# Clearwater Paper Corp (CLW)

Informational only - not investment advice.

CIK: 0001441236
SIC: 2631 Paperboard Mills
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 26](/major-group/26/) > [SIC 2631 Paperboard Mills](/industry/2631/)
Latest 10-K filed: 2026-02-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=1441236
Filing source: https://www.sec.gov/Archives/edgar/data/1441236/000144123626000007/clw-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0001441236-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001441236.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,555,400,000 USD | 2025 | verified |
| Net income | -18,600,000 USD | 2025 | verified |
| Assets | 1,588,300,000 USD | 2025 | verified |
| Free cash flow | -76,500,000 USD | 2025 | computed |
| Net margin | -1.20% | 2025 | computed |
| Operating margin | -2.71% | 2025 | computed |
| Revenue YoY | +12.42% | 2025 | computed |
| ROE | -2.25% | 2025 | 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). ROE = net income ÷ period-end stockholders' equity.

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

### Peer percentile fingerprint

| Ratio | CLW | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -1.2% | 3.1% | 38 | 14 |
| Operating margin | -2.7% | 5.5% | 20 | 11 |
| Revenue growth | 12.4% | 4.1% | 69 | 14 |
| FCF margin | -4.9% | 4.2% | 0 | 12 |
| ROE | -2.3% | 8.6% | 38 | 14 |
| ROA | -1.2% | 2.7% | 38 | 14 |
| Liabilities / equity | 0.92 | 1.97 | 0 | 14 |
| Current ratio | 2.43 | 1.54 | 92 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 26 SIC Major Group 26, 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 | 1555400000 | USD | 2025 | 2026-02-18 |
| Net income | -18600000 | USD | 2025 | 2026-02-18 |
| Assets | 1588300000 | USD | 2025 | 2026-02-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001441236.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2011 | 2012 | 2013 | 2014 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 1,724,200,000 | 1,761,500,000 | 1,868,600,000 | 1,772,600,000 | 1,195,000,000 | 1,136,000,000 | 1,383,600,000 | 1,555,400,000 |
| Net income |  |  | 106,955,000 | -2,315,000 |  | -143,800,000 | -5,600,000 | 77,100,000 | -28,100,000 | 46,000,000 | 107,700,000 | 196,300,000 | -18,600,000 |
| Operating income |  |  | 99,328,000 | 79,811,000 |  | -97,900,000 | 45,400,000 | 158,100,000 | 12,000,000 | 99,300,000 | 78,100,000 | -64,500,000 | -42,100,000 |
| Diluted EPS |  |  | 4.80 | -0.11 |  | -8.72 | -0.34 | 4.61 | -1.67 | 2.68 | 6.30 | 11.70 | -1.15 |
| Operating cash flow |  |  | 136,357,000 | 139,100,000 |  | 168,900,000 | 55,600,000 | 247,000,000 | 96,400,000 | 150,200,000 | 190,700,000 | 61,400,000 | 12,300,000 |
| Capital expenditures |  |  | 90,593,000 | 93,028,000 |  | 295,700,000 | 140,100,000 | 39,600,000 | 38,400,000 | 33,500,000 | 73,700,000 | 116,600,000 | 88,800,000 |
| Share buybacks | 11,350,000 | 18,650,000 | 100,000,000 | 100,000,000 |  |  |  | 0.00 | 0.00 | 5,000,000 | 17,900,000 | 10,000,000 | 17,200,000 |
| Assets |  |  | 1,744,825,000 | 1,585,928,000 |  | 1,788,100,000 | 1,877,700,000 | 1,800,400,000 | 1,690,100,000 | 1,703,500,000 | 1,671,800,000 | 1,679,200,000 | 1,588,300,000 |
| Liabilities |  |  |  |  |  |  | 1,445,700,000 | 1,279,300,000 | 1,178,300,000 | 1,131,500,000 | 1,003,000,000 | 824,700,000 | 763,000,000 |
| Stockholders' equity |  |  |  | 497,537,000 | 575,400,000 | 426,400,000 | 432,000,000 | 521,100,000 | 511,700,000 | 572,100,000 | 668,800,000 | 854,600,000 | 825,300,000 |
| Cash and cash equivalents |  |  | 23,675,000 | 27,331,000 |  | 22,500,000 | 20,000,000 | 35,900,000 | 25,200,000 | 53,700,000 | 42,000,000 | 79,600,000 | 30,700,000 |
| Free cash flow |  |  | 45,764,000 | 46,072,000 |  | -126,800,000 | -84,500,000 | 207,400,000 | 58,000,000 | 116,700,000 | 117,000,000 | -55,200,000 | -76,500,000 |

### 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 | 2011 | 2012 | 2013 | 2014 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | -8.34% | -0.32% | 4.13% | -1.59% | 3.85% | 9.48% | 14.19% | -1.20% |
| Operating margin |  |  |  |  |  | -5.68% | 2.58% | 8.46% | 0.68% | 8.31% | 6.88% | -4.66% | -2.71% |
| Return on equity |  |  |  | -0.47% |  | -33.72% | -1.30% | 14.80% | -5.49% | 8.04% | 16.10% | 22.97% | -2.25% |
| Return on assets |  |  | 6.13% | -0.15% |  | -8.04% | -0.30% | 4.28% | -1.66% | 2.70% | 6.44% | 11.69% | -1.17% |
| Liabilities / equity |  |  |  |  |  |  | 3.35 | 2.45 | 2.30 | 1.98 | 1.50 | 0.97 | 0.92 |
| Current ratio |  | 2.68 | 2.89 | 2.35 |  |  | 1.66 | 1.94 | 1.92 | 1.88 | 1.97 | 1.70 | 2.43 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CLW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001441236.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-Q2 | 2022-06-30 |  |  | 0.86 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.21 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.40 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  | 23,800,000 |  | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 524,600,000 |  | 1.75 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 29,700,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 519,900,000 |  | 2.17 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 512,900,000 | 17,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 496,200,000 | 17,200,000 | 1.02 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 17,200,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 586,400,000 |  | -1.55 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -25,800,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 393,300,000 |  | 0.35 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 387,100,000 | 199,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 378,200,000 | -6,300,000 | -0.38 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -6,300,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 391,800,000 |  | 0.17 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 2,700,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 399,000,000 |  | -3.30 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 386,400,000 | 38,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 360,300,000 | -12,800,000 | -0.80 | reported discrete quarter |

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

## Business

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1441236/000162828026050159/clw-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-28
Report date: 2026-06-30

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

The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included herein and our audited Consolidated Financial Statements and Notes thereto for the year ended December 31, 2025, as well as the information under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” that are part of our Annual Report on Form 10-K for the year ended December 31, 2025.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in accordance with generally accepted accounting principles (GAAP) requires our management to select and apply accounting policies that best provide the framework to report our results of operations and financial position. The selection and application of those policies requires management to make difficult, subjective and complex judgments concerning reported amounts of revenue and expenses during the reporting period and the reported amounts of assets and liabilities at the date of the financial statements. As a result, it is possible that materially different amounts would be reported under different conditions or using different assumptions.

For a discussion of our critical accounting policies and estimates, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the critical accounting policies and estimates disclosed in our Annual Report.

NON-GAAP MEASURES

In evaluating our business, we utilize several non-GAAP financial measures. A non-GAAP financial measure is generally defined by the SEC as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so excluded or included under applicable GAAP guidance. In this report on Form 10-Q, we disclose overall and segment earnings from operations before interest expense, net, non-operating pension and other post employment benefit costs, income tax expense (benefit), depreciation and amortization, other operating charges, net, and debt retirement costs as Adjusted EBITDA from continuing operations which is a non-GAAP financial measure. Adjusted EBITDA from continuing operations is not a substitute for the GAAP measure of net income or for any other GAAP measures of operating performance.

We have included Adjusted EBITDA from continuing operations on a consolidated basis in this report because we use it as an important supplemental measure of our performance and believe that it is frequently used by securities analysts, investors and other interested persons in the evaluation of companies in our industry, some of which present Adjusted EBITDA when reporting their results. We use Adjusted EBITDA from continuing operations to evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates. It should be noted that companies calculate Adjusted EBITDA differently and, therefore, our Adjusted EBITDA from continuing operations measure may not be comparable to Adjusted EBITDA reported by other companies. Our Adjusted EBITDA from continuing operations measure has material limitations as a performance measure because it excludes interest expense, net, income tax (benefit) expense and depreciation and amortization which are necessary to operate our business or which we otherwise incur or experience in connection with the operation of our business. In addition, we exclude other income and expense items which are outside of our core operations.

16

The following table reconciles our Net income (loss) to Adjusted EBITDA from continuing operations for the periods presented.

[[GREPCENT_TABLE]]
[["","Quarter Ended June 30,","","Six Months Ended June 30,"],["(In millions)","2026","2025","","2026","2025"],["Net income (loss)","$","(21.5)","","$","2.7","","","$","(34.3)","","$","(3.6)"],["Less: loss from discontinued operations, net of tax","\u2014","","(0.9)","","","\u2014","","(1.3)"],["Income (loss) from continuing operations","(21.5)","","3.6","","","(34.3)","","(2.3)"],["Income tax provision (benefit)","(8.6)","","1.9","","","(12.3)","","0.1"],["Interest expense, net","5.1","","3.9","","","10.0","","7.3"],["Depreciation and amortization","23.2","","23.0","","","46.6","","45.0"],["Other operating charges, net","(7.5)","","7.1","","","(18.7)","","18.9"],["Other non-operating expense","1.1","","0.3","","","2.3","","0.6"],["Adjusted EBITDA from continuing operations","$","(8.2)","","$","39.9","","","$","(6.4)","","$","69.6"]]
[[/GREPCENT_TABLE]]

OPERATING RESULTS FROM CONTINUING OPERATIONS

[[GREPCENT_TABLE]]
[["","Quarter Ended June 30,","","","Six Months Ended June 30,"],["","2026","2025","% change","","","","","2026","2025","% change"],["Net sales","$","374.8","","$","391.8","","(4)","%","","","","","$","735.1","","$","770.0","","(5)","%"],["Cost of sales","385.2","","348.8","","10","%","","","","","746.4","","690.3","","8","%"],["Selling, general and administrative expenses","21.1","","26.1","","(19)","%","","","","","41.7","","55.0","","(24)","%"],["Other operating charges, net","(7.5)","","7.1","","nm","","","","","(18.7)","","18.9","","nm"],["Income (loss) from continuing operations","(23.9)","","9.8","","nm","","","","","$","(34.3)","","$","5.8","","nm"],["Adjusted EBITDA from continuing operations","$","(8.2)","","$","39.9","nm","","","","","$","(6.4)","","$","69.6","","nm"],["Adjusted EBITDA margin","(2)","%","10","%","","","","","","(1)","%","9","%"]]
[[/GREPCENT_TABLE]]

NET SALES

Net sales decreased 4% and 5% for the quarter and six months ended June 30, 2026 compared to the quarter and six months ended June 30, 2025. These decrease primarily resulted from market driven price decreases and changes in our product mix offset by increases in sales volume to existing customers. Additionally, pulp sales declined for the quarter and six months ended June 30, 2026 compared to same periods in 2025 due to the planned major maintenance outage at our Lewiston facility which limited our pulp production capability.

[[GREPCENT_TABLE]]
[["","Quarter Ended June 30,","","Six Months Ended June 30,"],["","2026","2025","% change","","2026","2025","% change"],["Paperboard shipments (short tons)","328,722","","304,713","","8","%","","631,640","","594,200","","6","%"],["Paperboard sales price (per short ton)","$","1,077","","$","1,182","","(9)","%","","$","1,089","","$","1,185","","(8)","%"],["Pulp shipments (short tons)","29,313","","38,936","","(25)","%","","70,379","","84,167","","(16)","%"],["Pulp sales price (per short ton)","$","557","","$","710","","(22)","%","","556","","678","","(18)","%"]]
[[/GREPCENT_TABLE]]

COST OF SALES

Costs included in our cost of sales include input costs (principally raw materials and energy), labor and overhead and supply chain costs (principally freight and outside warehousing). The table below provides the details of our cost of sales for the quarters and six months ended June 30, 2026 and 2025.

17

[[GREPCENT_TABLE]]
[["","Quarter Ended June 30,","","Six Months Ended June 30,"],["","2026","2025","% change","","2026","2025","% change"],["Input cost","$","164.9","","$","174.5","","(6)","%","","332.6","","342.9","","(3)","%"],["Labor and overhead","144.0","","128.0","","13","%","","265.7","","245.1","","8","%"],["Supply chain costs","44.1","","39.0","","13","%","","83.7","","75.3","","11","%"],["Other","10.2","","(14.5)","","nm","","20.0","","(15.8)","","nm"],["Depreciation and amortization","22.0","","21.8","","1","%","","44.4","","42.8","","4","%"],["Cost of sales","$","385.2","","$","348.8","","10","%","","$","746.4","","$","690.3","","8","%"]]
[[/GREPCENT_TABLE]]

In 2025, planned major maintenance outage occurred at our Cypress Bend, Arkansas facility in the second quarter, our Lewiston, Idaho facility in the third quarter and our Augusta, Georgia facility in the fourth quarter. We completed the planned major maintenance outage at our Lewiston, Idaho facility in the second quarter of 2026. We anticipate completing the planned major maintenance outage at our Cypress Bend, Arkansas facility in the fourth quarter of 2026. We anticipate completing a reduced scope planned major maintenance outage at our Augusta, Georgia location in the fourth quarter of 2026, followed by an additional reduced scope outage in the first quarter of 2027.

Cost of sales increased 10% for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 due to the planned major maintenance outage. Input costs decreased due to lower production offset by per unit increases in chemicals. Our labor and overhead increased due to higher maintenance costs associated with the planned major maintenance outage. Supply chain costs increased due to higher volumes and higher freight costs per ton due to inflation. Other costs increased due to inventory reductions in the second quarter of 2026 which was driven by lower production due to the planned major maintenance outage.

Cost of sales increased 8% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Input costs decreased due to lower production related to the planned major maintenance outage in the second quarter of 2026 and the weather event in the first quarter of 2026 offset by per unit increases in chemicals. Our labor and overhead increased due to higher maintenance costs associated with the planned major maintenance outage and the weather event. Supply chain costs increased due to higher sales volumes and higher freight costs per ton due to inflation. Other costs increased due to inventory reductions driven by lower production caused by the planned major maintenance and weather events.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses decreased 19% and 24% for the quarter and six months ended June 30, 2026 primarily as a result of our planned cost reduction efforts.

OTHER OPERATING CHARGES

See Note 11, "Other operating charges," of the Notes to the Consolidated Financial Statements included in Item 1 of this report for additional information.

OVERALL INCOME FROM CONTINUING OPERATIONS AND ADJUSTED EBITDA

Operating income from continuing operations decreased for the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025 due to the planned major maintenance outage at our Lewiston, Idaho facility and lower sales prices, offset by higher sales volumes and insurance recovery. For the quarter ended June 30, 2026, Adjusted EBITDA from continuing operations decreased as compared to the quarter ended June 30, 2025 due to the planned major maintenance outage at our Lewiston, Idaho facility and lower sales prices, offset by higher sales volumes.

Operating income from continuing operations decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 due to the planned major maintenance outage at our Lewiston, Idaho facility in the second quarter of 2026 and the weather event in the first quarter of 2026 and lower sales prices, offset by higher sales volumes and insurance recoveries. For the six months ended June 30, 2026, Adjusted EBITDA from continuing operations decreased as compared to the six months ended June 30, 2025 due to the to the planned major maintenance outage at our Lewiston, Idaho facility, the weather event and lower sales prices, offset by higher sales volumes.

18

POTENTIAL IMPAIRMENTS

We review from time to time possible dispositions or reorganization of various assets in light of current and anticipated economic and industry conditions, our strategic plan and other relevant factors. Because a determination to dispose or reorganize particular assets may require management to make assumptions regarding the transaction structure of the disposition or reorgani

[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/1441236/000144123626000007/clw-20251231.htm
Complete FY 2025 MD&A: /company/CLW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-18
Report date: 2025-12-31

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

The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and related notes that appear elsewhere in this report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements due to a number of factors, including those set forth in the section entitled “Risk Factors” and elsewhere in this report. A discussion of the earliest year may be found in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K filed on February 24, 2025.

Overview of Business

We are a premier manufacturer and supplier of Solid Bleached Sulfate (SBS) paperboard packaging products to independent converters. We believe we are well positioned to capitalize on sustainability trends toward renewable and recyclable materials. We focus on food service and folding carton markets and provide limited distribution and sheeting services. Additionally, we sell minor amounts of pulp to outside customers. We believe our status as an independent, non-integrated supplier is core to our value proposition. We strive to develop new products and innovative solutions to expand and diversify our paperboard portfolio. In 2024, we completed the acquisition of a paperboard manufacturing facility and associated business in Augusta, Georgia.

Significant Factors That Impact Our Business and Results of Operations

The paperboard industry is affected by macro-economic conditions around the world and has historically experienced cyclical market conditions. As a result, prices for products and sales volumes have historically been volatile. Product pricing is significantly affected by the relationship between supply and demand for our products. Product supply in the industry is influenced primarily by fluctuations in available manufacturing production, which tends to increase during periods when prices remain strong. During 2025, the paperboard industry saw significant weakness due to increasing supply.

Our operating costs include raw materials, labor and selling, general and administrative expenses. We manage these costs through cost saving and productivity initiatives, sourcing programs, and pricing actions. Additionally, our operations, as do all pulp and paperboard manufacturing operations, require regular annual planned maintenance outages.

Critical Accounting Policies and Significant Estimates

A discussion of our significant accounting policies and significant accounting estimates and judgments is presented in Note 1, "Summary of Significant Accounting Policies" of the Notes to Consolidated Financial Statements in Item 8 of this report. Throughout the preparation of the financial statements, we employ significant judgments in the application of accounting principles and methods. We believe that the accounting estimates discussed below represent the accounting estimates requiring the exercise of judgment where a different set of judgments could result in the greatest changes to reported results. We reviewed the development, selection and disclosure of our critical accounting estimates with the Audit Committee of our Board of Directors. For 2025, the significant accounting estimate and judgment includes:

Retirement Plans and Postretirement Benefits

We have a number of defined benefit pension plans in the United States covering many of our employees. Benefit accruals under most of our defined benefit pension plans in the United States were frozen prior to January 2014.

We account for the consequences of our sponsorship of these plans using assumptions to calculate the related assets, liabilities and expenses recorded in our financial statements. Net actuarial gains and losses occur when actual experience differs from any of the assumptions used to value defined benefit plans or when assumptions change as they may each year. The primary factors contributing to actuarial gains and losses are changes in the discount rate used to value obligations as of the measurement date and the differences between expected and actual returns on pension plan assets. This accounting method results in the potential for volatile and difficult to forecast gains and losses.

26

We record amounts relating to these defined benefit plans based on various actuarial assumptions, including discount rates, assumed rates of return, compensation increases and life expectancy. We review our actuarial assumptions on an annual basis and make modifications to the assumptions based on current economic conditions and trends. We believe that the assumptions utilized in recording our obligations under our plans are reasonable based on our experience and on advice from our independent actuaries; however, differences in actual experience or changes in the assumptions may materially affect our financial condition or results of operations.

The following table illustrates the estimated impact on hypothetical pension obligations and expenses that would have resulted from a 25-basis point reduction in two key assumptions for the year ended December 31, 2025:

[[GREPCENT_TABLE]]
[["(In millions)","Statements of Operations","Balance Sheets"],["Discount rate","$","0.4","","$","4.4"],["Expected long term rate of return","$","0.6","","$","\u2014"]]
[[/GREPCENT_TABLE]]

It is not possible to forecast or predict whether there will be actuarial gains and losses in future periods, and if required, the magnitude of any such adjustment. These gains and losses are driven by differences in actual experience or changes in the assumptions that are beyond our control, such as changes in interest rates and the actual return on pension plan assets.

27

Non-GAAP Financial Measures

In evaluating our business, we utilize several non-GAAP financial measures. A non-GAAP financial measure is generally defined by the SEC as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so excluded or included under applicable GAAP guidance. In this report on Form 10-K, we disclose income (loss) from continuing operations before interest expense, net, non-operating pension and other post employment benefit costs, income tax expense, depreciation and amortization, other operating charges, net, debt retirement costs, and goodwill impairment as Adjusted EBITDA from continuing operations which is a non-GAAP financial measure. Adjusted EBITDA from continuing operations is not a substitute for the GAAP measure of net income or for any other GAAP measures of operating performance.

We have included Adjusted EBITDA from continuing operations in this report because we use it as an important supplemental measure of our performance and believe that it is frequently used by securities analysts, investors and other interested persons in the evaluation of companies in our industry, some of which present Adjusted EBITDA when reporting their results. We use Adjusted EBITDA from continuing operations to evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates. It should be noted that companies calculate Adjusted EBITDA differently and, therefore, our Adjusted EBITDA from continuing operations measure may not be comparable to Adjusted EBITDA reported by other companies. Our Adjusted EBITDA from continuing operations measure has material limitations as a performance measure because it excludes interest expense, net, income tax (benefit) expense and depreciation and amortization which are necessary to operate our business or which we otherwise incur or experience in connection with the operation of our business. In addition, we exclude other income and expense items which are outside of our core operations.

The following table provides our Adjusted EBITDA from continuing operations for the periods presented and a reconciliation to net income.

[[GREPCENT_TABLE]]
[["","For The Years Ended December 31,"],["(In millions)","2025","2024","2023"],["Net income (loss)","$","(18.6)","","$","196.3","","$","107.7"],["Less: income from discontinued operations, net of tax","34.4","","270.3","","59.0"],["Income (loss) from continuing operations","(53.0)","","(74.0)","","48.7"],["Add (deduct):"],["Income tax provision (benefit)","(7.1)","","(27.1)","","16.9"],["Interest expense, net","16.8","","29.2","","9.5"],["Goodwill impairment","48.0","","\u2014","","\u2014"],["Depreciation and amortization expense","92.4","","69.8","","40.7"],["Inventory revaluation on acquired business","\u2014","","6.8","","\u2014"],["Other operating charges, net","8.9","","24.0","","3.2"],["Other non-operating (income) expense","1.2","","(1.8)","","(0.1)"],["Debt retirement costs","\u2014","","9.1","","3.1"],["Adjusted EBITDA from continuing operations","$","107.2","","$","36.0","","$","122.0"]]
[[/GREPCENT_TABLE]]

28

OPERATING RESULTS FROM CONTINUING OPERATIONS

[[GREPCENT_TABLE]]
[["","For The Years Ended December 31,","","Increase (decrease)"],["","2025","2024","2023","","2025-2024","2024-2023"],["Net sales","$","1,555.4","","$","1,383.6","","$","1,136.0","","","12","%","22","%"],["Cost of sales","1,439.8","","1,307.5","","935.3","","","10","%","40","%"],["Gross profit","115.6","","76.1","","200.7","","","52","%","(62)","%"],["Gross profit as % of sales","7.4","%","5.5","%","17.7","%"],["Selling, general and administrative expenses","100.8","","116.7","","119.4","","","(14)","%","(2)","%"],["Selling, general and administrative as % of sales","6.5","%","8.4","%","10.5","%"],["Other operating charges, net (1)","8.9","","24.0","","3.2","","","nm","nm"],["Goodwill impairment(1)","48.0","","\u2014","","\u2014","","","nm","nm"],["Income (loss) from continuing operations","$","(42.1)","","$","(64.5)","","$","78.1","","","35","%","(183)","%"],["Adjusted EBITDA from continuing operations","$","107.2","","$","36.0","","$","122.0","","","198","%","(70)","%"],["Adjusted EBITDA margin","6.9","%","2.6","%","10.7","%","","165","%","(76)","%"]]
[[/GREPCENT_TABLE]]

(1) See Note 7, "Goodwill and Intangible Assets" and Note 10, "Other operating charges," of the Notes to the Consolidated Financial Statements included in Item 8 of this report for additional information.

Net Sales

For the year ended December 31, 2025, net sales increased compared to the prior year primarily due to the inclusion of the Augusta operations (see Note 3, "Business Acquisition" of the Notes to the Consolidated Financial Statements included in Item 8 of this report for additional information). The addition of Augusta operations was offset by declines in market prices and changes in our product mix.

[[GREPCENT_TABLE]]
[["","For The Years Ended December 31,","","Increase (decrease)"],["","2025","2024","2023","","2025-2024","2024-2023"],["Paperboard shipments (short tons)","1,236,114","","1,080,898","","751,520","","","14.4","%","43.8","%"],["Paperboard sales price (per short ton)","$","1,167","","$","1,210","","$","1,375","","","(3.6)","%","(12.0)","%"],["Pulp shipments (short tons)","148,487","","101,429","","140,284","","","46.4","%","(27.7)","%"],["Pulp sales price (short tons)","$","652","","$","581","","$","607","","","12.2","%","(4.3)","%"]]
[[/GREPCENT_TABLE]]

Cost of sales

Costs included in our cost of sales include input costs (principally raw materials and energy), labor and overhead, supply chain costs (principally freight and outside warehousing). The table below provides the details of our cost of sales for the years ended December 31, 2025, 2024 and 2023.

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

Read the full FY 2025 MD&A: /company/CLW/mda/fy2025/
All MD&A years: /company/CLW/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/CLW/mda/fy2024/): filed 2025-02-24; accession 0001504337-25-000005 (https://www.sec.gov/Archives/edgar/data/1441236/000150433725000005/clw-20241231.htm)
- [FY 2023 MD&A](/company/CLW/mda/fy2023/): filed 2024-02-20; accession 0001504337-24-000010 (https://www.sec.gov/Archives/edgar/data/1441236/000150433724000010/clw-20231231.htm)
- [FY 2022 MD&A](/company/CLW/mda/fy2022/): filed 2023-02-14; accession 0001504337-23-000008 (https://www.sec.gov/Archives/edgar/data/1441236/000150433723000008/clw-20221231.htm)
- [FY 2021 MD&A](/company/CLW/mda/fy2021/): filed 2022-02-15; accession 0001504337-22-000008 (https://www.sec.gov/Archives/edgar/data/1441236/000150433722000008/clw-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2631 Paperboard Mills) 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/CLW.md · JSON record: /company/CLW.json · verified financials: /company/CLW/financials.json / /company/CLW/financials.csv · machine TOC for the whole site: /llms.txt