase of Common Stock | -73.00M | -69.00M | -53.00M | -30.00M | -74.00M | -28.00M |
| Common Dividends Paid | -937.00M | -900.00M | -650.00M | -391.00M | -349.00M | -365.00M |
| Other Financing Activities | -24.00M | -25.00M | -57.00M | -3.00M | -1.00M | -2.00M |
| Financing Cash Flow | -1.06B | -1.30B | 607.00M | -479.00M | -431.00M | 76.00M |
| Foreign Exchange Rate Adjustments | 31.00M | 86.00M | -121.00M | 10.00M | -126.00M | -107.00M |
| Net Cash Flow | -128.00M | 37.00M | -145.00M | 159.00M | -144.00M | -121.00M |
| Free Cash Flow | 852.00M | 1.20B | 17.00M | 630.00M | 503.00M | 367.00M |
| Free Cash Flow Margin | 2.71% | 3.85% | 0.08% | 5.21% | 3.72% | 3.08% |
| Free Cash Flow Per Share | 1.62 | 2.28 | 0.04 | 2.42 | 1.93 | 1.41 |
| Levered Free Cash Flow | 1.02B | 1.46B | -1.70B | 664.38M | 401.03M | 289.29M |
| Unlevered Free Cash Flow | 1.54B | 1.98B | -1.37B | 770.62M | 493.53M | 394.29M |
| Free Cash Flow After Leases | 852.00M | 1.20B | 17.00M | 630.00M | 503.00M | 364.00M |
| Cash Income Tax Paid | 521.00M | 521.00M | 383.00M | 439.00M | 338.00M | 283.00M |
| Change in Working Capital | -118.00M | 71.00M | -349.00M | 159.00M | -317.00M | -275.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 22.57B | 20.14B | 27.91B | 10.56B | 9.60B | 13.83B |
| Enterprise Value | 35.90B | 33.42B | 41.92B | 14.04B | 13.08B | 16.89B |
| Last Close Price | 43.09 | 37.55 | 50.28 | 36.54 | 32.03 | 44.50 |
| PE Ratio | 47.96 | 28.81 | 87.49 | 12.80 | 9.28 | 17.24 |
| Forward PE | 16.31 | 12.35 | 17.51 | |||
| PS Ratio | 0.72 | 0.65 | 1.32 | 0.87 | 0.71 | 1.16 |
| PB Ratio | 1.25 | 1.10 | 1.60 | 1.71 | 1.80 | 2.77 |
| P/TBV Ratio | 2.29 | 2.00 | 2.96 | 3.41 | 4.04 | 7.34 |
| P/FCF Ratio | 26.49 | 16.78 | 1,641.78 | 16.76 | 19.08 | 37.68 |
| P/OCF Ratio | 7.43 | 5.94 | 18.82 | 6.77 | 6.70 | 12.78 |
| PEG Ratio | 0.53 | 0.29 | 1.86 | |||
| EV/Sales Ratio | 1.14 | 1.07 | 1.99 | 1.16 | 0.97 | 1.42 |
| EV/EBITDA Ratio | 7.97 | 6.96 | 14.46 | 6.97 | 5.72 | 9.44 |
| EV/EBIT Ratio | 20.60 | 14.83 | 29.23 | 9.80 | 7.60 | 13.68 |
| EV/FCF Ratio | 42.13 | 27.85 | 2,465.72 | 22.28 | 26.00 | 46.01 |
| Debt / Equity Ratio | 0.78 | 0.81 | 0.84 | 0.67 | 0.75 | 0.85 |
| Debt / EBITDA Ratio | 2.79 | 2.78 | 4.45 | 1.90 | 1.65 | 2.39 |
| Debt / FCF Ratio | 16.49 | 12.39 | 859.65 | 6.55 | 7.97 | 11.63 |
| Net Debt / Equity Ratio | 0.74 | 0.76 | 0.79 | 0.51 | 0.59 | 0.66 |
| Net Debt / EBITDA Ratio | 2.96 | 2.91 | 4.75 | 1.55 | 1.39 | 1.84 |
| Net Debt / FCF Ratio | 15.64 | 11.65 | 809.35 | 4.97 | 6.30 | 8.98 |
| Asset Turnover | 0.69 | 0.70 | 0.73 | 0.88 | 1.01 | 0.95 |
| Inventory Turnover | 6.89 | 6.94 | 7.12 | 7.07 | 8.05 | 8.95 |
| Quick Ratio | 0.75 | 0.76 | 0.70 | 0.93 | 0.88 | 1.02 |
| Current Ratio | 1.48 | 1.48 | 1.37 | 1.52 | 1.48 | 1.44 |
| Return on Equity (ROE) | 2.57% | 3.91% | 2.71% | 14.34% | 20.02% | 17.25% |
| Return on Assets (ROA) | 2.40% | 3.17% | 3.10% | 6.54% | 8.07% | 6.17% |
| Return on Invested Capital (ROIC) | 3.70% | 5.18% | 4.04% | 11.68% | 14.87% | 11.59% |
| Return on Capital Employed (ROCE) | 4.60% | 5.90% | 3.90% | 13.00% | 17.10% | 12.20% |
| Earnings Yield | 2.08% | 3.47% | 1.14% | 7.81% | 10.77% | 5.80% |
| FCF Yield | 3.77% | 5.96% | 0.06% | 5.97% | 5.24% | 2.65% |
| Dividend Yield | 4.20% | 4.46% | 1.12% | 4.11% | ||
| Payout Ratio | 201.38% | 128.75% | 203.76% | 47.39% | 33.75% | 45.51% |
| Buyback Yield / Dilution | -0.50% | -35.22% | -49.61% | 0.38% | -0.43% | -7.83% |
| Total Shareholder Return | 3.70% | -30.76% | -48.49% | 4.49% | -0.43% | -7.83% |