Filing Flows › Smurfit Westrock (SW) › Q2 2025
Smurfit Westrock (SW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Smurfit Westrock (SW) reported revenue of $7.9B for the second quarter 2025 (Q2 2025), +167% from a year earlier and +4% from the quarter before. Operating margin was 3.2%, net loss $26.0M (0.3% of revenue).
Smurfit Westrock, Q2 2025: revenue $7.9B (+167% year over year), operating margin 3.2%, net loss $26.0M, operating cash flow $829M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.9B | +4% | +167% |
| Operating profit | $251M | -55% | — |
| Net earnings | −$26.0M | -107% | — |
| Operating cash flow | $829M | +253% | +144% |
| Free cash flow | $307M | — | +88% |
What changed
Revenue was $7.9B in Q2 2025, up 167% year over year and up 4% from the previous quarter. North America was the largest line at 59% of revenue. North America added $4.2B year over year (up 965%), 85% of the total change.
Gross margin was 19.1%, down 4.3 points from a year earlier. Operating profit was $0.25B, a 3.2% margin (down 5.1 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 8% margin then. Operating expenses grew 182% against revenue growth of 167%. The fastest-growing cost line was Other operating costs (+402%). The quarter ended with a net loss of $0.03B, after a profit of $0.38B the previous quarter. Net interest and other expense of $0.19B was the main reason.
Operating cash flow was $0.83B (up 144% year over year). Non-cash charges added back $0.61B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.21B. After capital expenditures ($0.52B), free cash flow as the company reports it was $0.31B.
Questions
What was Smurfit Westrock's revenue in the second quarter 2025?
Smurfit Westrock (SW) reported revenue of $7.9B for the second quarter 2025 (Q2 2025), +167% from a year earlier and +4% from the quarter before.
Was Smurfit Westrock profitable in the second quarter 2025?
Operating profit was $251M (3.2% of revenue) and net loss $26.0M.
Source: Smurfit Westrock 10-Q on SEC EDGAR.