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Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Philip Ng	Jefferies	14 questions · 0% challenging
Gabe Hajde	Wells Fargo	14 questions · 0% challenging
Mark Weintraub	Seaport Research Partners	13 questions · 0% challenging
Anthony Pettinari	Citigroup	11 questions · 0% challenging
Mike Roxland	Truist Securities	10 questions · 0% challenging
George Staphos	Bank of America	9 questions · 0% challenging
Detlef Winckelmann	JPMorgan	9 questions · 0% challenging
Charlie Muir-Sands	BNP Paribas	7 questions · 0% challenging
Lars Kjellberg	Stifel	6 questions · 0% challenging
Lewis Roxburgh	Goodbody	6 questions · 0% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Bank of America	3 analysts	14 questions · 0% challenging
Jefferies	1 analyst	14 questions · 0% challenging
Wells Fargo	1 analyst	14 questions · 0% challenging
Seaport Research Partners	1 analyst	13 questions · 0% challenging
Citigroup	1 analyst	11 questions · 0% challenging
Truist Securities	2 analysts	11 questions · 0% challenging
JPMorgan	1 analyst	9 questions · 0% challenging
BNP Paribas	1 analyst	7 questions · 0% challenging

Quarter in detail

· FY2026 Q1

Macro Signals

↑Consumer Spending→Trade & Tariffs↓Oil Energy

Adjusted EBITDA declined to $1.076 billion on 14% margin as severe weather and unplanned downtime impacted Q1 performance, with energy costs revised sharply higher and North American corrugated volumes still declining year-over-year. Despite the weak start, full-year EBITDA guidance was reaffirmed at $5.0-$5.3 billion as demand inflected positively in April with a sold-out position across key grades. Price increases were announced across multiple paper grades and the European business outperformed with portfolio optimization advancing.

Key Themes7

negative📊 company

Weather And Downtime Severely Impacted Q1 Performance

Adjusted EBITDA of $1,076 million at 14% margin, impacted by approximately $65 million weather events (January into February) and $74 million downtime (approximately half unplanned). NA delivered $597 million at 13.3% margin with weather impact of approximately $55 million concentrated in February. Unplanned downtime from power outage near a major mill.

Cost PressureDemand

negative📊 company

Energy Cost Headwind Revised Sharply Higher

Energy headwind for the year revised up significantly from approximately $80 million guided in February to between $270 million and $290 million. Freight costs also rising as indirect impact of energy prices, approximately $50 million headwind for the year. Combined cost inflation materially exceeding February expectations.

Cost Pressure

mixed📊 company

NA Corrugated Volumes Still Declining Year-On-Year

NA corrugated volumes down approximately 7% in Q1 (vs approximately 8.5% in Q4), narrowing to down 4% in April. Still lapping higher comparators from Q1/Q2 last year. Loss-making box plants remain at 29 with no further reduction since prior quarter. Volume replacement ongoing but net position still negative.

DemandCompetitive Dynamics

mixed📊 company

Guidance Reaffirmed But Underlying Cost Assumptions Changed

Full year 2026 adjusted EBITDA reaffirmed between $5 billion and $5.3 billion despite weak Q1. Q2 guided between $1.1 billion and $1.2 billion. However, energy, freight, and other cost assumptions have moved materially since February with price increases needed to offset. Composition of the guidance path has shifted from cost-led to price-recovery-dependent.

Guidance ReliabilityCost Pressure

positive🏢 sector

Demand Inflection In April With Sold-Out Position

Paper grades moved to effectively sold-out position in April after strengthening in March. Speed of change described as unprecedented in Tony's career. SBS sold out position surprising even to management. No material downtime anticipated in Q2. Some pre-buying possible but not dominant driver.

DemandPricing

positive🏢 sector

Price Increases Announced Across Multiple Grades

Price increases announced for all containerboard grades and some consumer grades in NA. First $50 per ton containerboard increase expected fully implemented by July 1. Second $50 per ton announced for June, expected implemented by September if successful. European recycled paper prices up EUR 100 per ton with box price increases being implemented progressively.

Pricing

positive📊 company

European Business Outperforming With Portfolio Optimization

EMEA/APAC delivered $421 million at 15.2% margin, significantly outperforming peers. Announced consultation on closure of 4 smaller converting operations and one 200,000-ton paper mill in Birmingham (highest-cost mill, wrong width for long term). Innovation event in Amsterdam attracted over 200 customers. New business wins strong.

MarginCompetitive Dynamics

Q&A Topicsfrequency by quarter

	Cost Pressure	Competitive Dynamics	Demand	Pricing	Capital Allocation	Margin	Guidance Reliability	M&A
2024Q4	7	5	3	3	3		1	3
2025Q1	7	4	4	2	6		3	3
2025Q2	3	4	5	4	4	6	3	1
2025Q3	5	7	4	4	4	1	1
2025Q4	3	6	6	3	4	4	2
2026Q1	6	5	4	7	1	5

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Cost Pressure	7	7	3	5	3	6
Competitive Dynamics	5	4	4	7	6	5
Demand	3	4	5	4	6	4
Pricing	3	2	4	4	3	7
Capital Allocation	3	6	4	4	4	1
Margin			6	1	4	5
Guidance Reliability	1	3	3	1	2
M&A	3	3	1

Analyst Q&A9 analysts · 15 questions

Andrew JonesUBS

What's the overall number you're kind of seeing at sort of spot rates for this year? And then I think you said some labor cost relief

View in transcript →

Anthony PettinariCitigroup

when you would expect to see the most recently realized price hike, the $50 a ton net from Pulp and Paper Week in April. Like when should that flow through for you

View in transcript →

there's a comment around the substrate agnostic approach delivering for you. Can you just talk a little bit about your consumer business and how that is performing relative to your expectations aro...

View Consumer Cyclical sector trends →View Packaging & Containers industry trends →

Smurfit WestRock SW

Sector: Consumer Cyclical Industry: Packaging & Containers

Moderate valuation · FY26 Q1

FY26 Q1, sector-relative: P/E 77x (93rd), EV/Sales 5.1x (16th).

CompanyFiscal year ends DecMost recent earnings call: Jul 29, 2026 (FY2026 Q2)Est. next earnings call: Nov 4, 2026

3/ 10

FY2026 Q1Cautious−5.0 vs FY2025 Q4Default view · newest free

Calendar quarter Q1 2026Earnings call Apr 30, 2026

FY2026 Q1 in brief

NegativeWeather And Downtime Severely Impacted Q1 Performance
NegativeEnergy Cost Headwind Revised Sharply Higher
MixedNA Corrugated Volumes Still Declining Year-On-Year

Full narrative and all 7 themes ↓

ScoringBase 3 · revenue −12.5%Transcript +1EPS -1Guidance 0Final 3

Newest quarter is part of Pro ·

Score details · FY2026 Q1

calendar Q1 2026 · call Apr 30, 2026

Year over year · FY26 Q1 vs FY25 Q1: −4.0 ptsFY26 Q1 3 vs FY25 Q1 7
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters: 3%

Share price · trailing year

daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score

SW $40.751Y -2.4%YTD +5.4%● earnings calls (score)

Sources. Tellvest earnings-call sentiment score for Smurfit WestRock (SW), FY2026 Q1: 3/10. Scores: Smurfit WestRock’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: SW daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.

GAAP revenue YoY -12.5% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.

How this score was built

Base3Transcript+1EPS-1Guidance0Final3

How this score was built

Base3Transcript+1

Key financials

FY2026 Q1 selectedReported GAAP figures from SEC filings

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Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin	FCF
FY2024 Q4	$7.28B	+180.7%	$0.31	+34.8%	16.1%	5.3%	1.9%	$214M
FY2025 Q1	$7.66B	+182.0%	$0.73	+7.4%	20.6%	7.9%	5.0%	$-242M
FY2025 Q2	$7.94B	+186.5%	$-0.05	-111.2%	19.1%	7.0%	-0.4%	$307M
FY2025 Q3	$8.00B	+16.2%	$0.47	+274.1%	19.6%	7.6%	3.1%	$523M
FY2025 Q4	$7.58B	+4.2%	$0.18	-41.9%	18.2%	6.1%	1.3%	$612M
FY2026 Q1Selected	$6.70B	-12.5%	$0.12	-83.6%	16.4%	4.0%	0.8%	$-420M
FY2026 Q2	$8.03B	+1.1%	$0.17	+417.2%	17.4%	3.8%	1.1%	$300M

As stated by management

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “adjusted EBITDA of $1,076 million”
Revenue: “adjusted EBITDA of $1,076 million on 14% margin”
Guidance: “full year 2026 adjusted EBITDA reaffirmed between $5 billion and $5.3 billion”
Key metric: “North America adjusted EBITDA of $597 million at 13.3% margin”

Industry Peersas of Q1 2026

Packaging & Containers

Company	Score	Rev YoY	Headline
SW Smurfit WestRock	3	-12.5%	Weather and Downtime Severely Impacted Q1 Performance
AMCR Amcor	6	+77.4%	First anniversary of Berry combination with synergies exceeding initial target
BALL Ball Corporation	7	+16.1%	Comparable Operating Earnings Grow 10% Exceeding 2x Leverage
IP International Paper	4	+13.4%	International Paper cut FY2026 enterprise EBITDA guidance to $3.2-3.5B from $3.5-3.7B, the company's second consecutive year of guidance reductions, driven by a $53 million Q1 winter storm hit and Middle East energy pressures across both regions
PKG Packaging Corporation of America	6	+10.6%	Record per-day corrugated shipments with broad-based demand strength

Shared themes this quarter

SWAMBAIPPK

Cost Pressure

SWAMBAIPPK

Demand

SWAMBAIPPK

Macro signal alignment

Consumer spending

↑ SW AMCR BALL↑ PKG

Inflation

↓ AMCR↓ BALL↑ IP

Trade & tariffs

SW AMCR BALL

Oil & energy

↓ SW↓ PKG

Top analysts & firms

Most active analysts

Most active firms

Quarter in detail

Q&A Topicsfrequency by quarter

Corporate events

Smurfit WestRock SW

Score details · FY2026 Q1

Share price · trailing year

Key financials

As stated by management