10-Q · May 1, 2026
Smurfit Westrock reported Q1 2026 results with revenue of $7.712 billion, slightly up from $7.656 billion YoY, surpassing estimates. However, EPS came in at $0.33, missing expectations of $0.39, down significantly from…
Earnings analysis · 10-Q
SW earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Smurfit Westrock delivered Q3 revenue of $8.161 billion and diluted EPS of $0.45. Revenue increased sequentially and year over year, but both revenue and EPS missed consensus, and the company’s FY2026 Adjusted EBITDA…
Read full summary
Smurfit Westrock delivered Q3 revenue of $8.161 billion and diluted EPS of $0.45. Revenue increased sequentially and year over year, but both revenue and EPS missed consensus, and the company’s FY2026 Adjusted EBITDA outlook had been reduced to approximately $4.7 billion because of approximately $700 million of additional freight and energy costs. The filing excerpt does not provide current-quarter gross margin, operating margin, free cash flow, balance-sheet detail, or exact segment figures, limiting the completeness of the operating analysis.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.45
What stood out
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Revenue grew sequentially and year over year
Q3 revenue was $8.161 billion, up approximately 1.6% from $8.03 billion in Q2 2026 and 2.0% from $8.0 billion in Q3 2025, although it was $125.9 million below the $8.2869 billion consensus estimate.
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EPS recovered sequentially but missed estimates
Diluted EPS was $0.45, compared with $0.17 in Q2 2026 and $0.47 in Q3 2025. EPS was $0.13 below the $0.58 consensus estimate.
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North America demand remained firm
Management reported that North America remained sold out and that LATAM sales and EBITDA grew; the filing data provided no exact segment revenue or EBITDA amounts.
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Cost pressures were quantified
The company identified approximately $700 million of additional expected full-year freight and energy costs, providing a quantified explanation for the FY2026 Adjusted EBITDA outlook reduction to approximately $4.7 billion.
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No reported control deficiencies
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no material change in internal control over financial reporting during the three months ended September 30, 2026.
What to watch
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Freight and energy costs pressure earnings
FY2026 Adjusted EBITDA guidance was reduced to approximately $4.7 billion from the prior $4.9-$5.1 billion range, with approximately $700 million of additional freight and energy costs expected for the full year.
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Quarterly results missed expectations
Q3 revenue missed consensus by $125.9 million ($8.161 billion reported versus $8.2869 billion estimated), while diluted EPS missed by $0.13 ($0.45 versus $0.58).
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No new risk-factor changes
The 10-Q states that there were no material changes in risk factors from the December 31, 2025 Form 10-K; therefore, no new filing-specific risk-factor change was identified.
Management's outlook
The latest quantitative outlook disclosed with the Q3 results was FY2026 Adjusted EBITDA of approximately $4.7 billion, reduced from the prior $4.9-$5.1 billion range. Management attributed approximately $700 million of additional expected full-year freight and energy costs to the reduction; no revenue or EPS guidance was provided in the 10-Q.
Earlier filings 4
10-K · February 27, 2026
Smurfit Westrock positions itself as a global leader in sustainable paper-based packaging following the July 2024 Combination, emphasizing scale, vertical integration and a three-part strategy (Converting, Paper,…
10-Q · November 7, 2025
Smurfit Westrock reported Q3 2025 net sales of $8,003 million (up $332 million vs Q3 2024) with gross margin improvement to 19.6% and a return to profitability (diluted EPS $0.47). The company generated strong operating…
10-K · March 7, 2025
Smurfit Westrock is the combined company formed when Smurfit Kappa and WestRock completed a transaction that closed on July 5, 2024; the filing presents the enlarged, vertically integrated paper-and-packaging platform…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.