Smurfit WestRock (SW) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Smurfit Westrock published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Smurfit Westrock reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Basic EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Segment net sales are to unaffiliated customers and sum to total net sales. Smurfit Westrock measures segment margins on aggregate net sales, before intersegment eliminations ($122 million in Q3 2026).
• Smurfit Westrock's adjusted EPS is a basic EPS measure. GAAP basic and diluted EPS were both $0.42 in Q3 2026.

Source: Smurfit Westrock Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Smurfit Westrock splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Smurfit Westrock's North America revenue was $4.8 billion in Q3 2026, up 2% from $4.6 billion in Q3 2025, 58% of total revenue.
• Smurfit Westrock's Europe, MEA and APAC revenue was $2.8 billion in Q3 2026, flat on $2.8 billion in Q3 2025, 35% of total revenue.
• Smurfit Westrock's LATAM revenue was $587 million in Q3 2026, up 8% from $545 million in Q3 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In the same CEO statement Smurfit Westrock says it now estimates full-year 2026 Adjusted EBITDA at approximately $4.7 billion. It does not give an EPS or net income outlook, saying the GAAP comparable cannot be predicted without unreasonable efforts.

In its Q3 2026 release, Smurfit Westrock said:

“This expected outcome primarily reflects the continued and unprecedented cost inflation we are experiencing.”

“For example, for the full year 2026 we expect to absorb approximately $700 million of additional freight and energy costs alone, significantly more than anticipated.”

“We have, and are, implementing price increases to more than offset these costs, the full benefits of which we expect to realize into 2027.”

Source: Smurfit Westrock Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SW forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS attributable to common shareholders, each as first reported in that quarter's release.

We do not hold a confirmed date for Smurfit Westrock's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Smurfit Westrock sells paper-based packaging: corrugated and consumer packaging, containerboard and paperboard. Net sales were $8,161 million in Q3 2026, up $158 million from $8,003 million. The 10-Q breaks the increase into $111 million from a higher selling price mix and $52 million from higher volumes, less a $12 million net negative currency impact. (Smurfit Westrock Form 10-Q, Q3 2026, Nov 4, 2026; Smurfit Westrock Form 10-K, 2025, Feb 27, 2026)

North America is most of the business: $4,750 million of net sales to unaffiliated customers, against $2,824 million for Europe, MEA and APAC and $587 million for LATAM. North America's aggregate net sales rose $138 million to $4,859 million on a $95 million higher selling price mix and $62 million of higher volume. Europe, MEA and APAC rose $5 million to $2,836 million, with higher volumes offset by a $40 million currency impact from a weaker euro. (Smurfit Westrock Q3 2026 release, Oct 28, 2026; Smurfit Westrock Form 10-Q, Q3 2026, Nov 4, 2026)

Smurfit Westrock says it is sold out in all containerboard grades and most consumer grades in North America, and that it has implemented price increases across most paper grades. The 10-Q notes a typical three- to six-month lag between raw material price rises and higher pricing from customers for corrugated and consumer packaging. (Smurfit Westrock Q3 2026 release, Oct 28, 2026; Smurfit Westrock Form 10-Q, Q3 2026, Nov 4, 2026)

Smurfit Westrock operates in 40 countries, with 57 paper mills and 450 converting plants, 329 of which convert containerboard into corrugated containers. On September 23, 2026 it agreed to buy the Chilean containerboard and corrugated business of Empresas CMPC for $420 million, expected to close in the first half of 2027. (Smurfit Westrock Form 10-K, 2025, Feb 27, 2026; Smurfit Westrock Form 10-Q, Q3 2026, Nov 4, 2026)

Smurfit Westrock's GAAP diluted EPS was $0.42 in Q3 2026, against $0.47, on net income attributable to common shareholders of $222 million, down from $246 million. The 10-Q attributes the decline mainly to higher cost of goods sold, including increased freight and energy costs. In North America, higher costs of $157 million included $62 million of freight and $62 million of raw materials. (Smurfit Westrock Q3 2026 release, Oct 28, 2026; Smurfit Westrock Form 10-Q, Q3 2026, Nov 4, 2026)

Adjusted Basic EPS was $0.45, against $0.58. It adds back impairment and restructuring costs ($0.05 a share), accelerated depreciation on machine closures ($0.01) and other items, net of tax. The company's main measure is Adjusted EBITDA, which was $1,205 million, a 14.8% margin, against $1,302 million and 16.3%. (Smurfit Westrock Q3 2026 release, Oct 28, 2026)

Diluted weighted average shares were 528 million against 526 million, so the share count did not drive EPS. The effective tax rate was 30.3%. Smurfit Westrock paid $238 million of dividends in the quarter and declared a quarterly dividend of $0.4523 per ordinary share. (Smurfit Westrock Form 10-Q, Q3 2026, Nov 4, 2026; Smurfit Westrock Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Smurfit Westrock gives a full-year Adjusted EBITDA estimate, not an EPS outlook. In the Q3 2026 release it put full-year 2026 Adjusted EBITDA at approximately $4.7 billion, which it said mainly reflects continued and unprecedented cost inflation, including about $700 million of additional freight and energy costs it expects to absorb this year. (Smurfit Westrock Q3 2026 release, Oct 28, 2026)

Smurfit Westrock said the price increases it is implementing are meant to more than offset those costs, with the full benefit expected into 2027, and that in EMEA and APAC containerboard price increases are being passed on with the normal time lag. (Smurfit Westrock Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Smurfit Westrock, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Smurfit Westrock's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SW is on is SW a buy or a sell?, what analysts expect next is on the SW forecast, and what the company does is on the Smurfit WestRock (SW) stock page.

Every number on this page can be traced to a document Smurfit Westrock published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.