Smurfit Westrock plc financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Smurfit Westrock plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	13,509	12,093	21,109	31,179
Cost of revenue	10,237	9,039	16,914	25,136
Gross profit	3,272	3,054	4,195	6,043
Selling, general and administrative	1,543	1,572	2,737	3,819
Operating income	1,558	1,372	1,007	1,719
Interest expense	148	170	525	840
Interest income	9	31	127	111
Other non-operating income	15	-46	-25	-61
Pre-tax income	1,426	1,138	560	959
Income tax	391	312	241	260
Net income to minority interests	1	1	0	0
Net income	1,034	825	319	699
EBITDA	2,122	1,952	2,471	4,269
EPS, basic	4.00	3.19	0.83	1.34
EPS, diluted	3.96	3.17	0.82	1.33
Shares, basic (weighted)	258	258	386	522
Shares, diluted (weighted)	261	260	389	526
Dividend per share	1.35	1.50	1.89	1.72

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	841	1,000	855	892
Receivables		1,806	4,117	4,268
Inventory		1,203	3,550	3,693
Other current assets		561	1,533	1,586
Total current assets		4,570	10,055	10,439
Property, plant and equipment		5,791	22,675	23,232
Lease right-of-use assets		374	986	1,051
Goodwill	2,722	2,842	6,822	7,218
Intangible assets		218	1,117	1,059
Other non-current assets		601	2,455	2,593
Total assets		14,051	43,759	45,157
Accounts payable		1,728	3,290	3,597
Accrued liabilities		438	882	997
Deferred revenue			5	6
Short-term debt		78	1,053	346
Total current liabilities		3,006	7,333	7,064
Long-term debt		3,669	12,542	13,427
Lease liabilities		269	710	774
Other non-current liabilities		385	2,191	2,318
Total liabilities		7,877	26,372	26,803
Total debt		3,747	13,056	13,223
Paid-in capital		3,575	15,948	16,083
Retained earnings		3,521	2,950	2,655
Treasury stock		-91	-93	-64
Other comprehensive income		-847	-1,446	-348
Shareholders' equity	0	6,158	17,360	18,327
Minority interests		16	27	27
Total equity	5,343	6,174	17,387	18,354
Total liabilities and equity		14,051	43,759	45,157
Shares outstanding		260	520	522

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	1,035	826	319	699
Depreciation and amortization	564	580	1,464	2,550
Stock-based compensation	68	66	206	139
Deferred income tax	41	-28	-137	-190
Change in receivables	-91	245	-144	164
Change in inventory	-209	220	62	35
Change in payables	-33	-260	-273	-23
Cash from operations	1,433	1,559	1,483	3,392
Capital expenditures	-930	-929	-1,466	-2,192
Acquisitions	-93	-29	-719	-6
Cash from investing	-1,020	-931	-2,114	-2,143
Debt issued	52	88	5,707	1,989
Debt repaid	-56	-136	-4,321	-1,841
Share buybacks	-32	-30	-27	0
Dividends paid	-349	-391	-650	-900
Cash from financing	-431	-479	607	-1,298
Exchange rate effect	-126	10	-121	86
Net change in cash	-144	159	-145	37
Free cash flow	503	630	17	1,200
Income taxes paid	338	439	383	521

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $46.41 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.9%	Gross profit / revenue.
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	13.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.3%	Pre-tax income / revenue.
Net margin	1.6%	Net income / revenue.
FCF margin	3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.5%	Cash from operations / revenue.
Effective tax rate	31.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	3.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	12.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.3%	Capital expenditures / revenue.
D&A / revenue	8.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	47.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	44.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	70.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	72.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	26.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	119.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	62.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-30.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	128.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	33.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	6,959.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	33.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	-9.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	5.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	55,435.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	35.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	26.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.45x	Current assets / current liabilities.
Quick ratio	0.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.3%	Total debt / total assets.
Liabilities / assets	60.0%	Total liabilities / total assets.
Net debt	$13.49B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.75x	Operating income / interest expense.
Working capital	$3.34B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.84B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	1.38x	Revenue / average property, plant and equipment.
Inventory turnover	7.12x	Cost of revenue / average inventory.
Days inventory	51 days	365 x average inventory / cost of revenue.
Receivables turnover	6.36x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	59 days	Days inventory + days sales outstanding - days payables.
FCF conversion	204.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	69.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$59.56	Revenue / diluted weighted shares.
FCF per share	$1.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.27	Cash from operations / diluted weighted shares.
Book value per share	$34.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.76	Tangible book value / shares outstanding.
Cash per share	$1.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	185.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	91.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$24.34B	Share price x shares outstanding.
Enterprise value	$37.83B	Market cap + total debt - cash - short-term investments.
P/E	49.0x	Market cap / net income. Only when net income is positive.
P/S	0.78x	Market cap / revenue.
P/B	1.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.47x	Market cap / tangible book value, when positive.
P/FCF	24.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.38x	Market cap / cash from operations, when positive.
EV/Sales	1.21x	Enterprise value / revenue.
EV/EBIT	25.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.97x	Enterprise value / EBITDA, when both are positive.
EV/FCF	37.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.2%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Dividend yield	3.8%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was Smurfit Westrock plc's revenue in fiscal 2025?

Smurfit Westrock plc reported revenue of $31.18B for fiscal 2025, 47.7% higher than the year before.

Was Smurfit Westrock plc profitable in fiscal 2025?

Yes. Net income was $699.0M, a net margin of 2.2%.

How much free cash flow did Smurfit Westrock plc generate in fiscal 2025?

Cash from operations of $3.39B minus capital expenditures of $2.19B left free cash flow of $1.20B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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