Skip to main content

Smurfit Westrock plc

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

SW$44.09-0.9%Stored close · as of Nov 6, 2026

What changed in Risk Factors?

Read the current filing

Previous report: 10-K

Period ended 2024-12-31; filed 2025-03-07.

0002005951-25-000005

Item 1A. Risk Factors

Current report: 10-K

Period ended 2025-12-31; filed 2026-02-27.

0001628280-26-012555

Item 1A. Risk Factors

The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.

Compared 467 previous paragraphs and 892 current paragraphs.

367 unchanged; 68 reworded; 410 added; 29 removed; 3 previous and 47 current paragraphs rearranged.

Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.

A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.

Added paragraphs (410)

Current report

Form 10-K. The Company may not be able to accurately predict, control or mitigate these risks. Statements in this section are based on

Current report

the Company’s beliefs and opinions regarding matters that could materially adversely affect the Company in the future and are not

Current report

representations as to whether such matters have or have not occurred previously. The risks and uncertainties described below are not

Current report

exhaustive and should not be considered a complete statement of all potential risks or uncertainties that the Company faces or may

Current report

face in the future.

Current report

share price.

Current report

•We face risks related to the Combin ation.

Current report

•Our decision or ability to pay dividends in respect of our shares or conduct share repurchases is subject to a number of

Current report

dividends or that the Company will conduct share repurchases.

Current report

obligations and costs, and failure to comply with these laws may have a material adverse effect on our business.

Current report

•We are subject to compliance with competition and antitrust laws and regulations in the jurisdictions in which we operate

Current report

and, from time to time, may be subject to investigations or proceedings with respect to allegations of unfair competitive

Current report

practices and similar behavior.

Current report

shareholders.

Current report

and operate our business;

Current report

For example, if the economic climate were to experience a deterioration as a result of geopolitical events (such as an escalation in

Current report

existing wars or conflicts or the initiation of additional conflicts or hostilities), trade tensions (including the implementation of tariffs

Current report

investments.

Current report

prices charged to our customers.

Current report

this will not reoccur. For example, we experienced market-related downtime at certain of our mills during the fourth quarter of fiscal

Current report

Smurfit Westrock has 57 paper mills of differing capacities. If operations at any key mills (those which are more complex and/or have

Current report

paper bags. Certain jurisdictions in which we conduct business have enacted extended producer responsibility legislation that requires

Current report

producers to assume financial accountability for the complete lifecycle of products, including associated fees on packaging. These and

Current report

returns in the short or medium terms. We also utilize and intend to expand our use of automation, robotics and machine learning in

Current report

many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes.

Current report

While we believe the use of these emerging technologies can present significant benefits, they also create risks and challenges. Data

Current report

sourcing, technology, integration and process issues, bias in decision-making algorithms, concerns over intellectual property,

Current report

reputational implications if use becomes controversial, system security concerns, or the protection of privacy could impair the

Current report

adoption and acceptance of autonomous machine solutions. Additionally, if we are unable to match or surpass the advances of

Current report

artificial intelligence that our competitors implement for their products or for internal operations, our competitive position could be

Current report

things, regional conflicts or commodity inflation), as well as disruptions and government intervention in national economies

Current report

•geopolitical conflict;

Current report

price of our ordinary shares.

Current report

cash flows andfinancial condition, and the trading price of our ordinary shares.

Current report

labor environment for hourly workers remains competitive with continued instances of labor unrest, even as broader manufacturing

Current report

operations, cash flows andfinancial condition, and the trading price of our ordinary shares.

Current report

Both legacy Smurfit Kappa and WestRock previously established and publicly disclosed sustainability targets which are important to

Current report

many stakeholders, including certain investors and customers. New targets for Smurfit Westrock are expected to be published in the

Current report

second quarter of 2026 in the 2025 sustainability report. We expect to report performance relative to any such targets on an annual

Current report

basis. Failure to meet any such targets could result in negative publicity and reputational damage and could have a material adverse

Showing the first 40 of 410 passages. Open the source sections for the rest.

Removed paragraphs (29)

Previous report

business is also subject to general risks and uncertainties that may broadly affect companies, including us. Some of the factors, events,

Previous report

and contingencies discussed below may have occurred in the past, and the disclosures below are not representations as to whether or

Previous report

not the factors, events, or contingencies have occurred in the past, but are provided because future occurrences of such factors, events,

Previous report

price. Further, the risks and uncertainties described below are not the only ones we face. Additional risks not presently known to us or

Previous report

that we currently deem immaterial may also materially affect our business, financial condition, results of operations (including

Previous report

technology infrastructure, could adversely affect our business.

Previous report

Risks Related to the Combination

Previous report

•We may fail to successfully integrate Smurfit Kappa and WestRock, including their individual cultures and philosophies.

Previous report

•We have incurred and will incur significant costs as a result of becoming subject to various U.S. laws and regulations,

Previous report

including U.S. securities laws and reporting requirements.

Previous report

•We have identified a material weakness in our internal control over financial reporting that could, if not remediated, result in

Previous report

material misstatements in our financial statements and cause us to fail to meet our reporting and financial obligations.

Previous report

funding requirements in connection with multi-employer pension plans.

Previous report

which we operate; and

Previous report

The outlook for the global economy in the near- to medium-term remains uncertain and we are unable to predict the timing or rate at

Previous report

deteriorate as a result of geopolitical events (such as the Russian war in Ukraine or the conflict in the Middle East) or geopolitical

Previous report

uncertainty, trade tensions (including the implementation of tariffs on U.S. imports bythe current U.S. Administration and potential

Previous report

The global economy also continues to experience elevated levels of inflation, and we experienced cost inflation across our business in

Previous report

We also cannot predict the timing or duration of any downturn in the economy that may occur in the future. In addition, changes to or

Previous report

withdrawals from free trade agreements and the implementation of tariffs, border taxes or other measures that can limit international

Previous report

operate, which may in turn decrease demand for our products.

Previous report

this will not reoccur.

Previous report

allowances at no cost to ease the energy transition. To date, the number of no-cost allowances granted to our mills has been sufficient

Previous report

things, regional conflicts or commodity inflation), the ongoing hyperinflation in Argentina (which has led us to apply

Previous report

hyperinflationary accounting to our Argentinian operations in recent years), as well as disruptions and government

Previous report

•geopolitical conflict, such as of the war in Ukraine, which led us to sell our Russian operations and take a related impairment

Previous report

charge of $159 million in respect of our Russian operations in the year ended December 31, 2022;

Previous report

and labor environment for hourly workers is increasingly competitive and facing higher levels of labor unrest than has historically

Previous report

Combination may exacerbate each of these challenges.
Reworded paragraphs (68)

Previous wording

described below, which could materially adversely affect our business, financial condition, results of operations (including revenues

Current wording

described below, which could have a material adverse effect on our business, financial condition, reputation, results of operations

Previous wording

and profitability) and/or ordinary share price, with all of the other information included in this Annual Report on Form 10-K. Our

Current wording

(including revenues and profitability) and/or ordinary share price, with all of the other information included in this Annual Report on

Previous wording

could adversely affect our results of operations, cash flows and financial condition, and the trading price of our ordinary shares.

Current wording

technology infrastructure, or to achieve our mid-range or long-range targets and goals could adversely affect our business and

Previous wording

•Our debt could adversely affect our financial health.

Current wording

•Our debt could adversely affect our financial health and operating flexibility.

Previous wording

•We have a number of pension arrangements that are currently in deficit and may incur additional liability and/or increased

Current wording

•We have a number of pension arrangements that are currently in deficit and may require increased funding due to statutory

Previous wording

•Any dividend payment in respect of our shares is subject to a number of factors, and there are no guarantees that the

Current wording

factors, and there are no guarantees that the Company will pay dividends or maintain or increase the level of any such

Previous wording

•We are subject to a growing number of environmental and climate change laws andregulations.

Current wording

•We are subject to a growing number of environmental and climate change laws and regulations that impose compliance

Previous wording

management time towards developing and maintaining adequate internal controls, which may materially adversely affect our

Current wording

substantial management time towards maintaining and improving our internal controls, which may materially adversely affect

Previous wording

operating results in the future.

Current wording

our operating results in the future.

Previous wording

•Any attempts to acquire the Company will be subject tothe Irish Takeover Panel Act 1997, Takeover Rules, 2022 (the “Irish

Current wording

•Any attempts to acquire the Company will be subject to the Irish Takeover Panel Act 1997, Takeover Rules, 2022 (the “Irish

Previous wording

•macroeconomic and business conditions, including deteriorating macroeconomic conditions and related supply and demand

Current wording

•macroeconomic and business conditions, including deteriorating or volatile macroeconomic conditions and related supply and

Previous wording

dynamics, as well as inflation and deflation;

Current wording

demand dynamics, as well as inflation and deflation;

Previous wording

•conditions in the financial services markets, including counterparty risk, insurance carrier risk, rising interest rates, rising

Current wording

•conditions in the financial markets, including counterparty risk, insurance carrier risk, rising interest rates, rising commodity

Previous wording

commodity prices, and currency exchange rate fluctuations, which may impact price and demand for our products;

Current wording

prices, and currency exchange rate fluctuations, which may impact price and demand for our products and the costs to finance

Previous wording

•financial uncertainties in our major international markets;

Current wording

•financial and economic uncertainties in our major international markets;

Previous wording

•government deficit reduction and other austerity measures in specific countries or regions, or in the various industries in

Current wording

•government deficit reduction and other austerity measures in specific countries or regions, including protectionist measures

Previous wording

trade may have a negative impact on manufacturing and production levels of businesses and customers in the markets in which we

Current wording

that limit international trade, could have a negative impact on manufacturing and production levels of businesses and

Previous wording

which economic conditions in our markets may change and the impact of such changes. For example, if the economic climate were to

Current wording

We are unable to predict the timing or rate at which economic conditions in our markets may change and the impact of such changes.

Previous wording

retaliatory tariffs) and/or a pandemic, it could result in an economic slowdown which, if sustained over any significant length of time,

Current wording

on U.S. imports by the current U.S. Administration and potential retaliatory tariffs) and/or a pandemic, it could result in an economic

Previous wording

shares. In addition, changes in trade policies, including renegotiating, or potentially terminating, existing bilateral or multilateral

Current wording

operations, cash flows and financial condition, and the trading price of our ordinary shares. In addition, changes in trade policies,

Previous wording

agreements, as well as the imposition of tariffs, could impact demand for our products and the costs associated with operating our

Current wording

could impact demand for our products and the costs associated with operating our business, including certain of our capital

Previous wording

fiscal 2023 and 2024, albeit at moderating levels since fiscal 2022. Persistent inflation results in higher manufacturing and

Current wording

We experienced cost inflation across our business in fiscal 2023, 2024 and 2025, albeit at moderating levels since fiscal 2022.

Previous wording

transportation costs, which we may not be able to recover through higher prices charged to our customers.

Current wording

Persistent inflation results in higher manufacturing and transportation costs, which we may not be able to recover through higher

Previous wording

to cover our compliance obligations; however, there is a risk that in the future we will not have enough free allowances to meet our

Current wording

allowances at no cost to ease the energy transition. There is a risk that we will not have enough free allowances to meet our

Previous wording

competitors are more successful with respect to any key competitive factor, our business, results of operations, financial condition and

Current wording

competitors are more successful with respect to any key competitive factor, our business, results of operations, cash flows and

Previous wording

the trading price of our ordinary shares could be materially adversely affected. Pricing pressure could arise from, among other things,

Current wording

financial condition, and the trading price of our ordinary shares could be materially adversely affected. Pricing pressure could arise

Previous wording

limited demand growth in the market in question, price reductions by competitors, growth in supply from existing competitors, entry

Current wording

from, among other things, limited demand growth in the market in question, price reductions by competitors, growth in supply from

Previous wording

of new competitors into the markets in which we operate, the ability of competitors to capitalize on their economies of scale and create

Current wording

existing competitors, entry of new competitors into the markets in which we operate, the ability of competitors to capitalize on their

Previous wording

excess product supply, the ability of competitors to operate or successfully relocate or open production facilities in countries where

Current wording

economies of scale and create excess product supply, the ability of competitors to operate or successfully relocate or open production

Previous wording

production costs are lower than those in which we operate and the introduction by our competitors of new products, technologies and

Current wording

facilities in countries where production costs are lower than those in which we operate and the introduction by our competitors of new

Previous wording

equipment, including the use of artificial intelligence and machine learning solutions.

Current wording

products, technologies and equipment, including the use of artificial intelligence and machine learning solutions.

Previous wording

tornadoes and droughts, and pandemics, such as COVID-19, or other health crises or similar occurrences;

Current wording

tornadoes and droughts, and pandemics, or other health crises or similar occurrences;

Previous wording

Smurfit Westrock has 62 paper mills. If operations at any of these key mills were interrupted for any significant length of time, it

Current wording

higher capacity) were interrupted for any significant length of time, it could have a material adverse effect on our business, results of

Previous wording

paper bags. These and similar developments could adversely impact demand for certain of our products.

Current wording

similar developments could adversely impact demand for certain of our products.

Previous wording

returns in the short or medium terms. Any such risks could have a material adverse effect on our business, results of operations,

Current wording

impacted. Any such risks could have a material adverse effect on our business, results of operations, cash flows and financial

Previous wording

We operate in many different countries. As of December 31, 2024, we hadoperations in 40 countries. As a result, we have previously

Current wording

We operate in many different countries. As of December 31, 2025, we had operations in 40 countries. As a result, we have previously

Previous wording

intervention in national economies and social structures, including the threat of terrorism;

Current wording

and social structures, including the threat of terrorism;

Previous wording

may damage our reputation. Any of these outcomes could have a material adverse effect on our business, results of operations,

Current wording

may damage our reputation. Any of these outcomes could have a material adverse effect on our business, results of operations, cash

Previous wording

financial condition and the trading of our ordinary shares.

Current wording

flows and financial condition, and the trading of our ordinary shares.

Previous wording

damages. These liabilities could adversely affect our operations, cash flows and financial condition and the trading price of our

Current wording

damages. These liabilities could adversely affect our business, results ofoperations, cash flows and financial condition, and the trading

Showing the first 40 of 68 pairs. Open the source sections for the rest.

Rearranged current paragraphs (47)

Current report — wording carried from elsewhere

•Our growth depends on our ability to retain existing customers and attract new customers.

Current report — wording carried from elsewhere

•We are required to comply with the Sarbanes-Oxley Act, and we may continue to incur significant costs and devote

Current report — wording carried from elsewhere

customers in the markets in which we operate; and

Current report — wording carried from elsewhere

slowdown which, if sustained over any significant length of time, could have a material adverse effect on our business, results of

Current report — wording carried from elsewhere

including renegotiating, or potentially terminating, existing bilateral or multilateral agreements, as well as the imposition of tariffs,

Current report — wording carried from elsewhere

condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

adversely affect our results of operations, cash flows and financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

the trading price of our ordinary shares. See also “We are subject to a growing number of environmental laws and regulations, and the

Current report — wording carried from elsewhere

cost of compliance or the failure to comply with, and any liabilities under, current and future laws and regulations may negatively

Current report — wording carried from elsewhere

our reputation, business and results of operations.

Current report — wording carried from elsewhere

including the perception that they are not sufficiently robust or, conversely, are too costly, this would impact our reputation as well as

Current report — wording carried from elsewhere

Failure by us to successfully implement strategic transformation initiatives, including those relating to information technology

Current report — wording carried from elsewhere

cash flows and financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

If we are unsuccessful in integrating acquisitions or if disposals result in unexpected costs or liabilities, our business could be

Current report — wording carried from elsewhere

These transactions create risks, including, but not limited to, risks associated with:

Current report — wording carried from elsewhere

Our debt could adversely affect our financial health and operating flexibility.

Current report — wording carried from elsewhere

Adverse credit and financial market events and conditions, as well as credit rating downgrades, could, among other things, impede

Current report — wording carried from elsewhere

flows and financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

financial condition and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

the trading price of our ordinary shares.

Current report — wording carried from elsewhere

We have a significant amount of goodwill and other intangible assets and a write-down could materially adversely impact our

Current report — wording carried from elsewhere

of operations, cash flows and financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

We have a number of pension arrangements that are currently in deficit and may require increased funding due to statutory

Current report — wording carried from elsewhere

condition and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

Changes in existing financial accounting standards or practices may have a material adverse effect on our business, results of

Current report — wording carried from elsewhere

We are subject to a wide variety of laws, regulations and other requirements that may change or may impose substantial

Current report — wording carried from elsewhere

results of operations, cash flows and financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

cash flows and financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

of certain remediation sites and we have insurance coverage, subject to applicable deductibles or retentions, policy limits and other

Current report — wording carried from elsewhere

indemnification rights and, if we are successful, any amounts paid pursuant to the insurance or indemnification rights may not be

Current report — wording carried from elsewhere

circumstances could adversely affect our results of operations, cash flows and financial condition, and the trading price of our ordinary

Current report — wording carried from elsewhere

Changes to trade policy, including tariff and customs regulations, or failure to comply with such regulations may have an adverse

Current report — wording carried from elsewhere

effect on our reputation, business, financial condition and results of operations.

Current report — wording carried from elsewhere

For additional information, see “Note 21. Commitments and Contingencies” of the Notes to Consolidated Financial Statements.

Current report — wording carried from elsewhere

We are subject to a number of laws and regulations relating to privacy, security and data protection, and failure to comply with

Current report — wording carried from elsewhere

flows and financial condition, and the trading price of our ordinary shares. See also “We are subject to cybersecurity risks that could

Current report — wording carried from elsewhere

adversely affect our operations, cash flows and financial condition.”

Current report — wording carried from elsewhere

adverse effect on our business, results of operations, cash flows and financial condition, and the trading price of our ordinary shares.

Current report — wording carried from elsewhere

Failure to comply with applicable occupational health and safety laws and regulations or maintain good health and safety and

Showing the first 40 of 47 passages. Open the source sections for the rest.

Rearranged previous paragraphs (3)

Previous report — wording carried elsewhere

revenues and profitability) and/or ordinary share price.

Previous report — wording carried elsewhere

operations, cash flows and financial condition, and the trading price of our ordinary shares.

Previous report — wording carried elsewhere

business, including certain of our capital investments.