Smurfit Westrock SW
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Mar 7, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
9 paragraphs in Risk Factors of the 10-K filed Feb 27, 2026 with nothing like them in the 10-K filed Mar 7, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
•Our debt could adversely affect our financial health and operating flexibility.
We continue to implement and have in the past developed and endeavored to implement a number of operating plans designed to enhance our business. For example, during February 2026, we announced our medium-term plan (“Medium-Term Plan”) targeting an accelerated path to growth. The anticipated benefits described in the Medium-Term Plan are based on assumptions that may prove to be inaccurate, and a variety of factors could cause us to fail to realize some or all of the expected benefits and targets outlined in the plan. If, for any reason, the benefits we realize, or our actual results, are less than our goals or targets, or the implementation of related growth initiatives, strategies (including our capital allocation strategy) and/or plans adversely affect our operations or cost more or take longer to effectuate than we expect, or if our assumptions prove inaccurate, our results of operations, cash flows and financial condition, and share price may be materially adversely affected.
•further integrating and unifying the offerings and services available to customers;
•further coordinating distribution and marketing efforts across geographically dispersed organizations;
•impede access to or increase the cost of additional debt or equity capital in the future;
Show the other 3
In addition, from time to time our Board may authorize share repurchase programs. The amount and timing of share repurchases are subject to capital availability and our determination that share repurchases are in the best interest of our shareholders and are in compliance with all respective laws and our applicable agreements. Our ability to repurchase shares will be subject to applicable Board approval and authorization and management discretion and will depend upon, among other factors, our cash balances and potential future requirements for strategic transactions, our results of operations, our financial condition, price and economic and market conditions and other factors beyond our control that we may deem relevant. We can provide no assurance that we will repurchase shares at favorable prices, if at all. We are not obligated to make any purchases and may discontinue any program at any time.
We cannot guarantee that any share repurchase program or dividend program will be continuously active or fully consummated since it can be discontinued, suspended or delayed at any time, or will enhance long-term shareholder value, and share repurchases or dividends could increase the volatility of our stock prices and could diminish our cash reserves.
Uncertainty in the legal and regulatory regime relating to artificial intelligence may require significant resources to modify and maintain business practices to comply with international laws and regulations, the nature of which cannot be determined at this time. Several jurisdictions, including Europe, the U.S. federal government, and certain U.S. states, have already proposed or enacted laws, regulations, and other requirements governing artificial intelligence. Other jurisdictions may decide to adopt similar or more restrictive requirements. These requirements may make it harder for us to conduct our business using artificial intelligence, lead to regulatory fines or penalties, require us to change our business practices, or require us to limit artificial intelligence usage, which may lead to inefficiencies or competitive disadvantages.
We are subject to a broad range of laws and regulations relating to occupational health and safety, and our safety program includes measures required for compliance. We have incurred, and will continue to incur, operating costs and capital expenditures to meet our health and safety obligations, as well as to continually improve our safety systems.
Paragraphs in the 10-Q filed Nov 4, 2026 that were not in the one before
New in the latest 10-Q
9 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Item 6
Our website address is www.smurfitwestrock.com, and our investor relations website is https://investors.smurfitwestrock.com. From time to time, we have used, and expect to continue using, our website as a means of disclosing material, non-public information to the public in a broad, non-exclusionary manner, including for purposes of Regulation Fair Disclosure. Accordingly, investors and potential investors are encouraged to consult our website regularly for important information, in addition to following our press releases, filings with the U.S. Securities and Exchange Commission and public conference calls and webcasts.
Read in the 10-Q
You may sign up on our website to automatically receive e-mail alerts when we post financial information and issue press releases and to receive information about upcoming events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this quarterly report on Form 10-Q.
Read in the 10-Q
Financial statements and notes
On September 23, 2026, the Company announced that it had entered into an agreement to acquire the Chilean Containerboard and Corrugated business of Empresas CMPC S.A. (“CMPC”) for consideration of $ 420 million. The acquisition is expected to close during the first half of 2027, subject to customary closing conditions, including regulatory approvals.
Read in the 10-Q
The following tables show selected financial data for our segments. Total assets by segment are not disclosed as this information is not regularly provided to the Company’s chief operating decision maker (“CODM”).
Read in the 10-Q
On September 15, 2026, we amended the $ 700 million accounts receivable monetization agreement with Coöperatieve Rabobank U.A., New York Branch, to extend the maturity date by one year to September 15, 2027.
Read in the 10-Q
Show the other 4
The goodwill generated and amortized during the 2003 to 2012 period gave rise to tax credits that were subsequently utilized by WestRock to offset federal tax liabilities. The Brazil Federal Revenue Department challenged such offsets on the grounds that they derived from the tax assessments described above, resulting in two additional administrative proceedings. In July 2026, WestRock received a final administrative decision upholding the disallowance of its offsets of corporate income tax credits arising from the tax assessment for the 2003 to 2008 period described above. On August 20, 2026, WestRock filed a third annulment action in the Brazilian federal courts challenging this decision, secured by a surety bond, and collection of the related amounts has been suspended pending the outcome. A similar disallowance of tax credit offsets arising from the assessment for the 2009 to 2012 period remains pending before CARF.
Read in the 10-Q
In addition to the class action lawsuit, on September 22, 2026, the U.S. Department of Justice issued a subpoena to Smurfit Westrock plc in connection with a grand jury investigation in the Northern District of Illinois regarding the pricing and sale of containerboard and related products. We are fully cooperating with the investigation.
Read in the 10-Q
The Company believes that its business practices and those of its subsidiaries have been conducted in compliance with U.S. antitrust laws. While the Company is currently unable to determine the ultimate outcome of these matters or estimate the range of potential loss due to the early stage of these proceedings, it is possible that an adverse outcome could have a material impact on its financial condition, results of operations, or cash flows.
Read in the 10-Q
Item 6
+ Certain identified information has been excluded from this exhibit because it is not material and is of the type that the Company treats as private or confidential.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 27, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:Investing in our ordinary shares involves uncertainty and risk due to a variety of factors, including those described in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially adversely affect our business, financial condition, results of operations (including revenues and profitability) and/or ordinary share price. There have been no material changes in our risk factors since our Annual Report on Form 10-K for the year ended December 31, 2025.
Read in the 10-Q
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 27, 2026 that are in none of the 1 earlier 10-Ks stored, back to Mar 7, 2025
Where each one is used
- share repurchases: •Our decision or ability to pay dividends in respect of our shares or conduct share repurchases is subject to a number of factors, and there are no guarantees that the Company will pay dividends or maintain or increase the level of any such dividends or that the Company will conduct share repurchases.
- conduct share: •Our decision or ability to pay dividends in respect of our shares or conduct share repurchases is subject to a number of factors, and there are no guarantees that the Company will pay dividends or maintain or increase the level of any such dividends or that the Company will conduct share repurchases.
- medium-term plan: We continue to implement and have in the past developed and endeavored to implement a number of operating plans designed to enhance our business. For example, during February 2026, we announced our medium-term plan (“Medium-Term Plan”) targeting an accelerated path to growth. The anticipated benefits described in...
- long-range targets: •Failure by us to successfully implement strategic transformation initiatives, including those relating to information technology infrastructure, or to achieve our mid-range or long-range targets and goals could adversely affect our business and share price.
- antitrust laws: •We are subject to compliance with competition and antitrust laws and regulations in the jurisdictions in which we operate and, from time to time, may be subject to investigations or proceedings with respect to allegations of unfair competitive practices and similar behavior.
- towards maintaining: •We are required to comply with the Sarbanes-Oxley Act, and we may continue to incur significant costs and devote substantial management time towards maintaining and improving our internal controls, which may materially adversely affect our operating results in the future.
- share repurchase: •Our decision or ability to pay dividends in respect of our shares or conduct share repurchases is subject to a number of factors, and there are no guarantees that the Company will pay dividends or maintain or increase the level of any such dividends or that the Company will conduct share repurchases.
- repurchase shares: In addition, from time to time our Board may authorize share repurchase programs. The amount and timing of share repurchases are subject to capital availability and our determination that share repurchases are in the best interest of our shareholders and are in compliance with all respective laws and our applicable...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
20 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/SW/export.csv") into a cell.