SW
Smurfit Westrock Plc37.69
+0.15+0.4%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
NA pipeline tops lost volumes
Q&A fleshed out North America portfolio fixes, confirming half the 1.2 billion sqm lost volume replaced and pipeline exceeding it in volume and quality, with full implementation by early Q2 2026. FY2026 EBITDA guide ($5-5.3B) bakes no pricing, offset by $40-50M synergies, -$60-70M energy, +$50M fiber, and inflation-matching cost cuts; H2 volumes eyed normalizing. Downtime hit $220M FY2025 versus $85M Q4, targeting mid-90s NA utilization. Pipeline crushes prior losses. Consumer packaging deemed strong, synergizing with corrugated. Management directly tackled volume, pricing, and downtime probes; watch NA refilling speed.
Key Stats
Market Cap
19.68BP/E (TTM)
25.82Basic EPS (TTM)
1.46Dividend Yield
0.04%Recent Filings
10-K
FY2025 results
Smurfit Westrock's FY2025 net sales hit $31.2B, up from $21.1B, driven by the WestRock acquisition adding $9.8B while organic sales grew via higher prices despite volume dips. North America dominated at 58.5% of sales with 9.3M tons containerboard and 100B sq ft corrugated shipments; Europe/MEA/APAC shipped 96.8B sq ft. Q4 saw market downtime at certain mills amid overcapacity pressures, yet Adjusted EBITDA climbed to $4.9B with $3.4B operating cash flow funding $2.2B capex. Debt stood at $13.8B but liquidity hit $5.5B; quarterly dividend hiked 5% to $1.81 annualized. Overcapacity risks could stall quarterly momentum.
8-K
Two directors to resign
Smurfit Westrock directors Terrell K. Crews and Lourdes Melgar will step down from the Board effective after the May 1, 2026 AGM, shrinking it to 12 members. No disagreements with company operations prompted the exits. Board thanks them for post-merger service. Carole L. Brown succeeds Crews as Audit Committee Chair.
8-K
Q4 results, 2030 targets set
Smurfit Westrock reported Q4 net sales of $7.6B and full-year $31.2B, with Adjusted EBITDA steady at 15.5% margin despite tough markets; exceeded $400M synergy target via capacity cuts and headcount reduction. Unveiled 2030 Medium-Term Plan targeting ~$7B Adjusted EBITDA, ~300bps margin expansion, and ~$14B cumulative discretionary free cash flow. Strong cash flow fuels dividends and buybacks. North America drives growth.
8-K
Issues $800M USD, €500M EUR notes
Smurfit Westrock subsidiaries issued $800M 5.185% USD senior notes due 2036 and €500M 3.489% EUR senior notes due 2031 on November 21-24, 2025. Proceeds will redeem $500M WRKCo 2027 notes on December 4 and €750M SKT 2027 notes on December 2, plus general corporate uses under the Green Finance Framework. Debt matures longer. Notes carry optional early redemption.
10-Q
Q3 FY2025 results
Smurfit Westrock posted Q3 net sales of $8.0B, up 4.3% y/y from $7.7B yet weighed by softer volumes offset by price mix and FX tailwinds; operating profit leaped to $526M from $55M amid lower integration costs post-Combination closed July 2024. Gross profit margins expanded to 19.6% from 17.6% while YTD sales doubled to $23.6B on WestRock's inclusion, driving $602M net income versus $173M prior. Cash from operations hit $2.2B YTD with $851M liquidity against $14.1B debt; free cash flow not disclosed in the 10-Q. Facility closures trimmed capacity yet aim to lift profitability. Antitrust suits pose litigation risk.
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