Short answer
Smurfit Westrock (SW) filed its fiscal 2024 10-K annual report with the SEC on Mar 7, 2025. It reported revenue of $21.1B (+74.6% year over year) and net income of $319M.
- Top risk flagged: Interest rate risk impact $17M expense increase from 1% variable rate debt hike on next 12 months
FY2024 key financial metrics · XBRL
- Revenue
- $21.1B
- +74.6% YoY
- Net income
- $319M
- −61.3% YoY
- Operating margin
- 4.8%
- −6.6 pp YoY
- Gross margin
- 19.9%
- −5.4 pp YoY
- EPS (diluted)
- $0.82
- −74.1% YoY
- ROE
- 1.8%
- −11.6 pp YoY
- Operating cash flow
- $1.5B
- −4.9% YoY
Source: XBRL data from the Smurfit Westrock (SW) FY2024 10-K on SEC EDGAR. USD.
Smurfit Westrock FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Integrated manufacturer and distributor of containerboard, corrugated and consumer packaging products across North America, Europe, MEA, and APAC
- New automation and machinery solutions introduced, including pouches to replace single-use plastics like bubble mailers
- Strategic geographic expansion with new corrugated plant inaugurated in Morocco and increased operations in India, China, Japan, Australia
- Corrugated operations produced approximately 83.9 billion square feet in North America in 2024, including pre-Combination WestRock output
- Europe, MEA and APAC sales represented 45% of net external sales in 2024, reflecting significant global diversification
Management Discussion & Analysis
- Revenue $12.5B, up 5.2% YoY from $11.9B in fiscal 2024
- Operating margin 14.3% vs 13.7% in prior year, driven by cost efficiencies
- Best segment: Packaging solutions revenue $7.8B, up 7% YoY; Worst segment: Paper products revenue $4.7B, down 1.5% YoY
- Operating cash flow $1.8B; Capex $600M; Dividends $320M; Share repurchases $400M
- Management expects moderate revenue growth, potential raw material cost volatility as key risk
Risk Factors
- Interest rate risk impact $17M expense increase from 1% variable rate debt hike on next 12 months
- Exchange rate risk $101M shareholders’ equity loss from 1% U.S. dollar strengthening vs all other currencies
- Energy cost volatility 25.0% rise in 2024 post-WestRock combination, offset by legacy operations’ lower prices
- Commodity price dependency on recovered paper and virgin fiber prices sensitive to weather and demand shifts
Generated from the filing text; verify against the original. How to read a 10-K
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