Smurfit Westrock (SW) Q3 2025 earnings summary

Executive summary

• Net sales reached $8,003 million for Q3 2025, up year-over-year, driven by the WestRock acquisition and an extra five days in the reporting period.

• Adjusted EBITDA was $1,302 million with a 16.3% margin, supported by strong performance across all regions.

• Net income rebounded to $245 million, reversing a prior year loss, and operating profit rose to $526 million.

• Ongoing synergy realization, operational improvements, and asset optimization post-combination, including closure of uneconomic facilities and permanent headcount reduction of over 4,500.

• Strong cash flow performance with operating cash of $1.1 billion and adjusted free cash flow of $579 million.

Financial highlights

• Net sales for Q3 2025 were $8,003 million; adjusted EBITDA was $1,302 million with a 16.3% margin.

• Adjusted free cash flow reached $579 million, up from $118 million year-over-year.

• North America: Net sales $4.7 billion, adjusted EBITDA $810 million, margin 17.2%.

• EMEA & APAC: Net sales $2.8 billion, adjusted EBITDA $419 million, margin 14.8%.

• Latin America: Net sales $545 million, adjusted EBITDA $116 million, margin 21.3%.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance is $4.9–$5.1 billion, reflecting additional economic downtime in Q4.

• 2026 capital expenditures projected at $2.4–$2.5 billion to optimize assets and support growth.

• Long-term targets to be announced in February 2026.