Smurfit WestRock plc
SW
Jodie read · what matters now
Revenue jumped to $31.2B in 2025 but diluted shares rose 35.2% and operating margin sits at 5.5%, leaving profits spread thin across a much larger base.
The story is only the start. Jodie keeps watching the filing evidence, the companies connected to SW, and whether its market group begins moving.
Earlier comparable assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-05-01 against the comparable filing from 2025-05-09.
A newer Struct brief is shown above. This older assessment remains here for comparison, not as the current read.
What improved
- Revenue increased 0.7% versus the comparable filing period.
What weakened
- Operating margin fell 3.9 percentage points.
- Net income decreased 83.1% versus the comparable filing period.
- Gross margin fell 4.2 percentage points.
Filing receipts
“This decrease was primarily due to lower volumes of $259 million that was partially offset by a net positive foreign currency impact of $51 million and a $41 million i mpact from a higher selling price mix.”
“This decrease was primarily due to higher costs of $176 million and the impact of lower volumes of $48 million that were partially offset by a higher selling price mix of $41 million.”
“Net cash provided by operating activities decreased by $31 million , to $204 million in the three months ended March 31, 2026 , from $235 million in the three months ended March 31, 2025 , primarily due to a $188 million decrease in net income adjusted for non-cash items, primarily including depreciation, depletion and amortization , impairment of assets , cash surrender value increase in excess of premiums paid , share-based compensation expense , deferred income tax benefit , and pension and other postretirement funding more than cost .”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Who this business touches
The relationships behind SW
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
Depended on by
Filing peers
Companies whose filings use similar operating language.
You can see the shape of the network here. Pro opens 1 more links, the original filing receipts, and alerts when connected names begin moving. See Pro →
What is moving around it
Live connections
SW is currently a Participant in the organic co-movement group Specialty Chemicals & Packaging. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for SW; it is not active in the latest market snapshot.
Theme membership history
No durable theme membership has been observed for this name yet.