# WestRock Company (WRK) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WRK/thesis · /stocks/WRK/memo

## Financial Snapshot

---
ticker: WRK
step: 04
generated: 2026-05-13
source: quick-research
note: WestRock merged with Smurfit Kappa on July 5, 2024 to form Smurfit WestRock (NYSE: SW). Financials below are WestRock standalone (FY ends Sept 30).
---

### WestRock Company (WRK) — Financial Snapshot [Pre-Merger Historical]

#### Income Statement Summary (WestRock Standalone, FY ends Sept 30)

| Metric | FY2022 | FY2023 | FY2024 (partial) | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $21.22B | $20.00B | ~$9B (H1 only) | -5.8% |
| Adjusted EBITDA | ~$3.4B | $3.0B | ~$1.2B (H1) | |
| Net Income (loss) | ~$500M | ~($1.6B) | N/A | |
| Adj. EPS | ~$2.50 | ~$3.00 | N/A | |

*FY2023 net loss of ~$1.6B driven by non-cash impairments and goodwill write-downs, not operational deterioration — adjusted net income was $778M. Revenue declined in FY2023 as corrugated box demand fell ~10% from 2022 peak (post-COVID restocking demand normalization). WestRock's last full fiscal year as an independent company was FY2023 (ended Sept 30, 2023); it filed for H1 2024 before the July 5, 2024 merger close.*

#### Combined Smurfit WestRock (SW) — Post-Merger

| Metric | 2024 (Combined) |
|--------|----------------|
| Net Sales | $20.3B |
| Target Annual Synergies | $400M+ |
| Total Debt (post-merger) | ~$14.2B |
| Q1 2025 Net Sales | $7.656B (+YoY) |
| FY2025 EBITDA Guidance | $5.0–$5.2B |

#### Key Ratios (Smurfit WestRock — SW, 2025)
- EV/EBITDA: ~6.4x | Market Cap: ~$21B
- 2025 EBITDA guidance growth: +6–11% YoY
- Annual cost synergy target: $400M+ from merger integration

#### Growth Profile
WestRock (standalone) was a cyclical packaging company whose fortunes tracked corrugated box demand. Post-COVID demand normalization caused revenue to decline from $21B (FY2022) to $20B (FY2023). The Smurfit Kappa merger created the world's largest listed packaging company — Smurfit WestRock (SW) — with $20B+ in annual revenue, 500+ converting operations across 40 countries, and $400M in targeted annual synergies.

#### Forward Estimates (Smurfit WestRock — SW)
- FY2025: Net sales growth expected; EBITDA guidance $5.0–$5.2B (vs. ~$4.7B 2024)
- Synergy realization: $400M+ by 2026 (cost savings from integration)
- Demand recovery in Europe expected to drive incremental volume
- Debt deleveraging from $14.2B post-merger is a key near-term priority

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WRK/fundamental

## Navigation

- Overview: /stocks/WRK
- Financials (this page): /stocks/WRK/financials
- Thesis: /stocks/WRK/thesis
- Investment Memo: /stocks/WRK/memo
- Coverage universe: /stocks