10-K · February 27, 2026
Smurfit Westrock positions itself as a global leader in sustainable paper-based packaging following the July 2024 Combination, emphasizing scale, vertical integration and a three-part strategy (Converting, Paper,…
Earnings analysis · 10-Q
SW earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Smurfit Westrock reported Q1 2026 results with revenue of $7.712 billion, slightly up from $7.656 billion YoY, surpassing estimates. However, EPS came in at $0.33, missing expectations of $0.39, down significantly from…
Read full summary
Smurfit Westrock reported Q1 2026 results with revenue of $7.712 billion, slightly up from $7.656 billion YoY, surpassing estimates. However, EPS came in at $0.33, missing expectations of $0.39, down significantly from $0.73 a year ago, primarily due to higher costs and lower volumes. The North American segment saw a decline in sales, while Europe and LATAM segments experienced growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.33
- Segment
- North America
- Segment
- Europe, MEA and APAC
- Segment
- LATAM
What stood out
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Revenue Growth
Q1 2026 revenue increased by $56 million YoY to $7.712 billion.
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Sales Beat Estimates
Actual revenue surpassed estimates of $7.573 billion.
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Europe Segment Growth
Net sales in Europe, MEA and APAC increased by $189 million to $2.771 billion.
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Lower SG&A Costs
SG&A expenses decreased by $12 million to $961 million compared to Q1 2025.
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Higher Cash from Financing Activities
Net cash provided by financing activities increased to $209 million from $151 million in Q1 2025.
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Improvement in LATAM Sales
LATAM segment net sales increased by $27 million to $540 million.
What to watch
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Missed EPS Expectations
EPS of $0.33 was significantly below the estimated $0.39.
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Increased COGS
Cost of goods sold rose by $365 million to $6.444 billion, affecting profitability.
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Decreased Operating Cash Flow
Operating cash flow decreased to $204 million, down $31 million YoY.
Management's outlook
Management mentioned expectations of future volume growth in the latter half of the year despite current challenges.
Earlier filings 4
10-Q · November 7, 2025
Smurfit Westrock reported Q3 2025 net sales of $8,003 million (up $332 million vs Q3 2024) with gross margin improvement to 19.6% and a return to profitability (diluted EPS $0.47). The company generated strong operating…
10-K · March 7, 2025
Smurfit Westrock is the combined company formed when Smurfit Kappa and WestRock completed a transaction that closed on July 5, 2024; the filing presents the enlarged, vertically integrated paper-and-packaging platform…
10-Q · November 8, 2024
Smurfit Westrock’s Q3 2024 reflects the first interim period after the Combination (closed July 5, 2024): revenue scaled to $7,671 million but profitability compressed, producing a net loss of $150 million (EPS…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.