Smurfit Westrock reported earnings for the quarter ended September 30 2025, showing net sales of $8.003 billion, up 4.4 % from $7.671 billion in the same period a year earlier. Net income rose to $245 million, reversing a $150 million loss in Q3 2024. Adjusted EBITDA reached $1.302 billion, a 2.5 % increase from $1.265 billion in Q3 2024, and the adjusted EBITDA margin stood at 16.3 %, slightly below the 16.5 % margin recorded in the prior year.
Segment performance highlighted continued strength in North America, where adjusted EBITDA of $810 million generated a 17.2 % margin, up from $780 million and a 16.8 % margin in Q3 2024. EMEA and APAC delivered $419 million in adjusted EBITDA at a 14.8 % margin, compared with $411 million and a 15.5 % margin in Q3 2024. Latin America contributed $116 million at a 21.3 % margin, down from a 23.1 % margin in Q3 2024, reflecting a one‑time operational issue that has since been resolved.
Management reaffirmed the full‑year 2025 guidance, projecting adjusted EBITDA between $4.9 billion and $5.1 billion. Capital expenditures for 2026 are expected to be $2.4 billion to $2.5 billion, and the board approved a quarterly dividend of $0.4308 per share, payable December 18 2025.
The results come as the company continues to integrate the merger of Smurfit Kappa and WestRock, targeting $400 million in full‑run‑rate synergy savings by year‑end 2025. Operational adjustments include nine facility closures and a reduction of 4,500 employees since the combination, aimed at right‑sizing the business and optimizing the system amid a challenging demand environment. The company’s value‑over‑volume strategy has led to temporary volume loss but is driving higher‑margin customer wins.
Analyst estimates for the quarter projected an adjusted EPS of $0.68 to $0.73, while revenue was expected to be slightly higher than the $8.003 billion reported. The company’s adjusted EPS of $0.58 fell short of those estimates, and the revenue miss reflects softer demand in key categories such as food, confectionery, retail, and e‑commerce. The Latin America margin dip is attributed to the resolved operational issue, and the overall margin contraction is linked to increased raw material costs and competitive pricing pressures.
CEO Tony Smurfit emphasized that the company’s focus on value‑over‑volume and its integrated model continues to support margin expansion and operational efficiency, while the ongoing integration and cost‑optimization initiatives position the company for sustainable growth.
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