Smurfit Westrock Plc stock research
FY2025 Q4
Smurfit Westrock (SW) Gross Margin — Quarter Ended Dec 31, 2025
Revenue decreased sequentially while increasing slightly year-over-year, with gross profit declining both quarter-over-quarter and year-over-year, leading to a lower gross margin.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue decreased sequentially while increasing slightly year-over-year, with gross profit declining both quarter-over-quarter and year-over-year, leading to a lower gross margin.
- Cost of revenue decreased less proportionally than revenue sequentially, and increased faster than revenue year-over-year, pressuring gross margin.
- Compared to the prior quarter, gross margin weakened from a higher level. Compared to the same quarter last year, gross margin also declined, though revenue was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
18.2%
Gross profit
$1.4B
Revenue
$7.6B
Cost of revenue
$6.2B
Quarter-over-quarter change
-1.4 pts
Year-over-year change
-0.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $7.7B | $1.6B | $6.1B | 20.6% |
| Jun 30, 2025 | $7.9B | $1.5B | $6.4B | 19.1% |
| Sep 30, 2025 | $8.0B | $1.6B | $6.4B | 19.6% |
| Dec 31, 2025 | $7.6B | $1.4B | $6.2B | 18.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-1.4 pts
Year-over-year change
Dec 31, 2024
-0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Cost of revenue decreased less proportionally than revenue sequentially, and increased faster than revenue year-over-year, pressuring gross margin.
Compared to the prior quarter, gross margin weakened from a higher level. Compared to the same quarter last year, gross margin also declined, though revenue was slightly higher.
Monitor the relationship between revenue growth and cost of revenue changes in upcoming quarters.