Filing Flows › Materials › Smurfit Westrock (SW)

Smurfit Westrock (SW) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Smurfit Westrock (SW) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $8.2B · 3¢ of every $1 of revenue kept as net profit · operating margin 6.0%

Smurfit Westrock made $8.2B in Q3 2026 (+2% Y/Y): North America $4.8B, Europe, MEA and APAC $2.8B, LATAM $587M. Operating margin 6.0%, net earnings $219M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$8.2B

Year over year+2%

Operating margin6.0%

Net earnings$219M

Operating cash flow$874M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $8.2B in Q3 2026, up 2% year over year and up 2% from the previous quarter. North America was the largest line at 58% of revenue. North America added $0.11B year over year (up 2%), 70% of the total change.

Gross margin was 17.6%, down 2.0 points from Q3 2025. Operating profit was $0.49B, a 6.0% margin (down 0.6 points year over year). Operating profit fell $0.04B even though revenue rose $0.16B versus Q3 2025, so costs grew faster than sales. Operating expenses fell 9% while revenue rose 2%. Net earnings were $0.22B, down 10% year over year. The effective tax rate was 30.3%.

Operating cash flow was $0.87B (down 23% year over year), 399% of net earnings. Non-cash charges added back $0.68B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.04B. Capital expenditures of $0.51B left free cash flow of $0.36B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 4, 2026	$8.2B	+2%	6.0%	$219M	$874M
Q2 2026	10-Q	Jul 31, 2026	$8.0B	+1%	3.8%	$88.0M	$765M
Q1 2026	10-Q	May 1, 2026	$7.7B	+0.7%	3.3%	$63.0M	$204M
Q4 2025	10-K	Feb 27, 2026	$7.6B	+0.5%	5.1%	$98.0M	$1.2B
Q3 2025	10-Q	Nov 7, 2025	$8.0B	+4%	6.6%	$245M	$1.1B
Q2 2025	10-Q	Aug 7, 2025	$7.9B	+167%	3.2%	−$26.0M	$829M
Q1 2025	10-Q	May 9, 2025	$7.7B	+161%	7.2%	$382M	$235M

Charts

Latest (Q3 2026): Y/Y +2%, Q/Q +2%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $219M, Operating cash flow $874M.

+101.5% since FY2022: more shares outstanding (issuance, stock pay).

Cash $892M, short-term investments —, long-term debt $13.2B at 2025-12-31.

Paperboard Containers & Boxes; dot size is quarterly revenue; dashed lines are the industry's medians.