Smurfit Westrock (SW) Q4 FY2025 earnings: revenue $7.6 billion, up 0.5% on the year
Smurfit Westrock plc (SW) reported revenue of $7.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 0.5% on the same quarter a year earlier. Net income was $97 million, down 33.6% on the year, and diluted earnings per share $0.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$7.6 billion
+0.5% on the year · -5.3% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
5.1%
5.3% a year earlier
Q1 FY2024Q4 FY2025
Net income
$97 million
-33.6% on the year · -60.6% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$0.18
-35.7% on the year · -61.7% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 raised, 2 new.
Q4 net income fell; Adjusted EBITDA flat: Q4 net income was $98 million, a 1.3% margin, against $146 million a year earlier. Q4 Adjusted EBITDA was $1,172 million, a 15.5% margin, against $1,166 million.
North America fell; downtime cited: Q4 North America Adjusted EBITDA was $651 million at a 14.7% margin, against $710 million at 15.4%. Full-year figure was $2,998 million against $1,610 million.
Full-year Adjusted EBITDA margin slipped: Q4 Adjusted EBITDA margin was 15.5%, the same as the prior-year quarter. Full-year margin was 15.8% against 16.0%.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.
Cash flow
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
1,195
1,133
781
+5.5%
+53.0%
Capital expenditure
583
610
569
-4.4%
+2.5%
Free cash flow
612
523
212
+17.0%
+188.7%
Free cash flow margin
8.1%
6.5%
2.8%
Cash from investing
-579
-568
-519
Cash from financing
-624
-470
-262
Depreciation and amortisation
675
659
592
+2.4%
+14.0%
Share-based compensation
25.0
35.0
52.0
-28.6%
-51.9%
Buybacks
0.0
0.0
0.0
Dividends paid
225
225
157
0.0%
+43.3%
Dividend per share
n/a
$0.43
n/a
Diluted shares, weighted
526m
526m
389m
0.0%
+35.2%
Shares outstanding at period end
522m
522m
520m
+0.0%
+0.4%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
18,327
18,433
17,360
-0.6%
+5.6%
Non-controlling interest
27.0
26.0
27.0
+3.8%
0.0%
Debt
13,773
14,111
13,595
-2.4%
+1.3%
Operating lease liabilities
774
n/a
710
+9.0%
Finance lease liabilities
507
n/a
506
+0.2%
Other liabilities
11,749
12,999
11,561
-9.6%
+1.6%
Total liabilities and equity
45,157
45,569
43,759
-0.9%
+3.2%
Goodwill
7,218
7,213
6,822
+0.1%
+5.8%
Intangible assets
1,059
1,075
1,117
-1.5%
-5.2%
Cash and equivalents
892
851
855
+4.8%
+4.3%
Receivables
4,268
4,668
4,117
-8.6%
+3.7%
Inventory
3,693
3,781
3,550
-2.3%
+4.0%
Other assets
28,027
27,981
27,298
+0.2%
+2.7%
Total assets
45,157
45,569
43,759
-0.9%
+3.2%
Questions
What was Smurfit Westrock's revenue in Q4 FY2025?
Smurfit Westrock (SW) reported revenue of $7.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 0.5% on the same quarter a year earlier.
How much did Smurfit Westrock earn in Q4 FY2025?
Net income for Q4 FY2025 was $97 million, down 33.6% on the year, and diluted earnings per share $0.18.
When did Smurfit Westrock report Q4 FY2025 results?
Smurfit Westrock filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.