Jun 2026 (Q2 FY26) — Jul 29, 2026
Smurfit Westrock Q2 FY26 — Strong EBITDA and Pricing Initiatives Amidst Cost Headwinds
Read the full callSmurfit Westrock (SW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Smurfit Westrock earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 8,031 | +1.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 3.9 | +0.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 89.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
6 of 9 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 Adjusted EBITDA | $1.1 billion to $1.2 billion | Mar 2026 | Thanks, Ciaran. I'm happy to be joined today by Ken Bowles, our EVP and CFO. Our second quarter results demonstrate the continued progress we have made in Smurfit Westrock with an adjusted EBITDA of $1.14 billion and an adjusted EBITDA margin of 14.2%. | Achieved |
| North America loss-making corrugated box plants (wind-down) | with the exception of very few, all gone by this time next year | Jun 2025 | But as I say, a lot of the things that we're doing, Mike, are self initiative. We have done a lot of heavy lifting, but we still have a lot of heavy lifting to do. I mean we still have loss-making corrugated box plants, which -- many of which are our own fault, and we will turn those around in time. | Missed |
| FY26 Adjusted EBITDA | $5.0 billion to $5.3 billion | Dec 2025 | Taking all of that into account, we now expect full year adjusted EBITDA to be in the range of $4.9 billion to $5.1 billion. However, demand remained healthy across practically all paper grades, and we remain confident in the long-term earnings per share of the group. | Revised Down |
3 of Smurfit Westrock plc's 27 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Adjusted EBITDA reached $1.14 billion with a 14.2% margin, demonstrating resilient performance against significant cost increases.
- North American paper mill system is fully booked with no commercial downtime anticipated for the remainder of the year.
- EMEA and APAC region continues to outperform, with corrugated volumes up 1.9% and mills operating at full capacity.
- Latin America delivered another excellent quarter with healthy demand and growing corrugated volumes.
- Quality metric in North American corrugated box operations improved by over 25% year-to-date.
Qualified
- Significant freight cost headwind of approximately $300 million more than anticipated, primarily due to higher fuel and shipping rates.
- Selling price remained a headwind in North America due to pass-through impact of weaker containerboard index pricing and lag in realizing higher index pricing.
- Near-term margin compression in EMEA and APAC due to ongoing freight and energy cost inflation.
- Full-year adjusted EBITDA guidance revised to $4.9 billion to $5.1 billion, down from previous expectations due to higher freight costs.
Price
$40.84 −0.78% · −$0.32
Performance −1.4% 1Y
1Y: $41.4 on 17 Oct 2025 → $40.84. High $51.84 (18 Feb 2026), low $32.79 (20 Nov 2025).
- Previous close
- $41.16
- 52-week range
- $32.79 – $51.84
- One year
- −3.29%
Overview
- Symbol
- SW
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 9 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 Adjusted EBITDA | $1.1 billion to $1.2 billion | Mar 2026 | Thanks, Ciaran. I'm happy to be joined today by Ken Bowles, our EVP and CFO. Our second quarter results demonstrate the continued progress we have made in Smurfit Westrock with an adjusted EBITDA of $1.14 billion and an adjusted EBITDA margin of 14.2%. | Achieved |
| North America loss-making corrugated box plants (wind-down) | with the exception of very few, all gone by this time next year | Jun 2025 | But as I say, a lot of the things that we're doing, Mike, are self initiative. We have done a lot of heavy lifting, but we still have a lot of heavy lifting to do. I mean we still have loss-making corrugated box plants, which -- many of which are our own fault, and we will turn those around in time. | Missed |
| FY26 Adjusted EBITDA | $5.0 billion to $5.3 billion | Dec 2025 | Taking all of that into account, we now expect full year adjusted EBITDA to be in the range of $4.9 billion to $5.1 billion. However, demand remained healthy across practically all paper grades, and we remain confident in the long-term earnings per share of the group. | Revised Down |
Claimed
- Adjusted EBITDA reached $1.14 billion with a 14.2% margin, demonstrating resilient performance against significant cost increases.
- North American paper mill system is fully booked with no commercial downtime anticipated for the remainder of the year.
- EMEA and APAC region continues to outperform, with corrugated volumes up 1.9% and mills operating at full capacity.
- Latin America delivered another excellent quarter with healthy demand and growing corrugated volumes.
- Quality metric in North American corrugated box operations improved by over 25% year-to-date.
Qualified
- Significant freight cost headwind of approximately $300 million more than anticipated, primarily due to higher fuel and shipping rates.
- Selling price remained a headwind in North America due to pass-through impact of weaker containerboard index pricing and lag in realizing higher index pricing.
- Near-term margin compression in EMEA and APAC due to ongoing freight and energy cost inflation.
- Full-year adjusted EBITDA guidance revised to $4.9 billion to $5.1 billion, down from previous expectations due to higher freight costs.
The full ledger
Open Smurfit Westrock plc’s full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Smurfit Westrock Q1 FY26 — Solid Performance Amidst Headwinds, Stronger Demand Outlook
Read the full callEvery analysed call
Smurfit Westrock earnings calls (SW)
Financials
What the filings say
Net profit, year on year: +418% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 7,671 | 7,539 | 7,656 | 7,940 | 8,003 | 7,580 | 7,712 | 8,031 |
| Operating profit | 55 | 401 | 553 | 251 | 526 | 389 | 253 | 309 |
| Operating margin | 0.7% | 5.3% | 7.2% | 3.2% | 6.6% | 5.1% | 3.3% | 3.9% |
| Interest | 209 | 204 | 195 | 208 | 204 | 233 | 198 | 208 |
| Profit before tax | -117 | — | 390 | 58 | 336 | 175 | 84 | 128 |
| Tax rate | −28.2% | — | 2.0% | 144.8% | 27.1% | 44.0% | 25.0% | 31.3% |
| Net profit | -150 | — | 384 | -28 | 246 | 97 | 65 | 89 |
| EPS ($ per share) | -0.30 | — | 0.74 | -0.05 | 0.47 | — | 0.12 | 0.17 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Equity capital | — | 0 | 1 | 1 |
| Reserves | — | 3,521 | 2,950 | 2,655 |
| Total liabilities | — | 7,877 | 26,372 | 26,803 |
| Fixed assets | — | 5,791 | 22,675 | 23,232 |
| Total assets | — | 14,051 | 43,759 | 45,157 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | 1,433 | 1,559 | 1,483 | 3,392 |
| Cash from investing | -1,020 | -931 | -2,114 | -2,143 |
| Cash from financing | -431 | -479 | 607 | -1,298 |
| Net cash flow | -144 | 159 | -145 | 37 |
| Capital expenditure | -930 | -929 | -1,466 | -2,192 |
| Free cash flow | 503 | 630 | 17 | 1,200 |
SW revenue by segment
North America shrank from 59% to 58% of revenue over the last seven quarters.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|
| North America | 59% | 60% | 59% | 58% | 57% | 57% | 58% | +0.1% |
| Europe Middle East and Africa and Asia Pacific | — | 34% | 35% | 35% | 36% | 36% | 35% | +1.6% |
| Latin America | — | 7% | 6% | 7% | 7% | 7% | 7% | +8.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SW operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Innovation centers | 34With our network of 34 innovation centers across the globe, that innovation offering and sharing of best practice is something our entire global customer base is now benefiting from.Source: earnings call transcript | 30+Smurfit Westrock is converting operations, are network to and connected with our over 30 innovation hubs across the continents and regions.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q3 FY2024 · share of revenue
- North America 59%
- Europe MEA and APAC 34%
- Latin America 6%
As SW cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
147 filings between Dec 18, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$3.36M
4 sales by 3 insiders
Compensation
not trading decisions- 102
- Award — granted as compensation
- 10
- Option exercise — converted options into shares
- 31
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| SMURFIT ANTHONY P J | — | $2.06M | Feb 19, 2026 |
| Sellier Laurent | — | $781.9K | Feb 18, 2026 |
| Bowles Ken | — | $512.6K | Feb 19, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Harrison Suzan F. Director | Award | 48 | $0 |
| Sep 10, 2026 | FergusonMchugh MaryLynn Director | Award | 48 | $0 |
| Sep 10, 2026 | Finan Irial Director | Award | 75 | $0 |
| Sep 10, 2026 | Rasmussen Jorgen Buhl Director | Award | 48 | $0 |
| Sep 10, 2026 | Arnold Colleen F. Director | Award | 344 | $0 |
| Sep 10, 2026 | Brown Carole Lynnette Director | Award | 48 | $0 |
| Sep 10, 2026 | Mayer Saverio See remarks | Award | 119 | $0 |
| Sep 10, 2026 | SMURFIT ANTHONY P J President and CEO | Award | 486 | $0 |
| Sep 10, 2026 | Hietala Kaisa Director | Award | 48 | $0 |
| Sep 10, 2026 | Page Irene Chief Accounting Officer | Award | 23 | $0 |
| Sep 10, 2026 | Bowles Ken Executive VP and CFO | Award | 140 | $0 |
| Sep 10, 2026 | Sellier Laurent See remarks | Award | 140 | $0 |
| Sep 10, 2026 | Garren Ben See remarks | Award | 56 | $0 |
| Sep 10, 2026 | Fairweather Carol Director | Award | 48 | $0 |
| Sep 10, 2026 | WILSON ALAN D Director | Award | 674 | $0 |
| Sep 10, 2026 | BERNLOHR TIMOTHY J Director | Award | 48 | $0 |
| Sep 10, 2026 | Henao Alvaro See remarks | Award | 35 | $0 |
| Aug 14, 2026 | Bowles Ken Executive VP and Group CFO | Award | 234 | $0 |
| Aug 14, 2026 | Henao Alvaro See remarks | Award | 67 | $0 |
| Aug 14, 2026 | SMURFIT ANTHONY P J President and Group CEO | Award | 784 | $0 |
| Aug 14, 2026 | Page Irene Chief Accounting Officer | Award | 29 | $0 |
| Aug 14, 2026 | Garren Ben See remarks | Award | 71 | $0 |
| Aug 14, 2026 | Sellier Laurent See remarks | Award | 234 | $0 |
| Aug 14, 2026 | Mayer Saverio See remarks | Award | 195 | $0 |
| Jun 10, 2026 | Arnold Colleen F. Director | Award | 368 | $0 |
| Jun 10, 2026 | Rasmussen Jorgen Buhl Director | Award | 51 | $0 |
| Jun 10, 2026 | Brown Carole Lynnette Director | Award | 51 | $0 |
| Jun 10, 2026 | Hietala Kaisa Director | Award | 51 | $0 |
| Jun 10, 2026 | Finan Irial Director | Award | 80 | $0 |
| Jun 10, 2026 | Harrison Suzan F. Director | Award | 51 | $0 |
| Jun 10, 2026 | Garren Ben See remarks | Award | 60 | $0 |
| Jun 10, 2026 | Fairweather Carol Director | Award | 51 | $0 |
| Jun 10, 2026 | Henao Alvaro See remarks | Award | 38 | $0 |
| Jun 10, 2026 | Mayer Saverio See remarks | Award | 127 | $0 |
| Jun 10, 2026 | Sellier Laurent See remarks | Award | 150 | $0 |
| Jun 10, 2026 | WILSON ALAN D Director | Award | 721 | $0 |
| Jun 10, 2026 | FergusonMchugh MaryLynn Director | Award | 51 | $0 |
| Jun 10, 2026 | SMURFIT ANTHONY P J President and Group CEO | Award | 521 | $0 |
| Jun 10, 2026 | BERNLOHR TIMOTHY J Director | Award | 51 | $0 |
| Jun 10, 2026 | Bowles Ken Executive VP and Group CFO | Award | 150 | $0 |
| Jun 10, 2026 | Page Irene Chief Accounting Officer | Award | 25 | $0 |
| May 15, 2026 | Page Irene Chief Accounting Officer | Award | 38 | $0 |
| May 15, 2026 | SMURFIT ANTHONY P J President and Group CEO | Award | 1,018 | $0 |
| May 15, 2026 | Garren Ben See remarks | Award | 92 | $0 |
| May 15, 2026 | Henao Alvaro See remarks | Award | 87 | $0 |
| May 15, 2026 | Sellier Laurent See remarks | Award | 303 | $0 |
| May 15, 2026 | Mayer Saverio See remarks | Award | 253 | $0 |
| May 15, 2026 | Bowles Ken Executive VP and Group CFO | Award | 303 | $0 |
| May 1, 2026 | FergusonMchugh MaryLynn Director | Award | 4,438 | $0 |
| May 1, 2026 | Fairweather Carol Director | Tax withheld | 2,123 | $81.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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