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SW · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 1.1% y/y to $8.03B, operating margin 3.8% vs 3.2%, net income $89M.
Net income (loss) attributable to common shareholders
$89M
Net sales
$8,031M
up 1.1% y/y
Operating profit
$309M
up 23.1% y/y
Gross profit
$1,399M
down 7.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net sales | $8,031 · +1.1% |
| Cost of goods sold | $6,632 · +3.2% |
| Gross profit | $1,399 · −7.7% · 17.4% margin |
| Selling, general and administrative expenses | $970 · +0.7% |
| Impairment and restructuring costs | $119 · −57.5% |
| Transaction and integration-related expenses associated with the Combination | $1 · −95.2% |
| Operating profit | $309 · +23.1% · 3.8% margin |
| Interest expense, net | $179 · −1.6% |
| Pension and other postretirement non-service income, net | $10 · +42.9% |
| Other expense, net | $12 · −33.3% |
| Income before income taxes | $128 · +121% |
| Income tax expense | $40 · −52.4% · 31.3% effective rate |
| Net loss (income) attributable to noncontrolling interests | $1 · vs −$2 |
| Net income (loss) attributable to common shareholders | $89 · vs −$28 · $0.17/sh · 1.1% margin |
Verdict: revenue grew 1.1% y/y to $8.03B, operating margin 3.8% vs 3.2%, net income $89M.
Net cash provided by operating activities was $765 million.
Source and notation
Source: Smurfit Westrock press release, 8-K EX-99.1 of 07/29/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: SW, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “SW Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/sw/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/sw/q2-2026"><img src="https://whoreportstoday.com/t/sw/q2-2026/sankey.png" alt="SW Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/sw/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/sw/q2-2026">SW Q2 2026 earnings chart (Who Reports Today)</a>
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- Adjusted EBITDA was $1,140 million, with a margin of 14.2%.
- Gross margin was 17.4% vs 19.1% a year earlier.
- Operating income was $309M, a 3.8% margin vs 3.2% a year earlier.
- The effective tax rate was 31.3% vs 144.8% a year earlier.
- Diluted EPS was $0.17 vs −$0.05 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
SW — an Irish-incorporated paper-based packaging company formed by combining Smurfit Kappa and WestRock.
It makes containerboard and other paper and converts it into corrugated boxes, consumer packaging, bag-in-box and paper sacks for customers across many industries. Results are reported in three regional segments: North America; Europe, MEA and APAC; and LATAM. · Source: annual report (Form 10-K, SEC)
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