SW earnings analysis
What we found in SW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Q1 2026 revenue increased by $56 million YoY to $7.712 billion.
- Sales Beat Estimates
- Actual revenue surpassed estimates of $7.573 billion.
- Europe Segment Growth
- Net sales in Europe, MEA and APAC increased by $189 million to $2.771 billion.
- Lower SG&A Costs
- SG&A expenses decreased by $12 million to $961 million compared to Q1 2025.
- Higher Cash from Financing Activities
- Net cash provided by financing activities increased to $209 million from $151 million in Q1 2025.
- Improvement in LATAM Sales
- LATAM segment net sales increased by $27 million to $540 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Missed EPS Expectations
- EPS of $0.33 was significantly below the estimated $0.39.
- Increased COGS
- Cost of goods sold rose by $365 million to $6.444 billion, affecting profitability.
- Decreased Operating Cash Flow
- Operating cash flow decreased to $204 million, down $31 million YoY.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.33
- Gross margin
- 16.4%
- Operating margin
- 0.9%
- Segment
- North America
- Segment
- Europe, MEA and APAC
- Segment
- LATAM
What they said about what is next.
Management mentioned expectations of future volume growth in the latter half of the year despite current challenges.
The filing reads about the same as the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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