Clearwater Paper Corporation (CLW) Income Statement
CLW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCLW revenue and net income
Where CLW's revenue goes
2025Each bar shows an amount and its share of revenue. CLW kept −1.2% of revenue as net income.
CLW profit margins
CLW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.4% | −9.2% | −3.6% | −1.2% |
| Gross profit | +51.9% | −23.4% | −17.0% | −7.0% |
| Operating income | — | −53.6% | −40.1% | −20.7% |
| Net income | — | — | — | — |
| EPS (diluted) | −106.8% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CLW quarterly EPS vs estimates
Clearwater Paper beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 26, 2026 (estimate $-0.16).
CLW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56B | $1.38B | $1.14B | $2.08B | $1.77B | $1.87B | $1.76B | $1.72B | $1.73B | $1.73B |
| Cost of revenue | $1.44B | $1.31B | $935.3M | $1.82B | $1.59B | $1.57B | $1.60B | $1.54B | $1.52B | $1.49B |
| Gross profit | $115.6M | $76.1M | $200.7M | $256.7M | $182.6M | $294.2M | $164.5M | $187.5M | $209.2M | $241.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $99.8M | $116.3M | $149.2M | $134.8M | $115.1M | $124.9M | $113.4M | $113.0M | $128.5M | $129.6M |
| Total operating expenses | $103.4M | $117.1M | $23.6M | $134.7M | $170.6M | $136.1M | $119.1M | $106.3M | $119.0M | $128.2M |
| Operating income | $12.2M | −$41.0M | $177.1M | $122.0M | $12.0M | $158.1M | $45.4M | −$97.9M | $71.2M | $114.8M |
| Interest income | $16.8M | $2.9M | $2.4M | $1.0M | $36.4M | $46.5M | $44.9M | $30.6M | $31.4M | $30.7M |
| Interest expense | $16.5M | $32.1M | $11.9M | $35.6M | $37.0M | $46.5M | $44.9M | $30.8M | $31.4M | $30.3M |
| Income before taxes | −$60.1M | −$101.1M | $65.6M | $73.1M | −$35.7M | $98.2M | −$7.9M | −$133.5M | $41.0M | $80.7M |
| Income taxes | −$7.1M | −$27.1M | $16.9M | $27.0M | −$7.7M | $21.1M | −$2.3M | $10.3M | −$56.4M | $31.1M |
| Net income | −$18.6M | −$110.9M | $107.7M | $46.0M | −$28.1M | $77.1M | −$5.6M | −$143.8M | $97.3M | $49.6M |
| EBITDA | $48.8M | −$900,000 | $117.8M | $212.0M | $104.5M | $253.6M | $158.2M | −$1.1M | $177.3M | $202.4M |
| EPS (diluted) | −$0.90 | $13.19 | $6.75 | $3.67 | $0.99 | $5.28 | $0.06 | $2.54 | $2.31 | $3.42 |
| Gross margin | 7.4% | 5.5% | 17.7% | 12.3% | 10.3% | 15.7% | 9.3% | 10.9% | 12.1% | 13.9% |
| Operating margin | 0.8% | −3.0% | 15.6% | 5.9% | 0.7% | 8.5% | 2.6% | −5.7% | 4.1% | 6.6% |
| Net margin | −1.2% | −8.0% | 9.5% | 2.2% | −1.6% | 4.1% | −0.3% | −8.3% | 5.6% | 2.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $374.8M | $360.3M | $386.4M | $399.0M | $391.8M | $378.2M | $387.1M | $393.3M | $344.4M | $496.2M | $268.6M | $278.9M |
| Cost of revenue | $385.2M | $361.2M | $369.2M | $380.2M | $348.8M | $341.5M | $372.4M | $363.2M | $346.4M | $421.6M | $232.7M | $228.3M |
| Gross profit | −$10.4M | −$900,000 | $17.2M | $18.8M | $43.0M | $36.7M | $14.7M | $30.1M | −$2.0M | $74.6M | $35.9M | $50.6M |
| Sales, general & admin | $21.5M | $19.9M | $20.6M | $23.7M | $27.0M | $28.5M | $26.7M | $31.6M | $40.0M | $37.4M | $37.1M | $29.3M |
| Total operating expenses | $13.6M | $20.5M | $19.7M | $23.7M | $28.5M | $31.5M | $27.5M | $31.3M | $44.9M | $44.2M | −$42.2M | $29.9M |
| Operating income | −$24.0M | −$21.4M | −$2.5M | −$4.9M | $14.5M | $5.2M | −$12.8M | −$1.2M | −$46.9M | $30.4M | $78.1M | $20.7M |
| Interest income | $500,000 | $300,000 | $4.8M | $300,000 | $500,000 | $600,000 | $1.1M | $400,000 | $800,000 | $600,000 | $900,000 | $6.9M |
| Interest expense | $5.5M | $4.7M | $4.7M | $4.5M | $3.9M | $3.4M | $6.3M | $13.5M | $10.4M | $1.8M | $2.5M | $3.1M |
| Income before taxes | −$30.1M | −$16.5M | $2.5M | −$60.4M | $5.5M | −$7.7M | −$29.3M | −$14.0M | −$56.2M | $24.2M | −$2.4M | $18.6M |
| Income taxes | −$8.6M | −$3.7M | −$800,000 | −$6.5M | $1.9M | −$1.8M | −$9.7M | −$3.3M | −$14.6M | $7.0M | $200,000 | $3.7M |
| Net income | −$21.5M | −$12.8M | $38.3M | −$53.3M | $2.7M | −$6.3M | −$108.0M | $5.9M | −$41.6M | $17.2M | $17.6M | $36.6M |
| EBITDA | $300,000 | $11.6M | $30.9M | −$32.2M | $32.4M | $17.7M | −$800,000 | $23.2M | −$15.4M | $54.1M | $28.9M | $46.0M |
| EPS (diluted) | −$1.75 | −$1.29 | −$0.42 | −$0.57 | $0.45 | −$0.36 | $11.91 | $0.35 | −$0.50 | $1.43 | $1.35 | $2.19 |
| Gross margin | −2.8% | −0.2% | 4.5% | 4.7% | 11.0% | 9.7% | 3.8% | 7.7% | −0.6% | 15.0% | 13.4% | 18.1% |
| Operating margin | −6.4% | −5.9% | −0.6% | −1.2% | 3.7% | 1.4% | −3.3% | −0.3% | −13.6% | 6.1% | 29.1% | 7.4% |
| Net margin | −5.7% | −3.6% | 9.9% | −13.4% | 0.7% | −1.7% | −27.9% | 1.5% | −12.1% | 3.5% | 6.6% | 13.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CLW's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CLW financial results
In fiscal year 2025 (ended December 31, 2025), Clearwater Paper reported revenue of $1.6 billion, up 12.4% from the year before. It had a net loss of $18.6 million, a net profit margin of −1.2%. Diluted earnings per share came to −$0.90. Over five years revenue grew at an average rate of −3.6% a year.
See the CLW stock overview for the latest quote and news, or the CLW chart for price history and technical indicators.
CLW income statement FAQ
What is Clearwater Paper's annual revenue?
Clearwater Paper reported total revenue of $1.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 12.4% from $1.4 billion the previous year.
Is Clearwater Paper profitable?
No. Clearwater Paper reported a net loss of $18.6 million in fiscal 2025, a net profit margin of −1.2%; its operating margin was 0.8%.
What is Clearwater Paper's gross margin?
Clearwater Paper's gross margin was 7.4% in fiscal 2025: for every $100 of revenue, Clearwater Paper kept $7 after the direct cost of its products and services.
How fast is Clearwater Paper growing?
Revenue grew −3.6% a year on average over the last five fiscal years, from $1.9 billion to $1.6 billion.
What are Clearwater Paper's earnings per share?
Clearwater Paper earned $-0.90 per diluted share in fiscal 2025, compared with $13.19 a year earlier.
When will Clearwater Paper report its next earnings?
Clearwater Paper is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does Clearwater Paper's fiscal year end?
Clearwater Paper's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.