$SW

Smurfit Westrock plc

CIK:0002005951|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 8,031	$ 7,940	$ 15,743	$ 15,596
Cost of goods sold	(6,632)	(6,425)	(13,076)	(12,504)
Gross profit	1,399	1,515	2,667	3,092
Selling, general and administrative expenses	(970)	(963)	(1,931)	(1,936)
Impairment and restructuring costs	(119)	(280)	(173)	(295)
Transaction and integration-related expenses associated with the Combination	(1)	(21)	(1)	(57)
Operating profit	309	251	562	804
Interest expense, net	(179)	(182)	(345)	(349)
Pension and other postretirement non-service income, net	10	7	18	16
Other expense, net	(12)	(18)	(23)	(23)
Income before income taxes	128	58	212	448
Income tax expense	(40)	(84)	(61)	(92)
Net income (loss)	88	(26)	151	356
Net loss (income) attributable to noncontrolling interests	1	(2)	3	0
Net income (loss) attributable to common shareholders	$ 89	$ (28)	$ 154	$ 356
Basic earnings (loss) per share attributable to common shareholders (in dollars per share)	$ 0.17	$ (0.05)	$ 0.29	$ 0.68
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share)	$ 0.17	$ (0.05)	$ 0.29	$ 0.68

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 151	$ 356
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,406	1,216
Impairment of assets	107	184
Cash surrender value increase in excess of premiums paid	(25)	(20)
Share-based compensation expense	55	79
Deferred income tax benefit	(105)	(127)
Pension and other postretirement funding more than cost	(59)	(59)
Other	(1)	6
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	(666)	(434)
Inventories	73	(55)
Other assets	24	(47)
Accounts payable	95	(35)
Income taxes	(49)	9
Accrued liabilities and other	(37)	(9)
Net cash provided by operating activities	969	1,064
Investing activities:
Capital expenditures	(1,089)	(999)
Cash paid for purchase of businesses, net of cash acquired	(19)	(5)
Proceeds from corporate owned life insurance	11	3
Proceeds from sale of property, plant and equipment	19	0
Other	3	5
Net cash used for investing activities	(1,075)	(996)
Financing activities:
Additions to debt	48	498
Repayments of debt	(48)	(121)
Debt issuance costs	(4)	(6)
Changes in commercial paper, net	446	(18)
Other debt additions (repayments), net	20	(18)
Repayments of finance lease liabilities	(27)	(23)
Proceeds from re-issuance of shares from treasury stock	14	0
Tax paid in connection with shares withheld from employees	(85)	(67)
Cash dividends paid to shareholders	(474)	(450)
Other	1	1
Net cash used for financing activities	(109)	(204)
Effect of exchange rate changes on cash and cash equivalents	0	59
Decrease in cash and cash equivalents	(215)	(77)
Cash and cash equivalents at beginning of period	892	855
Cash and cash equivalents at end of period	$ 677	$ 778

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (amounts related to consolidated variable interest entities of $1 million and $3 million at June 30, 2026 and December 31, 2025, respectively)	$ 677	$ 892
Accounts receivable, net (amounts related to consolidated variable interest entities of $860 million and $876 million at June 30, 2026 and December 31, 2025, respectively)	4,922	4,268
Inventories	3,612	3,693
Other current assets	1,607	1,586
Total current assets	10,818	10,439
Property, plant and equipment, net	22,672	23,232
Goodwill	7,175	7,218
Intangibles, net	1,021	1,059
Prepaid pension asset	677	616
Other non-current assets (amounts related to consolidated variable interest entities of $394 million and $393 million at June 30, 2026 and December 31, 2025, respectively)	2,838	2,593
Total assets	45,201	45,157
Current liabilities:
Accounts payable	3,467	3,597
Accrued expenses	651	601
Accrued compensation and benefits	820	997
Current portion of debt	931	346
Other current liabilities	1,607	1,523
Total current liabilities	7,476	7,064
Non-current debt due after one year (amounts related to consolidated variable interest entities of $366 million and $376 million at June 30, 2026 and December 31, 2025, respectively)	13,233	13,427
Deferred tax liabilities	3,365	3,297
Pension liabilities and other postretirement benefits, net of current portion	672	697
Other non-current liabilities (amounts related to consolidated variable interest entities of $336 million and $335 million at June 30, 2026 and December 31, 2025, respectively)	2,395	2,318
Total liabilities	27,141	26,803
Commitments and Contingencies (Note 14)
Equity:
Preferred stock, $0.001 par value; 500,000,000 shares authorized; 10,000 shares outstanding	0	0
Common stock, $0.001 par value; 9,500,000,000 shares authorized; 524,522,908 and 522,310,486 shares outstanding at June 30, 2026 and December 31, 2025, respectively	1	1
Treasury stock, at cost; 706,129 and 1,449,320 common stock at June 30, 2026, and December 31, 2025, respectively	(34)	(64)
Capital in excess of par value	16,125	16,083
Accumulated other comprehensive loss	(299)	(348)
Retained earnings	2,243	2,655
Total shareholders’ equity	18,036	18,327
Noncontrolling interests	24	27
Total equity	18,060	18,354
Total liabilities and equity	$ 45,201	$ 45,157