Smurfit Westrock plc

SW 10-K · Q4 2025

SW Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 7,580 7,539 +0.5%
Show Product Lines breakouts
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%
Show Business Segments breakouts
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
Intersegment Elimination -91 -99 +8.1%
Operating Segments 7,671 7,638 +0.4%
Cost of Revenue -6,198 -6,097 -1.7%
Show Business Segments breakouts
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%
Show Business Segments breakouts
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%
Show Equity Components breakouts
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
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
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

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 892 855 +4.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 3 2 +50.0%
Accounts Receivable 4,268 4,117 +3.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 876 767 +14.2%
Inventory 3,693 3,550 +4.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1
Other Assets Current 1,586 1,533 +3.5%
Show Consolidated Entities breakouts
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
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
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%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 393 389 +1.0%
Total Assets 45,157 43,759 +3.2%
Show Business Segments breakouts
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
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
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%
Show Consolidated Entities breakouts
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%
Show Consolidated Entities breakouts
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%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1 2 -50.0%
Other Liabilities Current 1,523 1,393 +9.3%
Show Consolidated Entities breakouts
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%
Show Retirement Plan Type breakouts
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%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 335 335 0.0%
Total Liabilities 26,803 26,372 +1.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 720 353 +104.0%
Variable Interest Entity Primary Beneficiary · Recourse 374 5 +7380.0%
Long-Term Debt 13,223
Show Debt Instrument breakouts
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%
Show Consolidated Entities breakouts
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%
Show Equity Components breakouts
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

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
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.

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