Sylvamo (SLVM) FY2025 results: revenue $3.4 billion, down 11.2% on the year
Sylvamo Corp. (SLVM) reported revenue of $3.4 billion for fiscal 2025, the year ended 31 December 2025, down 11.2% on the year before. Net income was $132 million, down 56.3%, and diluted earnings per share $3.24. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$3.4 billion
-11.2% on the year
FY2019FY2025
Operating margin
7.5%
12.0% a year earlier
FY2019FY2025
Net income
$132 million
-56.3% on the year
FY2019FY2025
Diluted EPS
$3.24
-54.9% on the year
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new, 2 kept.
Quarter net income and EBITDA margin: Net income was $33 million and adjusted EBITDA $125 million, a 14% margin. Full year: net income $132 million, adjusted EBITDA $448 million, a 13% margin.
Europe loss widened in the quarter: Europe operating loss was $29 million, against $21 million in the third quarter, on lower price and mix and higher operating and input costs.
North America and Brazil described positively: Management describes North America and Brazil as positive, and Europe and other Latin American countries as challenged.
First quarter headwinds from volumes and energy: Compared with the fourth quarter, regional businesses are expected to face lower volumes, higher energy costs and no repeat of favorable one-time items.
North America volume most affected in Q1: North America sales volume is expected to be most affected in the first quarter as inventory is built for the transition.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
268
469
504
-42.9%
Capital expenditure
224
221
210
+1.4%
Free cash flow
44.0
248
294
-82.3%
Free cash flow margin
1.3%
6.6%
7.9%
Cash from investing
-224
-221
-377
Cash from financing
-125
-310
-219
Depreciation and amortisation
179
159
143
+12.6%
Share-based compensation
18.0
23.0
23.0
-21.7%
Buybacks
82.0
69.0
70.0
+18.8%
Dividends paid
73.0
62.0
57.0
+17.7%
Dividend per share
$1.80
$1.65
$1.40
+9.1%
Diluted shares, weighted
41m
42m
43m
-3.1%
Shares outstanding at period end
39m
41m
41m
-3.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
966
847
901
+14.0%
Debt
853
804
959
+6.1%
Operating lease liabilities
34.0
45.0
46.0
-24.4%
Finance lease liabilities
12.0
12.0
14.0
0.0%
Other liabilities
898
896
952
+0.2%
Total liabilities and equity
2,763
2,604
2,872
+6.1%
Goodwill
114
111
139
+2.7%
Intangible assets
n/a
n/a
6.0
Investments
63.0
104
109
-39.4%
Cash and equivalents
135
205
280
-34.1%
Receivables
399
402
404
-0.7%
Inventory
418
361
404
+15.8%
Other assets
1,634
1,421
1,530
+15.0%
Total assets
2,763
2,604
2,872
+6.1%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.