"I am pleased to report a strong fourth quarter performance for Smurfit Westrock set against difficult market conditions." — Tony Smurfit, President and CEO, Smurfit Westrock
Feb. 11, 2026 - Smurfit Westrock today announced the financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter Key Points:
"I am pleased to report a strong fourth quarter performance for Smurfit Westrock set against difficult market conditions," said Tony Smurfit, President and CEO of Smurfit Westrock. "We are reporting, for the quarter, Net Income of $98 million and Adjusted EBITDA1 of $1,172 million, with an Adjusted EBITDA Margin1 of 15.5% with a strong Net Cash Provided by Operating Activities of $1,195 million and Adjusted Free Cash Flow1 of $679 million.
"In 2025, we established a strong foundation for Smurfit Westrock. We exceeded our committed synergy target of $400 million and put in place a series of customer-centric, commercial and operating initiatives. We also reduced loss making businesses and closed approximately 600,000 tons of high-cost or inefficient capacity as we continued to focus on portfolio optimization. During the year, we further reduced headcount by over 3,000, while continuing to invest significantly behind our customers, in our asset base and operating efficiency. We will outline the expected benefits of the actions we have taken, and future actions, for the medium-term, during our earnings call later today.
"For our North America region, performance in the quarter reflects the impact of additional downtime taken to balance our system and actively manage working capital. As we continue to transition to a value-based selling approach, our corrugated businesses are already achieving a better business mix and are winning significant new business, setting a strong platform for the future. For our consumer business, while there are near-term capacity issues (primarily within SBS), we believe our strong and continued focus on efficiency, innovation and asset optimization together with an experienced management team positions this business for future performance.
"For our EMEA and APAC region, our leading, integrated platform with strong market positions again delivered an outstanding performance. We continue to believe that our business within this region is optimally positioned for a strong, future recovery.
"The performance of our LATAM region reflects the strength of our market positions and the benefits of growth projects already completed. LATAM continues to be a region of significant growth and opportunity.
"During 2025, we made significant progress in establishing a performance-led culture, optimizing our operating model, and adopting a sharper, customer-centric focus. Through the quality of our people, along with our innovation and sustainability expertise, we are increasingly excited about our future. As we will outline later on, through our Medium-Term Plan, we have targeted an accelerated path to growth.
"With regard to current trading, while we have experienced significant weather events in North America and Europe, we see a generally better industry operating environment, which positions us well for continued performance in 2026."
1 Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Basic EPS are non-GAAP measures. See the “Non-GAAP Financial Measures and Reconciliations” below for discussion and reconciliation of these measures to the most comparable GAAP measures.
Smurfit Westrock plc (NYSE: SW, LSE: SWR) is a leading provider of paper-based packaging solutions in the world, with approximately 97,000 employees across 40 countries.
SOURCE: Smurfit Westrock