Smurfit Westrock Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Net Income	699	319	-1,644	949.2	842.5
Depreciation & Amortization	2,550	1,464	1,536	1,489	1,460
Stock-Based Compensation	139	206	64.2	93.3	88.6
Other Adjustments	-67	-157	1,742	27.4	-84.4
Change in Receivables	164	-144	407.1	-161.5	-428.9
Changes in Inventories	35	62	107.8	-310.4	-200
Changes in Accounts Payable	-23	-273	-280.3	79.5	430.3
Changes in Accrued Expenses	-32	42	68.2	-249.2	543.7
Changes in Income Taxes Payable	-71	-5	91	16.9	0.7
Changes in Other Operating Activities	-2	-31	-263.9	86.6	-372.6
Operating Cash Flow	3,392	1,483	1,828	2,020	2,280
Operating Cash Flow Growth	128.73%	-18.87%	-9.53%	-11.38%	10.10%
Capital Expenditures	-2,192	-1,466	-1,142	-862.6	-815.5
Sale of Property, Plant & Equipment	12	61	26.8	28.2	6.3
Proceeds from Sale of Investments	26	5	118.8	60.8	74.4
Payments for Business Acquisitions	-6	-719	-853.5	-7	-
Proceeds from Business Divestments	-	-	345.8	-	58.5
Other Investing Activities	17	5	-3	4.6	0.3
Investing Cash Flow	-2,143	-2,114	-1,507	-776	-676
Short-Term Debt Issued	-	-	52.9	382.4	435
Short-Term Debt Repaid	-	-	-344.2	-378.3	-415
Net Short-Term Debt Issued (Repaid)	-391	1	283.9	4.1	20
Long-Term Debt Issued	1,989	5,707	1,836	888.2	259.9
Long-Term Debt Repaid	-1,841	-4,321	-1,721	-1,377	-1,544
Net Long-Term Debt Issued (Repaid)	-18	2	-7.1	31.5	23.1
Repurchase of Common Stock	-69	-53	-	-600	-122.4
Net Common Stock Issued (Repurchased)	-69	-53	-	-600	-122.4
Common Dividends Paid	-900	-650	-281.3	-259.5	-233.8
Other Financing Activities	-68	-79	-13.3	30.9	17.1
Financing Cash Flow	-1,298	607	-193.5	-1,281	-1,580
Effect of Exchange Rate Changes on Cash and Cash Equivalents	86	-121	6	6.2	16.3
Net Cash Flow	37	-145	133.2	-30.7	39.8
Free Cash Flow	1,200	17	685.8	1,158	1,464
Free Cash Flow Growth	6958.82%	-97.52%	-40.77%	-20.94%	34.03%
FCF Margin	3.85%	0.08%	3.38%	5.45%	7.81%
Free Cash Flow Per Share	2.28	0.04	-	-	-
Levered Free Cash Flow	555	115	-1,256	1,230	1,928
Unlevered Free Cash Flow	1,518	366.63	-1,449	1,870	2,615

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.