$SW Smurfit WestRock PLC | Understand Stock

What Do They Do?

Makes paper-based packaging, including corrugated containers, cartons and paper sacks, for consumer and industrial goods makers.

How Do They Make Money?

Customers generally pay for paper and packaging when goods are delivered; for certain custom-made products, the company can collect for work completed before shipment.

revenue

Segment	Share	Revenue	How money arrives
Paper Sold outright	20% FY2022: 16%		Sold outright
Packaging Sold outright	80% FY2022: 84%		Sold outright

Who Are Their Customers?

Consumer and industrial goods makers buy packaging products through the company's sales force. Paper is also marketed through independent sales representatives and distributors.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

6% of revenue

▲ +71% vs FY2024 ($1B, 5%)

Net income, FY2025

2% of revenue

▲ +119% vs FY2024 ($319M, 2%)

Free cash flow, FY2025

4% of revenue

▲ +6959% vs FY2024 ($17M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $7.9B in Q2 FY2025
Net income: ▲ Now profitable; vs −$28M in Q2 FY2025

Packaging share of revenue vs 80.9% in Q2 FY2025

Jul 29, 2026 Company sets third-quarter and full-year adjusted EBITDA outlook It expects approximately $1.3 billion for the third quarter and $4.9 billion to $5.1 billion for the full year.
Apr 30, 2026 Company reaffirms full-year adjusted EBITDA outlook It reaffirmed $5.0 billion to $5.3 billion and began a London listing review that could result in delisting.

Revenue over time

Paper Packaging

$50B$25B$0

FY2022 FY2023 FY2024 FY2025