Leases (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents certain information related to the lease costs for finance and operating leases:


	Years ended December 31,
	2025	2024	2023
Operating lease costs	$(391)	$(264)	$(118)
Variable and short-term lease costs	(144)	(123)	(47)
Finance lease cost:
Amortization of lease assets	(54)	(26)	(3)
Interest on lease liabilities	(20)	(14)	(1)
Total lease costs	$(609)	$(427)	$(169)


	Balance Sheet Location	December 31,
	Balance Sheet Location	2025	2024
Operating leases:
Operating lease right-of-use assets	Other non-current assets	$1,051	$986

Current operating lease liabilities	Other current liabilities	$321	$309
Non-current operating lease liabilities	Other non-current liabilities	774	710
Total operating lease liabilities		$1,095	$1,019

Finance leases:
Property, plant and equipment	Property, plant and equipment, net	$472	$419
Accumulated amortization		(84)	(36)
Property, plant and equipment, net		$388	$383

Current finance lease liabilities	Current portion of debt	$43	$33
Non-current finance lease liabilities	Non-current debt due after one year	507	506
Total finance lease liabilities		$550	$539


	December 31,
	2025	2024
Weighted average remaining lease term:
Operating leases	6.5 years	5.1 years
Finance leases	11.9 years	13.1 years
Weighted average discount rate:
Operating leases	5.0%	4.9%
Finance leases	5.8%	5.8%

The following table presents supplemental cash flow information related to leases:


	Years ended December 31,
	2025	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$384	$265	$118
Operating cash flows related to finance leases	20	14	1
Financing cash flows related to finance leases	43	22	3

Leased assets obtained in exchange for lease liabilities:
Operating leases	$390	$213	$133
Finance leases	$50	$7	$—

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating

lease liabilities and finance lease liabilities recorded on the Consolidated Balance Sheets at December 31, 2025:


Year ended December 31,	Operating Leases	Finance Leases	Total
2026	$379	$66	$445
2027	289	144	433
2028	196	48	244
2029	133	42	175
2030	85	44	129
Thereafter	324	454	778
Total lease payments	$1,406	$798	$2,204
Less: Interest	(311)	(248)	(559)
Present value of future lease payments	$1,095	$550	$1,645

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating

lease liabilities and finance lease liabilities recorded on the Consolidated Balance Sheets at December 31, 2025:


Year ended December 31,	Operating Leases	Finance Leases	Total
2026	$379	$66	$445
2027	289	144	433
2028	196	48	244
2029	133	42	175
2030	85	44	129
Thereafter	324	454	778
Total lease payments	$1,406	$798	$2,204
Less: Interest	(311)	(248)	(559)
Present value of future lease payments	$1,095	$550	$1,645

Smurfit Westrock plc 10-K