Filing Flows › Smurfit Westrock (SW) › Q1 2025
Smurfit Westrock (SW) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Smurfit Westrock (SW) reported revenue of $7.7B for the first quarter 2025 (Q1 2025), +161% from a year earlier and +2% from the quarter before. Operating margin was 7.2%, net earnings $382M (5.0% of revenue).
Smurfit Westrock, Q1 2025: revenue $7.7B (+161% year over year), operating margin 7.2%, net earnings $382M, operating cash flow $235M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.7B | +2% | +161% |
| Gross profit | $1.6B | +9% | +122% |
| Operating profit | $553M | +38% | +80% |
| Net earnings | $382M | +162% | +100% |
| Operating cash flow | $235M | -70% | +460% |
What changed
Revenue was $7.7B in Q1 2025, up 161% year over year and up 2% from the previous quarter. North America was the largest line at 60% of revenue. North America added $4.2B year over year (up 1011%), 88% of the total change.
Gross margin was 20.6%, down 3.6 points from a year earlier. Operating profit was $0.55B, a 7.2% margin (down 3.3 points year over year). Of the extra revenue versus a year earlier, 5% reached operating profit, below the 10% margin then. Operating expenses grew 154% against revenue growth of 161%. The fastest-growing cost line was SG&A (+156%). Net earnings were $0.38B, up 101% year over year. The effective tax rate was 2.1%.
Operating cash flow was $0.23B (up 460% year over year), 62% of net earnings. Non-cash charges added back $0.60B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.79B. Capital expenditures of $0.48B exceeded it, leaving free cash flow of −$0.24B.
Questions
What was Smurfit Westrock's revenue in the first quarter 2025?
Smurfit Westrock (SW) reported revenue of $7.7B for the first quarter 2025 (Q1 2025), +161% from a year earlier and +2% from the quarter before.
Was Smurfit Westrock profitable in the first quarter 2025?
Operating profit was $553M (7.2% of revenue) and net earnings $382M.
Source: Smurfit Westrock 10-Q on SEC EDGAR.