# Westrock Coffee Co (WEST)

Informational only - not investment advice.

CIK: 0001806347
SIC: 2080 Beverages
SIC breadcrumb: [Manufacturing](/division/D/) > [Food And Kindred Products](/major-group/20/) > [SIC 2080 Beverages](/industry/2080/)
Latest 10-K filed: 2026-03-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=1806347
Filing source: https://www.sec.gov/Archives/edgar/data/1806347/000110465926025932/west-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-10 · accession 0001104659-26-025932 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001806347.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,188,952,000 USD | 2025 | verified |
| Net income | -90,445,000 USD | 2025 | verified |
| Assets | 1,175,978,000 USD | 2025 | verified |
| Free cash flow | -107,814,000 USD | 2025 | computed |
| Net margin | -7.61% | 2025 | computed |
| Operating margin | -3.82% | 2025 | computed |
| Revenue YoY | +39.76% | 2025 | computed |

Stockholders' equity was not positive at FY2025 year-end (-1,868,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed.

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only).

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WEST | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -7.6% | 11.7% | 0 | 9 |
| Operating margin | -3.8% | 13.5% | 12 | 9 |
| Revenue growth | 39.8% | 2.3% | 100 | 9 |
| FCF margin | -9.1% | 8.2% | 0 | 9 |
| ROE | -82.4% | 17.8% | 0 | 9 |
| ROA | -7.7% | 7.7% | 0 | 9 |
| Liabilities / equity | 7.49 | 2.26 | 100 | 9 |
| Current ratio | 0.96 | 1.08 | 38 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2080 Beverages, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1188952000 | USD | 2025 | 2026-03-10 |
| Net income | -90445000 | USD | 2025 | 2026-03-10 |
| Assets | 1175978000 | USD | 2025 | 2026-03-10 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001806347.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 550,846,000 | 698,144,000 | 867,872,000 | 864,714,000 | 850,726,000 | 1,188,952,000 |
| Net income | -129,171,000 | -21,947,000 | -55,185,000 | -34,582,000 | -80,298,000 | -90,445,000 |
| Operating income | -120,634,000 | 7,839,000 | 8,676,000 | -20,429,000 | -49,124,000 | -45,458,000 |
| Gross profit | 107,202,000 | 145,423,000 | 152,765,000 | 139,858,000 | 153,774,000 | 150,764,000 |
| Diluted EPS | -4.32 | -1.34 | -1.60 | -0.43 | -0.89 | -0.94 |
| Operating cash flow | -13,450,000 | 2,877,000 | -56,628,000 | -64,064,000 | -13,243,000 | -19,014,000 |
| Capital expenditures | 19,472,000 | 25,115,000 | 63,261,000 | 164,611,000 | 159,625,000 | 88,800,000 |
| Assets | 548,140,000 | 593,020,000 | 746,213,000 | 971,514,000 | 1,101,780,000 | 1,175,978,000 |
| Liabilities |  | 487,147,000 | 459,548,000 | 583,558,000 | 730,448,000 | 904,343,000 |
| Stockholders' equity |  | -178,734,000 | 9,269,000 | 113,740,000 | 97,482,000 | -1,868,000 |
| Cash and cash equivalents |  | 19,344,000 | 16,838,000 | 37,196,000 | 26,151,000 | 49,875,000 |
| Free cash flow | -32,922,000 | -22,238,000 | -119,889,000 | -228,675,000 | -172,868,000 | -107,814,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -23.45% | -3.14% | -6.36% | -4.00% | -9.44% | -7.61% |
| Operating margin | -21.90% | 1.12% | 1.00% | -2.36% | -5.77% | -3.82% |
| Return on equity |  |  |  | -30.40% | -82.37% |  |
| Return on assets | -23.57% | -3.70% | -7.40% | -3.56% | -7.29% | -7.69% |
| Liabilities / equity |  |  | 49.58 | 5.13 | 7.49 |  |
| Current ratio |  | 1.41 | 1.38 | 1.31 | 1.20 | 0.96 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001806347.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.41 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.13 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.35 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 219,612,000 | 16,621,000 | 0.15 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 214,966,000 | -20,051,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 192,500,000 | -23,673,000 | -0.27 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 208,389,000 | -17,759,000 | -0.20 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 220,860,000 | -14,259,000 | -0.16 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 228,977,000 | -24,607,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 213,796,000 | -27,218,000 | -0.29 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 280,859,000 | -21,563,000 | -0.23 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 354,825,000 | -19,103,000 | -0.20 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 339,472,000 | -22,561,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 308,825,000 | -8,533,000 | -0.09 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 305,658,000 | -13,657,000 | -0.14 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WEST's latest 10-K: [/company/WEST/business/](/company/WEST/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WEST's latest 10-K: [/company/WEST/risk-factors/](/company/WEST/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1806347/000110465926092129/west-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations describes the principal factors affecting the results of operations, financial condition, and changes in financial condition for the three and six months ended June 30, 2026. This discussion should be read in conjunction with the accompanying Condensed Consolidated Financial Statements, and the notes thereto set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q and our December 31, 2025 Audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 10, 2026.

Overview

Westrock Coffee Company, a Delaware corporation (the “Company,” “Westrock,” “we,” “us,” or “our”), is an integrated beverage solutions platform serving the world's largest brands across packaged coffee, tea, ready-to-drink coffee, energy, and functional beverage categories. With our global manufacturing and sourcing footprint, the Company formulates, manufactures, and packages beverages in cans, glass, multi-serve bottles, single-serve capsules, bulk extract, and concentrates, backed by a digitally traceable supply chain. With operations spanning 10 countries, Westrock partners with brands across retail, foodservice, convenience, consumer packaged goods (“CPG”), and hospitality to bring beverage programs to market at scale.

Our platform is built upon four fundamental pillars that enable us to positively impact the coffee, tea, flavors, extracts, and ingredients ecosystems from crop to cup: (i) we operate a transparent supply chain, (ii) we develop innovative beverage solutions tailored to our customers’ specific needs, (iii) we deliver a high quality and comprehensive set of products to our customers, and (iv) we leverage our scaled international presence to serve our blue-chip customer base. These four tenets comprise the backbone of our platform and position us as a leading provider of value-added beverage solutions. By partnering with Westrock, our customers also benefit from the benchmark-setting responsible sourcing policies and strong environmental, social, and governance focus surrounding our products, top tier consumer insights, and a differentiated product ideation process. Leading brands choose us because we are singularly positioned to meet their needs, while simultaneously driving a new standard for sustainably and responsibly sourced products.

We operate our business in two segments: Beverage Solutions and Sustainable Sourcing & Traceability (“SS&T”).

Beverage Solutions: Through this segment, we combine our product innovation and customer insights to provide value-added beverage solutions, including coffee, tea, flavors, extracts, and ingredients. We provide products in a variety of packaging, including branded and private label coffee in bags, fractional packs, single serve cups, multi-serve bottles and ready-to-drink bottles and cans, as well as extract solutions to be used in products such as cold brew and ready-to-drink offerings. Currently, we serve customers in the United States, Europe, and Asia through the retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG and hospitality industries.

Sustainable Sourcing & Traceability: Through this segment, we utilize our proprietary technology and digitally traceable supply chain to directly impact and improve the lives of our farming partners, provide tangible economic empowerment and emphasize environmental accountability and farmer literacy. Revenues primarily consist of sales from commodity contracts related to forward sales of green coffee.

Significant Developments

Credit Agreement Amendments

​

On June 30, 2026, the Company entered into Amendment No. 6 (the “Sixth Amendment”) to its Credit Agreement, as defined in the section titled Liquidity and Capital Resources below. The Sixth Amendment extends the maturity date of approximately $360.7 million of the loans and commitments under our credit facilities from August 29, 2027 to November 29, 2028 and makes certain restricted payments subject to the secured net leverage ratio being no greater than 3.75x and liquidity being no less than $25.0 million, in each case on a pro forma basis. Approximately $25.8 million of the loans and commitments under our credit facilities will continue to mature on August 29, 2027. In connection with the Sixth Amendment, Texas Capital Bank has also become a lender.

39

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​

In addition, on June 30, 2026, the Borrower elected to terminate the Covenant Relief Period, as defined in the section titled Liquidity and Capital Resources below, under the Credit Agreement prior to its scheduled expiration on October 1, 2026. As a result, the applicable margin on any loans will decrease, certain restrictions limited to the covenant relief period will no longer apply, and the maximum permitted secured net leverage ratio under the secured net leverage ratio financial covenant decreased from 5.00x to 4.00x for the test period ended June 30, 2026, and from 4.50x to 4.00x for the test period ending September 30, 2026. As of the date of this Quarterly Report on Form 10-Q, the Company was in compliance with its financial covenants.

​

Results of Operations

Comparison of the Three Months Ended June 30, 2026 and 2025

The following table sets forth our results of operations expressed as dollars and as a percentage of total revenues for the periods indicated:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months","\u200b","\u200b","\u200b","\u200b","Three Months","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","Ended","\u200b \u200b \u200b","% of","","\u200b","Ended","\u200b \u200b \u200b","% of","","\u200b"],["(Dollars in Thousands)","\u200b","June 30, 2026","\u200b","Revenues","","\u200b","June 30, 2025","\u200b","Revenues","","\u200b"],["Net sales","\u200b","$","305,658","\u200b","100.0","%","\u200b","$","280,859","\u200b","100.0","%","\u200b"],["Costs of sales","\u200b","","267,910","","87.7","%","\u200b","","239,464","","85.3","%","\u200b"],["Gross profit","\u200b","","37,748","","12.3","%","\u200b","","41,395","","14.7","%","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Selling, general and administrative expense","\u200b","","35,973","","11.8","%","\u200b","","53,931","","19.2","%","\u200b"],["Transaction, restructuring and integration expense","\u200b","","3,168","","1.0","%","\u200b","","2,477","","0.9","%","\u200b"],["Loss (gain) on disposal of property, plant and equipment","\u200b","","(43)","","(0.0)","%","\u200b","","\u2014","","0.0","%","\u200b"],["Total operating expenses","\u200b","","39,098","","12.8","%","\u200b","","56,408","","20.1","%","\u200b"],["Income (loss) from operations","\u200b","","(1,350)","","(0.4)","%","\u200b","","(15,013)","","(5.3)","%","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Other (income) expense","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Interest expense","\u200b","\u200b","12,990","\u200b","4.2","%","\u200b","\u200b","13,119","\u200b","4.7","%","\u200b"],["Other, net","\u200b","","(117)","","(0.0)","%","\u200b","","(2,692)","","(1.0)","%","\u200b"],["Loss before income taxes and equity in earnings from unconsolidated entities","\u200b","","(14,223)","","(4.7)","%","\u200b","","(25,440)","","(9.1)","%","\u200b"],["Income tax expense (benefit)","\u200b","","(400)","","(0.1)","%","\u200b","","(370)","","(0.1)","%","\u200b"],["Equity in (earnings) loss from unconsolidated entities","\u200b","","(166)","\u200b","(0.1)","%","\u200b","","(3,507)","","(1.2)","%","\u200b"],["Net loss","\u200b","$","(13,657)","","(4.5)","%","\u200b","$","(21,563)","","(7.7)","%","\u200b"],["Amortization of Series A Convertible Preferred Shares","\u200b","\u200b","87","\u200b","0.0","%","\u200b","\u200b","86","\u200b","0.0","%","\u200b"],["Net loss attributable to common shareholders","\u200b","$","(13,570)","","(4.4)","%","\u200b","$","(21,477)","","(7.6)","%","\u200b"]]
[[/GREPCENT_TABLE]]

​

​

40

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Net Sales

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months Ended June 30,"],["(Thousands)","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025"],["Beverage Solutions","\u200b","$","243,870","\u200b","$","208,814"],["Sustainable Sourcing & Traceability(1)","\u200b","","61,788","\u200b","","72,045"],["Total net sales","\u200b","$","305,658","\u200b","$","280,859"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(1)","Net of intersegment revenues."]]
[[/GREPCENT_TABLE]]

Net Sales from our Beverage Solutions segment were $243.9 million for the three months ended June 30, 2026, increasing 16.8% compared to $208.8 million for the three months ended June 30, 2025. The increase was primarily due to a $28.1 million increase in the sale of flavors, extracts & ingredients products driven by a 66.6% increase in can volumes and the ramp up of glass bottle production during 2026. In addition, sales of coffee and tea products grew $7.4 million.

​

Net Sales from our SS&T segment, net of intersegment revenues, were $61.8 million for the three months ended June 30, 2026, decreasing 14.2% compared to $72.0 million for the three months ended June 30, 2025, driven primarily by a decrease in sales volume of 10.8%.

Costs of Sales

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months Ended June 30,"],["(Thousands)","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025"],["Beverage Solutions","\u200b","$","210,833","\u200b","$","174,528"],["Sustainable Sourcing & Traceability","\u200b","","57,077","\u200b","","64,936"],["Total costs of sales","\u200b","$","267,910","\u200b","$","239,464"]]
[[/GREPCENT_TABLE]]

​

In our Beverage Solutions segment, costs of sales increased $36.3 million to $210.8 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase in costs of sales was primarily driven by an increase in sales volumes for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

In our SS&T segment, costs of sales decreased $7.9 million to $57.1 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This decrease is primarily due to a decrease in green coffee sales volume. Costs of sales in our SS&T segment for the three months ended June 30, 2026 included $0.6 million of net unrealized losses on forward sales and purchase contracts and mark-to-market adjustments on green coffee inventory compared to $1.4 million of net unrealized gains for the three months ended June 30, 2025.

Selling, General and Administrative Expense

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1806347/000110465926025932/west-20251231x10k.htm
Complete FY 2025 MD&A: /company/WEST/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-10
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our financial condition at December 31, 2025 and 2024 and our results of operations for each of the years in the three-year period ended December 31, 2025. The purpose of this Item 7 is to focus on material information relevant to an assessment of our financial condition and results of operations that is not otherwise apparent from the consolidated financial statements and footnotes. This discussion should be read in conjunction with the disclosure regarding “Forward-Looking Statements” as well as the risks discussed under Part I, Item 1A “Risk Factors”, and our consolidated financial statements and notes thereto included under Item 8 “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.

Overview

Westrock Coffee Company, a Delaware corporation (the “Company,” “Westrock,” “we,” “us,” or “our”), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, consumer packaged goods (“CPG”), and hospitality industries around the world.

​

Our platform is built upon four fundamental pillars that enable us to positively impact the coffee, tea, flavors, extracts, and ingredients ecosystems from crop to cup: (i) we operate a transparent supply chain, (ii) we develop innovative beverage solutions tailored to our customers’ specific needs, (iii) we deliver a high quality and comprehensive set of products to our customers, and (iv) we leverage our scaled international presence to serve our blue-chip customer base. These four tenets comprise the backbone of our platform and position us as a leading provider of value-added beverage solutions. By partnering with Westrock, our customers also benefit from the benchmark-setting responsible sourcing policies and strong Environmental, Social, and Governance focus surrounding our products, top tier consumer insights, and a differentiated product ideation process. Leading brands choose us because we are singularly positioned to meet their needs, while simultaneously driving a new standard for sustainably and responsibly sourced products.

We manage our business in two operating segments: Beverage Solutions and Sustainable Sourcing & Traceability (“SS&T”).

Beverage Solutions: Through this segment, we combine our product innovation and customer insights to provide value-added beverage solutions, including coffee, tea, flavors, extracts, and ingredients. We provide products in a variety of

27

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packaging, including branded and private label coffee in bags, fractional packs, single serve cups, multi-serve bottles and ready-to-drink bottles and cans, as well as extract solutions to be used in products such as cold brew and ready-to-drink offerings. Currently, we serve customers in the United States, Europe, and Asia through the retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG and hospitality industries.

Sustainable Sourcing & Traceability: Through this segment, we utilize our proprietary technology and digitally traceable supply chain to directly impact and improve the lives of our farming partners, provide tangible economic empowerment and emphasize environmental accountability and farmer literacy. Revenues primarily consist of sales from commodity contracts related to forward sales of green coffee.

Significant Developments

Convertible Notes Offering

​

On November 4, 2025, the Company sold and issued in a private placement $30.0 million in aggregate principal amount of 5.00% convertible senior notes due 2031 (the “2031 Convertible Notes”). The 2031 Convertible Notes are unsecured and senior obligations of the Company and accrue interest at a rate of 5.00% per annum.

​

The purchasers of the 2031 Convertible Notes include, among others, HF Direct Investments Pool, LLC (a holder of more than 10% of the outstanding Common Shares), Jeffrey H. Fox Revocable Trust (an affiliate of Jeffrey H. Fox, a member of the board of directors of the Company), and an affiliate of The Stephens Group, LLC (a holder of more than 5% of the outstanding Common Shares). See Note 12 to our Consolidated Financial Statements for additional discussion related to the 2031 Convertible Notes offering.

​

Credit Agreement Amendments

​

On January 15, 2025, the Company entered into an Incremental Assumption Agreement and Amendment No. 4 (the “Fourth Amendment”) to the Credit Agreement dated as of August 29, 2022 among the Borrower, the Company, Wells Fargo Bank, N.A., as administrative agent, as collateral agent and as swingline lender, Wells Fargo Securities, LLC, as sustainability structuring agent, the issuing banks party thereto from time to time and the lenders party thereto from time to time (as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”). The Fourth Amendment expanded the syndicate to include member banks from the Farm Credit System and increased the amount of revolving facility commitments (the “Existing Revolving Facility Commitments”, and any loans thereunder, the “Existing Revolving Loans”) available to the Borrower under the Credit Agreement by $25.0 million (the “Incremental Revolving Facility Commitments” and any loans thereunder, the “Incremental Revolving Loans”). The amount of revolving facility commitments available to the Borrower under the Credit Agreement, as amended through the Fourth Amendment, is $200.0 million. The Incremental Revolving Facility Commitments and the Incremental Revolving Loans are subject to the same interest rates, commitment fees, maturity dates and other terms as the Existing Revolving Facility Commitments and the Existing Revolving Loans.

​

The Fourth Amendment also modified the secured net leverage ratio that the Company must comply with during the Covenant Relief Period and clarified that the Company’s minimum liquidity covenant will not apply after the Covenant Relief Period ends.

​

On November 4, 2025, the Company entered into Amendment No. 5 (the “Fifth Amendment”) to the Credit Agreement. The Fifth Amendment modified and extended the existing Covenant Relief Period, which commenced on June 30, 2023, and will end on the earlier to occur of (i) October 1, 2026 and (ii) any date following June 30, 2024, on which the Borrower elects to terminate the Covenant Relief Period subject to satisfaction of certain conditions.

​

During the Covenant Relief Period, the Borrower’s ability to incur additional indebtedness and make investments, restricted payments and junior debt restricted payments is more limited. The Fifth Amendment permitted the Borrower to issue convertible notes, including the 2031 Convertible Notes.

​

28

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The Fifth Amendment modified the secured net leverage ratio that the Company must comply with during the Covenant Relief Period to increase the maximum secured net leverage ratio to (a) 5.50x for the test period ending December 31, 2025, (b) 5.25x for the test period ending March 31, 2026, (c) 5.00x for the test period ending June 30, 2026, (d) 4.50x for the test period ending September 30, 2026 and (e) 4.00x for the test period ending December 31, 2026. In addition, the Fifth Amendment lowered the interest coverage ratio that the Company must comply with to permit the interest coverage ratio as of the last day of any test period to be less than (a) on and prior to December 31, 2025, 1.50x, (b) on January 1, 2026 and on or prior to September 30, 2026, 1.75x and (c) on October 1, 2026 and thereafter, 2.00x. As of the date of this Annual Report on Form 10-K, the Company was in compliance with its financial covenants.

​

Equity Method Investment and De-Consolidation of Rwanda Trading Company

​

On April 1, 2025, the Company entered into an agreement with ETC Holdings SA (“ECOM”) that combines Westrock’s and ECOM’s Rwandan export operations (the “Rwandan JV”). This strategic partnership, which was established to trade Arabica coffee from Rwanda and commercially operate wet mill and storage facilities, allows Westrock to scale its operations in Rwanda, improve profitability, and strengthen our ability to provide smallholder farmers and their families the ability to advance their quality of life and economic well-being. The Company contributed its ownership interest in Rwanda Trading Company (“RTC”) and $100,000 in cash in exchange for a 49.9% ownership interest in the Rwandan JV. As a result of the transaction, the Company de-consolidated RTC, de-recognizing $9.3 million of assets, including approximately $2.9 million of cash and cash equivalents, and $10.3 million of liabilities that were previously reported within our SS&T segment. Upon de-consolidation, the Company recognized a $2.3 million gain, which is recorded in other, net on the Consolidated Statements of Operations.

Equity Distribution Agreement

​

On March 15, 2024, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Wells Fargo Securities, LLC and Truist Securities, Inc. (the “Agents”), pursuant to which the Company may from time to time offer and sell Common Shares not to exceed 5,000,000 Common Shares in the aggregate (the “Placement Securities”) through the Agents as part of an “at the market” offering program (the “ATM Program”). During the year ended December 31, 2025, the Company sold 1,909,676 Common Shares under the ATM Program. At December 31, 2025, there were 3,030,324 of remining shares authorized to be sold under the ATM Program.

Falcon Credit Agreement Amendment

​

On March 7, 2025, Falcon Coffees Limited (“Falcon”), a wholly owned subsidiary of the Company, renewed its working capital trade finance facility with multiple institutions. The facility size was increased from $75.0 million to $85.0 million and remains uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility. The facility will mature one year from inception. Borrowings under the facility will bear interest at the borrower’s option at a rate equal to (a) Term SOFR plus a margin of 4.00% plus a liquidity premium set by the lender at the time of borrowing or (b) the Base Rate (determined by reference to the greatest of (i) the Prime Rate, as defined in the facility, at such time, (ii) one-half of 1.00% in excess of the Federal Funds Effective Rate, as defined in the facility, at such time, and (iii) Term SOFR for a one-month tenor in effect at such time plus 1.00%).

​

On July 23, 2025, Falcon amended its working capital trade finance facility with multiple institutions. The facility size was increased from $85.0 million to $102.5 million and remains uncommitted and repayable on demand, with certain of Falcon’s assets pledged as collateral against the facility.

On December 16, 2025, Falcon amended its working capital trade finance facility with responsAbility Climate Smart Agriculture & Food Systems Fund. The amendment extended the maturity date on the then remaining outstanding balance of $3.5 million to March 31, 2028, and requires stepped repayments of $1.0 million during 2026, $2.0 million during 2027 and $0.5 million on March 31, 2028. On December 16, 2025, Falcon obtained an additional $2.9 million loan with responsAbility Climate Smart Agriculture & Food Systems Fund. The facility will mature on December 31, 2028 and requires stepped repayments of $2.9 million throughout 2028.

​

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Table of Contents

On March 5, 2026, Falcon renewed its working capital trade finance facility with multiple institutions. The facility size was increased from $102.5 million to $110.0 million and remains unc

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WEST/mda/fy2025/
All MD&A years: /company/WEST/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WEST/mda/fy2024/): filed 2025-03-12; accession 0001558370-25-002804 (https://www.sec.gov/Archives/edgar/data/1806347/000155837025002804/west-20241231x10k.htm)
- [FY 2023 MD&A](/company/WEST/mda/fy2023/): filed 2024-03-15; accession 0001558370-24-003417 (https://www.sec.gov/Archives/edgar/data/1806347/000155837024003417/west-20231231x10k.htm)
- [FY 2022 MD&A](/company/WEST/mda/fy2022/): filed 2023-03-21; accession 0001558370-23-004279 (https://www.sec.gov/Archives/edgar/data/1806347/000155837023004279/west-20221231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2080 Beverages) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WEST.md · JSON record: /company/WEST.json · verified financials: /company/WEST/financials.json / /company/WEST/financials.csv · machine TOC for the whole site: /llms.txt