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Clearwater Paper Corporation reported second-quarter 2026 net sales of $374.8 million, down 4% year over year, and a net loss of $21.5 million versus prior-year net income of $2.7 million. The swing to loss reflected lower paperboard and pulp pricing, higher costs, and a planned major maintenance outage at the Lewiston, Idaho mill.
Adjusted EBITDA from continuing operations turned to $(8.2) million from $39.9 million a year earlier, with margins pressured despite higher paperboard volumes. For the first half of 2026, net sales were $735.1 million and the net loss was $34.3 million.
Cash generation improved significantly: operating cash flow was $69.5 million for the first six months of 2026, compared with $(26.7) million a year earlier, driven by $32.5 million in representation-and-warranty insurance recoveries and about $30 million of income tax refunds. Cash and equivalents rose to $95.4 million with total debt of $362.2 million, $197.7 million of ABL availability (with $79.0 million drawn), and the PCA term revolver undrawn. The company also notes ongoing PFAS-related litigation tied to the Augusta facility and says it believes its defenses are meritorious.
Clearwater Paper Corporation reported softer Q2 2026 results, with net sales of $374.8 million versus $391.8 million in Q2 2025 as lower pricing more than offset an 8% increase in sales volumes to 328,722 tons. The company recorded a net loss from continuing operations of $21.5 million, or $(1.33) per diluted share, compared with income of $3.6 million, or $0.22 per share, a year earlier. Non‑GAAP Adjusted EBITDA from continuing operations was a loss of $8.2 million, down from positive $39.9 million, reflecting lower paperboard pricing and the timing of a planned major maintenance outage at the Lewiston, Idaho mill that had direct costs of $22 million.
The company restructured its Cypress Bend, Arkansas facility, cutting about 20% of roles and targeting $8–$12 million of annual savings, and reduced net debt to $266.8 million at June 30, 2026 from $316.7 million at December 31, 2025, supported by lower working capital, tax refunds and insurance proceeds. For the first six months of 2026, net sales were $735.1 million and Adjusted EBITDA from continuing operations was $(6.4) million, compared with $770.0 million and $69.6 million, respectively, in 2025. Management projects Q3 2026 Adjusted EBITDA of $20–$30 million and full‑year 2026 revenue of $1.4–$1.5 billion, assuming flat shipments versus Q2, benefits from price increases and total 2026 major maintenance costs of $32–$35 million.
Dimensional Fund Advisors reported beneficial ownership of 1,062,406 shares of Clearwater Paper Corp common stock on a Schedule 13G/A, representing 6.6% of the outstanding class with a reported date of 06/30/2026. These shares are held across investment companies, commingled funds, group trusts, and separate accounts for which Dimensional or its subsidiaries act as adviser or manager, and Dimensional states it may be deemed a beneficial owner only for Section 13(d) reporting purposes while disclaiming beneficial ownership otherwise.
Dimensional is reported to have sole power to vote or direct the vote over 1,044,075 shares and sole power to dispose or direct the disposition of 1,062,406 shares, with no shared voting or dispositive power. The underlying funds retain the economic rights to dividends and sale proceeds, and to Dimensional’s knowledge no single fund’s interest exceeds 5% of the Clearwater Paper common stock class.
Clearwater Paper Corp senior vice president and general counsel Marc D. Rome reported a routine tax-related share disposition. On July 1, 2026, 226 shares of common stock were withheld by the company at $15.68 per share to cover tax withholding due upon vesting of a 2025 restricted stock unit grant. After this withholding, Rome directly holds 18,874 shares of Clearwater Paper common stock. This was not an open-market sale but an automatic tax-settlement mechanism tied to equity compensation.
Clearwater Paper Corp director Jeanne M. Hillman received a grant of phantom stock units as part of director compensation. She acquired 1,549.652 phantom stock units at a reference value of $15.81 per unit, bringing her total phantom stock unit balance to 13,173.328 units.
The phantom stock units are credited under Clearwater Paper’s Deferred Compensation Plan for Directors and are tied on a 1-for-1 basis to the value of the company’s common stock. According to the plan, they will be settled in cash on a date previously elected by Hillman, and the new allocations represent deferred quarterly retainer and meeting fees.
Clearwater Paper Corp President and CEO Arsen S. Kitch reported an amended insider transaction showing an award of 9,154 restricted stock units (RSUs) of common stock granted for no cash consideration. These RSUs vest 33%, 33%, and 34% on March 15, 2027, 2028 and 2029, assuming continued employment, and dividend equivalents will convert into additional RSUs during the vesting period. Following this grant, Kitch directly holds 403,029 shares of common stock. The amendment clarifies that the previously reported price was only the market price used to determine the number of RSUs and not an amount actually paid.
Clearwater Paper Corp President and CEO Arsen S. Kitch received an equity award of 9,154 restricted stock units (RSUs) of common stock. The RSUs are a form of stock-based compensation and are not an open-market purchase or sale.
The RSUs will vest in three tranches of 33%, 33% and 34% on March 15, 2027, 2028 and 2029, assuming continued employment. During the vesting period, dividend equivalents on these RSUs will be converted into additional RSUs. After this grant, Kitch directly holds 403,029 shares of Clearwater Paper common stock.
Clearwater Paper Corp senior vice president Mathew D. Passarello reported a routine tax-related share disposition. On May 15, 2026, 179 shares of common stock were withheld by the company at $13.72 per share to satisfy tax withholding for his 2024 restricted stock unit grant that vested that day. Following this withholding, he directly holds 26,214 shares of Clearwater Paper common stock.
Vickers Tucker Christine M. reported acquisition or exercise transactions in this Form 4 filing.
Clearwater Paper Corp director Christine M. Vickers Tucker received a grant of 8,391.608 phantom common stock units on May 8, 2026 as compensation under the Deferred Compensation Plan for Directors. The units track Clearwater Paper’s common stock 1-for-1, are cash-settled after her service ends, and will vest on May 1, 2027. Following this award, her deferred phantom stock balance is 26,540.107 units.
TOELDTE ALEXANDER reported acquisition or exercise transactions in this Form 4 filing.
Clearwater Paper Corp director Alexander Toeldte received a compensation-related phantom stock award, not an open-market trade. On May 8, 2026, he was granted 8,391.608 phantom common stock units at $14.30 per unit under the Deferred Compensation Plan for Directors, bringing his total phantom units to 46,856.445. These units relate to board service from May 1, 2026 through April 30, 2027 and will vest on May 1, 2027, then be paid in cash based on Clearwater Paper’s common stock.