Highlights

  • Third quarter net sales were $8,161 million and net income was $219 million, compared with $8,003 million and $245 million.
  • Non-GAAP Adjusted EBITDA was $1,205 million with a 14.8% margin, compared with $1,302 million and 16.3%.
  • The company estimates 2026 Adjusted EBITDA of approximately $4.7 billion and approximately $700 million of additional freight and energy costs.
  • The board approved a quarterly dividend of $0.4523 per ordinary share, payable December 10, 2026.

Smurfit Westrock plc (NYSE:SW) shares were trading at USD 39.15 on October 28, 2026, down 7.97%, with a relative volume at time of 3.19. The packaging company announced during the third quarter an agreement to acquire the containerboard assets of CMPC in Chile, and on October 28 it reported third quarter 2026 results, a quarterly dividend and an updated full-year Adjusted EBITDA estimate.

Smurfit Westrock plc is incorporated in Ireland and lists its principal executive offices in Dublin. The company describes itself as a provider of paper-based packaging solutions, with approximately 96,000 employees across 40 countries. It reports three segments: North America, which covers the U.S., Canada and Mexico, Europe, MEA and APAC, and LATAM. The company was formed through the combination of Smurfit Kappa Group and WestRock Company, and its ordinary shares trade on the New York Stock Exchange.

Third Quarter Results

Smurfit Westrock reported net sales of $8,161 million for the third quarter ended September 30, 2026, compared with $8,003 million a year earlier. Gross profit was $1,440 million, compared with $1,569 million. Operating profit was $487 million, compared with $526 million. Impairment and restructuring costs were $26 million, compared with $65 million. Net interest expense was $174 million, compared with $177 million, and income tax expense was $95 million, compared with $91 million.

Net income was $219 million, with a net income margin of 2.7%, compared with $245 million and 3.1%. Basic EPS was $0.42, compared with $0.47. Adjusted Basic EPS, a non-GAAP measure, was $0.45, compared with $0.58. Net cash provided by operating activities was $874 million, compared with $1,133 million.

For the nine months ended September 30, 2026, net sales were $23,904 million, compared with $23,599 million, and net income was $370 million, compared with $601 million.

Regional Results

North America reported Adjusted EBITDA of $760 million and an Adjusted EBITDA margin of 15.6% for the quarter, compared with $810 million and 17.2%. Europe, MEA and APAC reported $379 million and 13.4%, compared with $419 million and 14.8%. LATAM reported $126 million and 21.4%, compared with $116 million and 21.3%.

In the release, the chief executive officer said the company remains sold out in all containerboard grades and most consumer grades in North America, and that containerboard price increases in Europe, MEA and APAC are being passed on with the normal time lag.

Balance Sheet, Cash Flow and Dividend

Cash and cash equivalents were $723 million at September 30, 2026, compared with $892 million at December 31, 2025. The current portion of debt was $842 million, and non-current debt due after one year was $13,207 million. Capital expenditures were $514 million in the quarter, compared with $610 million, and $1,603 million for the nine months, compared with $1,609 million. On the call, management said it reduced full-year capital expenditure guidance by $150 million.

The board approved a quarterly dividend of $0.4523 per ordinary share, payable on December 10, 2026, to shareholders as of the close of business on November 13, 2026.

Full-Year 2026 Estimate

The company said it now estimates 2026 Adjusted EBITDA of approximately $4.7 billion, an outcome that primarily reflects continued cost inflation. It said it expects to absorb approximately $700 million of additional freight and energy costs for the year. It added that it is implementing price increases and expects the full benefits to be realized into 2027. On the call, management cited containerboard price increases of $170 per ton in North America and €140 per ton in Europe. The company did not reconcile its Adjusted EBITDA outlook to a GAAP measure, citing uncertainty in reconciling items.