Revenue volatility remains persistent with a 4.7% year-over-year decline in 2026Q1, while gross margins have deteriorated into negative territory at -0.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 1.54B | 1.56B | 1.38B | 1.14B | 2.08B | 1.77B | 1.87B | 1.76B | 1.72B | 1.73B | 1.73B | 1.75B | 1.97B | 1.89B | 1.87B | 1.93B | 1.37B | 1.25B | 1.26B | 1.18B | 1.11B |
| Revenue Growth % | 2.3% | 12.42% | 21.8% | -45.39% | 17.35% | -5.14% | 6.08% | 2.16% | -0.36% | -0.25% | -1.01% | -10.92% | 4.09% | 0.83% | -2.78% | 40.42% | 9.83% | -0.42% | 6.11% | 6.9% | - |
| Cost of Goods Sold | 1.46B | 1.44B | 1.31B | 935.3M | 1.82B | 1.59B | 1.57B | 1.6B | 1.54B | 1.52B | 1.49B | 1.51B | 1.71B | 1.67B | 1.61B | 1.7B | 1.17B | 1.05B | 1.18B | 1.08B | 977.9M |
| COGS % of Revenue | - | 92.57% | 94.5% | 82.33% | 87.66% | 89.7% | 84.26% | 90.66% | 89.13% | 87.91% | 86.1% | 86.33% | 86.87% | 88.44% | 85.78% | 88.31% | 85.49% | 84.17% | 93.95% | 91.61% | 88.36% |
| Gross Profit | 78M | 115.6M | 76.1M | 200.7M | 256.7M | 182.6M | 294.2M | 164.5M | 187.5M | 209.2M | 241.2M | 239.55M | 258.3M | 218.46M | 266.43M | 225.44M | 199.16M | 197.92M | 75.91M | 99.21M | 128.78M |
| Gross Margin % | 5.07% | 7.43% | 5.5% | 17.67% | 12.34% | 10.3% | 15.74% | 9.34% | 10.87% | 12.09% | 13.9% | 13.67% | 13.13% | 11.56% | 14.21% | 11.69% | 14.51% | 15.83% | 6.05% | 8.39% | 11.64% |
| Gross Profit Growth % | - | 51.91% | -62.08% | -21.82% | 40.58% | -37.93% | 78.84% | -12.27% | -10.37% | -13.27% | 0.69% | -7.26% | 18.24% | -18.01% | 18.18% | 13.2% | 0.63% | 160.72% | -23.48% | -22.96% | - |
| Operating Expenses | 90.6M | 96.8M | 117.1M | 23.6M | 134.7M | 170.6M | 136.1M | 119.1M | 106.3M | 119M | 128.19M | 115.88M | 130.1M | 119.13M | 121.05M | 110M | 100.39M | 71.13M | 47.43M | 46.8M | 90.57M |
| OpEx % of Revenue | - | 6.22% | 8.46% | 2.08% | 6.48% | 9.62% | 7.28% | 6.76% | 6.17% | 6.88% | 7.39% | 6.61% | 6.61% | 6.3% | 6.46% | 5.71% | 7.31% | 5.69% | 3.78% | 3.96% | 8.18% |
| Selling, General & Admin | 91.9M | 100.8K | 116.3M | 120.3M | 110.9M | 114M | 124.9M | 0 | 105.5M | 118.4M | 128.19M | 115.88M | 130.1M | 119.13M | 121.05M | 110M | 100.39M | 71.13M | 47.43M | 46.8M | 36.28M |
| SG&A % of Revenue | - | 0.01% | 8.41% | 10.59% | 5.33% | 6.43% | 6.68% | - | 6.12% | 6.84% | 7.39% | 6.61% | 6.61% | 6.3% | 6.46% | 5.71% | 7.31% | 5.69% | 3.78% | 3.96% | 3.28% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 96.7M | 800K | -96.7M | 23.8M | 56.6M | 11.2M | 119.1M | 800K | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.29M |
| Operating Income | -1.5M | 18.8M | -41M | 177.1M | 122M | 12M | 158.1M | 45.4M | -97.9M | 71.2M | 114.76M | 123.67M | 79.81M | 99.33M | 145.39M | 115.44M | 98.77M | 297.44M | 28.48M | 52.41M | 38.21M |
| Operating Margin % | -0.1% | 1.21% | -2.96% | 15.59% | 5.87% | 0.68% | 8.46% | 2.58% | -5.68% | 4.11% | 6.62% | 7.06% | 4.06% | 5.26% | 7.76% | 5.99% | 7.19% | 23.79% | 2.27% | 4.43% | 3.45% |
| Operating Income Growth % | - | 145.85% | -123.15% | 45.16% | 916.67% | -92.41% | 248.24% | 146.37% | -237.5% | -37.96% | -7.2% | 54.95% | -19.65% | -31.68% | 25.94% | 16.89% | -66.79% | 944.24% | -45.65% | 37.16% | - |
| EBITDA | 69.3M | 111.5M | 28.8M | 217.8M | 225.3M | 117M | 269.1M | 161M | 4M | 176.2M | 205.85M | 208.4M | 169.96M | 189.6M | 224.72M | 192.38M | 146.5M | 344.86M | 75.44M | 103.73M | 92.5M |
| EBITDA Margin % | 4.51% | 7.17% | 2.08% | 19.17% | 10.83% | 6.6% | 14.4% | 9.14% | 0.23% | 10.18% | 11.87% | 11.89% | 8.64% | 10.03% | 11.99% | 9.98% | 10.67% | 27.59% | 6.01% | 8.77% | 8.36% |
| EBITDA Growth % | 101.45% | 287.15% | -86.78% | -3.33% | 92.56% | -56.52% | 67.14% | 3925% | -97.73% | -14.41% | -1.22% | 22.62% | -10.36% | -15.63% | 16.81% | 31.32% | -57.52% | 357.14% | -27.28% | 12.14% | - |
| D&A (Non-Cash Add-back) | 70.8M | 92.7M | 69.8M | 40.7M | 103.3M | 105M | 111M | 115.6M | 101.9M | 105M | 91.09M | 84.73M | 90.14M | 90.27M | 79.33M | 76.93M | 47.73M | 47.42M | 46.95M | 51.33M | 54.29M |
| EBIT | -41.9M | 18.8M | -70.7M | 77.1M | 108.7M | -500K | 142.6M | 42.6M | -103M | 72.3M | 111.32M | 123.67M | 55.39M | 82.27M | 145.39M | 115.73M | 98.77M | 126.79M | 28.48M | 52.41M | 46.69M |
| Net Interest Income | -13.5M | -16.8M | -29.2M | -9.5M | -34.6M | -36.4M | -46.5M | -44.9M | -30.82M | -31.37M | -30.3M | -31.18M | -39.15M | -44.04M | -33.8M | -44.81M | -22.57M | -15.51M | -13.15M | -13M | -13M |
| Interest Income | 1.2M | 1.8M | 2.9M | 2.4M | 1M | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.7M | 18.6M | 32.1M | 11.9M | 35.6M | 37M | 46.5M | 44.9M | 30.82M | 31.37M | 30.3M | 31.18M | 39.15M | 44.04M | 33.8M | 44.81M | 22.57M | 15.51M | 13.15M | 13M | 13M |
| Other Income/Expense | -67.4M | -78.9M | -60.1M | -111.5M | -48.9M | -47.7M | -59.9M | -53.3M | -35.6M | -30.3M | -34.1M | -31.18M | -63.57M | -61.09M | -33.8M | -44.52M | -22.57M | -21.75M | -13.15M | -13M | -4.52M |
| Pretax Income | -68.9M | -60.1M | -101.1M | 65.6M | 73.1M | -35.7M | 98.2M | -7.9M | -133.46M | 40.95M | 80.67M | 92.49M | 16.24M | 38.23M | 111.59M | 70.92M | 76.2M | 275.69M | 15.34M | 39.41M | 33.26M |
| Pretax Margin % | -4.48% | -3.86% | -7.31% | 5.77% | 3.51% | -2.01% | 5.26% | -0.45% | -7.74% | 2.37% | 4.65% | 5.28% | 0.83% | 2.02% | 5.95% | 3.68% | 5.55% | 22.05% | 1.22% | 3.33% | 3.01% |
| Income Tax | -9M | -7.1M | -27.1M | 16.9M | 27M | -7.7M | 21.1M | -2.3M | 10.3M | -56.38M | 31.11M | 36.51M | 18.56M | -68.72M | 47.46M | 31.25M | 2.4M | 93.22M | 5.59M | 14.07M | 12.4M |
| Effective Tax Rate % | 13.06% | 11.81% | 26.81% | 25.76% | 36.94% | 21.57% | 21.49% | 29.11% | -7.72% | -137.68% | 38.57% | 39.47% | 114.25% | -179.74% | 42.53% | 44.06% | 3.14% | 33.81% | 36.47% | 35.71% | 37.28% |
| Net Income | -27M | -20.1M | -110.9M | 107.7M | 46M | -28.1M | 77.1M | -5.6M | -143.77M | 97.34M | 49.55M | 55.98M | -2.31M | 106.95M | 64.13M | 39.67M | 73.8M | 182.46M | 9.74M | 25.33M | 20.86M |
| Net Margin % | -1.76% | -1.29% | -8.02% | 9.48% | 2.21% | -1.59% | 4.13% | -0.32% | -8.34% | 5.63% | 2.86% | 3.19% | -0.12% | 5.66% | 3.42% | 2.06% | 5.38% | 14.6% | 0.78% | 2.14% | 1.89% |
| Net Income Growth % | 82% | 81.88% | -202.97% | 134.13% | 263.7% | -136.45% | 1476.79% | 96.1% | -247.7% | 96.43% | -11.48% | 2518.27% | -102.16% | 66.78% | 61.64% | -46.24% | -59.55% | 1772.77% | -61.54% | 21.43% | - |
| Net Income (Continuing) | -59.9M | -53M | -74M | 48.7M | 46.1M | -28M | 77.1M | -5.6M | -143.77M | 97.34M | 49.55M | 55.98M | -2.31M | 106.95M | 64.13M | 39.67M | 73.8M | 182.46M | 9.74M | 25.33M | 20.86M |
| Discontinued Operations | 1000K | 32.9M | -36.9M | 59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.68 | -1.24 | 11.70 | 6.30 | 2.68 | -1.67 | 4.61 | -0.34 | -8.72 | 5.88 | 2.90 | 2.97 | -0.12 | 4.80 | 2.72 | 1.66 | 3.12 | 7.75 | 0.43 | 1.12 | 0.93 |
| EPS Growth % | -116.34% | -110.6% | 85.71% | 135.07% | 260.48% | -136.23% | 1455.88% | 96.1% | -248.3% | 102.76% | -2.36% | 2575% | -102.5% | 76.47% | 63.86% | -46.79% | -59.74% | 1702.33% | -61.61% | 20.43% | - |
| EPS (Basic) | - | -1.24 | 11.70 | 6.39 | 2.71 | -1.67 | 4.65 | -0.34 | -8.72 | 5.91 | 2.91 | 2.98 | -0.12 | 4.84 | 2.75 | 1.73 | 3.22 | 8.03 | 0.43 | 1.12 | 0.93 |
| Diluted Shares Outstanding | 16.08M | 16.1M | 16.78M | 17.09M | 17.18M | 16.77M | 16.72M | 16.53M | 16.49M | 16.56M | 17.11M | 18.82M | 20.13M | 22.26M | 23.61M | 23.95M | 23.67M | 23.54M | 22.71M | 22.71M | 22.71M |
| Basic Shares Outstanding | 16.08M | 16.09M | 16.78M | 16.86M | 16.98M | 16.77M | 16.57M | 16.47M | 16.49M | 16.46M | 17M | 18.76M | 20.13M | 22.08M | 23.3M | 22.91M | 22.95M | 22.72M | 22.71M | 22.71M | 22.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and margin volatility
As evidenced by the quarterly income statement data, Clearwater Paper’s revenue trajectory exhibits significant instability, with a recent 4.7% year-over-year decline in 2026Q1 following a period of erratic growth swings that suggest the company struggles to maintain consistent demand across its core paperboard and tissue segments.
The revenue fluctuations appear to reflect the cyclical nature of the pulp and paperboard markets, compounded by the company's reliance on large-scale retail contracts. Investors should monitor whether the planned divestiture of the tissue business will stabilize this top-line volatility or merely concentrate exposure to the more cyclical paperboard segment.
According to the provided financial filings, Clearwater Paper’s gross margin has deteriorated into negative territory at -0.2% as of 2026Q1, highlighting a fundamental inability to effectively pass through rising input costs to customers in a highly competitive, commodity-sensitive environment for bleached paperboard and tissue products.
The collapse in gross margins suggests that the company's high-fixed-cost mill infrastructure is failing to achieve the necessary utilization rates to remain profitable. This margin erosion warrants further investigation into whether the company possesses any meaningful pricing power or if it is perpetually trapped as a price-taker in the broader paper industry.
Based on the reported income statement figures, the company’s operating income has frequently dipped into negative territory, with a -2.9% operating margin in 2026Q1, indicating that the firm lacks the operational scale required to leverage its fixed cost base effectively during periods of revenue contraction.
The inability to scale operating income faster than gross profit suggests that SG&A expenses remain sticky despite top-line headwinds. This lack of operating leverage implies that any further decline in volume or increase in energy costs could lead to rapid and significant deterioration in bottom-line performance.
As reported in recent financial statements, the company's net income has been characterized by extreme swings, including a -3.6% net margin in 2026Q1, which appears heavily influenced by non-operating items and periodic maintenance outages that mask the underlying operational health of the business.
The inconsistency in EPS, ranging from significant losses to occasional positive prints, suggests that reported net income is an unreliable indicator of core operational performance. Analysts should focus on adjusted EBITDA metrics to strip away the noise of capital-intensive maintenance cycles and non-recurring charges that frequently distort the bottom line.
Data from the most recent quarterly filings reveals a concerning cash position of only $30,700, which, when contrasted against the company's $1.5 billion revenue base, suggests a potential liquidity crunch that may force management to seek external financing or divest assets under unfavorable market conditions.
While the low debt-to-equity ratio is often cited as a strength, the lack of cash reserves leaves the company with little margin for error in a capital-intensive industry. This liquidity profile may indicate that the company is closer to a financial inflection point than the market currently appreciates, necessitating a cautious outlook on near-term solvency.
Quick answers to the most common questions about buying CLW stock.
For fiscal year 2025, Clearwater Paper Corporation (CLW) reported total revenue of $1.56B. This represents a 40.5% increase compared to $1.11B in 2006.
Clearwater Paper Corporation (CLW) reported a net loss of $20.1M for the fiscal year ending 2025.
Clearwater Paper Corporation (CLW) reported an operating income of $18.8M, resulting in an operating profit margin of 1.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Clearwater Paper Corporation (CLW) generated $115.6M in gross profit for the year, representing a gross profit margin of 7.4%. This demonstrates the company's core pricing power and production efficiency.