Smurfit Westrock plc
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 31, 2026
SW$44.09-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029089
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001628280-26-051195
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe 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 327 previous paragraphs and 384 current paragraphs.
216 unchanged; 66 reworded; 96 added; 44 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 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 (96)
Current report
Smurfit Westrock’s net sales increased by$91 million, to$8,031 million in the three months ended June 30, 2026, from
Current report
$7,940 million in the three months ended June 30, 2025. Theincrease was primarily due to a net positive foreign currency impact that
Current report
was partially offset by a lower selling price mix. Smurfit Westrock’s net sales increased by$147 million, to$15,743 million in thesix
Current report
months ended June 30, 2026, from$15,596 million in thesix months ended June 30, 2025. Theincrease was primarily due to a net
Current report
Net income (loss) attributable to common shareholders increased by$117 million in the three months ended June 30, 2026 and
Current report
decreased by$202 million in thesix months ended June 30, 2026. In addition to the increase in net sales, net income (loss)
Current report
attributable to common shareholders in the three months ended June 30, 2026 was primarily impactedby lower impairment and
Current report
restructuring costs, decreased raw material costs, lower downtime and lower transaction and integration-related expenses associated
Current report
with the Combination that were partially offset by an increase in freight costs, higher depreciation, depletion and amortization
Current report
expense and increased energy costs compared to the prior year quarter. Net income (loss) attributable to common shareholders
Current report
decreased by$202 million in thesix months ended June 30, 2026 was primarily impacted by higher cost of goods sold, including
Current report
increased freight costs, higher depreciation, depletion and amortization expense, higher downtime and increased energy costs, as well
Current report
as the impact of accelerated depreciation for machine closures and adverse weather incurred in the first quarter of 2026, partially
Current report
offset by the increase in net sales. These increases were partially offset by lower impairment and restructuring costs, decreased raw
Current report
material costs and lower transaction and integration-related expenses associated with the Combination compared to the prior year
Current report
period.
Current report
Results of operations for the three andsix months ended June 30, 2026, compared to the three andsix months ended June 30, 2025
Current report
Net sales increased by$91 million, to$8,031 million in the three months ended June 30, 2026, from$7,940 million in the three
Current report
months ended June 30, 2025. This increase was primarily due to a $146 million net positive foreign currency impact that was partially
Current report
offset by a lower selling price mix of $60 million.
Current report
Net sales increased by$147 million, to$15,743 million in thesix months ended June 30, 2026, from$15,596 million in thesix months
Current report
ended June 30, 2025. This increase was primarily due to a $462 million net positive foreign currency impact that was partially offset
Current report
by a $258 million impact of lower volumes and a lower selling price mix of $67 million.
Current report
Cost of goods sold increased by$207 million, to$6,632 million in the three months ended June 30, 2026, from$6,425 million in the
Current report
currency impact, $90 million of higher freight costs and $47 million higher depreciation, depletion and amortization expense and $22
Current report
million higher energy costs, partially offset by the impact of a $71 million decrease in raw material costs, $26 million of lower
Current report
downtime.
Current report
impact, $138 million of higher freight costs, $78 million higher depreciation, depletion and amortization expense, $71 million of
Current report
million of higher energy costs, partially offset by lower volumes of $234 million and the impact of a $43 million decrease in raw
Current report
material costs.
Current report
SG&A expenses increased by$7 million, to$970 million in the three months ended June 30, 2026, from$963 million in the three
Current report
Impairment and restructuring costs decreased by$161 million, to$119 million in thethree months ended June 30, 2026, from $280
Current report
consisted of$72 million of impairment charges and$47 million of restructuring costs. In the three months ended June 30, 2025,
Current report
impairment and restructuring costs consisted of$184 million of impairment charges and$96 million of restructuring costs. Thehigher
Current report
impairment andrestructuring costs in the three months ended June 30, 2025 were primarily associated with the April 2025
Current report
Announced Closures.
Current report
Impairment and restructuring costs decreased by$122 million, to$173 million in thesix months ended June 30, 2026, from
Current report
$295 million in thesix months ended June 30, 2025. In thesix months ended June 30, 2026, impairment and restructuring costs
Current report
consisted of$107 million of impairment charges and$66 million of restructuring costs. In thesix months ended June 30, 2025,
Current report
impairment and restructuring costs consisted of$184 million of impairment charges and$111 million of restructuring costs.
Showing the first 40 of 96 passages. Open the source sections for the rest.
Removed paragraphs (44)
Previous report
Smurfit Westrock’s net sales increased by$56 million, to$7,712 million in thethree months ended March 31, 2026, from
Previous report
$7,656 million in thethree months ended March 31, 2025. This increase was primarily due to a net positive foreign currency impact
Previous report
Net income attributable to common shareholders decreased by$319 million. Thedecrease in the three months ended March 31, 2026
Previous report
was primarily due to higher cost of goods sold, including accelerated depreciation for machine closures. We were also impacted by
Previous report
lower volumes, economic downtime, adverse weather and higher freight costs. In the three months ended March 31, 2026, we
Previous report
incurred higher impairment and restructuring costs, andlower transaction and integration-related expenses associated with the
Previous report
Combination.
Previous report
Results of operations for thethree months ended March 31, 2026, compared to thethree months ended March 31, 2025
Previous report
Net sales increased by$56 million, to$7,712 million in thethree months ended March 31, 2026, from$7,656 million in thethree
Previous report
months ended March 31, 2025. This increase was primarily due to a $316 million net positive foreign currency impact that was largely
Previous report
offset by a $256 million impact of lower volumes.
Previous report
months ended March 31, 2025. Thedecrease in SG&A expenses was primarily due to lower employee compensation.
Previous report
Impairment and restructuring costs increased by$39 million, to$54 million in thethree months ended March 31, 2026, from
Previous report
consisted of$35 million of impairment charges and$19 million of restructuring costs. In thethree months ended March 31, 2025,
Previous report
impairment and restructuring costs consisted of$15 million of restructuring costs. The costs were primarily associated with
Previous report
previously announced facility and machine closures, including asset impairments, severance and other costs.
Previous report
associated with the Combination.
Previous report
Pension and other postretirement non-service income, net decreased by$1 million, toincome of$8 million in thethree months ended
Previous report
Interest expense, net decreased by$1 million to$166 million in thethree months ended March 31, 2026, from$167 million in the
Previous report
three months ended March 31, 2025.
Previous report
$5 million in thethree months ended March 31, 2025.
Previous report
effective tax rate for thethree months ended March 31, 2025, was 2.1%.
Previous report
Thethree months ended March 31, 2026, compared to thethree months ended March 31, 2025
Previous report
Net sales before intersegment eliminations for the North America segment decreased by$167 million, to$4,502 million in thethree
Previous report
months ended March 31, 2026, from$4,669 million in thethree months ended March 31, 2025. This decrease was primarily due to
Previous report
lower volumes of $259 million that was partially offset by a net positive foreign currency impact of $51 million and a $41 million
Previous report
impact from a higher selling price mix.
Previous report
Adjusted EBITDA for the North America segment decreased by$188 million, to$597 million in thethree months ended March 31,
Previous report
2026, from$785 million in thethree months ended March 31, 2025. This decrease was primarily due to higher costs of $176 million
Previous report
and the impact of lower volumes of $48 million that were partially offset by a higher selling price mix of $41 million. Higher costs of
Previous report
freight costs and $32 million of higher net energy costs primarily due to lower energy credits than in the prior year period.
Previous report
Net sales before intersegment eliminations for the Europe, MEA and APAC segment increased by$189 million, to$2,771 million in
Previous report
thethree months ended March 31, 2026, from$2,582 million in thethree months ended March 31, 2025. This increase was primarily
Previous report
partially offset by a lower selling price mix of $49 million.
Previous report
Adjusted EBITDA for the Europe, MEA and APAC segment increased by$32 million, to$421 million in thethree months ended
Previous report
Net sales before intersegment eliminations for the LATAM segment increased by$27 million, to$540 million in thethree months
Previous report
ended March 31, 2026, from$513 million in thethree months ended March 31, 2025. This increase was primarily due to a net positive
Previous report
Adjusted EBITDA for the LATAM segment decreased by$6 million, to$109 million in thethree months ended March 31, 2026, from
Previous report
$115 million in thethree months ended March 31, 2025. This decrease was primarily due to higher costs of $10 million due to higher
Previous report
raw material and energy costs.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Reworded paragraphs (66)
Previous wording
with the U.S. Securities and Exchange Commission (the “SEC”) on February 27,2026 (the “2025 Form 10-K”). This discussion
Current wording
with the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2026 (the “2025 Form 10-K”). This discussion
Previous wording
that was largely offset by a negative volume impact.
Current wording
positive foreign currency impact that was largely offset by a negative volume impact and a lower selling price mix.
Previous wording
Net cash provided by operating activities decreased by$31 million, to$204 million in thethree months ended March 31, 2026, from
Current wording
Net cash provided by operating activities decreased by$95 million, to$969 million in thesix months ended June 30, 2026, from
Previous wording
$235 million in thethree months ended March 31, 2025, primarily due to a$188 million decrease in net income adjusted for non-cash
Current wording
$1,064 million in thesix months ended June 30, 2025, primarily due to a$106 million decrease in net income adjusted for non-cash
Previous wording
than cost. Changes in operating assets and liabilities were abenefit of$157 million compared to the prior year period. During thethree
Current wording
than cost. Changes in operating assets and liabilities were abenefit of$11 million compared to the prior year period. During thesix
Previous wording
months ended March 31, 2026, Smurfit Westrock invested$624 million in capital expenditures. The Company’s net cash inflow from
Current wording
months ended June 30, 2026, Smurfit Westrock invested$1,089 million in capital expenditures. The Company’s net cash inflow from
Previous wording
changes in debt was$517 million, and it paid$237 million of cash dividends to shareholders. See the section entitled “Liquidity and
Current wording
changes in debt was$439 million, and it paid$474 million of cash dividends to shareholders. See the section entitled “Liquidity and
Previous wording
result, currency fluctuations can have both direct and indirect impacts on its financial statements, which arepresented in U.S. dollars.
Current wording
result, currency fluctuations can have both direct and indirect impacts on its financial statements, which are presented in U.S. dollars.
Previous wording
three months ended March 31, 2025. Theincrease in cost of goods sold was primarily due to a $277 million net negative foreign
Current wording
three months ended June 30, 2025. This increase in cost of goods sold was primarily due to a $102 million net negative foreign
Previous wording
Cost of goods sold increased by$365 million, to$6,444 million in thethree months ended March 31, 2026, from$6,079 million in the
Current wording
Cost of goods sold increased by$572 million, to$13,076 million in thesix months ended June 30, 2026, from$12,504 million in the
Previous wording
currency impact, $74 million of economic downtime, $70 million of accelerated depreciation costs for machine closures, a $65 million
Current wording
accelerated depreciation costs for machine closures, $65 million impact of adverse weather, $48 million of higher downtime and $31
Previous wording
SG&A expenses decreased by$12 million, to$961 million in thethree months ended March 31, 2026, from$973 million in thethree
Current wording
SG&A expenses decreased by$5 million, to$1,931 million in thesix months ended June 30, 2026, from$1,936 million in thesix
Previous wording
$15 million in thethree months ended March 31, 2025. In thethree months ended March 31, 2026, impairment and restructuring costs
Current wording
million in thethree months ended June 30, 2025. In the three months ended June 30, 2026, impairment and restructuring costs
Previous wording
The Company incurred transaction and integration-related expenses associated with the Combination of $— million and$36 million in
Current wording
The Company incurred transaction and integration-related expenses associated with the Combination of$1 million and$21 million in
Previous wording
thethree months ended March 31, 2026 and 2025, respectively. In thethree months ended March 31, 2025, transaction and
Current wording
thesix months ended June 30, 2026 and 2025, respectively. In thesix months ended June 30, 2025, transaction and integration-related
Previous wording
integration-related expenses consisted of transaction-related expenses of$2 million and$34 million of integration-related expenses
Current wording
expenses consisted of$57 million of integration-related expenses associated with the Combination.
Previous wording
March 31, 2026, from income of$9 million in thethree months ended March 31, 2025.
Current wording
June 30, 2026, from income of$16 million in thesix months ended June 30, 2025.
Previous wording
Other expense, net increased by $6 million toexpense of$11 million in thethree months ended March 31, 2026, from expense of
Current wording
Other expense, net decreased by $6 million toexpense of$12 million in the three months ended June 30, 2026, from expense of$18
Previous wording
Income tax expense was$21 million in thethree months ended March 31, 2026, compared to an income tax expense of$8 million in
Current wording
Income tax expense was$40 million in the three months ended June 30, 2026, compared to an income tax expense of$84 million in
Previous wording
thethree months ended March 31, 2025. The effective tax rate for thethree months ended March 31, 2026, was 25.0%, while the
Current wording
the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2026, was 31.3%, while the effective
Previous wording
$176 million were primarily due to economic downtime of $74 million, a $55 million impact of adverse weather, $38 million of higher
Current wording
were primarily due to $99 million of higher freight costs, a $55 million impact of adverse weather and $48 million of higher
Previous wording
due to a net positive foreign currency impact of $238 million primarily due to the strengthening of the U.S. dollar against the euro,
Current wording
to a net positive foreign currency impact of $77 million primarily due to the strengthening of the euro against the U.S. dollar, partially
Previous wording
March 31, 2026, from$389 million in thethree months ended March 31, 2025. Theincrease was primarily due to lower costs of $40
Current wording
June 30, 2026, from$372 million in thethree months ended June 30, 2025. Theincrease was primarily due to lower costs of $12
Previous wording
million and a net positive foreign currency impact of $44 million that were partly offset by a lower selling price mix impact of $49
Current wording
million and a net positive foreign currency impact of $10 million that were partially offset by a lower selling price mix impact of $18
Previous wording
million. The $40 million of lower costs was primarily due to $28 million of lower energy costs.
Current wording
The $52 million of lower costs was primarily due to $86 million of lower raw material costs and $10 million of lower energy costs,
Previous wording
five years, with two one-year extension options. In June 2025, the first extension was exercised, extending the maturity date to June
Current wording
five years, with two one-year extension options. In June 2026, we exercised the secondone-year extension option, extending the
Previous wording
28, 2030. The amount of commercial paper outstanding does not reduce available capacity under the revolving loan facility. The
Current wording
maturity date to June 2031. The amount of commercial paper outstanding does not reduce available capacity under the revolving loan
Previous wording
primary uses of this liquidity are to fund Smurfit Westrock’s day-to-day operations, capital expenditures, debt service, dividends and
Current wording
facility. The primary uses of this liquidity are to fund Smurfit Westrock’s day-to-day operations, capital expenditures, debt service,
Previous wording
other investment activity, including acquisitions.
Current wording
dividends and other investment activity, including acquisitions.
Previous wording
As of March 31, 2026, Smurfit Westrock held cash and cash equivalents of$674 million, of which $156 million were held in euro,
Current wording
As of June 30, 2026, Smurfit Westrock held cash and cash equivalents of$677 million, of which $137 million were held in euro, $205
Previous wording
$197 million were held in U.S. dollars and $321 million were held in other currencies. At March 31, 2026, the Company had $4,663
Current wording
million were held in U.S. dollars and $335 million were held in other currencies. At June 30, 2026, the Company had $4,562 million
Previous wording
million in undrawn committed facilities available under the revolving loan facility and receivables securitization facilities. The
Current wording
in undrawn committed facilities available under the revolving loan facility and receivables securitization facilities. The weighted
Previous wording
weighted average period until maturity of undrawn committed facilities was 4.1 years as of March 31, 2026. Combined with cash and
Current wording
average period until maturity of undrawn committed facilities was 5.0 years asof June 30, 2026. Combined with cash and cash
Previous wording
cash equivalents of$674 million, the Company had $5,337 million of available liquidity.
Current wording
equivalents of$677 million, the Company had $5,239 million of available liquidity.
Previous wording
As of March 31, 2026, Smurfit Westrock had$14,255 million of total debt. As of March 31, 2026, the carrying amount of current debt
Current wording
As of June 30, 2026, Smurfit Westrock had$14,164 million of total debt. As of June 30, 2026, the carrying amount of current debt
Previous wording
was$980 million. In thethree months ended March 31, 2026, total debt increased by$482 million. Excluding changes in carrying
Current wording
was$931 million. In thesix months ended June 30, 2026, total debt increased by$391 million. Excluding changes in carrying value,
Previous wording
value, such as translation adjustments and amortization moves, borrowings increased by$517 million. See “Note 9. Debt”of the
Current wording
such as translation adjustments and amortization moves, borrowings increased by$439 million. See “Note 10. Debt”of the Condensed
Previous wording
Condensed Consolidated Financial Statementsfor additional debt-related information.
Current wording
Consolidated Financial Statementsfor additional debt-related information.
Previous wording
period, and were 6%of the Company’s accounts receivable balance at March 31, 2026. In addition, Smurfit Westrock has
Current wording
period, and were 6% of the Company’s accounts receivable balance at June 30, 2026. In addition, Smurfit Westrock has monetization
Previous wording
monetization facilities that sell to third-party financial institutions all of the short-term receivables generated from certain customer
Current wording
facilities that sell to third-party financial institutions all of the short-term receivables generated from certain customer trade accounts.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
six months ended June 30, 2025. Theincrease in cost of goods sold was primarily due to a $379 million net negative foreign currency
Current report — wording carried from elsewhere
the three months ended June 30, 2026 and 2025, respectively. In the three months ended June 30, 2025, transaction and integration-
Current report — wording carried from elsewhere
The Company incurred transaction and integration-related expenses associated with the Combination of$1 million and$57 million in
Current report — wording carried from elsewhere
million in the three months ended June 30, 2025.
Current report — wording carried from elsewhere
six months ended June 30, 2025. The effective tax rate for thesix months ended June 30, 2026, was 28.8%, while the effective tax rate
Current report — wording carried from elsewhere
Net sales before intersegment eliminations for the North America segment decreased by$12 million, to$4,743 million in the three
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
impact of adverse weather and $48 million of higher freight costs, partially offset by the impact of lower volumes of $208 million.