SWHIGH SIGNALFINANCIAL10-K

Smurfit WestRock demonstrates exceptional post-merger performance with revenue increasing 48% to $31.2B and net income more than doubling to $699M.

The substantial financial improvements reflect successful integration of the July 2024 Smurfit Kappa-WestRock combination, with the combined entity now operating as a dual-listed company on NYSE and UK exchanges. The language changes show the company has moved beyond merger-related activities to focus on its position as a global leader in sustainable packaging, indicating strong operational synergies and market positioning.

Comparing 2026-02-27 vs 2025-03-07View on EDGAR →
FINANCIAL ANALYSIS

The financial results show exceptional growth across all key metrics, with revenue growing 48% to $31.2B and net income more than doubling from $319M to $699M. Operating cash flow surged 129% to $3.4B while the company increased dividend payments by 39% to $900M, demonstrating both strong cash generation and confidence in returning capital to shareholders. The proportional increases in gross profit (44%) and controlled SG&A growth (37%) indicate effective cost management and operational leverage from the merger, creating a substantially larger and more profitable combined entity.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+128.7%
$1.5B→$3.4B

Operating cash flow surged 128.7% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+119.1%
$319.0M→$699.0M

Net income grew 119.1% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+70.7%
$1.0B→$1.7B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Revenue
P&L
+47.7%
$21.1B→$31.2B

Strong top-line growth of 47.7% — accelerating demand or successful expansion into new markets.

Gross Profit
P&L
+44.1%
$4.2B→$6.0B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Dividends Paid
Cash Flow
+38.5%
$650.0M→$900.0M

Dividend payments increased 38.5% — management confidence in sustained cash generation.

SG&A Expense
P&L
+36.7%
$2.8B→$3.8B

SG&A up 36.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-07
ADDED
Market for Registrant s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 47 Item 6.
Other than in accordance with its legal or regulatory obligations (including under the U.K.
Listing Rules, the Disclosure Guidance and Transparency Rules, the U.K.
Market Abuse Regulation and other applicable regulations), the Company is under no obligation, and the Company expressly disclaims any intention or obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
We are a global leader in sustainable, paper-based packaging with extensive scale, quality products and geographic reach and diversity .
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REMOVED
The registrant s ordinary shares began trading on the New York Stock Exchange on July 8, 2024.
Market for the Registrant s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 51 Item 6.
A detailed description of the terms of the Combination is included in the Registration Statement.
Upon the completion of the Combination on July 5, 2024, Smurfit Kappa and WestRock each became wholly owned subsidiaries of Smurfit Westrock with Smurfit Kappa shareholders owning approximately 50.3% and WestRock shareholders owning approximately 49.7%.
Prior to the closing of the Combination, Smurfit Westrock had no operations other than activities related to its formation and the Combination.
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