Smurfit Westrock (SW) Q1 FY2026 earnings: revenue $7.7 billion, up 0.7% on the year
Smurfit Westrock plc (SW) reported revenue of $7.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 0.7% on the same quarter a year earlier. Net income was $65 million, down 83.1% on the year, and diluted earnings per share $0.12. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.
Revenue
$7.7 billion
+0.7% on the year · +1.7% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
3.3%
7.2% a year earlier
Q2 FY2024Q1 FY2026
Net income
$65 million
-83.1% on the year · -33.0% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$0.12
-83.6% on the year · -33.3% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 new, 1 kept.
Net sales up, net income down: Net sales were $7,712 million against $7,656 million. Net income was $63 million, a 0.8% margin, against $382 million and 5.0%. Basic EPS was $0.12 against $0.74; diluted EPS $0.12 against $0.73.
Adjusted EBITDA margin fell to 14.0%: Adjusted EBITDA was $1,076 million, a 14.0% margin, against $1,252 million and 16.4%. Adjusted basic EPS was $0.33 against $0.68 a year earlier.
North America margin fell to 13.3%: North America Adjusted EBITDA was $597 million, a 13.3% margin, against $785 million and 16.8%. Segment net sales were $4,407 million against $4,578 million.
$ 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
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
204
1,195
235
-82.9%
-13.2%
Capital expenditure
624
583
477
+7.0%
+30.8%
Free cash flow
-420
612
-242
Free cash flow margin
-5.4%
8.1%
-3.2%
Cash from investing
-627
-579
-476
Cash from financing
209
-624
151
+38.4%
Depreciation and amortisation
728
675
603
+7.9%
+20.7%
Share-based compensation
28.0
25.0
43.0
+12.0%
-34.9%
Buybacks
n/a
0.0
0.0
Dividends paid
237
225
225
+5.3%
+5.3%
Dividend per share
$0.45
n/a
$0.43
+4.7%
Diluted shares, weighted
526m
526m
526m
0.0%
0.0%
Shares outstanding at period end
524m
522m
522m
+0.4%
+0.5%
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
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
18,058
18,327
17,864
-1.5%
+1.1%
Non-controlling interest
25.0
27.0
25.0
-7.4%
0.0%
Debt
14,255
13,773
14,219
+3.5%
+0.3%
Operating lease liabilities
n/a
774
n/a
Finance lease liabilities
n/a
507
n/a
Other liabilities
12,832
11,749
12,541
+9.2%
+2.3%
Total liabilities and equity
45,170
45,157
44,649
+0.0%
+1.2%
Goodwill
7,186
7,218
6,969
-0.4%
+3.1%
Intangible assets
1,036
1,059
1,141
-2.2%
-9.2%
Cash and equivalents
674
892
797
-24.4%
-15.4%
Receivables
4,644
4,268
4,548
+8.8%
+2.1%
Inventory
3,583
3,693
3,670
-3.0%
-2.4%
Other assets
28,047
28,027
27,524
+0.1%
+1.9%
Total assets
45,170
45,157
44,649
+0.0%
+1.2%
Questions
What was Smurfit Westrock's revenue in Q1 FY2026?
Smurfit Westrock (SW) reported revenue of $7.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 0.7% on the same quarter a year earlier.
How much did Smurfit Westrock earn in Q1 FY2026?
Net income for Q1 FY2026 was $65 million, down 83.1% on the year, and diluted earnings per share $0.12.
When did Smurfit Westrock report Q1 FY2026 results?
Smurfit Westrock filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 1 May 2026.
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-Q for the period ended 31 March 2026, filed 1 May 2026: the filing.