Smurfit Westrock (SW) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 reached $7,712 million, up slightly year-over-year, with Adjusted EBITDA of $1,076 million (14.0% margin), down from $1,252 million (16.4% margin) in Q1 2025.

• Net income declined sharply to $63 million from $382 million, mainly due to higher costs, adverse weather, and increased impairment and restructuring charges.

• Over 600 new corrugated customers were onboarded in North America, and a new plant was added in Ecuador, strengthening LATAM presence.

• Integration and culture initiatives progressed, including a European innovation event and asset optimization programs.

• Quarterly dividend declared at $0.4523 per share, payable June 10, 2026.

Financial highlights

• Net sales: $7,712 million; Adjusted EBITDA: $1,076 million (14.0% margin); Net income: $63 million (0.8% margin); Basic EPS: $0.12; Adjusted Basic EPS: $0.33.

• Gross profit: $1,268 million; Operating profit: $253 million.

• Net cash provided by operating activities: $204 million; cash and cash equivalents: $674 million.

• Total assets: $45,170 million; total liabilities: $27,087 million; total equity: $18,083 million.

Outlook and guidance

• Q2 2026 Adjusted EBITDA expected between $1.1 billion and $1.2 billion.

• Full-year 2026 Adjusted EBITDA guidance reaffirmed at $5.0–$5.3 billion.

• By 2030, target $7 billion Adjusted EBITDA, 19% group margin, and $14 billion discretionary free cash flow.

• Volume growth anticipated in the second half of 2026, assuming current industry conditions persist.