Clearwater Paper (CLW) financial statements
Clearwater Paper reported revenue of $1.6B in fiscal 2025, down 1.2% a year over 9 years.
Net income was -$19M and the operating margin -2.7%, against 6.6% in 2016.
Free cash flow was -$76M, and the company returned $17M in net buybacks.
The diluted share count fell 5% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Clearwater Paper's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.7B | $1.7B | $1.8B | $1.9B | $1.8B | $1.2B | $1.1B | $1.4B | $1.6B |
| Cost of revenue | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $982M | $935M | $1.3B | $1.4B |
| Gross profit | $241M | $209M | $188M | $164M | $294M | $183M | $212M | $201M | $76M | $116M |
| Selling, general and admin | $128M | $121M | $108M | $113M | $122M | $113M | $110M | $119M | $117M | $101M |
| Operating income | $115M | $71M | -$98M | $45M | $158M | $12M | $99M | $78M | -$64M | -$42M |
| Interest expense | — | — | $40M | $50M | $44M | $36M | $12M | $12M | $32M | $18M |
| Pre-tax income | $81M | $41M | -$134M | -$8M | — | — | — | — | — | — |
| Income tax | $31M | -$56M | $10M | -$2M | $21M | -$8M | $29M | $17M | -$27M | -$7M |
| Net income | $50M | $97M | -$144M | -$6M | $77M | -$28M | $46M | $108M | $196M | -$19M |
| EPS (diluted) | $2.90 | $5.88 | -$8.72 | -$0.34 | $4.61 | -$1.67 | $2.68 | $6.30 | $11.70 | -$1.15 |
| Diluted shares | 17M | 17M | 16M | 17M | 17M | 17M | 17M | 17M | 17M | 16M |
| Gross margin | 13.9% | 12.1% | 10.9% | 9.3% | 15.7% | 10.3% | 17.8% | 17.7% | 5.5% | 7.4% |
| Operating margin | 6.6% | 4.1% | -5.7% | 2.6% | 8.5% | 0.7% | 8.3% | 6.9% | -4.7% | -2.7% |
| Net margin | 2.9% | 5.6% | -8.3% | -0.3% | 4.1% | -1.6% | 3.8% | 9.5% | 14.2% | -1.2% |
Balance sheet
Fiscal years, from Clearwater Paper's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $23M | $16M | $22M | $20M | $36M | $25M | $54M | $42M | $80M | $31M |
| Receivables | $147M | $142M | $146M | $159M | $161M | $167M | $189M | $96M | $189M | $195M |
| Inventory | $258M | $266M | $266M | $281M | $263M | $278M | $324M | $161M | $258M | $282M |
| Total current assets | $446M | $453M | $444M | $466M | $475M | $487M | $586M | $564M | $545M | $526M |
| Property, plant and equipment | $945M | $1.1B | $1.3B | $1.3B | $1.2B | $1.1B | $1.0B | $361M | $1.0B | $1.0B |
| Goodwill | $244M | $244M | $35M | $35M | $35M | — | — | $35M | $49M | $0 |
| Total assets | $1.7B | $1.8B | $1.8B | $1.9B | $1.8B | $1.7B | $1.7B | $1.7B | $1.7B | $1.6B |
| Total current liabilities | $367M | $419M | $449M | $280M | $245M | $254M | $312M | $286M | $320M | $216M |
| Long-term debt | $570M | $571M | $693M | $884M | $716M | $638M | $565M | $440M | $282M | $346M |
| Total liabilities | $1.2B | $1.2B | $1.4B | $1.4B | $1.3B | $1.2B | $1.1B | $1.0B | $825M | $763M |
| Shareholders' equity | $470M | $575M | $426M | $432M | $521M | $512M | $572M | $669M | $855M | $825M |
| Net debt | $547M | $710M | $793M | $882M | $682M | $614M | $512M | $398M | $203M | $315M |
Cash flow
Fiscal years, from Clearwater Paper's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $173M | $179M | $169M | $56M | $247M | $96M | $150M | $191M | $61M | $12M |
| Capital spending | $155M | $200M | $296M | $140M | $40M | $38M | $34M | $74M | $117M | $89M |
| Free cash flow | $17M | -$21M | -$127M | -$84M | $207M | $58M | $117M | $117M | -$55M | -$76M |
| Stock-based compensation | $12M | $4M | $3M | $4M | $10M | $9M | $13M | $10M | $6M | $4M |
| Share buybacks (net) | -$65M | -$5M | $0 | $0 | $0 | $0 | -$5M | -$18M | -$10M | -$17M |
| Net borrowing | $0 | $0 | $0 | $193M | -$174M | -$81M | -$81M | -$104M | -$178M | $63M |
| Free cash flow margin | 1.0% | -1.2% | -7.4% | -4.8% | 11.1% | 3.3% | 9.8% | 10.3% | -4.0% | -4.9% |
Questions
What was Clearwater Paper's revenue in 2025?
$1.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Clearwater Paper generate?
-$76M in fiscal 2025 (operating cash flow minus capital spending).
From Clearwater Paper's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.