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Suzano S.A. (SUZ) Annual Reports

Q: Where can I read Suzano S.A. (SUZ) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Suzano S.A. is listed on NYSE, classified by the SEC under Paper Mills (SIC 2621). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： NYSE
SEC CIK： 909327 →

Website：Official site ↗

Financial Highlights

FY2025 (quarterly, ended 2025-09-30)
	Current	Prior year	YoY
Revenue	122億 BRL	123億 BRL	-1.0%
Operating income	20億 BRL	41億 BRL	-52.1%
Net income	20億 BRL	32億 BRL	-39.4%
EPS (diluted)	1.58 BRL	2.57 BRL	-38.6%

Amounts in BRL.

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In bn (HKD)

Revenue 13.1 bn Net income 0.11 bn

Show table：Income statement

Item	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Revenue	9.84	10.6	13.4	6.67	13.7	8.00	15.5	9.84	22.2	11.5	28.6	9.16	19.3	9.46	11.5	12.3	14.2	11.6	13.3	12.2	13.1
Gross profit	3.28	4.08	6.52	1.44	2.85	3.21	6.13	5.07	11.2	5.40	15.3	2.93	6.44	3.76	5.40	5.43	5.42	3.82	4.69	3.70	4.02
Operating income	1.27	3.28	5.01	0.88	1.56	2.52	4.58	5.21	9.37	4.59	14.3	3.07	4.84	2.55	4.61	4.11	4.42	2.26	2.88	1.97	3.55
Net income	1.68	1.82	0.32	0.7	-2.29	-2.06	4.75	10.0	1.35	0.18	12.9	5.07	3.77	0.22	-3.77	3.22	-6.74	6.34	5.00	1.95	0.11

Balance sheet

Quarterly · In bn (HKD)

Total assets 168 bn Total liabilities 124 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Current assets	—	6.80	30.8	—	18.9	21.9	18.0	21.8	34.1	34.6	37.1	38.1	38.6	—	39.1	—	42.2	34.5	39.9	42.6	43.9
Total assets	29.4	28.5	53.9	—	97.9	108	102	103	119	123	133	138	144	—	153	—	166	155	159	164	168
Current liabilities	—	3.72	6.06	—	11.5	13.9	8.17	7.38	11.6	12.1	14.5	14.8	14.8	—	15.8	—	24.5	13.2	12.6	13.3	13.8
Total liabilities	19.3	16.9	41.9	—	79.8	106	94.5	88.7	104	98.5	100	95.6	98.8	—	112	—	134	117	116	119	124
Equity	10.1	11.6	12.0	20.4	18.0	2.49	7.23	14.5	15.1	24.1	33.1	42.6	44.7	44.7	40.5	41.6	32.3	38.4	43.1	45.1	43.8

Cash flow

Quarterly · In bn (HKD)

Operating 5.36 bn Investing -5.03 bn Financing -1.43 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Operating	3.08	3.07	5.17	3.48	4.10	5.68	7.45	8.01	9.62	10.1	11.6	10.3	7.05	3.05	6.07	5.28	6.20	4.42	4.34	4.03	5.36
Investing	-3.34	-1.01	-22.0	-6.97	-4.73	2.17	-2.91	-1.61	-8.75	-12.1	-4.92	-12.4	-13.7	-6.04	-3.55	-5.14	-5.79	3.32	-4.86	-3.27	-5.03
Financing	0.57	-2.61	20.0	3.34	-0.19	-1.72	-8.07	-4.34	2.77	-3.21	-4.90	4.86	2.94	-1.29	0.36	-1.57	2.42	-6.60	3.09	3.13	-1.43
Cash at period end	1.61	1.08	4.39	4.10	3.25	10.5	6.84	8.59	13.6	7.71	9.51	11.9	8.35	4.20	7.25	5.82	9.02	9.91	12.3	15.8	15.2

Profitability

Quarterly · %

Gross margin 30.6% Operating margin 27.0% Net margin 0.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Gross margin	33.3%	38.6%	48.5%	21.6%	20.9%	40.1%	39.6%	51.5%	50.5%	46.9%	53.6%	32.0%	33.3%	39.7%	47.0%	44.2%	38.2%	33.1%	35.3%	30.4%	30.6%
Operating margin	13.0%	31.0%	37.3%	13.3%	11.4%	31.5%	29.6%	52.9%	42.1%	39.8%	49.9%	33.5%	25.1%	27.0%	40.1%	33.5%	31.1%	19.6%	21.6%	16.2%	27.0%
Net margin	17.1%	17.2%	2.4%	10.5%	-16.8%	-25.7%	30.7%	101.9%	6.1%	1.5%	45.2%	55.4%	19.5%	2.3%	-32.8%	26.3%	-47.6%	54.9%	37.6%	16.1%	0.8%

Returns & leverage

Quarterly · %

ROE 35.2% ROA 8.0% Debt ratio 73.8%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
ROE	—	—	—	22.1%	3.9%	-47.2%	11.5%	59.8%	85.2%	122.9%	121.4%	68.3%	73.4%	63.9%	14.4%	8.2%	-18.4%	-2.3%	18.7%	15.1%	35.2%
ROA	—	—	—	—	0.9%	-4.9%	1.4%	10.1%	13.0%	14.1%	20.8%	16.1%	16.7%	—	3.7%	—	-4.6%	-0.6%	5.0%	4.0%	8.0%
Debt ratio	65.5%	59.3%	77.7%	—	81.5%	97.6%	92.8%	85.9%	87.3%	80.3%	75.1%	69.1%	68.8%	—	73.5%	—	80.5%	75.2%	72.9%	72.5%	73.8%

EPS

Quarterly ·

EPS 0.09

Show table：EPS

Item	2016Q4	2017Q4	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
EPS（）	1.53	1.66	0.29	0.52	-1.70	-1.52	3.52	7.44	1.00	0.13	9.79	3.90	2.98	0.17	-2.94	2.57	-5.33	5.10	4.04	1.58	0.09

Revenue & profit

Year-to-date · In bn (HKD)

Revenue 50.1 bn Net income 13.4 bn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In bn (HKD)

Total assets 168 bn Total liabilities 124 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In bn (HKD)

Operating 18.1 bn Investing -9.83 bn Financing -1.82 bn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 32.4% Operating margin 21.3% Net margin 26.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 35.2% ROA 8.0% Debt ratio 73.8%

EPS

Year-to-date ·

EPS 10.81

Revenue & profit

Annual · In bn (HKD)

Revenue 50.1 bn Net income 13.4 bn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2024	2025
Revenue	47.4	50.1
Gross profit	20.0	16.2
Operating income	15.7	10.7
Net income	-7.07	13.4

Balance sheet

Annual · In bn (HKD)

Total assets 168 bn Total liabilities 124 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2024	2025
Current assets	42.2	43.9
Total assets	166	168
Current liabilities	24.5	13.8
Total liabilities	134	124
Equity	32.3	43.8

Cash flow

Annual · In bn (HKD)

Operating 18.1 bn Investing -9.83 bn Financing -1.82 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2024	2025
Operating	20.6	18.1
Investing	-20.5	-9.83
Financing	-0.08	-1.82
Cash at period end	9.02	15.2

Profitability

Annual · %

Gross margin 32.4% Operating margin 21.3% Net margin 26.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2024	2025
Gross margin	42.2%	32.4%
Operating margin	33.1%	21.3%
Net margin	-14.9%	26.8%

Returns & leverage

Annual · %

ROE 35.2% ROA 8.0% Debt ratio 73.8%

Show table：Returns & leverage

Item	2024	2025
ROE	-21.9%	35.2%
ROA	-4.3%	8.0%
Debt ratio	80.5%	73.8%

EPS

Annual ·

EPS 10.81

Show table：EPS

Item	2024	2025
EPS（）	-5.53	10.81

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	20-F
2025	Open full text →
2024	Open full text →
2023	Open full text →

20-F: annual report of a foreign private issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read Suzano S.A. (SUZ) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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