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Side-by-side financial comparison of Smurfit Westrock (SW) and Waste Management (WM). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $6.2B, roughly 1.2× Waste Management). Waste Management runs the higher net margin — 11.6% vs 1.3%, a 10.3% gap on every dollar of revenue. On growth, Waste Management posted the faster year-over-year revenue change (3.5% vs 0.5%). Waste Management produced more free cash flow last quarter ($981.0M vs $612.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% CAGR vs 7.4%).
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
Waste management or waste disposal includes the processes and actions required to manage waste from its inception to its final disposal. This includes the collection, transport, treatment, and disposal of waste, together with monitoring and regulation of the waste management process and waste-related laws, technologies, and economic mechanisms.
SW vs WM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.6B | $6.2B |
| Net Profit | $97.0M | $723.0M |
| Gross Margin | 18.2% | — |
| Operating Margin | 5.1% | 17.9% |
| Net Margin | 1.3% | 11.6% |
| Revenue YoY | 0.5% | 3.5% |
| Net Profit YoY | -33.6% | 13.5% |
| EPS (diluted) | $0.18 | $1.79 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $6.2B | ||
| Q4 25 | $7.6B | $6.3B | ||
| Q3 25 | $8.0B | $6.4B | ||
| Q2 25 | $7.9B | $6.4B | ||
| Q1 25 | $7.7B | $6.0B | ||
| Q4 24 | $7.5B | $5.9B | ||
| Q3 24 | $7.7B | $5.6B | ||
| Q2 24 | $3.0B | $5.4B |
| Q1 26 | — | $723.0M | ||
| Q4 25 | $97.0M | $742.0M | ||
| Q3 25 | $246.0M | $603.0M | ||
| Q2 25 | $-28.0M | $726.0M | ||
| Q1 25 | $384.0M | $637.0M | ||
| Q4 24 | $146.0M | $598.0M | ||
| Q3 24 | $-150.0M | $760.0M | ||
| Q2 24 | $132.0M | $680.0M |
| Q1 26 | — | — | ||
| Q4 25 | 18.2% | 41.5% | ||
| Q3 25 | 19.6% | 40.5% | ||
| Q2 25 | 19.1% | 40.3% | ||
| Q1 25 | 20.6% | 39.4% | ||
| Q4 24 | 19.1% | 39.7% | ||
| Q3 24 | 17.6% | 39.4% | ||
| Q2 24 | 23.3% | 39.1% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | 5.1% | 18.3% | ||
| Q3 25 | 6.6% | 15.3% | ||
| Q2 25 | 3.2% | 17.9% | ||
| Q1 25 | 7.2% | 16.8% | ||
| Q4 24 | 5.3% | 15.6% | ||
| Q3 24 | 0.7% | 20.0% | ||
| Q2 24 | 8.2% | 18.7% |
| Q1 26 | — | 11.6% | ||
| Q4 25 | 1.3% | 11.8% | ||
| Q3 25 | 3.1% | 9.4% | ||
| Q2 25 | -0.4% | 11.3% | ||
| Q1 25 | 5.0% | 10.6% | ||
| Q4 24 | 1.9% | 10.1% | ||
| Q3 24 | -2.0% | 13.5% | ||
| Q2 24 | 4.4% | 12.6% |
| Q1 26 | — | $1.79 | ||
| Q4 25 | $0.18 | $1.83 | ||
| Q3 25 | $0.47 | $1.49 | ||
| Q2 25 | $-0.05 | $1.80 | ||
| Q1 25 | $0.73 | $1.58 | ||
| Q4 24 | $-0.12 | $1.49 | ||
| Q3 24 | $-0.30 | $1.88 | ||
| Q2 24 | $0.51 | $1.69 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $892.0M | $158.0M |
| Total DebtLower is stronger | $13.4B | $22.9B |
| Stockholders' EquityBook value | $18.3B | $10.0B |
| Total Assets | $45.2B | $45.7B |
| Debt / EquityLower = less leverage | 0.73× | 2.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $158.0M | ||
| Q4 25 | $892.0M | $201.0M | ||
| Q3 25 | $851.0M | $175.0M | ||
| Q2 25 | $778.0M | $440.0M | ||
| Q1 25 | $797.0M | $216.0M | ||
| Q4 24 | $855.0M | $414.0M | ||
| Q3 24 | — | $614.0M | ||
| Q2 24 | $26.8K | $172.0M |
| Q1 26 | — | $22.9B | ||
| Q4 25 | $13.4B | $22.2B | ||
| Q3 25 | $13.3B | $22.5B | ||
| Q2 25 | $13.3B | $23.1B | ||
| Q1 25 | $12.9B | $22.9B | ||
| Q4 24 | $12.5B | $22.5B | ||
| Q3 24 | $13.2B | $16.0B | ||
| Q2 24 | — | $16.5B |
| Q1 26 | — | $10.0B | ||
| Q4 25 | $18.3B | $10.0B | ||
| Q3 25 | $18.4B | $9.5B | ||
| Q2 25 | $18.3B | $9.2B | ||
| Q1 25 | $17.9B | $8.7B | ||
| Q4 24 | $17.4B | $8.3B | ||
| Q3 24 | $18.0B | $8.0B | ||
| Q2 24 | $14.5K | $7.5B |
| Q1 26 | — | $45.7B | ||
| Q4 25 | $45.2B | $45.8B | ||
| Q3 25 | $45.6B | $45.6B | ||
| Q2 25 | $45.7B | $45.7B | ||
| Q1 25 | $44.6B | $44.5B | ||
| Q4 24 | $43.8B | $44.6B | ||
| Q3 24 | $45.0B | $34.7B | ||
| Q2 24 | $26.8K | $34.0B |
| Q1 26 | — | 2.28× | ||
| Q4 25 | 0.73× | 2.22× | ||
| Q3 25 | 0.72× | 2.36× | ||
| Q2 25 | 0.73× | 2.51× | ||
| Q1 25 | 0.72× | 2.65× | ||
| Q4 24 | 0.72× | 2.73× | ||
| Q3 24 | 0.73× | 2.00× | ||
| Q2 24 | — | 2.21× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.2B | $1.5B |
| Free Cash FlowOCF − Capex | $612.0M | $981.0M |
| FCF MarginFCF / Revenue | 8.1% | 15.8% |
| Capex IntensityCapex / Revenue | 7.7% | — |
| Cash ConversionOCF / Net Profit | 12.32× | 2.08× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $3.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $829.0M | $1.5B | ||
| Q1 25 | $235.0M | $1.2B | ||
| Q4 24 | $781.0M | $1.5B | ||
| Q3 24 | $320.0M | $1.4B | ||
| Q2 24 | $340.0M | $1.2B |
| Q1 26 | — | $981.0M | ||
| Q4 25 | $612.0M | $810.0M | ||
| Q3 25 | $523.0M | $816.0M | ||
| Q2 25 | $307.0M | $813.0M | ||
| Q1 25 | $-242.0M | $377.0M | ||
| Q4 24 | $212.0M | $396.0M | ||
| Q3 24 | $-192.0M | $577.0M | ||
| Q2 24 | $163.0M | $487.0M |
| Q1 26 | — | 15.8% | ||
| Q4 25 | 8.1% | 12.8% | ||
| Q3 25 | 6.5% | 12.7% | ||
| Q2 25 | 3.9% | 12.6% | ||
| Q1 25 | -3.2% | 6.3% | ||
| Q4 24 | 2.8% | 6.7% | ||
| Q3 24 | -2.5% | 10.3% | ||
| Q2 24 | 5.5% | 9.0% |
| Q1 26 | — | — | ||
| Q4 25 | 7.7% | 14.1% | ||
| Q3 25 | 7.6% | 12.0% | ||
| Q2 25 | 6.6% | 11.4% | ||
| Q1 25 | 6.2% | 13.8% | ||
| Q4 24 | 7.5% | 18.9% | ||
| Q3 24 | 6.7% | 13.9% | ||
| Q2 24 | 6.0% | 12.3% |
| Q1 26 | — | 2.08× | ||
| Q4 25 | 12.32× | 2.29× | ||
| Q3 25 | 4.61× | 2.64× | ||
| Q2 25 | — | 2.13× | ||
| Q1 25 | 0.61× | 1.90× | ||
| Q4 24 | 5.35× | 2.53× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | 2.58× | 1.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
WM
Segment breakdown not available.
