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Screener / SEC EDGAR /CIK 0002005951 /10-K filed Feb 27, 2026, compared with Mar 7, 2025 /Numbers from the XBRL of the 10-Ks
Materials peers:
SWNEMFCXSHWLINLYB
NYSE Materials · Packaging

Smurfit Westrock SW

SW quote by TradingView
Employees
97,000
Headquarters
Dublin 4
CEO
Anthony P. J. Smurfit
Next results
around Feb 10, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $31.2B through the costs to a net profit of $699.0M · income statement of the 10-K

6% operating margin
Revenue to Gross profit: $6.0BRevenue to Cost of revenue: $25.1BGross profit to Operating profit: $1.7BGross profit to Operating expenses: $4.3BOperating profit to Net profit: $699.0MOperating profit to Tax & other: $1.0B Revenue: $31.2B REVENUE $31.2B +48% Y/Y Gross profit: $6.0B · 19% margin GROSS PROFIT $6.0B 19% margin · +44% Y/Y Cost of revenue: $25.1B · 81% of revenue COST OF REVENUE $25.1B 81% of revenue Operating profit: $1.7B · 6% margin OPERATING PROFIT $1.7B 6% margin · +71% Y/Y Operating expenses: $4.3B · 14% of revenue OPERATING EXPENSES $4.3B 14% of revenue Net profit: $699.0M · 2% margin NET PROFIT $699.0M 2% margin · +119% Y/Y Tax & other: $1.0B · 3% of revenue TAX & OTHER $1.0B 3% of revenue
Gross profit $6.0B 19% margin · +44% Y/Y
Operating profit $1.7B 6% margin · +71% Y/Y
Net profit $699.0M 2% margin · +119% Y/Y
The full income statement, year by year

SW among Materials peers

Six ratios from the latest 10-K. Each corner is the share of 23 peers the company is above, not a score.

Compare
Revenue growth: 47.7%, above 91% of 23 peers (their median 3.6%) REVENUE GROWTH 47.7% · above 91% Gross margin: 17.4%, above 26% of 19 peers (their median 27.5%) GROSS MARGIN 17.4% · above 26% Operating margin: 4.6%, above 20% of 15 peers (their median 11.5%) OPERATING MARGIN 4.6% · above 20% Net margin: 1.5%, above 17% of 23 peers (their median 9.2%) NET MARGIN 1.5% · above 17% FCF margin: 2.7%, above 13% of 23 peers (their median 7.0%) FCF MARGIN 2.7% · above 13% Return on capital: 3.9%, above 18% of 11 peers (their median 9.5%) RETURN ON CAPITAL 3.9% · above 18%
SW Peer median Below the median

What changed

54 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 27, 2026 against Mar 7, 2025.

Risk factors
54 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Evaluation of the qualitative goodwill impairment indicator assessment; As described in Note 10 to the consolidated financial statements, the Company’s goodwill balance as of December 31, 2025 was; We identified the selection and evaluation of qualitative goodwill impairment indicators, or qualitative factors, for the (i) North. No longer listed: Statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or; Evaluation of the fair value of acquired plant and machinery assets; As described in Note 2 to the Consolidated Financial Statements, the Company completed the acquisition of WestRock Company on
10-K · XBRL
Material impairment (8-K item 2.06)
8-K item 2.06 (material impairments) filed Apr 30, 2025
10-K · XBRL
Accounting checks
9 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Critical audit matters changed
    New this year: Evaluation of the qualitative goodwill impairment indicator assessment; As described in Note 10 to the consolidated financial statements, the Company’s goodwill balance as of December 31, 2025 was; We identified the selection and evaluation of qualitative goodwill impairment indicators, or qualitative factors, for the (i) North. No longer listed: Statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or; Evaluation of the fair value of acquired plant and machinery assets; As described in Note 2 to the Consolidated Financial Statements, the Company completed the acquisition of WestRock Company on
  • Material impairment (8-K item 2.06)
    8-K item 2.06 (material impairments) filed Apr 30, 2025
  • Receivables +3.7% vs revenue +47.7% (-44.0 pts)
8 more checks with nothing to note
  • Cash from operations $3.4B vs net income $699.0M (FY ending Dec 31, 2025)
  • Inventory +4.0% vs revenue +47.7% (-43.7 pts)
  • Same auditor in both 10-Ks: KPMG
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 1.03 in the last 2 years

In their words

54 paragraphs in Risk Factors that were not in the 10-K filed Mar 7, 2025. Quoted as filed.

All 54 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 7, 2025 10-K, ITEM 1A
    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
  2. Item 1A · new paragraph · not in the 10-K filed Mar 7, 2025 10-K, ITEM 1A
    We closed the Combination between Smurfit Kappa and WestRock on July 5, 2024. Following the Combination, we targeted annual
  3. Item 1A · new paragraph · not in the 10-K filed Mar 7, 2025 10-K, ITEM 1A
    For instance, we have already incurred significant costs and expect to incur additional costs in connection with integrating the
  4. Item 1A · new paragraph · not in the 10-K filed Mar 7, 2025 10-K, ITEM 1A
    In addition, from time to time our Board may authorize share repurchase programs. The amount and timing of share repurchases are

New risk paragraphs, against peers

Latest 10-K of each, Materials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$13.5B$12.1B$21.1B$31.2B
Net income$1.0B$825.0M$319.0M$699.0M
Operating cash flow$1.4B$1.6B$1.5B$3.4B
Free cash flow$503.0M$630.0M$17.0M$1.2B

Revenue, FY2022 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$31.2B ▲ 47.7% in FY2025

FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Smurfit Westrock, Dublin 4 · from the 10-K filed Feb 27, 2026

Smurfit Westrock was created in July 2024 as a strategic combination between Smurfit Kappa Group plc (re-registered as Smurfit Kappa Group Limited) (“Smurfit Kappa”), one of the leading integrated corrugated packaging manufacturers in Europe, with a large- scale pan-regional presence in Latin America, and WestRock Company (“WestRock”), one of the leaders in North America in corrugated and consumer packaging solutions and a multinational provider of sustainable fiber-based paper and packaging solutions.

Headquarters
Dublin 4
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 28, 2026
Incorporated in
Ireland

Employees, at the top of the page: "As of December 31, 2025, we employed approximately 97,000 people across the 40 countries in which we operate, of which approximately 50,000 were in the North America segment, approximately 36,500 in our Europe, MEA and APAC segment, and approximately 10,500 in the LATAM segment" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 27, 2026 (open at SEC), compared with the 10-K filed Mar 7, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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