Short answer
Smurfit Westrock (SW) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $31.2B (+47.7% year over year) and net income of $699M.
- Top risk flagged: Total debt $13.8B as of Dec 31, 2025; variable-rate portion creates rising interest cost exposure amid elevated rates
FY2025 key financial metrics · XBRL
- Revenue
- $31.2B
- +47.7% YoY
- Net income
- $699M
- +119.1% YoY
- Operating margin
- 5.5%
- +0.7 pp YoY
- Gross margin
- 19.4%
- −0.5 pp YoY
- EPS (diluted)
- $1.33
- +62.2% YoY
- ROE
- 3.8%
- +2.0 pp YoY
- Operating cash flow
- $3.4B
- +128.7% YoY
Source: XBRL data from the Smurfit Westrock (SW) FY2025 10-K on SEC EDGAR. USD.
Smurfit Westrock FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global scale via July 2024 Smurfit Kappa/WestRock merger; first full-year 10-K as combined entity with ~97,000 employees across three segments
- North America 58.5% of net sales, Europe MEA/APAC 34.8%, LATAM 6.7%; corrugated shipments: 100B sq ft NA, 96.8B sq ft Europe, 23B sq ft LATAM
- 10th bag-in-box facility under construction in U.S.; bag-in-box managed under Europe segment globally, including non-European facilities
- Environmental capex $168M in fiscal 2025; North America mills ~10% long on paper in Europe segment post-combination
- First combined global employee engagement survey launched in 2025 with 80,000+ participants: integration milestone for newly merged workforce
Management Discussion & Analysis
- Net sales $31,179M, up $10,070M (+48% YoY); $9,845M from WestRock acquisition; organic growth only $225M
- Operating margin 5.5% vs 4.8% (operating profit $1,719M vs $1,007M); effective tax rate improved to 27.1% from 43.0%
- North America best segment: Adjusted EBITDA $2,998M vs $1,610M; Europe MEA/APAC $1,618M vs $1,529M; LATAM $485M vs $378M
- Operating cash flow $3,392M (up $1,909M); capex $2,192M; dividends $900M; net debt reduction $304M; liquidity $5,452M
- Key risks: volume headwinds (-$716M organic impact), mill closures (St. Paul MN, Forney TX), tariff uncertainty, energy cost inflation
Risk Factors
- Total debt $13.8B as of Dec 31, 2025; variable-rate portion creates rising interest cost exposure amid elevated rates
- Antitrust class action filed Jul 29, 2025 in U.S. District Court for Northern District of Illinois alleging violations of U.S. antitrust laws
- U.S. tariff implementation and potential retaliatory tariffs threatening cross-border operations across multinational footprint
- Chinese containerboard overcapacity risk: excess regional supply exported at lower prices into Smurfit Westrock's European and LATAM markets
- OCC and wood fiber prices volatile; Asian buyers materially competing for OCC supply, driving cost unpredictability
Generated from the filing text; verify against the original. How to read a 10-K
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