SW · 10-Q · 2026Q3 · Full report

Net Income and Profitability

Smurfit Westrock plc · 2026-11-04 · Importance 35 · Surprise 40

Net income attributable to common shareholders decreased $24 million in the third quarter and $226 million in the first nine months of 2026 versus the corresponding 2025 periods. Nine-month gross profit fell $554 million to $4,107 million from $4,661 million, and gross margin declined to about 17.2% from 19.8%, as cost of goods sold increased faster than sales. Nine-month Adjusted EBITDA declined to $3,421 million from $3,767 million; North America Adjusted EBITDA decreased $286 million to $2,061 million, while Europe, MEA and APAC was unchanged at $1,180 million and LATAM rose $5 million to $359 million. Third-quarter Adjusted EBITDA was $1,205 million compared with $1,302 million a year earlier.

Key facts

• Net income attributable to common shareholders decreased by $226 million in the nine months ended September 30, 2026, primarily due to higher cost of goods sold, higher depreciation, depletion and amortization, and accelerated depreciation for machine closures and adverse weather in the first quarter of 2026. source
• Net income attributable to common shareholders decreased by $24 million in the three months ended September 30, 2026, primarily due to higher cost of goods sold, including increased freight and energy costs. source
• Net interest expense decreased $3 million to $174 million in the three months ended September 30, 2026, from $177 million in the prior-year quarter. source
• Net interest expense decreased $7 million to $519 million in the nine months ended September 30, 2026, from $526 million in the prior-year period. source