Smurfit WestRock (SW) financial statements
Smurfit WestRock reported revenue of $31.2B in fiscal 2025, up 32.2% a year over 3 years.
Net income was $699M and the operating margin 5.5%, against 11.5% in 2022.
Free cash flow was $1.2B, and the company returned $900M in dividends.
The diluted share count rose 102% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Smurfit WestRock's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $13.5B | $12.1B | $21.1B | $31.2B |
| Cost of revenue | $10.2B | $9.0B | $16.9B | $25.1B |
| Gross profit | $3.3B | $3.1B | $4.2B | $6.0B |
| Selling, general and admin | $1.5B | $1.6B | $2.8B | $3.8B |
| Operating income | $1.6B | $1.4B | $1.0B | $1.7B |
| Interest expense | $148M | $170M | $525M | $840M |
| Pre-tax income | $1.4B | $1.1B | $560M | $959M |
| Income tax | $391M | $312M | $241M | $260M |
| Net income | $1.0B | $825M | $319M | $699M |
| EPS (diluted) | $3.96 | $3.17 | $0.82 | $1.33 |
| Diluted shares | 261M | 260M | 389M | 526M |
| Gross margin | 24.2% | 25.3% | 19.9% | 19.4% |
| Operating margin | 11.5% | 11.3% | 4.8% | 5.5% |
| Net margin | 7.7% | 6.8% | 1.5% | 2.2% |
Balance sheet
Fiscal years, from Smurfit WestRock's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $841M | $1.0B | $855M | $892M |
| Receivables | — | $1.8B | $4.1B | $4.3B |
| Inventory | — | $1.2B | $3.5B | $3.7B |
| Total current assets | — | $4.6B | $10.1B | $10.4B |
| Property, plant and equipment | — | $5.8B | $22.7B | $23.2B |
| Goodwill | $2.7B | $2.8B | $6.8B | $7.2B |
| Total assets | — | $14.1B | $43.8B | $45.2B |
| Total current liabilities | — | $3.0B | $7.3B | $7.1B |
| Long-term debt | — | $3.7B | $12.5B | $13.4B |
| Total liabilities | — | $7.9B | $26.4B | $26.8B |
| Shareholders' equity | $107 | $6.2B | $17.4B | $18.3B |
| Net debt | -$841M | $2.7B | $12.7B | $12.9B |
Cash flow
Fiscal years, from Smurfit WestRock's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.6B | $1.5B | $3.4B |
| Capital spending | $930M | $929M | $1.5B | $2.2B |
| Free cash flow | $503M | $630M | $17M | $1.2B |
| Stock-based compensation | $68M | $66M | $206M | $139M |
| Dividends paid | $349M | $391M | $650M | $900M |
| Share buybacks (net) | -$32M | -$30M | -$27M | $0 |
| Net borrowing | -$4M | -$48M | $1.4B | -$243M |
| Free cash flow margin | 3.7% | 5.2% | 0.1% | 3.8% |
| Dividends per share | $1.34 | $1.50 | $1.67 | $1.71 |
Questions
What was Smurfit WestRock's revenue in 2025?
$31.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Smurfit WestRock generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Smurfit WestRock's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.