Clearwater Paper (CLW) Company Report

Clearwater Paper reported Q4 2025 net sales of $386 million and full-year 2025 net sales of $1.6 billion, with adjusted EBITDA of $107 million for the full year, an increase of $71 million versus the prior year.
The company achieved over $50 million in fixed cost reductions in 2025, including $16 million in SG&A savings, and reduced its overall workforce by more than 10%.
Clearwater Paper expects Q1 2026 adjusted EBITDA to be approximately break even, impacted by $15 million-$20 million in incremental costs due to severe weather.
For FY 2026, the company projects revenue between $1.4 billion and $1.5 billion, anticipating a $70 million pricing headwind, and plans $65 million-$75 million in capital expenditures.
Strategic initiatives include the upcoming Q2 2026 launch of Viora, a new lightweight paperboard product line, and the evaluation of a $60 million CUK investment at its Cypress Bend facility.

Feb 18, 2026, 10:00 PM

Transcript

Clearwater Paper Reports Q4 and Full Year 2025 Results, Provides 2026 Outlook

CLW

Earnings

Guidance Update

Demand Weakening

Clearwater Paper reported full-year 2025 net sales of $1.6 billion, up 12% year-over-year, and Adjusted EBITDA of $107 million, an improvement of $71 million, driven by over $50 million in fixed cost reductions.
For Q4 2025, net sales were $386 million and Adjusted EBITDA was $20 million. The company ended the year with over $400 million in liquidity and repurchased $17 million in shares.
The company projects Q1 2026 Adjusted EBITDA to be approximately break even, due to $15 million-$20 million in incremental costs from severe weather. Full-year 2026 revenue guidance is $1.4 billion-$1.5 billion, with an anticipated $70 million pricing headwind.
Clearwater Paper is navigating challenging paperboard industry dynamics, with operating rates in the low 80% range by the end of 2025. In response, it announced a price increase of $60 per ton for cup grades and $50 per ton for other products and plans to balance supply with demand through potential curtailments.
Strategic initiatives include launching a new lightweight paperboard product, Viora, in Q2, and evaluating a $60 million CUK investment at its Cypress Bend facility. The company also reduced its overall workforce by over 10% in 2025.

Feb 18, 2026, 10:00 PM

Transcript

Clearwater Paper Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook

CLW

Earnings

Guidance Update

New Projects/Investments

Clearwater Paper reported Q4 2025 net sales of $386 million and Adjusted EBITDA of $20 million, contributing to full-year 2025 net sales of $1.6 billion and Adjusted EBITDA of $107 million.
The company expects Q1 2026 Adjusted EBITDA to be approximately break even due to $15 million-$20 million in incremental costs from severe weather, and projects full-year 2026 revenue of $1.4 billion-$1.5 billion with a $70 million pricing headwind.
Strategic initiatives include a recently announced price increase of $60 per ton for cup grades and $50 per ton for other products, the Q2 launch of Viora (a new lightweight paperboard product), and the evaluation of a $60 million CUK investment.
In 2025, the company reduced its overall workforce by more than 10%, including a 40% reduction in corporate SG&A headcount, which helped reduce SG&A to 6.5% of net sales.

Feb 18, 2026, 10:00 PM

Transcript

Clearwater Paper Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook

CLW

Earnings

Guidance Update

Demand Weakening

Clearwater Paper reported Q4 2025 Net Sales from continuing operations of $386 million and Adjusted EBITDA of $20 million, with a Net Income of $3 million. For the full year 2025, Net Sales were $1.6 billion and Adjusted EBITDA was $107 million, resulting in a Net Loss of $53 million.
The company projects Q1 2026 Adjusted EBITDA to be roughly breakeven due to severe weather and price reductions, and anticipates FY 2026 revenue of $1.4 to $1.5 billion with $65-75 million in capital expenditures. The paperboard industry is in a downcycle with Q4'25 operating rates at 83%, though modest demand growth of ~1% and a 180K ton net capacity reduction are expected to improve operating rates to 90% in 2026.
Clearwater Paper reduced its fixed cost structure by over ~$50 million in 2025, repurchased $21 million of shares, and ended the year with a net leverage ratio of 2.5x.

Feb 18, 2026, 10:00 PM

Presentation

Clearwater Paper Reports Q4 and Full Year 2025 Results

CLW

Earnings

Guidance Update

Demand Weakening

Clearwater Paper reported net sales of $386 million for the fourth quarter of 2025 and $1.6 billion for the full year 2025, marking a 12% increase compared to 2024.
The company achieved Adjusted EBITDA from continuing operations of $20 million in Q4 2025 and $107 million for the full year 2025, a significant improvement from $9 million and $36 million in the respective prior year periods.
For the full year 2025, the company reported a net loss of $19 million, or $1.15 per diluted share, primarily driven by a $48 million non-cash goodwill impairment.
Clearwater Paper repurchased approximately $17 million of shares in 2025 and implemented over $50 million in fixed-cost reductions, including $16 million in SG&A savings.
For Q1 2026, the company anticipates roughly breakeven Adjusted EBITDA, expecting a $15-20 million impact from severe weather and a $10-12 million impact from price reductions.

Feb 18, 2026, 9:07 PM

8-K

Clearwater Paper Reports Fourth Quarter and Full-Year 2025 Results

CLW

Earnings

Share Buyback

Guidance Update

Clearwater Paper reported full-year 2025 net sales of $1.6 billion, a 12% increase from 2024, and a net loss from continuing operations of $53 million, primarily due to a $48 million non-cash goodwill impairment.
Adjusted EBITDA from continuing operations significantly improved to $107 million for the full year 2025, up from $36 million in 2024, driven by over $50 million in fixed-cost reductions and $16 million in SG&A savings.
The company repurchased approximately $17 million of shares in 2025 and has $79 million remaining on its share repurchase authorization.
Clearwater Paper anticipates an estimated $20 million reduction in Adjusted EBITDA in early 2026 due to severe weather-related production disruptions and higher operating costs.

Feb 18, 2026, 9:05 PM

Press Release

Clearwater Paper Announces Q3 2025 Results and Outlook

CLW

Earnings

Guidance Update

Demand Weakening

Clearwater Paper reported Q3 2025 adjusted EBITDA of $18 million, at the high end of its guidance, and net sales of $399 million. The company recorded a net loss of $54 million, or $3.34 per diluted share, primarily due to a $48 million non-cash goodwill impairment.
The company successfully completed all three planned major maintenance outages for 2025, with the Lewiston outage costing $24 million and Augusta $16 million. Fixed cost reduction initiatives are tracking to $50 million in savings for the year, exceeding original estimates.
For Q4 2025, Clearwater Paper expects adjusted EBITDA between $13 million and $23 million, anticipating slightly lower paperboard shipments and 3%-4% lower production volume due to seasonality.
Initial assumptions for 2026 include revenue of $1.45 billion-$1.55 billion, capital expenditures of $65 million-$75 million, and targeted working capital improvements of over $20 million. The company noted an industry oversupply in SBS, leading to utilization rates in the low 80% range.
A potential $50 million investment to add CUK swing capability to an SBS machine, with an estimated return of over 20%, has been put on hold to prioritize maintaining a strong balance sheet and achieving a target leverage ratio of 1%-2%.

Oct 28, 2025, 9:00 PM

Transcript

Clearwater Paper Reports Q3 2025 Results, Provides Q4 2025 and 2026 Outlook

CLW

Earnings

Guidance Update

Demand Weakening

Clearwater Paper reported Q3 2025 Adjusted EBITDA of $18 million, at the high end of its guidance, and net sales of $399 million.
The company posted a net loss of $54 million, or $3.34 per diluted share, primarily due to a $48 million non-cash goodwill impairment.
For Q4 2025, Adjusted EBITDA is expected to be between $13 million and $23 million.
A potential $50 million CUK investment decision is on hold to prioritize maintaining a strong balance sheet, with a target leverage ratio of 1% to 2%.
Fixed cost reduction initiatives are tracking to $50 million in savings for the year, exceeding the original estimate of $30 million to $40 million.

Oct 28, 2025, 9:00 PM

Transcript

Clearwater Paper Reports Q3 2025 Results and Provides Outlook

CLW

Earnings

Guidance Update

New Projects/Investments

Clearwater Paper reported Q3 2025 Adjusted EBITDA of $18 million and net sales of $399 million, but a net loss of $54 million primarily due to a $48 million non-cash goodwill impairment.
The company's fixed cost reduction initiatives are tracking to approximately $50 million in savings for the year, exceeding original estimates.
For Q4 2025, Clearwater Paper expects Adjusted EBITDA to be between $13 million and $23 million.
The company provided an initial 2026 outlook, forecasting revenue of $1.45 billion to $1.55 billion and capital expenditures of $65 million to $75 million, with a target of more than $20 million in working capital improvements.
A potential $50 million CUK investment project, with an estimated return of over 20%, has been put on hold to prioritize balance sheet strength.

Oct 28, 2025, 9:00 PM

Transcript

Clearwater Reports Q3 2025 Financial Results and Provides Outlook

CLW

Earnings

Guidance Update

Share Buyback

Clearwater (CLW) reported Net Sales from continuing operations of $399 million and an Adjusted EBITDA of $18 million (4% margin) for Q3 2025. The company recorded a Net Loss from continuing operations of $54 million, which included a $45 million non-cash goodwill impairment.
Paperboard sales volumes increased 3% in Q3 2025 compared to Q3 2024, partially offset by a 3% decrease in average pricing.
As of Q3 2025, the company maintained a net leverage ratio of 2.7x and $455 million in available liquidity. Clearwater repurchased $2 million of shares during the quarter, totaling $20 million since the new $100 million authorization in November 2024.
For Q4 2025, Adjusted EBITDA is projected to be between $13 million and $23 million. Initial assumptions for FY 2026 include revenue of $1.45 billion to $1.55 billion and capital expenditures of $65 million to $75 million.