Filing Flows › Smurfit Westrock (SW) › Q2 2026 › vs Q2 2025
Smurfit Westrock (SW) Q2 2026 vs Q2 2025 (year over year)
Smurfit Westrock's revenue rose $91.0M (+1%) from $7.9B in Q2 2025 to $8.0B in Q2 2026. The biggest changes: LATAM +$44.0M (+9%); Europe, MEA and APAC +$43.0M (+2%); North America +$4.0M (+0.1%). Gross margin 17.4% against 19.1% (-1.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 17.4% | 19.1% | -1.7 pts |
| Operating margin | 3.8% | 3.2% | +0.7 pts |
| Net margin | 1.1% | -0.3% | +1.4 pts |
| Free cash flow margin | 3.7% | 3.9% | -0.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| North America | $4.7B | $4.7B | $4.0M | +0.1% |
| Europe, MEA and APAC | $2.8B | $2.8B | $43.0M | +2% |
| LATAM | $559M | $515M | $44.0M | +9% |
| Revenue | $8.0B | $7.9B | $91.0M | +1% |
| Gross profit | $1.4B | $1.5B | −$116M | -8% |
| Cost of revenue | $6.6B | $6.4B | $207M | +3% |
| Operating profit | $309M | $251M | $58.0M | +23% |
| Operating expenses | $1.1B | $1.3B | −$174M | -14% |
| Pre-tax earnings | $128M | $58.0M | $70.0M | +121% |
| Other expense, net | $181M | $193M | −$12.0M | -6% |
| SG&A | $970M | $963M | $7.0M | +0.7% |
| Other operating costs | $120M | $301M | −$181M | -60% |
| Net earnings | $88.0M | −$26.0M | $114M | — |
| Income tax | $40.0M | $84.0M | −$44.0M | -52% |
| Depreciation & amortization | $678M | $613M | $65.0M | +11% |
| Share-based compensation | $27.0M | $36.0M | −$9.0M | -25% |
| Working capital & other | $28.0M | −$206M | $234M | — |
| Operating cash flow | $765M | $829M | −$64.0M | -8% |
| Free cash flow (OCF − capex) | $300M | $307M | −$7.0M | -2% |
| Capital expenditures | $465M | $522M | −$57.0M | -11% |
Questions
How much did Smurfit Westrock's revenue grow year over year in Q2 2026?
Smurfit Westrock's revenue rose $91.0M (+1%) from $7.9B in Q2 2025 to $8.0B in Q2 2026.
What drove Smurfit Westrock's revenue change in Q2 2026?
LATAM +$44.0M (+9%); Europe, MEA and APAC +$43.0M (+2%); North America +$4.0M (+0.1%).