Filing Flows › Smurfit Westrock (SW) › Q1 2026
Smurfit Westrock (SW) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Smurfit Westrock (SW) reported revenue of $7.7B for the first quarter 2026 (Q1 2026), +0.7% from a year earlier and +2% from the quarter before. Operating margin was 3.3%, net earnings $63.0M (0.8% of revenue).
Smurfit Westrock, Q1 2026: revenue $7.7B (+0.7% year over year), operating margin 3.3%, net earnings $63.0M, operating cash flow $204M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.7B | +2% | +0.7% |
| Gross profit | $1.3B | -8% | -20% |
| Operating profit | $253M | -35% | -54% |
| Net earnings | $63.0M | -36% | -84% |
| Operating cash flow | $204M | -83% | -13% |
What changed
Revenue was $7.7B in Q1 2026, up 1% year over year and up 2% from the previous quarter. North America was the largest line at 57% of revenue. Europe, MEA and APAC added $0.19B year over year (up 7%), 338% of the total change. North America declined 4%.
Gross margin was 16.4%, down 4.2 points from Q1 2025. Operating profit was $0.25B, a 3.3% margin (down 3.9 points year over year). Operating profit fell $0.30B even though revenue rose $0.06B versus Q1 2025, so costs grew faster than sales. Operating expenses fell 1% while revenue rose 1%. Net earnings were $0.07B, down 83% year over year. The effective tax rate was 25.0%.
Operating cash flow was $0.20B (down 13% year over year), 324% of net income including minority interests. Non-cash charges added back $0.73B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.61B. Capital expenditures of $0.62B exceeded it, leaving free cash flow of −$0.42B.
Questions
What was Smurfit Westrock's revenue in the first quarter 2026?
Smurfit Westrock (SW) reported revenue of $7.7B for the first quarter 2026 (Q1 2026), +0.7% from a year earlier and +2% from the quarter before.
Was Smurfit Westrock profitable in the first quarter 2026?
Operating profit was $253M (3.3% of revenue) and net earnings $63.0M.
Source: Smurfit Westrock 10-Q on SEC EDGAR.