What is the primary revenue source for Smurfit Westrock (SW)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze SW's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Smurfit Westrock's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Smurfit Westrock Makes Money: SW Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Watch

Revenue grew while operating profit fell, so growth did not translate into better earnings.

The largest revenue segment accounts for 80.33% of revenue, indicating concentration.

Operating margin declined by 1.59 percentage points year over year.

Revenue: USD 15.74B
Largest revenue segment share (Packaging): 80.33%
Cost of revenue: USD 13.08B
Selling, general and administrative: USD 1.93B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueNet sales · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of product and service sold · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expense · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Packaging)Packaging · segment_value / revenue * 100
Operating marginOperating profit · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Property, plant and equipment: USD 22.67B
Goodwill: USD 7.17B
Accounts receivable: USD 4.92B
Total liabilities: USD 27.14B
Shareholder equity: USD 18.06B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesLiabilities · Liabilities
Accounts receivableAccounts receivable, net (amounts related to consolidated variable interest entities of $860 million and $876 million at june 30, 2026 and december 31, 2025, respectively) · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 629.22% of net income.

Free cash flow is negative after capital expenditure.

Net income: USD 154.00M
Operating cash flow: USD 969.00M
Cash conversion: 629.22%
Free cash flow: USD −120.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income (loss) attributable to common shareholders · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 474.00M
Net shareholder return: USD 474.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?