Clearwater Paper (CLW) reported third-quarter 2026 net sales of $384.9 million, down 4% from $399.0 million a year earlier, and a net loss of $1.6 million versus $53.3 million. Adjusted EBITDA from continuing operations was $24.4 million, compared with $17.8 million; the company attributed the increase to maintenance-outage timing at Lewiston, offset by lower sales prices. For the first nine months, Adjusted EBITDA was $18.0 million versus $87.4 million, while net cash provided by operating activities was $100.1 million, compared with $7.3 million, reflecting $50.0 million in insurance recoveries, $29 million in income-tax refunds and inventory reductions, partly offset by lower operating performance.
Clearwater Paper entered a new credit agreement with a $275 million fully drawn term loan and a maximum revolving commitment of $200 million, subject to borrowing-base limitations; $15 million was outstanding under the revolver as of September 30, 2026. It terminated its ABL facility and completed the redemption of $275 million of 4.75% 2020 Notes on October 3, 2026, releasing $276.7 million held as restricted cash. It will record a $1.0 million early debt-extinguishment loss in the fourth quarter.
Clearwater Paper Corp (CLW) reported third-quarter 2026 net sales of $384.9 million, versus $399.0 million a year earlier, and a net loss from continuing operations of $1.6 million, compared with $53.9 million. Adjusted EBITDA from continuing operations was $24.4 million, up from $17.8 million. For the first nine months, net sales were $1.12 billion and adjusted EBITDA was $18.0 million, versus $1.169 billion and $87.4 million, respectively, in 2025.
An operational disruption at the Augusta mill affected volumes and costs late in the quarter; the company said issues continued into October and it was making progress returning the mill to normal operations. Clearwater Paper reported $17.5 million in additional representation and warranty insurance proceeds, a $56 million year-to-date net-debt reduction, and refinancing of all debt with maturities extended to 2031. Its Q4 2026 Adjusted EBITDA outlook is $10 million to $20 million. Senior Vice President and Chief Financial Officer Sherri Baker intends to resign, effective at the close of business November 13, 2026.
Clearwater Paper Corp director Jeanne M. Hillman received 1,259.64 phantom stock units on October 1, 2026, as deferred quarterly retainer meeting fees. The reported transaction price was $19.45 per unit, and her reported position after the award was 14,432.968 phantom stock units. The units are converted to cash and paid on the date she previously elected, based on a 1-for-1 relationship with Clearwater Paper common stock.
Clearwater Paper Corporation (CLW) entered into a Second Amended and Restated Credit Agreement on September 18, 2026, establishing a $200 million Revolving Loan Facility and a $275 million Term Loan Facility, both secured by substantially all personal property and, after post-closing steps, key real property including mills in Georgia, Arkansas, and Idaho. The term loan was fully drawn and $15 million was drawn on the revolver at closing, with an initial interest rate of 8.25% per annum, and maturity on September 18, 2031.
The company used these borrowings to fund the full redemption of $275 million of 4.750% Senior Notes due 2028, pay accrued and unpaid interest of $1.7 million through the October 3, 2026 redemption date, and repay and terminate its ABL Credit Agreement. The term loan amortizes with annual principal payments of $5.5 million starting December 1, 2027. The revolver includes a $10 million letter-of-credit sublimit and an uncommitted $100 million increase option after delivery of 2027 year-end financials. Financial covenants require a minimum Debt Service Coverage Ratio rising to 3.00:1.00 and a minimum current ratio of 1.75:1.00.
Clearwater Paper Corp (CLW) reported an insider equity transaction by SVP and CFO Sherri Baker. On August 15, 2026, 4,634 shares of common stock were disposed of at $21.42 per share to satisfy tax withholding requirements upon settlement of a 2023 special grant of restricted stock units that vested that day. After this withholding transaction, Baker directly held 40,847 shares of Clearwater Paper common stock.
Gate City Capital Management, LLC and Michael Melby report a passive ownership stake in Clearwater Paper Corp common stock. They beneficially own 938,496 Clearwater Paper common shares, representing 5.8% of the outstanding common stock.
The reporting persons have sole voting power and sole dispositive power over all 938,496 shares, with no shared voting or dispositive power. The shares are held in certain private investment funds and managed accounts advised by Gate City Capital Management, with Mr. Melby serving as managing member of the management company.
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.