Smurfit WestRock plc (SW) Income Statement
SW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSW revenue and net income
Where SW's revenue goes
2025Each bar shows an amount and its share of revenue. SW kept 2.2% of revenue as net income.
SW profit margins
SW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +53.0% | +35.2% | +29.6% | +14.4% |
| Gross profit | +49.2% | +25.5% | +16.0% | +9.5% |
| Operating income | +128.8% | +15.2% | +20.1% | +12.1% |
| Net income | +127.0% | −10.2% | +5.1% | +5.7% |
| EPS (diluted) | −11.3% | −15.6% | −0.3% | +1.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SW quarterly EPS vs estimates
Smurfit WestRock beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.60).
SW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.18B | $20.38B | $10.95B | $12.62B | $10.48B | $8.53B | $9.05B | $8.95B | $8.56B | $8.58B |
| Cost of revenue | $25.14B | $16.33B | $8.19B | $9.56B | $8.13B | $5.66B | $6.04B | $5.99B | $5.78B | $5.98B |
| Gross profit | $6.04B | $4.05B | $2.77B | $3.06B | $2.35B | $2.87B | $3.00B | $2.96B | $2.47B | $2.60B |
| Research & development | — | — | — | — | — | $8.0M | $8.0M | $7.2M | — | — |
| Sales, general & admin | $3.82B | $2.79B | $1.61B | $1.44B | $1.35B | $1.51B | $1.36B | $1.31B | $1.29B | $1.72B |
| Total operating expenses | $3.82B | $3.08B | $1.52B | $1.60B | $1.25B | $1.98B | $2.12B | $1.92B | $1.68B | $1.74B |
| Operating income | $2.22B | $972.1M | $1.24B | $1.46B | $1.10B | $891.0M | $884.0M | $1.14B | $792.1M | $857.1M |
| Interest income | $729.0M | $127.0M | $33.2M | $9.7M | $3.4M | $3.7M | — | — | — | — |
| Interest expense | $840.0M | $507.0M | $154.5M | $146.5M | $126.1M | $119.1M | $167.6M | $168.4M | $236.3M | $195.6M |
| Income before taxes | $959.0M | $540.6M | $1.03B | $1.33B | $947.1M | $748.0M | $677.0M | −$404.0M | $555.1M | $687.8M |
| Income taxes | $260.0M | $232.6M | $282.6M | $365.2M | $242.5M | $201.0M | $193.0M | $235.0M | $153.0M | $206.1M |
| Net income | $699.0M | $307.9M | $747.3M | $965.7M | $704.6M | $545.0M | $476.0M | −$646.0M | $417.0M | $467.0M |
| EBITDA | $4.35B | $2.79B | $1.80B | $2.15B | $1.57B | $1.37B | $1.49B | $225.3M | $1.18B | $1.30B |
| EPS (diluted) | $2.20 | $2.48 | $2.88 | $3.66 | $2.69 | $2.23 | $1.99 | −$2.74 | $2.00 | $2.08 |
| Gross margin | 19.4% | 19.9% | 25.3% | 24.2% | 22.4% | 33.7% | 33.2% | 33.1% | 28.9% | 30.3% |
| Operating margin | 7.1% | 4.8% | 11.3% | 11.5% | 10.5% | 10.4% | 9.8% | 12.8% | 9.3% | 10.0% |
| Net margin | 2.2% | 1.5% | 6.8% | 7.7% | 6.7% | 6.4% | 5.3% | −7.2% | 4.9% | 5.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.03B | $6.70B | $7.58B | $8.00B | $7.94B | $7.66B | $7.28B | $6.89B | $2.77B | $2.72B | $2.59B | $2.76B |
| Cost of revenue | $6.63B | $5.60B | $6.20B | $6.43B | $6.42B | $6.08B | $6.10B | $5.47B | $2.12B | $2.06B | $1.96B | $2.06B |
| Gross profit | $1.40B | $1.10B | $1.38B | $1.57B | $1.51B | $1.58B | $1.17B | $1.42B | $646.9M | $658.0M | $635.0M | $701.9M |
| Sales, general & admin | $970.0M | $961.0M | $920.0M | $963.0M | $963.0M | $988.0M | $1.03B | $1.03B | $362.5M | $380.0M | $1.49B | $371.0M |
| Total operating expenses | $1.09B | $834.9M | $920.0M | $963.0M | $963.0M | $973.0M | $785.8M | $1.37B | $419.1M | $373.5M | $471.9M | $367.0M |
| Operating income | $309.0M | $266.7M | $462.0M | $606.0M | $552.0M | $604.0M | $387.1M | $49.4M | $227.8M | $284.5M | $163.0M | $334.8M |
| Interest income | — | $32.0M | $203.0M | $27.0M | $182.0M | $28.0M | $31.0M | $42.0M | $42.0M | $12.0M | $13.2M | $7.0M |
| Interest expense | $179.0M | $198.0M | $233.0M | $204.0M | $208.0M | $195.0M | $197.0M | $187.1M | $30.7M | $34.4M | $67.8M | $46.0M |
| Income before taxes | $128.0M | $73.0M | $175.0M | $336.0M | $58.0M | $390.0M | $215.3M | −$105.1M | $174.6M | $247.4M | $93.3M | $285.7M |
| Income taxes | $40.0M | $18.2M | $77.0M | $91.0M | $84.0M | $8.0M | $74.3M | $29.6M | $51.3M | $70.4M | $48.9M | $69.1M |
| Net income | $88.0M | $56.5M | $97.0M | $246.0M | −$28.0M | $384.0M | $140.9M | −$134.7M | $123.2M | $177.0M | $43.5M | $216.6M |
| EBITDA | $985.0M | $999.0M | $1.08B | $1.20B | $879.0M | $1.19B | $789.6M | $1.01B | $406.1M | $433.7M | $336.1M | $490.9M |
| EPS (diluted) | $0.35 | $0.33 | $0.28 | $0.58 | $0.51 | $0.83 | $0.42 | $0.73 | $0.74 | $0.59 | — | $0.00 |
| Gross margin | 17.4% | 16.4% | 18.2% | 19.6% | 19.1% | 20.6% | 16.1% | 20.6% | 23.3% | 24.2% | 24.5% | 25.5% |
| Operating margin | 3.8% | 4.0% | 6.1% | 7.6% | 7.0% | 7.9% | 5.3% | 0.7% | 8.2% | 10.5% | 6.3% | 12.1% |
| Net margin | 1.1% | 0.8% | 1.3% | 3.1% | −0.4% | 5.0% | 1.9% | −2.0% | 4.4% | 6.5% | 1.7% | 7.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SW's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SW financial results
In fiscal year 2025 (ended December 31, 2025), Smurfit WestRock reported revenue of $31.2 billion, up 53.0% from the year before. It had net income of $699.0 million (up 127.0%), a net profit margin of 2.2%. Diluted earnings per share came to $2.20. Over five years revenue grew at an average rate of 29.6% a year.
See the SW stock overview for the latest quote and news, or the SW chart for price history and technical indicators.
SW income statement FAQ
What is Smurfit WestRock's annual revenue?
Smurfit WestRock reported total revenue of $31.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 53.0% from $20.4 billion the previous year.
Is Smurfit WestRock profitable?
Yes. Smurfit WestRock reported net income of $699.0 million in fiscal 2025, a net profit margin of 2.2%; its operating margin was 7.1%.
What is Smurfit WestRock's gross margin?
Smurfit WestRock's gross margin was 19.4% in fiscal 2025: for every $100 of revenue, Smurfit WestRock kept $19 after the direct cost of its products and services.
How fast is Smurfit WestRock growing?
Revenue grew 29.6% a year on average over the last five fiscal years, from $8.5 billion to $31.2 billion.
What are Smurfit WestRock's earnings per share?
Smurfit WestRock earned $2.20 per diluted share in fiscal 2025, compared with $2.48 a year earlier.
When will Smurfit WestRock report its next earnings?
Smurfit WestRock is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Smurfit WestRock's fiscal year end?
Smurfit WestRock's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.