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Smurfit Westrock cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$360M in Q3 2026 · $852M over twelve months

Operating cash flow$874M
Capital spending−$514M
Free cash flow+$360M
Cash / net income4.0×
Cash conversion cycle58 days

Analysis

In Q3 2026, Smurfit Westrock generated $874M of operating cash flow and spent $514M on capital projects, leaving free cash flow of $360M. That is $163M less than in Q3 2025 ($523M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.0B; the largest uses were capital spending ($2.2B), dividends ($937M), taxes on employees’ shares ($73.0M); besides operations, cash came from other investing ($38.0M), asset & business sales ($36.0M); the cash balance fell by $128M.

Operating cash flow was $874M against net income of $219M — 4.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$678M, inventory −$173M, accrued liabilities +$106M.

Its cash conversion cycle was 58 days (receivables 56 + inventory 51 − payables 48).

Free cash flow

Smurfit Westrock: free cash flow by quarterSmurfit Westrock: free cash flow by quarter$212MQ4 2024−$242MQ1 2025$307MQ2 2025$523MQ3 2025$612MQ4 2025−$420MQ1 2026$300MQ2 2026$360MQ3 2026
Operating cash flow less capital spending.
Smurfit Westrock: operating cash flow against capital spendingSmurfit Westrock: operating cash flow against capital spendingOperating cash flowCapital spending$781M$569MQ4 2024$235M$477MQ1 2025$829M$522MQ2 2025$1.1B$610MQ3 2025$1.2B$583MQ4 2025$204M$624MQ1 2026$765M$465MQ2 2026$874M$514MQ3 2026
Latest (Q3 2026): Operating cash flow $874M, Capital spending $514M.

Capital allocation, year by year

Smurfit Westrock: where the cash came from (up) and went (down), by fiscal yearSmurfit Westrock: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2022: Operating cash flow $1.4BFY2022: Net borrowing −$7.0MFY2022: Asset sales $13.0MFY2022: Capital spending −$930MFY2022: Acquisitions −$93.0MFY2022: Buybacks −$32.0MFY2022: Dividends −$349M$1.4BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing −$55.0MFY2023: Asset sales $17.0MFY2023: Capital spending −$929MFY2023: Acquisitions −$29.0MFY2023: Buybacks −$30.0MFY2023: Dividends −$391M$1.6BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $1.4BFY2024: Asset sales $61.0MFY2024: Capital spending −$1.5BFY2024: Acquisitions −$719MFY2024: Buybacks −$27.0MFY2024: Dividends −$650M$2.9BFY2024FY2025: Operating cash flow $3.4BFY2025: Net borrowing −$391MFY2025: Asset sales $12.0MFY2025: Capital spending −$2.2BFY2025: Acquisitions −$6.0MFY2025: Dividends −$900M$3.4BFY2025
Over these 4 years operating cash flow totalled $7.9B; the largest uses were capital spending ($5.5B) and dividends ($2.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$723M
Debt$13.2B
Net debt$12.5B
Due within a year$312M

Smurfit Westrock funds itself: free cash flow was $852M over the last twelve months, and $723M of cash and investments stands against $13.2B of debt ($312M due within a year, 2.3× covered by cash).

Smurfit Westrock: debt maturities by year (FY2025)Smurfit Westrock: debt maturities by year (FY2025)$312MYear 1$583MYear 2$1.1BYear 3$2.3BYear 4$1.1BYear 5
Principal due in each year as disclosed in the annual report, against $723M of cash and investments now.

Where the cash came from and went

Smurfit Westrock: sources (+) and uses (−) of cash, Q3 2026Smurfit Westrock: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$874MCapital spending−$514MDividends−$238MNet borrowing (+) / repaid (−)−$105MCash drawn (+) / kept (−)−$46.0MAsset & business sales$20.0MExchange rates−$18.0MOther investing$16.0MTaxes on employees’ shares$13.0MAcquisitions−$1.0MOther financing−$1.0M
Smurfit Westrock: sources (+) and uses (−) of cash, TTM to Q3 2026Smurfit Westrock: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.0BCapital spending−$2.2BDividends−$937MCash drawn (+) / kept (−)$128MTaxes on employees’ shares−$73.0MNet borrowing (+) / repaid (−)−$44.0MOther investing$38.0MAsset & business sales$36.0MExchange rates$31.0MAcquisitions−$21.0MOther financing−$10.0M

From profit to cash

Smurfit Westrock: net income to operating cash flow, Q3 2026Smurfit Westrock: net income to operating cash flow, Q3 2026Net income$219MDepreciation & amortization$678MStock-based pay$21.0MDeferred taxes$14.0MImpairments$1.0MReceivables−$45.0MInventory−$173MPayables$68.0MAccrued liabilities$106MPrepaid and other assets−$5.0MIncome taxes payable$20.0MOperating cash flow$874M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202656514858
Q2 202654494757
Q1 202652514854
Q4 202554555159
Q3 202555544761
Q2 202554534660
Q1 202551534857
Q4 202453545057

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$874M−$514M−$1.0M−$238M−$105M—−$46.0M$360M
Q2 2026$765M−$465M−$1.0M−$237M−$78.0M—−$3.0M$300M
Q1 2026$204M−$624M−$18.0M−$237M$517M$14.0M$218M−$420M
Q4 2025$1.2B−$583M−$1.0M−$225M−$378M—−$41.0M$612M
Q3 2025$1.1B−$610M—−$225M−$246M—−$73.0M$523M
Q2 2025$829M−$522M−$1.0M−$225M−$126M—$19.0M$307M
Q1 2025$235M−$477M−$4.0M−$225M$444M—$58.0M−$242M
Q4 2024$781M−$569M−$3.0M−$157M−$112M—$96.0M$212M

Smurfit Westrock: income statement and cash flow

Smurfit Westrock, Q3 2026: revenue $8.2B (+2% year over year), operating margin 6.0%. The chart follows the revenue to costs, profit and cash.

Smurfit Westrock: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.