Filing Flows › Smurfit Westrock (SW) › Q3 2026 › vs Q3 2025
Smurfit Westrock (SW) Q3 2026 vs Q3 2025 (year over year)
Smurfit Westrock's revenue rose $158M (+2%) from $8.0B in Q3 2025 to $8.2B in Q3 2026. The biggest changes: North America +$111M (+2%); LATAM +$42.0M (+8%); Europe, MEA and APAC +$5.0M (+0.2%). Gross margin 17.6% against 19.6% (-2.0 pts).
Smurfit Westrock, Q3 2026: revenue $8.2B (+2% year over year), operating margin 6.0%, net earnings $219M, operating cash flow $874M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 17.6% | 19.6% | -2.0 pts |
| Operating margin | 6.0% | 6.6% | -0.6 pts |
| Net margin | 2.7% | 3.1% | -0.4 pts |
| Free cash flow margin | 4.4% | 6.5% | -2.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| North America | $4.8B | $4.6B | $111M | +2% |
| Europe, MEA and APAC | $2.8B | $2.8B | $5.0M | +0.2% |
| LATAM | $587M | $545M | $42.0M | +8% |
| Revenue | $8.2B | $8.0B | $158M | +2% |
| Gross profit | $1.4B | $1.6B | −$129M | -8% |
| Cost of revenue | $6.7B | $6.4B | $287M | +4% |
| Operating profit | $487M | $526M | −$39.0M | -7% |
| Operating expenses | $953M | $1.0B | −$90.0M | -9% |
| Pre-tax earnings | $314M | $336M | −$22.0M | -7% |
| Other expense, net | $173M | $190M | −$17.0M | -9% |
| SG&A | $927M | $963M | −$36.0M | -4% |
| Other operating costs | $26.0M | $80.0M | −$54.0M | -68% |
| Net earnings | $219M | $245M | −$26.0M | -11% |
| Income tax | $95.0M | $91.0M | $4.0M | +4% |
| Depreciation & amortization | $678M | $659M | $19.0M | +3% |
| Share-based compensation | $21.0M | $35.0M | −$14.0M | -40% |
| Working capital & other | $44.0M | −$194M | $238M | — |
| Operating cash flow | $874M | $1.1B | −$259M | -23% |
| Free cash flow (OCF − capex) | $360M | $523M | −$163M | -31% |
| Capital expenditures | $514M | $610M | −$96.0M | -16% |
Questions
How much did Smurfit Westrock's revenue grow year over year in Q3 2026?
Smurfit Westrock's revenue rose $158M (+2%) from $8.0B in Q3 2025 to $8.2B in Q3 2026.
What drove Smurfit Westrock's revenue change in Q3 2026?
North America +$111M (+2%); LATAM +$42.0M (+8%); Europe, MEA and APAC +$5.0M (+0.2%).