Smurfit Westrock plc
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SW Q4 2025 request
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Income Statement
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 7,580 | 7,539 | +0.5% |
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| Packaging | 6,095 | 6,013 | +1.4% |
| Packaging · Europe, MEA and APAC | 2,309 | 2,137 | +8.0% |
| Packaging · LATAM | 496 | 461 | +7.6% |
| Packaging · North America | 3,290 | 3,415 | -3.7% |
| Paper | 1,485 | 1,526 | -2.7% |
| Paper · Europe, MEA and APAC | 383 | 376 | +1.9% |
| Paper · LATAM | 41 | 44 | -6.8% |
| Paper · North America | 1,061 | 1,106 | -4.1% |
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| Europe, MEA and APAC | 2,692 | 2,513 | +7.1% |
| Europe, MEA and APAC · Intersegment Elimination | -10 | -8 | -25.0% |
| Europe, MEA and APAC · Operating Segments | 2,702 | 2,521 | +7.2% |
| LATAM | 537 | 505 | +6.3% |
| LATAM · Intersegment Elimination | 0 | -19 | +100.0% |
| LATAM · Operating Segments | 537 | 524 | +2.5% |
| North America | 4,351 | 4,521 | -3.8% |
| North America · Intersegment Elimination | -81 | -72 | -12.5% |
| North America · Operating Segments | 4,432 | 4,593 | -3.5% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | -91 | -99 | +8.1% |
| Operating Segments | 7,671 | 7,638 | +0.4% |
| Cost of Revenue | -6,198 | -6,097 | -1.7% |
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| Europe, MEA and APAC · Operating Segments | -1,950 | -1,847 | -5.6% |
| LATAM · Operating Segments | -372 | -361 | -3.0% |
| North America · Operating Segments | -3,343 | -3,404 | +1.8% |
| Gross Profit | 1,382 | 1,442 | -4.2% |
| Selling, General & Administrative | -920 | -961 | +4.3% |
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| Europe, MEA and APAC · Operating Segments | -314 | -303 | -3.6% |
| LATAM · Operating Segments | -34 | -42 | +19.0% |
| North America · Operating Segments | -438 | -479 | +8.6% |
| Restructuring Costs And Asset Impairment Charges | -25 | -35 | +28.6% |
| Business Combination Transaction And Integration Related Costs | -48 | -45 | -6.7% |
| Operating Income | 389 | 401 | -3.0% |
| Interest Income Expense Nonoperating Net | -203 | -173 | -17.3% |
| Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component | 6 | 7 | -14.3% |
| Other Non-Operating Income (Expense) | -17 | -12 | -41.7% |
| Income Before Taxes | 175 | 223 | -21.5% |
| Income Tax Expense (Benefit) | -77 | -77 | 0.0% |
| Net Income | 98 | 146 | -32.9% |
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| Parent | 97 | 146 | -33.6% |
| Retained Earnings | 97 | 146 | -33.6% |
| Net Income | 97 | 146 | -33.6% |
| EPS (Basic) | 0.19 | 0.32 | -40.6% |
| EPS (Diluted) | 0.19 | 0.32 | -40.6% |
| Operating Expenses (Q) | — | — | — |
Show Business Segments breakouts |
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| Europe, MEA and APAC · Operating Segments | -2,264 | -2,150 | -5.3% |
| LATAM · Operating Segments | -406 | -403 | -0.7% |
| North America · Operating Segments | -3,781 | -3,883 | +2.6% |
Show Consolidation Items breakouts |
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| Operating Segments | -6,451 | -6,436 | -0.2% |
| Interest Expense | -233 | -204 | -14.2% |
| Interest Income | 30 | 31 | -3.2% |
| Comprehensive Income | 96 | -498 | +119.3% |
| Wtd Avg Shares (Basic) | 1 | 44 | -97.7% |
| Wtd Avg Shares (Diluted) | 1 | 45 | -97.8% |
| Net Income Loss Available To Common Stockholders Basic | 97 | 146 | -33.6% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 892 | 855 | +4.3% |
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| Variable Interest Entity Primary Beneficiary | 3 | 2 | +50.0% |
| Accounts Receivable | 4,268 | 4,117 | +3.7% |
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| Variable Interest Entity Primary Beneficiary | 876 | 767 | +14.2% |
| Inventory | 3,693 | 3,550 | +4.0% |
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| Variable Interest Entity Primary Beneficiary | 1 | — | — |
| Other Assets Current | 1,586 | 1,533 | +3.5% |
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| Variable Interest Entity Primary Beneficiary | 4 | — | — |
| Total Current Assets | 10,439 | 10,055 | +3.8% |
| Non-Current Assets | |||
| Goodwill | 7,218 | 6,822 | +5.8% |
Show Business Segments breakouts |
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| Europe, MEA and APAC | 2,680 | 2,397 | +11.8% |
| LATAM | 333 | 302 | +10.3% |
| North America | 4,205 | 4,123 | +2.0% |
| Defined Benefit Plan Assets For Plan Benefits Noncurrent | 616 | 635 | -3.0% |
Show Retirement Plan Type breakouts |
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| Pension Plans Defined Benefit · Foreign Plan | 125 | 127 | -1.6% |
| Pension Plans Defined Benefit · US | 491 | 508 | -3.3% |
| Other Non-Current Assets | 2,593 | 2,455 | +5.6% |
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| Variable Interest Entity Primary Beneficiary | 393 | 389 | +1.0% |
| Total Assets | 45,157 | 43,759 | +3.2% |
Show Business Segments breakouts |
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| Europe, MEA and APAC · Operating Segments | 12,238 | 10,723 | +14.1% |
| LATAM · Operating Segments | 3,652 | 3,180 | +14.8% |
| North America · Operating Segments | 28,597 | 29,078 | -1.7% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 1,337 | 1,218 | +9.8% |
| Variable Interest Entity Primary Beneficiary · Asset Pledged As Collateral | 874 | 765 | +14.2% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 670 | 778 | -13.9% |
| Operating Segments | 44,487 | 42,981 | +3.5% |
| Operating Lease Right-of-Use Assets | 1,051 | 986 | +6.6% |
| Other Assets | |||
| Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization | 23,232 | 22,675 | +2.5% |
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| Variable Interest Entity Primary Beneficiary | 60 | 60 | 0.0% |
| Intangible Assets Net Excluding Goodwill | 1,059 | 1,117 | -5.2% |
| Current Liabilities | |||
| Accounts Payable | 3,597 | 3,290 | +9.3% |
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| Variable Interest Entity Primary Beneficiary | 1 | 6 | -83.3% |
| Other Accrued Liabilities Current | 601 | 715 | -15.9% |
| Employee Related Liabilities Current | 997 | 882 | +13.0% |
| Debt Current | 346 | 1,053 | -67.1% |
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| Variable Interest Entity Primary Beneficiary | 1 | 2 | -50.0% |
| Other Liabilities Current | 1,523 | 1,393 | +9.3% |
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| Variable Interest Entity Primary Beneficiary | 7 | 2 | +250.0% |
| Total Current Liabilities | 7,064 | 7,333 | -3.7% |
| Deferred Revenue (Current) | 6 | 5 | +20.0% |
| Non-Current Liabilities | |||
| Deferred Tax Liabilities | 3,297 | 3,600 | -8.4% |
| Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent | 697 | 706 | -1.3% |
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| Pension Plans Defined Benefit · Foreign Plan | 485 | 496 | -2.2% |
| Pension Plans Defined Benefit · US | 112 | 113 | -0.9% |
| Other Non-Current Liabilities | 2,318 | 2,191 | +5.8% |
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| Variable Interest Entity Primary Beneficiary | 335 | 335 | 0.0% |
| Total Liabilities | 26,803 | 26,372 | +1.6% |
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| Variable Interest Entity Primary Beneficiary | 720 | 353 | +104.0% |
| Variable Interest Entity Primary Beneficiary · Recourse | 374 | 5 | +7380.0% |
| Long-Term Debt | 13,223 | — | — |
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| Farm credit facility · Line Of Credit | 600 | — | — |
| Operating Lease Liabilities | 774 | 710 | +9.0% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 13,427 | 12,542 | +7.1% |
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| Variable Interest Entity Primary Beneficiary | 376 | 8 | +4600.0% |
| Stockholders' Equity | |||
| Common Stock | 1 | 1 | 0.0% |
| Treasury Stock Common Value | -64 | -93 | +31.2% |
| Additional Paid-In Capital | 16,083 | 15,948 | +0.8% |
| Accumulated Other Comprehensive Income | -348 | -1,446 | +75.9% |
| Retained Earnings | 2,655 | 2,950 | -10.0% |
| Total Stockholders' Equity | 18,327 | 17,360 | +5.6% |
| Minority Interest | 27 | 27 | 0.0% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 18,354 | 17,387 | +5.6% |
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| Accumulated Defined Benefit Plans Adjustment | -617 | -497 | -24.1% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | -17 | -16 | -6.2% |
| Accumulated Other Comprehensive Income | -348 | -1,446 | +75.9% |
| Accumulated Translation Adjustment | -465 | -1,684 | +72.4% |
| Additional Paid In Capital | 16,083 | 15,948 | +0.8% |
| Common Stock | 1 | 1 | 0.0% |
| Noncontrolling Interest | 27 | 27 | 0.0% |
| Other Reserves | 751 | 751 | 0.0% |
| Parent | 18,327 | 17,360 | +5.6% |
| Retained Earnings | 2,655 | 2,950 | -10.0% |
| Treasury Stock Common | -64 | -93 | +31.2% |
| Total Liabilities & Equity | 45,157 | 43,759 | +3.2% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation & Amortization | 675 | 592 | +14.0% |
Show Fair Value By Asset Class breakouts |
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| Property Plant And Equipment | 638 | 561 | +13.7% |
| Cash Surrender Value Increase In Excess Of Premiums Paid | -10 | -3 | -233.3% |
| Asset Impairment Charges | 4 | 22 | -81.8% |
| Stock-Based Compensation | 25 | 52 | -51.9% |
| Deferred Income Taxes | -51 | -38 | -34.2% |
| Pension Funding More Less Than Cost | -28 | -25 | -12.0% |
| Other Operating Activities Cash Flow Statement | 11 | 14 | -21.4% |
| Change in Accounts Receivable | 413 | 278 | +48.6% |
| Change in Inventory | 94 | -58 | +262.1% |
| Increase Decrease In Other Operating Assets | 17 | 0 | — |
| Change in Accounts Payable | 119 | -47 | +353.2% |
| Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable | -79 | -39 | -102.6% |
| Increase Decrease In Accrued Liabilities | -93 | -113 | +17.7% |
| Net Cash from Operations | 1,195 | 781 | +53.0% |
| Investing Activities | |||
| Payments To Acquire Productive Assets | -583 | -569 | -2.5% |
| Payments To Acquire Businesses Net Of Cash Acquired | -1 | -3 | +66.7% |
| Proceeds From Life Insurance Policies | 6 | 3 | +100.0% |
| Proceeds From Sale Of Property Plant And Equipment | -3 | 46 | -106.5% |
| Other Investing Activities | 2 | 4 | -50.0% |
| Net Cash from Investing | -579 | -519 | -11.6% |
| Financing Activities | |||
| Proceeds From Issuance Of Debt | 1,479 | 2,580 | -42.7% |
| Debt Repayments | -1,695 | -2,681 | +36.8% |
| Debt Issuance Costs | -12 | -19 | +36.8% |
| Proceeds From Repayments Of Commercial Paper | -146 | 34 | -529.4% |
| Proceeds From Repayments Of Other Debt | -2 | -11 | +81.8% |
| Finance Lease Principal Payments | -14 | -10 | -40.0% |
| Tax Withholding for Share Compensation | -1 | -5 | +80.0% |
| Payments Of Dividends | -225 | -157 | -43.3% |
| Proceeds From Payments For Other Financing Activities | -8 | 7 | -214.3% |
| Net Cash from Financing | -624 | -262 | -138.2% |
| Supplemental | |||
| Income Taxes Paid | 207 | 154 | +34.4% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 49 | -96 | +151.0% |
| Net Change in Cash | 41 | -96 | +142.7% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 892 | 855 | +4.3% |
Values in millions USD. Source: SEC EDGAR 10-K filing.