Filing Flows › Smurfit Westrock (SW) › Q4 2025
Smurfit Westrock (SW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Smurfit Westrock (SW) reported revenue of $7.6B for the fourth quarter 2025 (Q4 2025), +0.5% from a year earlier and -5% from the quarter before. Operating margin was 5.1%, net earnings $98.0M (1.3% of revenue).
Smurfit Westrock, Q4 2025: revenue $7.6B (+0.5% year over year), operating margin 5.1%, net earnings $98.0M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.6B | -5% | +0.5% |
| Gross profit | $1.4B | -12% | -4% |
| Operating profit | $389M | -26% | -3% |
| Net earnings | $98.0M | -60% | -33% |
| Operating cash flow | $1.2B | +5% | +53% |
| Free cash flow | $612M | — | +189% |
What changed
Revenue was $7.6B in Q4 2025, up 1% year over year and down 5% from the previous quarter. North America was the largest line at 57% of revenue.
Gross margin was 18.2%, down 0.9 points from a year earlier. Operating profit was $0.39B, a 5.1% margin (down 0.2 points year over year). Operating profit fell $0.01B even though revenue rose $0.04B versus a year earlier, so costs grew faster than sales. Operating expenses fell 5% while revenue rose 1%. Net earnings were $0.10B, down 34% year over year. The effective tax rate was 44.0%.
Operating cash flow was $1.2B (up 53% year over year), 1219% of net earnings. Non-cash charges added back $0.68B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.40B. After capital expenditures ($0.58B), free cash flow as the company reports it was $0.61B.
Questions
What was Smurfit Westrock's revenue in the fourth quarter 2025?
Smurfit Westrock (SW) reported revenue of $7.6B for the fourth quarter 2025 (Q4 2025), +0.5% from a year earlier and -5% from the quarter before.
Was Smurfit Westrock profitable in the fourth quarter 2025?
Operating profit was $389M (5.1% of revenue) and net earnings $98.0M.
Source: Smurfit Westrock 10-K on SEC EDGAR.