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Smurfit Westrock cash flow statement

In fiscal 2025, Smurfit Westrock's operations generated $3.39bn of cash; it spent $2.19bn on capital projects, leaving free cash flow of $1.20bn. It returned $900m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations1,4331,5591,4833,3923,297
Depreciation and amortisation5645801,4642,5502,740
Stock-based pay6866206139113
Capital spending9309291,4662,1922,282
Free cash flow503630171,2001,015
Free cash flow after stock pay435564−1891,061902
Dividends paid349391650900924
Share buybacks3230270—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Smurfit Westrock's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Smurfit Westrock.