Smurfit Westrock plc

Listed Company

SWCIK 0002005951NYSELarge AcceleratedPaperboard Containers & BoxesL2FY ends Dec 31

Period

FY 2024

Revenue

$21.11B

Net Income

$319.00M

Total Assets

$43.76B

Equity

$17.36B

Shares Out

524.25M

Op. Cash Flow

$1.48B

Business

Smurfit Westrock plc is a global holding company that operates as a leader in sustainable, paper-based packaging through the combined businesses of Smurfit Kappa and WestRock. It produces and supplies paper-based packaging products including containerboard, corrugated containers, paperboard, folding cartons, solidboard, graphic board, kraft paper, paper sacks and bag-in-box solutions, along with related converting, design and packaging machinery services. The company operates through three reporting segments: North America; Europe, Middle East & Africa and Asia‑Pacific; and Latin America. Its products are manufactured and distributed via an integrated system of mills, converting plants, recycling facilities, distribution centers and direct salesforces across North America, Europe, Latin America and select operations in Asia, Africa and Australia.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Net sales	21,109	12,093	13,509
Cost of goods sold	−16,914	−9,039	−10,237
Gross profit	4,195	3,054	3,272
Selling, general and administrative expenses	−2,793	−1,604	−1,543
Goodwill impairment	0	0	−12
Impairment of other assets	0	0	−159
Transaction and integration-related expenses associated with the Combination	−395	−78	0
Operating profit	1,007	1,372	1,558
Pension and other postretirement non-service expense, net	−24	−49	−8
Interest expense, net	−398	−139	−139
Other (expense) income, net	−25	−46	15
Income before income taxes	560	1,138	1,426
Income tax expense	−241	−312	−391
Net income	319	826	1,035
Less: Net income attributable to noncontrolling interests	0	−1	−1
Net income attributable to common shareholders	319	825	1,034
Basic earnings per share attributable to common shareholders (in USD per share)	0.83	3.19	4
Diluted earnings per share attributable to common shareholders (in USD per share)	0.82	3.17	3.96

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents (amounts related to consolidated variable interest entities of $2 million and $3 million at December 31, 2024 and December 31, 2023, respectively)	855	1,000	—	—
Accounts receivable, net (amounts related to consolidated variable interest entities of $767 million and $816 million at December 31, 2024 and December 31, 2023, respectively)	4,117	1,806	—	—
Inventories	3,550	1,203	—	—
Other current assets	1,533	561	—	—
Total current assets	10,055	4,570	—	—
Property, plant and equipment, net	22,675	5,791	—	—
Goodwill	6,822	2,842	2,722	—
Intangibles, net	1,117	218	—	—
Prepaid pension asset	635	29	—	—
Other non-current assets (amounts related to consolidated variable interest entities of $389 million and $ million at December 31, 2024 and December 31, 2023, respectively)	2,455	601	—	—
Total assets	43,759	14,051	—	—
Accounts payable	3,290	1,728	—	—
Accrued expenses	715	278	—	—
Accrued compensation and benefits	882	438	—	—
Current portion of debt	1,053	78	—	—
Other current liabilities	1,393	484	—	—
Total current liabilities	7,333	3,006	—	—
Non-current debt due after one year	12,542	3,669	—	—
Deferred tax liabilities	3,600	280	—	—
Pension liabilities and other postretirement benefits, net of current portion	706	537	—	—
Other non-current liabilities (amounts related to consolidated variable interest entities of $335 million and $ million at December 31, 2024 and December 31, 2023, respectively)	2,191	385	—	—
Total liabilities	26,372	7,877	—	—
Commitments and Contingencies (Note 21)	—	—	—	—
Preferred stock; $0.001 par value; 500,000,000 and Nil shares authorized; 10,000 and Nil shares outstanding at December 31, 2024 and December 31, 2023, respectively	0	0	—	—
Common stock; $0.001 par value; 9,500,000,000 and 9,910,931,085 shares authorized; 520,444,261 and 260,354,342 shares outstanding at December 31, 2024 and December 31, 2023, respectively	1	0	—	—
Deferred shares, 1 par value; 25,000 shares and 25,000 shares authorized; 25,000 and 100 shares outstanding at December 31, 2024 and December 31, 2023, respectively	0	0	—	—
Treasury stock, at cost (2,037,589, and 1,907,129 common stock at December 31, 2024 and December 31, 2023 respectively)	−93	−91	—	—
Capital in excess of par value	15,948	3,575	—	—
Accumulated other comprehensive loss	−1,446	−847	—	—
Retained earnings	2,950	3,521	—	—
Total shareholders equity	17,360	6,158	—	—
Noncontrolling interests	27	16	—	—
Total equity	17,387	6,174	5,343	4,929
Total liabilities and equity	43,759	14,051	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation, depletion and amortization	1,464	580	564
Cash surrender value increase in excess of premiums paid	−17	0	0
Impairment charges on assets other than goodwill	24	5	109
Share-based compensation expense	206	66	68
Deferred income tax (benefit) expense	−137	−28	41
Pension and other postretirement funding more than cost	−55	−39	−61
Other	28	−10	−18
Accounts receivable	−144	245	−91
Inventories	62	220	−209
Other assets	−31	43	−116
Accounts payable	−273	−260	−33
Income taxes	−5	−99	53
Accrued liabilities and other	42	10	79
Net cash provided by operating activities	1,483	1,559	1,433
Capital expenditures	−1,466	−929	−930
Cash paid for purchase of businesses, net of cash acquired	−719	−29	−93
Proceeds from corporate owned life insurance	5	0	0
Proceeds from sale of property, plant and equipment	61	17	13
Deferred consideration paid	−1	−4	−15
Other	6	14	5
Net cash used for investing activities	−2,114	−931	−1,020
Additions to debt	5,707	88	52
Repayments of debt	−4,321	−136	−56
Debt issuance costs	−63	0	0
Changes in commercial paper, net	1	0	0
Other debt additions (repayments), net	2	−4	0
Repayments of finance lease liabilities	−22	−3	−3
Tax paid in connection with shares withheld from employees	−26	0	0
Purchases of treasury stock	−27	−30	−32
Share buyback	0	0	−42
Cash dividends paid to shareholders	−650	−391	−349
Other	6	−3	−1
Net cash provided by (used for) financing activities	607	−479	−431
Effect of exchange rate changes on cash and cash equivalents	−121	10	−126
(Decrease) Increase in cash and cash equivalents	−145	159	−144

Filings

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