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Smurfit Westrock
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Updated Nov 4, 2026
Smurfit Westrock Q3 2026: Price Mix Gains Offset by Freight and Energy Headwinds; North America EBITDA Down 6%
Smurfit Westrock delivered Q3 2026 net sales of $8.161 billion, up $158 million YoY, driven by higher selling price mix of $111 million and volume gains of $52 million, but nine-month results reveal structural margin pressure: North America segment Adjusted EBITDA contracted $286 million (down 12.2% to $2.061 billion) as freight costs rose $161 million and raw material costs climbed $98 million YoY in the nine-month period. Operating cash flow declined $354 million to $1.843 billion due to higher working capital requirements and increased depreciation expense, signaling that price realization is not keeping pace with input cost inflation despite management's efforts to pass through increases.
Tone: cautiousRevenue
$31.2B
SW 10-K · FY 2025
Employees
97,000
Revenue FY2024
$21.1B
Founded
2017
Profile
SW 10-K Item 1 · Feb 27, 2026Smurfit Westrock is a global leader in sustainable, paper-based packaging formed in July 2024 through the combination of Smurfit Kappa and WestRock. The company operates across 40 countries with an integrated system spanning paper mills, corrugated and consumer packaging converting plants, and recovered fiber facilities. Its three reportable segments are North America, Europe/MEA/APAC, and Latin America.
Read filing description ↓ Collapse description ↑
We are a global leader in sustainable, paper-based packaging with extensive scale, quality products and geographic reach and diversity. We aim to create the 'go-to' packaging partner of choice, bringing together highly complementary portfolios and sets of capabilities benefiting customers, employees and shareholders. Our vertically integrated system provides raw materials of wood or recovered fiber, which are used to manufacture various grades of board, which are then converted into packaging products. Our main categories of packaging are corrugated containers, manufactured from containerboard; and consumer packaging, manufactured from paperboard. We also produce other grades of board, such as solidboard, kraft paper, and graphic board, as well as other packaging products such as solidboard packaging, paper sacks and bag-in-box. We maintain operations in 40 countries, primarily in North America, Latin America and Europe, and with some operations in Asia, Africa and Australia. In North America, we are a leader in corrugated and consumer packaging, containerboard and paperboard. In Europe, we are one of the leading companies by production volume in corrugated packaging, containerboard and bag-in-box, and one of the leading producers of consumer packaging. In Latin America, we are a large-scale pan-regional player in corrugated packaging and containerboard. We currently operate 57 paper mills, 450 converting plants, 70 recovered fiber facilities, two wood procurement operations in Europe, two forestry operations in Latin America, 57 distribution facilities in North America, and 30 other production facilities. We have approximately 308,000 acres of forests and plantations, the majority of which are owned in Latin America.
Primary products
- corrugated containers
- containerboard
- consumer packaging
- paperboard
- folding cartons
- solidboard
Business segments
End markets
Geographies
“We are a global leader in sustainable, paper-based packaging with extensive scale, quality products and geographic reach and diversity.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased by $10,070 million in fiscal 2025 versus fiscal 2024, primarily due to $9,845 million related to the acquisition of WestRock, with organic growth of $225 million driven by higher selling price mix and positive foreign currency impact, partially offset by a negative volume impact.
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