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Tables in the 10-Q of Smurfit Westrock plc
53 tables with numbers, filed Nov 7, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| Page |
| EXPLANATORY NOTE | 3 |
| PART I - FINANCIAL INFORMATION | 6 |
| Item 1. Financial Statements | 6 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 37 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 51 |
| Item 4. Controls and Procedures | 51 |
| PART II - OTHER INFORMATION | 53 |
First 8 of 16 rows. The CSV has all of them.
| Page |
| Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 7 |
| Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024 | 8 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and September 30, 2024 | 9 |
| Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024 | 10 |
| Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and September 30, 2024 | 11 |
| Notes to Condensed Consolidated Financial Statements | 14 |
Table 3 after “(in millions, except share data)”
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| September 30, 2025 | December 31, 2024 |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents (amounts related to consolidated variable interest entities of $4 million and $2 million at September 30, 2025 and December 31, 2024, respectively) | $851 | $855 |
| Accounts receivable, net (amounts related to consolidated variable interest entities of $882 million and $767 million at September 30, 2025 and December 31, 2024, respectively) | 4,668 | 4,117 |
| Inventories | 3,781 | 3,550 |
| Other current assets | 1,583 | 1,533 |
| Total current assets | 10,883 | 10,055 |
First 8 of 39 rows. The CSV has all of them.
Table 4 after “(in millions, except per share data)”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Net sales | $8,003 | $7,671 | $23,599 | $13,570 |
| Cost of goods sold | (6,434) | (6,321) | (18,938) | (10,817) |
| Gross profit | 1,569 | 1,350 | 4,661 | 2,753 |
| Selling, general and administrative expenses | (963) | (1,007) | (2,899) | (1,776) |
| Impairment and restructuring costs | (65) | (21) | (360) | (21) |
| Transaction and integration-related expenses associated with the Combination | (15) | (267) | (72) | (350) |
First 8 of 20 rows. The CSV has all of them.
| Three months ended September 30, | Nine months ended September 30, | | | |
| 2025 | | 2024 | 2025 | 2024 |
| Net income (loss) | $245 | | $(150) | $601 | $173 |
| Other comprehensive income (loss), net of tax: | | | | | |
| Foreign currency translation gain (loss) | 66 | | 86 | 1,156 | (181) |
| Defined benefit pension and other postretirement benefit plans adjustments | 14 | | (26) | (56) | 14 |
| Net gain (loss) on cash flow hedges | 1 | | — | (1) | 3 |
| Other comprehensive income (loss), net of tax | 81 | | 60 | 1,099 | (164) |
First 8 of 12 rows. The CSV has all of them.
| Nine months ended September 30, | |
| 2025 | 2024 |
| Operating activities: | | |
| Net income | $601 | $173 |
| Adjustments to reconcile consolidated net income to net cash provided by operating activities: | | |
| Depreciation, depletion and amortization | 1,875 | 872 |
| Impairment charges | 242 | 2 |
| Cash surrender value increase in excess of premiums paid | (34) | (14) |
First 8 of 43 rows. The CSV has all of them.
| Shares of Common Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | Noncontrolling Interest ("NCI") | Total |
| Balance at June 30, 2025 | 522 | $1 | $16,018 | $(65) | $2,771 | $(428) | $18,297 | $27 | $18,324 |
| Net income (loss) | — | — | — | — | 246 | — | 246 | (1) | 245 |
| Other comprehensive income, net of tax | — | — | — | — | — | 81 | 81 | — | 81 |
| Share-based compensation | — | — | 34 | — | — | — | 34 | — | 34 |
| Issuance of common stock net of tax paid in connection with shares withheld from employees | — | — | 1 | — | (1) | — | — | — | — |
| Dividends declared ($0.43 per share)(1) | — | — | 4 | — | (229) | — | (225) | — | (225) |
| Balance at September 30, 2025 | 522 | $1 | $16,057 | $(65) | $2,787 | $(347) | $18,433 | $26 | $18,459 |
| Shares of Common Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | Noncontrolling Interest | Total |
| Balance at June 30, 2024(1) | 261 | $— | $3,580 | $(93) | $3,509 | $(1,071) | $5,925 | $16 | $5,941 |
| Net loss | — | — | — | — | (150) | — | (150) | — | (150) |
| Other comprehensive income, net of tax | — | — | — | — | — | 60 | 60 | — | 60 |
| Share-based compensation | — | — | 119 | — | — | — | 119 | — | 119 |
| Shares of Smurfit Westrock common stock issued to WestRock shareholders and NCI assumed as a result of the Merger | 258 | 1 | 12,098 | — | — | — | 12,099 | 11 | 12,110 |
| Converted WestRock restricted stock units and stock options attributable to pre-Combination services | — | — | 91 | — | — | — | 91 | — | 91 |
| Issuance of common stock net of tax paid in connection with shares withheld from employees | 1 | — | — | — | (21) | — | (21) | — | (21) |
First 8 of 10 rows. The CSV has all of them.
| Shares of Common Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | Noncontrolling Interest | Total |
| Balance at December 31, 2024 | 520 | $1 | $15,948 | $(93) | $2,950 | $(1,446) | $17,360 | $27 | $17,387 |
| Net income (loss) | — | — | — | — | 602 | — | 602 | (1) | 601 |
| Other comprehensive income, net of tax | — | — | — | — | — | 1,099 | 1,099 | — | 1,099 |
| Share-based compensation | — | — | 113 | — | — | — | 113 | — | 113 |
| Shares distributed by Smurfit Kappa Employee Trust | — | — | (17) | 17 | — | — | — | — | — |
| Issuance of common stock net of tax paid in connection with shares withheld from employees | 2 | — | 2 | — | (68) | — | (66) | — | (66) |
| Cancellation of deferred shares by Smurfit Kappa Employee Trust | — | — | — | 11 | (11) | — | — | — | — |
First 8 of 10 rows. The CSV has all of them.
| Shares of Common Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity | Noncontrolling Interest | Total |
| Balance at December 31, 2023(1) | 260 | $— | $3,575 | $(91) | $3,521 | $(847) | $6,158 | $16 | $6,174 |
| Net income | — | — | — | — | 173 | — | 173 | — | 173 |
| Other comprehensive loss, net of tax | — | — | — | — | — | (164) | (164) | — | (164) |
| Share-based compensation | — | — | 149 | — | — | — | 149 | — | 149 |
| Shares distributed by Smurfit Kappa Employee Trust | — | — | (25) | 25 | — | — | — | — | — |
| Purchases of treasury stock | — | — | — | (27) | — | — | (27) | — | (27) |
| Shares of Smurfit Westrock common stock issued to WestRock shareholders and NCI assumed as a result of the Merger | 258 | 1 | 12,098 | — | — | — | 12,099 | 11 | 12,110 |
First 8 of 12 rows. The CSV has all of them.
Table 11 after “had occurred on January 1, 2023.”
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| Three months ended | Nine months ended |
| September 30, 2024 | September 30, 2024 |
| Net sales | $7,931 | $23,381 |
| Net income attributable to common shareholders | 8 | 490 |
Table 12 after “The following tables show selected financial data for our segments.”
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| Three months ended September 30, 2025 | North America | Europe, MEA and APAC | LATAM | Total |
| Net sales (unaffiliated customers) | $4,639 | $2,819 | $545 | $8,003 |
| Add net sales (intersegment) | 82 | 12 | — | 94 |
| Net sales (aggregate) | 4,721 | 2,831 | 545 | 8,097 |
| Less segment expenses: | | | | |
| Segment cost of goods sold | (3,454) | (2,085) | (387) | |
| Segment selling, general and administrative expenses | (457) | (327) | (42) | |
| (3,911) | (2,412) | (429) | (6,752) |
First 8 of 19 rows. The CSV has all of them.
| Three months ended September 30, 2024 | North America | Europe, MEA and APAC | LATAM | Total |
| Net sales (unaffiliated customers) | $4,531 | $2,646 | $494 | $7,671 |
| Add net sales (intersegment) | 118 | 5 | 12 | 135 |
| Net sales (aggregate) | 4,649 | 2,651 | 506 | 7,806 |
| Less segment expenses: | | | | |
| Segment cost of goods sold | (3,414) | (1,956) | (347) | |
| Segment selling, general and administrative expenses | (455) | (284) | (43) | |
| (3,869) | (2,240) | (390) | (6,499) |
First 8 of 20 rows. The CSV has all of them.
Table 14 after “(in millions, except per share data)”
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| Nine months ended September 30, 2025 | North America | Europe, MEA and APAC | LATAM | Total |
| Net sales (unaffiliated customers) | $13,869 | $8,168 | $1,562 | $23,599 |
| Add net sales (intersegment) | 276 | 23 | 14 | 313 |
| Net sales (aggregate) | 14,145 | 8,191 | 1,576 | 23,912 |
| Less segment expenses: | | | | |
| Segment cost of goods sold | (10,368) | (6,059) | (1,091) | |
| Segment selling, general and administrative expenses | (1,430) | (952) | (131) | |
| (11,798) | (7,011) | (1,222) | (20,031) |
First 8 of 19 rows. The CSV has all of them.
Table 15 after “(in millions, except per share data)”
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| Nine months ended September 30, 2024 | North America | Europe, MEA and APAC | LATAM | Total |
| Net sales (unaffiliated customers) | $5,380 | $7,043 | $1,147 | $13,570 |
| Add net sales (intersegment) | 119 | 13 | 40 | 172 |
| Net sales (aggregate) | 5,499 | 7,056 | 1,187 | 13,742 |
| Less segment expenses: | | | | |
| Segment cost of goods sold | (4,046) | (5,101) | (831) | |
| Segment selling, general and administrative expenses | (553) | (797) | (99) | |
| (4,599) | (5,898) | (930) | (11,427) |
First 8 of 20 rows. The CSV has all of them.
Table 16 after “Capital expenditures by segment were:”
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| Nine months ended September 30, | |
| 2025 | 2024 |
| Capital expenditures: | | |
| North America | $936 | $373 |
| Europe, MEA and APAC | 500 | 353 |
| LATAM | 151 | 154 |
| Total reportable segments | 1,587 | 880 |
| Corporate | 22 | 17 |
First 8 of 9 rows. The CSV has all of them.
| September 30, | December 31, |
| 2025 | 2024 |
| Assets: | | |
| North America | $28,933 | $29,078 |
| Europe, MEA and APAC | 12,376 | 10,723 |
| LATAM | 3,663 | 3,180 |
| Total reportable segments | 44,972 | 42,981 |
| Corporate(1) | 597 | 778 |
First 8 of 9 rows. The CSV has all of them.
Table 18 after “attributed to segments based on the location of production.”
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| Three months ended September 30, 2025 | | | |
| North America | Europe, MEA and APAC | LATAM | Total |
| Revenue by product: | | | | |
| Paper | $1,107 | $385 | $55 | $1,547 |
| Packaging | 3,532 | 2,434 | 490 | 6,456 |
| Total | $4,639 | $2,819 | $545 | $8,003 |
Table 19 after “attributed to segments based on the location of production.”
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| Three months ended September 30, 2024 | | | |
| North America | Europe, MEA and APAC | LATAM | Total |
| Revenue by product: | | | | |
| Paper | $1,107 | $402 | $42 | $1,551 |
| Packaging | 3,424 | 2,244 | 452 | 6,120 |
| Total | $4,531 | $2,646 | $494 | $7,671 |
Table 20 after “attributed to segments based on the location of production.”
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| Nine months ended September 30, 2025 | | | |
| North America | Europe, MEA and APAC | LATAM | Total |
| Revenue by product: | | | | |
| Paper | $3,325 | $1,169 | $151 | $4,645 |
| Packaging | 10,544 | 6,999 | 1,411 | 18,954 |
| Total | $13,869 | $8,168 | $1,562 | $23,599 |
Table 21 after “(in millions, except per share data)”
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| Nine months ended September 30, 2024 | | | |
| North America | Europe, MEA and APAC | LATAM | Total |
| Revenue by product: | | | | |
| Paper | $1,165 | $1,092 | $73 | $2,330 |
| Packaging | 4,215 | 5,951 | 1,074 | 11,240 |
| Total | $5,380 | $7,043 | $1,147 | $13,570 |
Table 22 after “The components of impairment and restructuring costs are as follows:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Impairment charges | $58 | $2 | $242 | $2 |
| Restructuring costs | 7 | 19 | 118 | 19 |
| Impairment and restructuring costs | $65 | $21 | $360 | $21 |
Table 23 after “The components of impairment charges are as follows:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Impairment of property, plant and equipment | $41 | $2 | $208 | $2 |
| Impairment of other assets | 17 | — | 34 | — |
| Total impairment charges | $58 | $2 | $242 | $2 |
| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| North America | $12 | $— | $168 | $— |
| Europe, MEA and APAC | 28 | 2 | 39 | 2 |
| LATAM | 1 | — | 1 | — |
| Total impairment charges recognized for property, plant and equipment | $41 | $2 | $208 | $2 |
Table 25 after “The segmental split of the restructuring costs shown in the table above is as follows:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| North America | $6 | $8 | $60 | $8 |
| Europe, MEA and APAC | 1 | 11 | 55 | 11 |
| LATAM | — | — | 3 | — |
| Total restructuring costs | $7 | $19 | $118 | $19 |
Table 26 after “The table below sets forth restructuring costs by type incurred:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Severance charges | $1 | $— | $72 | $— |
| Other costs | 6 | 19 | 46 | 19 |
| Total restructuring costs | $7 | $19 | $118 | $19 |
Table 27 after “in the Company's Condensed Consolidated Balance Sheets:”
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| Severance charges | Other costs | Total |
| Balance at December 31, 2024 | $— | $— | $— |
| Charges for the period | 40 | 20 | 60 |
| Payments | (7) | (12) | (19) |
| Balance at September 30, 2025 | $33 | $8 | $41 |
Table 28 after “The following table summarizes the transaction and integration expenses associated with the Combination:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Transaction-related expenses associated with the Combination | $2 | $(128) | $2 | $(211) |
| Integration-related expenses associated with the Combination | (17) | (139) | (74) | (139) |
| Total transaction and integration-related expenses associated with the Combination | $(15) | $(267) | $(72) | $(350) |
Table 29 after “Accounts receivable consists of the following:”
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| September 30, | December 31, |
| 2025 | 2024 |
| Gross accounts receivable | $4,920 | $4,339 |
| Less: Allowances | (252) | (222) |
| Accounts receivable, net | $4,668 | $4,117 |
| September 30, | December 31, |
| 2025 | 2024 |
| Finished goods | $1,427 | $1,374 |
| Work-in-progress | 208 | 206 |
| Raw materials | 1,380 | 1,288 |
| Consumables and spare parts | 766 | 682 |
| Inventories | $3,781 | $3,550 |
Table 31 after “Property, plant and equipment consists of the following:”
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| September 30, | December 31, |
| 2025 | 2024 |
| Land and buildings | $5,888 | $5,337 |
| Plant and equipment | 24,574 | 22,306 |
| Construction-in-progress | 1,624 | 1,517 |
| Finance lease right-of-use assets | 450 | 419 |
| Property, plant and equipment at cost, excluding forestlands | 32,536 | 29,579 |
| Less: Accumulated depreciation and impairment | (9,780) | (7,155) |
First 8 of 11 rows. The CSV has all of them.
Table 32 after “The components of interest expense, net are as follows:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Interest expense | $(204) | $(209) | $(607) | $(321) |
| Interest income | 27 | 42 | 81 | 96 |
| Interest expense, net | $(177) | $(167) | $(526) | $(225) |
Table 33 after “2 in the fair value hierarchy) were as follows:”
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| September 30, 2025 | December 31, 2024 | | |
| Book Value | Fair Value | Book Value | Fair Value |
| Debt with fixed interest rates | $11,776 | $11,901 | $11,370 | $11,289 |
| Level 1 | | Level 2 | | | | |
| September 30, | | December 31, | | September 30, | | December 31, | |
| 2025 | | 2024 | | 2025 | | 2024 | |
| Assets | | | | | | | |
| Other Investments: | | | | | | | |
| Listed | $2 | | $2 | | $— | | $— |
| Unlisted | — | | — | | 11 | | 10 |
| Derivatives in cash flow hedging relationships | — | | — | | — | | 3 |
First 8 of 14 rows. The CSV has all of them.
| Nine months ended September 30, | |
| 2025 | 2024 |
| Receivable from financial institutions at January 1 | $— | $— |
| Receivables sold to the financial institutions and derecognized | (1,973) | (670) |
| Receivables collected by financial institutions | 2,020 | 621 |
| Cash (payments to) proceeds from financial institutions | (47) | 49 |
| Receivable from financial institutions at September 30 | $— | $— |
Table 36 after “The following were individual components of debt:”
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| September 30, | December 31, |
| 2025 | 2024 |
| $292 million senior debentures due 2025 | $292 | $292 |
| $500 million senior notes due 2027 | 485 | 479 |
| $700 million receivables securitization due 2027 | 550 | 435 |
| €750 million senior notes due 2027 | 881 | 781 |
| $500 million senior notes due 2028 | 485 | 481 |
| $600 million senior notes due 2028 | 584 | 580 |
First 8 of 37 rows. The CSV has all of them.
| Defined Benefit Pension Plans | Defined Benefit Pension Plans | | | | | | |
| U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | | | | |
| Three months ended September 30, | Nine months ended September 30, | | | | | | |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Service cost | $5 | $5 | $10 | $9 | $15 | $5 | $28 | $22 |
| Interest cost | 51 | 50 | 36 | 36 | 155 | 53 | 106 | 78 |
| Expected return on assets | (68) | (70) | (37) | (34) | (204) | (71) | (109) | (78) |
| Amortization of: | | | | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 38 after “(in millions, except per share data)”
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| Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | | |
| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Service cost | $1 | $1 | $2 | $2 |
| Interest cost | 2 | 2 | 5 | 2 |
| Amortization of: | | | | |
| Net actuarial loss | (1) | — | (1) | — |
| Net periodic benefit cost | $2 | $3 | $6 | $4 |
Table 39 after “The following table sets forth the computation of basic and diluted earnings per share:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Numerator: | | | | |
| Net income (loss) attributable to common shareholders | $246 | $(150) | $602 | $173 |
| Denominator: | | | | |
| Basic weighted average shares outstanding | 522 | 508 | 521 | 342 |
| Effect of dilutive share options | 4 | — | 4 | 2 |
| Diluted weighted average shares outstanding | 526 | 508 | 525 | 344 |
First 8 of 10 rows. The CSV has all of them.
Table 40 after “the effect would have been antidilutive:”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Performance stock units | — | 7 | — | — |
| Restricted stock units | — | 3 | — | — |
| Total antidilutive shares | — | 10 | — | — |
| September 30, | December 31, |
| 2025 | 2024 |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents | $4 | $2 |
| Accounts receivable | 882 | 767 |
| Other current assets | 5 | — |
| Non-current assets: | | |
First 8 of 20 rows. The CSV has all of them.
| Foreign Currency Translation | Cash Flow Hedges | Defined Benefit Pension and Other Postretirement Benefit Plans | Other Reserves(1) | Total(2) |
| Balance at June 30, 2024 | $1,056 | $13 | $753 | $(751) | $1,071 |
| Other comprehensive (income) loss | (86) | — | 26 | — | (60) |
| Balance at September 30, 2024 | $970 | $13 | $779 | $(751) | $1,011 |
| Balance at June 30, 2025 | $594 | $18 | $567 | $(751) | $428 |
| Other comprehensive income | (66) | (1) | (14) | — | (81) |
| Balance at September 30, 2025 | $528 | $17 | $553 | $(751) | $347 |
| Foreign Currency Translation | Cash Flow Hedges | Defined Benefit Pension and Other Postretirement Benefit Plans | Other Reserves(1) | Total(2) |
| Balance at December 31, 2023 | $789 | $16 | $793 | $(751) | $847 |
| Other comprehensive loss (income) | 181 | (3) | (14) | — | 164 |
| Balance at September 30, 2024 | $970 | $13 | $779 | $(751) | $1,011 |
| Balance at December 31, 2024 | $1,684 | $16 | $497 | $(751) | $1,446 |
| Other comprehensive (income) loss | (1,156) | 1 | 56 | — | (1,099) |
| Balance at September 30, 2025 | $528 | $17 | $553 | $(751) | $347 |
| Three months ended September 30, | | | | | |
| 2025 | | 2024 | | | |
| Pre-Tax | Tax | Net of Tax | Pre-Tax | Tax | Net of Tax |
| Foreign currency translation gain | $66 | $— | $66 | $86 | $— | $86 |
| Defined benefit pension and other postretirement benefit plans: | | | | | | |
| Amortization and settlement recognition of net actuarial loss | 8 | (1) | 7 | 9 | (1) | 8 |
| Amortization of prior service credit | — | — | — | (1) | — | (1) |
| Foreign currency gain (loss) - pensions | 7 | — | 7 | (33) | — | (33) |
First 8 of 12 rows. The CSV has all of them.
| Nine months ended September 30, | | | | | |
| 2025 | | 2024 | | | |
| Pre-Tax | Tax | Net of Tax | Pre-Tax | Tax | Net of Tax |
| Foreign currency translation gain (loss) | $1,156 | $— | $1,156 | $(181) | $— | $(181) |
| Defined benefit pension and other postretirement benefit plans: | | | | | | |
| Net actuarial loss arising during period | (14) | 4 | (10) | (1) | — | (1) |
| Amortization and settlement recognition of net actuarial loss | 24 | (4) | 20 | 48 | (12) | 36 |
| Prior service cost arising during period | (5) | 1 | (4) | — | — | — |
First 8 of 14 rows. The CSV has all of them.
Table 46 after “The following table summarizes Smurfit Westrock’s consolidated results for the periods presented ($ in millions):”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Net sales | $8,003 | $7,671 | $23,599 | $13,570 |
| Cost of goods sold | (6,434) | (6,321) | (18,938) | (10,817) |
| Gross profit | 1,569 | 1,350 | 4,661 | 2,753 |
| Selling, general and administrative expenses | (963) | (1,007) | (2,899) | (1,776) |
| Impairment and restructuring costs | (65) | (21) | (360) | (21) |
| Transaction and integration-related expenses associated with the Combination | (15) | (267) | (72) | (350) |
First 8 of 17 rows. The CSV has all of them.
| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Net sales (aggregate):(1) | | | | |
| North America | $4,721 | $4,649 | $14,145 | $5,499 |
| Europe, MEA and APAC | 2,831 | 2,651 | 8,191 | 7,056 |
| LATAM | 545 | 506 | 1,576 | 1,187 |
| Segment Adjusted EBITDA: | | | | |
| North America | $810 | $780 | $2,347 | $900 |
First 8 of 10 rows. The CSV has all of them.
Table 48 after “Flows for the periods presented ($ in millions):”
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| Nine months ended September 30, | |
| 2025 | 2024 |
| Net cash provided by operating activities | $2,197 | $702 |
| Net cash used for investing activities | $(1,564) | $(1,595) |
| Net cash (used for) provided by financing activities | $(674) | $869 |
Table 49 after “comparable GAAP measure, for the periods presented ($ in millions).”
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| Three months ended September 30, | Nine months ended September 30, | | |
| 2025 | 2024 | 2025 | 2024 |
| Net income (loss) | $245 | $(150) | $601 | $173 |
| Income tax expense | 91 | 33 | 183 | 164 |
| Depreciation, depletion and amortization | 659 | 564 | 1,875 | 872 |
| Impairment and restructuring costs | 65 | 21 | 360 | 21 |
| Transaction and integration-related expenses associated with the Combination | 15 | 267 | 72 | 350 |
| Amortization of fair value step up on inventory | — | 227 | — | 227 |
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| SUMMARIZED STATEMENT OF OPERATIONS | Nine months ended September 30, |
| 2025 |
| Net sales to unrelated parties | $1,100 |
| Net sales to Non-Obligor Subsidiaries | 909 |
| Gross profit | 697 |
| Interest expense, net with unrelated parties | (464) |
| Interest expense, net with Non-Obligor Subsidiaries | (253) |
| Net income and net income attributable to the Obligor Group | 291 |
| SUMMARIZED BALANCE SHEETS | September 30, | December 31, |
| 2025 | 2024 |
| ASSETS | | |
| Current amounts due from Non-Obligor Subsidiaries | $5,617 | $4,925 |
| Other current assets | 920 | 1,049 |
| Total current assets | $6,537 | $5,974 |
| Non-current amounts due from Non-Obligor Subsidiaries | $2,938 | $2,848 |
| Other non-current assets | 384 | 370 |
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| Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs |
| July 1, 2025 – July 31, 2025 | 822 | $43.00 | — | — |
| August 1, 2025 – August 31, 2025 | — | — | — | — |
| September 1, 2025 – September 30, 2025 | — | — | — | — |
| Total | 822 | | — | |
| ExhibitNumber | Description of Exhibit |
| 3.1 | Amended Constitution of Smurfit Westrock plc (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on July 8, 2024). |
| 10.1†+ | Second Amendment to Purchasing and Servicing of Receivables, dated as of September 12, 2025, among WestRock Company, various WestRock Company subsidiaries, and Coöperatieve Rabobank, U.A. |
| 22 | List of Guarantor Subsidiaries and Issuers of Guaranteed Securities (incorporated by reference to Exhibit 22 of the Company’s Quarterly Report on Form 10-Q filed on August 7, 2025). |
| 31.1† | Certification of the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2† | Certification of the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32†* | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.** |
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