Filing Flows › Smurfit Westrock (SW) › Q3 2025
Smurfit Westrock (SW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Smurfit Westrock (SW) reported revenue of $8.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.8% from the quarter before. Operating margin was 6.6%, net earnings $245M (3.1% of revenue).
Smurfit Westrock, Q3 2025: revenue $8.0B (+4% year over year), operating margin 6.6%, net earnings $245M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.0B | +0.8% | +4% |
| Gross profit | $1.6B | +4% | +16% |
| Operating profit | $526M | +110% | +856% |
| Net earnings | $245M | — | — |
| Operating cash flow | $1.1B | +37% | +254% |
| Free cash flow | $523M | — | — |
What changed
Revenue was $8.0B in Q3 2025, up 4% year over year and up 1% from the previous quarter. North America was the largest line at 58% of revenue. Europe, MEA and APAC added $0.17B year over year (up 7%), 52% of the total change.
Gross margin was 19.6%, up 2.0 points from a year earlier. Operating profit was $0.53B, a 6.6% margin (up 5.9 points year over year). Of the extra revenue versus a year earlier, 142% reached operating profit, above the 1% margin then. Operating expenses fell 19% while revenue rose 4%. Net earnings were $0.25B. The effective tax rate was 27.1%.
Operating cash flow was $1.1B (up 254% year over year), 462% of net earnings. Non-cash charges added back $0.66B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.19B. After capital expenditures ($0.61B), free cash flow as the company reports it was $0.52B.
Questions
What was Smurfit Westrock's revenue in the third quarter 2025?
Smurfit Westrock (SW) reported revenue of $8.0B for the third quarter 2025 (Q3 2025), +4% from a year earlier and +0.8% from the quarter before.
Was Smurfit Westrock profitable in the third quarter 2025?
Operating profit was $526M (6.6% of revenue) and net earnings $245M.
Source: Smurfit Westrock 10-Q on SEC EDGAR.