Filing Flows › Smurfit Westrock (SW) › Q2 2026 › vs Q1 2026
Smurfit Westrock (SW) Q2 2026 vs Q1 2026 (quarter over quarter)
Smurfit Westrock's revenue rose $319M (+4%) from $7.7B in Q1 2026 to $8.0B in Q2 2026. The biggest changes: North America +$249M (+6%); Europe, MEA and APAC +$51.0M (+2%); LATAM +$19.0M (+4%). Gross margin 17.4% against 16.4% (+1.0 pts).
Smurfit Westrock, Q2 2026: revenue $8.0B (+1% year over year), operating margin 3.8%, net earnings $88.0M, operating cash flow $765M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 17.4% | 16.4% | +1.0 pts |
| Operating margin | 3.8% | 3.3% | +0.6 pts |
| Net margin | 1.1% | 0.8% | +0.3 pts |
| Free cash flow margin | 3.7% | -5.4% | +9.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| North America | $4.7B | $4.4B | $249M | +6% |
| Europe, MEA and APAC | $2.8B | $2.8B | $51.0M | +2% |
| LATAM | $559M | $540M | $19.0M | +4% |
| Revenue | $8.0B | $7.7B | $319M | +4% |
| Gross profit | $1.4B | $1.3B | $131M | +10% |
| Cost of revenue | $6.6B | $6.4B | $188M | +3% |
| Operating profit | $309M | $253M | $56.0M | +22% |
| Operating expenses | $1.1B | $1.0B | $75.0M | +7% |
| Pre-tax earnings | $128M | $84.0M | $44.0M | +52% |
| Other expense, net | $181M | $169M | $12.0M | +7% |
| SG&A | $970M | $961M | $9.0M | +0.9% |
| Other operating costs | $120M | $54.0M | $66.0M | +122% |
| Net earnings | $88.0M | $63.0M | $25.0M | +40% |
| Income tax | $40.0M | $21.0M | $19.0M | +90% |
| Depreciation & amortization | $678M | $728M | −$50.0M | -7% |
| Share-based compensation | $27.0M | $28.0M | −$1.0M | -4% |
| Working capital & other | $28.0M | $615M | −$587M | -95% |
| Operating cash flow | $765M | $204M | $561M | +275% |
| Free cash flow (OCF − capex) | $300M | −$420M | $720M | — |
| Capital expenditures | $465M | $624M | −$159M | -25% |
Questions
How much did Smurfit Westrock's revenue grow quarter over quarter in Q2 2026?
Smurfit Westrock's revenue rose $319M (+4%) from $7.7B in Q1 2026 to $8.0B in Q2 2026.
What drove Smurfit Westrock's revenue change in Q2 2026?
North America +$249M (+6%); Europe, MEA and APAC +$51.0M (+2%); LATAM +$19.0M (+4%).