Quiet changesRisk Factors
In addition, if efforts aimed at
The 10-K against last year's
392 changes: 142 added, 153 removed, 88 reworded, 9 quiet changes
10-K 0001628280-26-012555 (2026-02-27) vs 10-K 0002005951-25-000005 (2025-03-07)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 166 words changed in this paragraph; it is 33% similar to last year's version.
Years ended December 31, 2025 2024 2023 2022 ($ in millions, except per share data) Net income attributable to common shareholders $699 $319 $825 $1,034 Income tax expense 260 241 Depreciation, depletion and amortization 2,550 1,464 Impairment and restructuring costs 385 56 Transaction and integration-related expenses associated with the Combination 120 395 78 — Amortization of fair value step up on inventory — 224 — — Bridge facility fees — 10 — Goodwill impairment — — 12 Impairment of Interest expense, net 729 398 Pension and other assets — — 159 Loss on debt extinguishment 13 — — postretirement non-service (income) expense, net (30) 24 Share-based compensation expense 139 206 Other expense, net 61 25 Other adjustments 90 32 29 Income tax on items listed above (137) (8) (21) 26 34 Adjusted Net Income $904 $937 $1,213 Earnings per share - Basic $0.83 $3.19 $4.00 Transaction and integration-related expenses associated with the Combination 1.02 0.30 — Amortization of fair value step up on inventory 0.58 — — Bridge facility fees — 0.04 — Goodwill impairment — — 0.05 Impairment of other assets — — 0.62 Loss on debt extinguishment 0.03 — — Other adjustments 0.23 0.13 0.11 Income tax on items listed above (0.35) (0.03) (0.09) Adjusted Earnings Per Share – Basic $2.34 $3.63 $4.69 EBITDA $4,939 $3,386
Source: Item 7, 10-K 0001628280-26-012555 vs Item 7, 10-K 0002005951-25-000005
Risk Factors 32 words changed in this paragraph; it is 33% similar to last year's version.
Source: Item 1A, 10-K 0001628280-26-012555 vs Item 1A, 10-K 0002005951-25-000005
Accounting Policies 29 words changed in this paragraph; it is 33% similar to last year's version.
Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001628280-26-012555 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0002005951-25-000005
Legal Proceedings 25 words changed in this paragraph; it is 36% similar to last year's version.
energy, supplies (including fiber, wood, and chemicals), transport and software licensing over periods generally ranging from one year to six years. Some of the amounts are based on management’s estimates and assumptions
Source: Item 3, via Note 21 – Commitments and Contingencies, 10-K 0001628280-26-012555 vs Item 3, via Note 21 – Commitments and Contingencies, 10-K 0002005951-25-000005
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of SW's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-03-07. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldQuiet changesRisk Factors
Both legacy Smurfit Kappa and WestRock previously established and publicly disclosed sustainability targets which are important to many
Quiet changesRisk Factors
Any such risks may result in our operating costs being greater than anticipated and may reduce
Quiet changesRisk Factors
Quiet changesRisk Factors
Any determination to pay dividends to our shareholders will be is at the discretion of the Company’s Board and will be dependent on then-
Quiet changesRisk Factors
That concern is particularly relevant for the GDPR, as different EU member state regulators may
Quiet changesRisk Factors
Any perceived or actual failure by us to protect confidential data, personal data, any
Quiet changesMD&A
Smurfit Westrock’s future results could
Show the other 1
Quiet changesMD&A
Factors that could cause or contribute to such differences include, but are not