SWSmurfit Westrock

Materials · Packaging · NYSE

Employees: 97,000
Headquarters: Dublin 4
CEO: Anthony P. J. Smurfit
Next results: around Feb 10, 2027

Dilution: new shares, stock pay and buybacks

prospectuses (S-3, 424B) of the last three years and the 10-K cash flow From EDGAR

Shares offered

Since Nov 11, 2023: 2 registrations of shares for a merger, units or notes, 1 shelf registration; also 2 notes offerings.

Nov 12, 2025 Shelf registration: shares and other securities, amount not fixed S-3ASR
Apr 23, 2025 Shares for a merger, units or notes 424B3
Apr 26, 2024 Shares for a merger, units or notes 424B3

“Under this shelf process, we or the selling security holders may sell any combination of the securities described in this prospectus in one or more offerings.”
S-3ASR, Nov 12, 2025 ↗

Every offering filing →

Paid in stock

$139.0M

stock-based pay, year to Dec 31, 2025

Bought back

cash paid for its own shares, year to Dec 31, 2025

Diluted shares: 526.00M in the year to Dec 31, 2025 2025 +35.2%2024 +49.6%2023 -0.4%

Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How

Where the cash came from and where it went

Last year 3 years

FY2023 to FY2025, from the cash flow statements in the 10-Ks, added up.

Came from

Operating cash flow NetCashProvidedByUsedInOperatingActivities, 0001628280-26-012555	$6.4B
Debt raised ProceedsFromIssuanceOfDebt, 0001628280-26-012555	$7.8B

Went to

Capital spending PaymentsToAcquireProductiveAssets, 0001628280-26-012555	$4.6B
Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired, 0001628280-26-012555	$754.0M
Buybacks PaymentsForRepurchaseOfCommonStock, 0001628280-26-012555	$57.0M
Dividends PaymentsOfDividends, 0001628280-26-012555	$1.9B
Debt repaid RepaymentsOfDebt, 0001628280-26-012555	$6.3B
Added to cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001628280-26-012555	$51.0M
Other, net investments bought and sold, other financing and investing lines, and exchange rates	$530.0M

Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.

Each CEO's years

The CEO of each fiscal year as named in the proxy's pay versus performance table, and what the 10-Ks show for those years. Facts, not a grade.

Mr. Smurfit

FY2025 · 1 year in the table

Operating cash flow: $3.4B
Capital spending: $2.2B
Acquisitions: $6.0M
Buybacks: $0
Dividends: $900.0M
Stock-based pay: $139.0M
Diluted shares since FY2024: +35.2%
Revenue since FY2024: +48%
Debt since FY2024: -$540.0M
CEO pay (reported): $16.4M

The proxy that names the CEO ↗

Buybacks, year to Dec 31, 2025

cash paid for its own shares

Paid in stock to employees

$139.0M

stock-based compensation

Share count, 1 year

+35.2%

more shares: owners are diluted

Share count, 3 years

+34.4%

diluted average shares

Fiscal year to	Buybacks	Dividends	Stock pay	Shares issued for cash	Diluted shares
2025-12-31	$0	$900.0M	$139.0M	-	526.00M
2024-12-31	$27.0M	$650.0M	$206.0M	-	389.00M
2023-12-31	$30.0M	$391.0M	$66.0M	-	260.00M
2022-12-31	$32.0M	$349.0M	$68.0M	-	261.00M

From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividends; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.

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.