Added10-Q 2026-11-04 vs 10-K 2026-02-27
our business, financial condition, results of operations (including revenues and profitability) and/or ordinary share price. There have
SWSmurfit Westrock
- Employees
- 97,000
- Headquarters
- Dublin 4
- CEO
- Anthony P. J. Smurfit
- Next results
- around Feb 10, 2027
54 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.
Compared with the Risk Factors in the latest 10-K of the other 23 Materials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Form 10-K. The Company may not be able to accurately predict, control or mitigate these risks. Statements in this section are based on
the Company’s beliefs and opinions regarding matters that could materially adversely affect the Company in the future and are not
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exhaustive and should not be considered a complete statement of all potential risks or uncertainties that the Company faces or may
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•Our debt could adversely affect our financial health and operating flexibility.
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existing wars or conflicts or the initiation of additional conflicts or hostilities), trade tensions (including the implementation of tariffs
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this will not reoccur. For example, we experienced market-related downtime at certain of our mills during the fourth quarter of fiscal
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paper bags. Certain jurisdictions in which we conduct business have enacted extended producer responsibility legislation that requires
producers to assume financial accountability for the complete lifecycle of products, including associated fees on packaging. These and
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returns in the short or medium terms. We also utilize and intend to expand our use of automation, robotics and machine learning in
many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes.
While we believe the use of these emerging technologies can present significant benefits, they also create risks and challenges. Data
sourcing, technology, integration and process issues, bias in decision-making algorithms, concerns over intellectual property,
reputational implications if use becomes controversial, system security concerns, or the protection of privacy could impair the
adoption and acceptance of autonomous machine solutions. Additionally, if we are unable to match or surpass the advances of
artificial intelligence that our competitors implement for their products or for internal operations, our competitive position could be
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things, regional conflicts or commodity inflation), as well as disruptions and government intervention in national economies
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19 more
labor environment for hourly workers remains competitive with continued instances of labor unrest, even as broader manufacturing
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form of higher levels of overtime pay due to shift requirements and staffing challenges.
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infrastructure, or to achieve our mid-range or long-range targets and goals could adversely affect our business and share price.
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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
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We closed the Combination between Smurfit Kappa and WestRock on July 5, 2024. Following the Combination, we targeted annual
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For instance, we have already incurred significant costs and expect to incur additional costs in connection with integrating the
Similar paragraph at 1 of 23 other Materials companies: IPRead in the 10-K ↗
face challenges in the continued integration of the operations of Smurfit Kappa and WestRock, including without limitation:
•further integrating and unifying the offerings and services available to customers;
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•further coordinating distribution and marketing efforts across geographically dispersed organizations;
The integration may also result in additional and unforeseen expenses, and the anticipated benefits of the integration plan may not be
realized on a timely basis. As such, any of the above factors may impair our ability to realize the anticipated benefits of the
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ordinary shares. The effort to retain customers and attract new customers may require price concessions, financial expenditures,
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•impede access to or increase the cost of additional debt or equity capital in the future;
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In addition, from time to time our Board may authorize share repurchase programs. The amount and timing of share repurchases are
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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
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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
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.
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affect our reporting of transactions completed before such changes are effective.
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Uncertainty in the legal and regulatory regime relating to artificial intelligence may require significant resources to modify and
Similar paragraph at 1 of 23 other Materials companies: IPmaintain business practices to comply with international laws and regulations, the nature of which cannot be determined at this time.
Similar paragraph at 1 of 23 other Materials companies: IPSeveral jurisdictions, including Europe, the U.S. federal government, and certain U.S. states, have already proposed or enacted laws,
Similar paragraph at 1 of 23 other Materials companies: IPregulations, 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
Similar paragraph at 1 of 23 other Materials companies: IPRead in the 10-K ↗
respect thereto. For example, on July 29, 2025, we were named among the defendants in a class action lawsuit filed in the U.S. District
Court for the Northern District of Illinois alleging violations of U.S. antitrust laws. Such allegations, investigations or proceedings
(irrespective of merit) may require, and have required, us to devote significant management resources to defending ourselves. In the
Similar paragraph at 1 of 23 other Materials companies: IPRead in the 10-K ↗
political unrest or change” and “We are exposed to risks related to international sales and operations.”
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2002 (the “Sarbanes-Oxley Act”), of which we have incurred and expect to continue to incur considerable legal and financial
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control over financial reporting to achieve this. Pursuant to Section 404(a) of the Sarbanes-Oxley Act, we are required to furnish a
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New in the latest 10-Q
41 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.
10-Q
economic downtime, our ability to increase prices to offset elevated costs and pass through such increases, and any other statements
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incurrence of significant transaction costs, adverse market reactions, and regulatory and legal challenges; the Company's significant
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Our website address is www.smurfitwestrock.com, and our investor relations website is https://investors.smurfitwestrock.com. From
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time to time, we have used, and expect to continue using, our website as a means of disclosing material, non-public information to the
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public in a broad, non-exclusionary manner, including for purposes of Regulation Fair Disclosure. Accordingly, investors and
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potential investors are encouraged to consult our website regularly for important information, in addition to following our press
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releases, filings with the U.S. Securities and Exchange Commission and public conference calls and webcasts.
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You may sign up on our website to automatically receive e-mail alerts when we post financial information and issue press releases and
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to receive information about upcoming events. The information contained on, or that may be accessed through, our website is not
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Financial statements and notes
On September 23, 2026, the Company announced that it had entered into an agreement to acquire the Chilean Containerboard and
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Corrugated business of Empresas CMPC S.A. (“CMPC”) for consideration of $ 420 million. The acquisition is expected to close
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during the first half of 2027, subject to customary closing conditions, including regulatory approvals.
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The following tables show selected financial data for our segments. Total assets by segment are not disclosed as this information is not
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$ 242 million, respectively. The largest charges related to the April 2025 Announced Closures.
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On September 15, 2026, we amended the $ 700 million accounts receivable monetization agreement with Coöperatieve Rabobank
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U.A., New York Branch, to extend the maturity date by one year to September 15, 2027.
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new issuances or redemptions during the period in relation to the senior notes. During the quarter, the Company activated the
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sustainability-linked provisions under its revolving credit facility. The sustainability performance targets are aligned with the
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Company's sustainability metrics and targets as disclosed in the Company's Sustainability Report. Performance against the applicable
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annual targets may result in increases or decreases to the applicable margin and facility fees.
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sustainability-linked provisions under its euro-denominated trade receivables programs. The sustainability performance targets are
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aligned with the Company's sustainability metrics and targets as disclosed in the Company's Sustainability Report. Performance
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against the applicable annual targets may result in increases or decreases to the applicable margin and facility fees.
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uncertainty regarding their future realization, (vi) tax expense associated with a change in the realizability of certain deferred tax assets
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The goodwill generated and amortized during the 2003 to 2012 period gave rise to tax credits that were subsequently utilized by
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WestRock to offset federal tax liabilities. The Brazil Federal Revenue Department challenged such offsets on the grounds that they
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derived from the tax assessments described above, resulting in two additional administrative proceedings. In July 2026, WestRock
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received a final administrative decision upholding the disallowance of its offsets of corporate income tax credits arising from the tax
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assessment for the 2003 to 2008 period described above. On August 20, 2026, WestRock filed a third annulment action in the
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Brazilian federal courts challenging this decision, secured by a surety bond, and collection of the related amounts has been suspended
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pending the outcome. A similar disallowance of tax credit offsets arising from the assessment for the 2009 to 2012 period remains
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In addition to the class action lawsuit, on September 22, 2026, the U.S. Department of Justice issued a subpoena to Smurfit Westrock
Read in the 10-Q ↗
plc in connection with a grand jury investigation in the Northern District of Illinois regarding the pricing and sale of containerboard
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The Company believes that its business practices and those of its subsidiaries have been conducted in compliance with U.S. antitrust
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which are generally affected by fuel prices and overall labor inflation. During 2026, inflation, including energy prices and freight
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costs, has been unprecedented, and if it remains elevated could lead to further cost pressures.
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material price hikes and the realization of higher pricing from customers. There can be no assurance that announced price increases
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will be fully realized, that they will be realized within the time frames we expect, or that they will be sufficient to offset increases in
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payment expense and the favorable impact of a $13 million reduction in the Italian Competition Authority fine inclusive of costs.
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payment expense and a $13 million reduction in the Italian Competition Authority fine inclusive of costs.
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Item 6
+ Certain identified information has been excluded from this exhibit because it is not material and is of the type that the Company
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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 and underlined).
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:
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“Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially adversely affect
What the 10-Q itself says about its risk factors:
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been no material changes in our risk factors since our Annual Report on Form 10-K for the year ended December 31, 2025.
Reworded10-Q 2026-11-04 vs 10-K 2026-02-27
Investing in our ordinary shares involves uncertainty and risk due to a variety of factors. factors, including those described in Part I, Item 1A,
Work on SW in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SW/export.csv") into a cell.