RewordedRisk Factors
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.
RewordedRisk Factors
For example, if the economic climate were to experience a deterioration as a result of geopolitical events (such as an escalation in
RewordedRisk Factors
RewordedRisk Factors
We are subject to a broad range of regional, national, provincial and local laws and regulations relating to occupational health and safety, and our safety program includes
RewordedRisk Factors
Moreover, any failure to act responsibly with respect to sustainability issues or to effectively respond to new, or changes
RewordedRisk Factors
These processes are subject to numerous international, national, regional, national provincial, state and local environmental laws and regulations, as well as the
RewordedRisk Factors
RewordedRisk Factors
Given trading in our shares on the NYSE and the LSE London Stock Exchange (“LSE”) takes place in different currencies (U.S. dollars on the NYSE and pounds
Show the other 16
RewordedRisk Factors
We will be are required to comply with the Sarbanes-Oxley Act Act, and we may continue to incur significant costs and devote substantial management
RewordedRisk Factors
If we are not able to comply with the requirements of Section 404 in a timely 404, or if we or
RewordedRisk Factors
These liabilities could adversely affect our business, results of operations, cash flows and financial condition condition, and the trading price of our
RewordedRisk Factors
Our levels of debt could restrict our operations operating and make it more difficult financial flexibility,
RewordedMD&A
Years ended December 31, ($ in millions) 2025 2024 2023 2022 Net income $699 $319 $826 $1,035 Income tax expense 260 241 312 391 Depreciation, depletion and amortization 2,550 1,464 580 564 Goodwill impairment — — 12 Impairment of other assets — — 159 and restructuring costs 385 56 Transaction and integration-related expenses associated with the Combination 120 395 78 — Combination Amortization of fair value step up on inventory — 224 — — Interest expense, net 729 398 139 139 Pension and other postretirement non-service (income) expense, net (30) 24 49 8 Share-based compensation expense 139 206 66 68 Other expense (income), expense, net 61 25 46 (15) Other adjustments 90 32 29 26 34 Adjusted EBITDA $4,939 $3,386 $2,128 $2,390
RewordedMD&A
RewordedMD&A
Excluding the impact of this acquisition, acquisition for the incremental period consolidated in the current year, cost of goods sold decreased by $122 million primarily due
RewordedMD&A
RewordedMD&A
In the year ended December 31, 2023, the Company incurred $78 million 2024, transaction and integration-related expenses consisted of transaction-related expenses associated with the
RewordedMD&A
As of December 31, 2024, 2025, Smurfit Westrock had $13,658 $13,773 million of debt, excluding debt issuance costs, of which $1,053 million was total debt.
RewordedMD&A
Years ended December 31, ($ in millions) 2025 2024 2023 2022 Net cash provided by operating activities $3,392 $1,483 $1,559 $1,433 Net cash used for investing activities $(2,143) $(2,114) $(931) $(1,020) Net cash (used for) provided by (used for) financing activities $(1,298) $607 $(479) $(431)
RewordedMD&A
The purchase price allocation for the Merger is preliminary and is subject to revision was revised as additional information about the acquisition- acquisition-date fair value of assets and
RewordedMD&A
RewordedMD&A
In the year ended December 31, 2022, the Company recorded an 2024, impairment charge of $159 million in the Europe, MEA and APAC
RewordedMD&A
RewordedMD&A