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CLW on NYSE

Clearwater Paper

American pulp and paperboard manufacturer

Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington. In 2024, Clearwater Paper sold its private label tissue consumer products division to focus on being a premier independent supplier of paperboard packaging products to North American converters.3 Its shares trade on NYSE under the symbol CLW.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2008Founded1

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  • TickerCLW on NYSE1
  • Industrypulp and paper industry1
  • HeadquartersSpokane1
  • Websitewww.clearwaterpaper.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address601 West Riverside Avenue, Suite 1100, Spokane, Wa 992015
  • Filer categoryAccelerated filer5
  • LEI549300HCVV19GXN4P2924
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O UNITED AGENT GROUP INC., 19803 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 40424964

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Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-2.7%Operating margin8
-1.2%Net margin8
12.4%Revenue growth, 20258
-2.3%Return on equity8
0.42×Debt to equity8
-$76.5MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Foodservice brought in 43% of the revenue Clearwater Paper broke down this way in fiscal 2025.

  1. Foodservice$664.6M843%up 23% from 2024
  2. Folding Carton$578.9M837%down 0% from 2024
  3. Other$161.5M810%up 57% from 2024
  4. Sheeting and Distribution$150.4M810%down 6% from 2024
Products and services by year
Products and services202320242025
Foodservice$404.8M$540.4M$664.6M
Folding Carton$437.5M$580.2M$578.9M
Other$135.9M$102.9M$161.5M
Sheeting and Distribution$157.8M$160.1M$150.4M

Regions

United States brought in 91% of the revenue Clearwater Paper broke down this way in fiscal 2025.

  1. United States$1.4B891%up 13% from 2024
  2. Outside the United States$137.2M89%up 5% from 2024
Regions by year
Regions202320242025
United States$1.0B$1.3B$1.4B
Outside the United States$107.6M$131.2M$137.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue92¢$1.4B
  • Selling, general and admin6¢$100.8M
  • Interest1¢$17.8M
  • Income tax0¢$7.1M

Out of $1.6B in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending84¢$88.8M
  • Share buybacks16¢$17.2M

Out of $12.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$1.6B in 2025−12% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.8B$1.8B20192020: $1.9B$1.9B2020+6%2021: $1.8B$1.8B2021−5%2022: $1.2B$1.2B2022−33%2023: $1.1B$1.1B2023−5%2024: $1.4B$1.4B2024+22%2025: $1.6B$1.6B2025+12%
Operating income91011128-$42.1M in 2025
-$100.0M0$100.0M$200.0M2019: $45.4M$45.4M20192020: $158.1M$158.1M2020+248%2021: $12.0M$12.0M2021−92%2022: $99.3M$99.3M2022+728%2023: $78.1M$78.1M2023−21%2024: -$64.5M-$64.5M20242025: -$42.1M-$42.1M2025−35%
Net income91011128-$18.6M in 2025+232% since 2019
-$100.0M0$100.0M$200.0M2019: -$5.6M-$5.6M20192020: $77.1M$77.1M20202021: -$28.1M-$28.1M20212022: $46.0M$46.0M20222023: $107.7M$107.7M2023+134%2024: $196.3M$196.3M2024+82%2025: -$18.6M-$18.6M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Net sales$1.6B$1.4B$1.1B
Cost of sales-$1.4B-$1.3B-$935.3M
Selling, general and administrative expenses-$100.8M-$116.7M-$119.4M
Other operating charges, net$8.9M$24.0M$3.2M
Goodwill, Impairment Loss$48.0M$0$0
Total operating costs and expenses$1.6B$1.4B$1.1B
Operating income (loss)-$42.1M-$64.5M$78.1M
Interest expense, net-$16.8M-$29.2M-$9.5M
Debt retirement costs$0-$9.1M-$3.1M
Other Nonoperating Income (Expense)-$1.2M$1.8M$100.0K
Nonoperating Income (Expense)$18.0M$36.6M$12.5M
Income (loss) from continuing operations before income taxes-$60.1M-$101.1M$65.6M
Income tax provision-$7.1M-$27.1M$16.9M
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent$53.0M$74.0M-$48.7M
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax-$3.5M$73.3M$78.6M
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax$1.5M$307.2M$0
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation-$36.4M$110.2M$19.6M
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent-$34.4M-$270.3M-$59.0M
Net income (loss)-$18.6M$196.3M$107.7M
Income (Loss) from Continuing Operations, Per Basic Share-$3-$4$3
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share$2$16$4
Earnings per share, basic-$1.15$11.70$6.39
Income (Loss) from Continuing Operations, Per Diluted Share-$3-$4$3
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share$2$16$3
Earnings per share, diluted-$1.15$11.70$6.30
Weighted average number of shares outstanding, basic16.2M shares16.8M shares16.9M shares
Weighted average number of shares outstanding, diluted16.2M shares16.8M shares17.1M shares

Compare Clearwater Paper with another company

Corporate structure

Clearwater Paper sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Clearwater Paper

  • Clearwater Paper Wilmington, Delaware, United States
    • Cellu Tissue Holding, LLC Subsidiary · Delaware, United States
    • Clearwater Fiber, LLC Subsidiary · Delaware, United States
    • Manchester Industries Inc. of Virginia Subsidiary · Virginia, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Clearwater Paper reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.4B8 Dec 31, 2025$2.3B8 Dec 31, 2024+2.1%
Accumulated depreciation$1.4B8 Dec 31, 2025$1.3B8 Dec 31, 2024+5.4%
Property and equipment, net$1.0B8 Dec 31, 2025$1.0B8 Dec 31, 2024−2.1%
Finance-lease assets$7.8M8 Dec 31, 2025$8.3M8 Dec 31, 2024−6.0%
Operating-lease assets (leased space)$41.8M8 Dec 31, 2025$39.1M8 Dec 31, 2024+6.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$30.7M8 Dec 31, 2025$79.6M8 Dec 31, 2024−61.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$08 Dec 31, 2025$48.6M8 Dec 31, 2024−100.0%
Intangible assets, net (excluding goodwill)$2.1M8 Dec 31, 2025$4.3M8 Dec 31, 2024−51.2%
Accumulated amortization$23.3M8 Dec 31, 2025$30.6M8 Dec 31, 2024−23.9%
Finite-lived intangibles, net$2.1M8 Dec 31, 2025$4.3M12 Dec 31, 2024−51.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$281.7M8 Dec 31, 2025$258.0M8 Dec 31, 2024+9.2%
Finished goods$128.6M8 Dec 31, 2025$123.4M8 Dec 31, 2024+4.2%
Supplies$114.2M8 Dec 31, 2025$102.5M8 Dec 31, 2024+11.4%

Properties, in its own words

Facilities

(In tons) · Paperboard

The rest of Item 2

Augusta, Georgia · 600,000

Lewiston, Idaho · 480,000

Cypress Bend, Arkansas · 340,000

1,420,000

Item 2 of the 10-K filed Feb 18, 2026.18

Leadership

Who has led Clearwater Paper, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael J. Covey2008
  2. Gordon L. Jones2009–2012
  3. Linda K. Massman2013–2020
  4. Arsen S. Kitch2020–now

Chair

  1. Gordon L. Jones2010–2012

President

  1. Gordon L. Jones2009–2010
  2. Linda K. Massman2012–2020
  3. Arsen S. Kitch2020–now

Chief financial officer

  1. Linda K. Massman2010–2012
  2. Robert G. Hrivnak2019–2020
  3. Sherri Baker2023–now

Chief operating officer

  1. Linda K. Massman2012
2010201520202025
Board members and other officers (46)

Products and brands

  • paperboard

Listed on Wikidata.1

Manufacturing divisions

From 2008 to 2024, Clearwater Paper was composed of two separate divisions—consumer products and pulp and paperboard.

Consumer products

The consumer products division manufactured and sold household tissue paper, including paper towels, napkins, bathroom tissue and facial tissue.

The division produced through-air-dried (TAD) paper towels, as well as premium and value brand towels. It made napkins in ultra, two-ply and three-ply dinner napkins, plus value one-ply luncheon napkins. The bathroom tissue produced was mostly two-ply ultra, though other types were manufactured and sold. The facial tissues produced included ultra lotion facial tissues.

As of 2024, Clearwater Paper was the largest supplier of private label toilet paper to grocery chains in the United States.

Read the full text

Clearwater Paper sold its consumer products division to Sofidel Group in 2024 for $1.06 billion.

Pulp and paperboard

The company's pulp and paperboard segment manufactures bleached paperboard, primarily for the packaging industry. Solid bleached sulfate board is a type of paperboard that is used in the production of folding cartons, liquid packaging, plates, cups and in some commercial printing applications.

The pulp and paperboard segment also produces softwood market pulp, which is used as the primary raw material in the production of a wide variety of paper products, and slush pulp, which is sent to the Sofidel tissue manufacturing plant in Lewiston.

Facilities

Consumer products

In 2008, Clearwater Paper had three manufacturing and converting facilities in Lewiston, Idaho, North Las Vegas, Nevada, and Elwood, Illinois. The company's facility at Shelby, North Carolina, officially started up in December 2012, producing its first private label through-air-dried (TAD) finished roll and converted tissue paper product to compete with national TAD tissue brands. In the same year, Clearwater Paper also completed upgrades to its North Las Vegas facility, allowing the facility to produce TAD ultra-bathroom tissue and household towels.

In late 2010, the company acquired Cellu Tissue Holdings, Inc., headquartered in Alpharetta, Georgia, which increased its tissue manufacturing presence in the eastern United States and Canada. With the acquisition of Cellu Tissue Holdings, Inc., Clearwater Paper added consumer products facilities at: East Hartford, Connecticut; Ladysmith, Wisconsin; Neenah, Wisconsin; Menominee, Michigan; Central Islip, New York; Natural Dam, New York; Oklahoma City, Oklahoma; Thomaston, Georgia; Wiggins, Mississippi; and St. Catharines, Ontario, Canada.

From 2013 to 2021, Clearwater Paper closed or divested former Cellu Tissue facilities:

In 2013, Clearwater Paper announced the closing of its Thomaston, Georgia, facility

In 2014, Clearwater Paper announced the closing of its Central Islip, New York, facility

In 2014, Clearwater Paper sold five facilities to Dunn Paper (East Hartford, Connecticut; Menominee, Michigan; Natural Dam, New York; Wiggins, Mississippi; and St. Catharines, Ontario)

In 2017, Clearwater Paper announced the closing of its Oklahoma City facility

In 2018, Clearwater Paper sold its Ladysmith, Wisconsin, facility to Dunn Paper

In 2021, Clearwater Paper announced the closing of its Neenah, Wisconsin facility

Clearwater Paper sold its four consumer products facilities in Lewiston, Idaho, North Las Vegas, Nevada, Elwood, Illinois, and Shelby, North Carolina, to Sofidel Group in 2024.

Pulp and paperboard

In 2008, Clearwater Paper operated two pulp and paperboard mills in Lewiston, Idaho, and Arkansas City, Arkansas.

In November 2011, Clearwater Paper divested the sawmill in Lewiston, Idaho, to Idaho Forest Group of Coeur d'Alene, Idaho.

In 2016, Clearwater Paper acquired Manchester Industries, a paperboard sales, sheeting and distribution supplier to the packaging and commercial print industries, headquartered in Richmond, Virginia.

In 2024, Clearwater Paper acquired the Augusta, Georgia solid bleached sulfate paperboard mill from Graphic Packaging.

From Wikipedia’s article on Clearwater Paper, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Cellu Tissue Holding, LLC Delaware7
  • Clearwater Fiber, LLC Delaware7
  • Manchester Industries Inc. of Virginia Virginia7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Potlatch Forest Products CORPAug 1, 2008 to Nov 28, 20085

Timeline

  1. Sep 21, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation70
  2. Jul 28, 20268-K Results of operations71
  3. May 12, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote72
  4. Apr 28, 20268-K Results of operations73
  5. Feb 18, 20268-K Results of operations74
  6. Oct 28, 20258-K Results of operations; Executive or director change75
  7. Jul 29, 20258-K Results of operations76
  8. May 21, 20258-K Executive or director change77
  9. May 12, 20258-K Executive or director change; Shareholder vote78
  10. Apr 29, 20258-K Results of operations79
  11. Apr 4, 20258-K Executive or director change80
  12. Feb 13, 20258-K Financial statements and exhibits81
  13. Apr 3, 2020New chief executive Arsen S. Kitch becomes CEO19
  14. Jan 3, 2013New chief executive Linda K. Massman becomes CEO20
  15. Feb 3, 2009New chief executive Gordon L. Jones becomes CEO21
  16. Dec 17, 2008Went public Listed on NYSE1
  17. Dec 2, 2008New chief executive Michael J. Covey becomes CEO22
  18. 2008Founded Founded1

Calendar

Coming up

  1. Oct 26, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.51) a share, on Oct 28, 2025.82

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results71
  2. Apr 28, 2026Reported quarterly or annual results73
  3. Feb 18, 2026Reported quarterly or annual results74
  4. Oct 28, 2025Reported quarterly or annual results75
  5. Jul 29, 2025Reported quarterly or annual results76
  6. Apr 29, 2025Reported quarterly or annual results79
  7. Nov 4, 2024Reported quarterly or annual results83
  8. Aug 6, 2024Reported quarterly or annual results84

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

311 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 41 major events, 181 insider forms, 31 large holders, 37 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Sep 21, 20268-K EDGAR
  3. Aug 18, 20264 EDGAR
  4. Aug 14, 2026SCHEDULE 13G EDGAR
  5. Jul 28, 202610-Q EDGAR
  6. Jul 28, 20268-K EDGAR
  7. Jul 14, 2026SCHEDULE 13G/A EDGAR
  8. Jul 6, 20264 EDGAR
  9. Jul 6, 20264 EDGAR
  10. Jun 25, 202611-K EDGAR
  11. Jun 25, 202611-K EDGAR
  12. May 28, 20264/A EDGAR
  13. May 19, 20264 EDGAR
  14. May 19, 20264 EDGAR
  15. May 19, 2026S-8 POS EDGAR
  16. May 19, 2026S-8 EDGAR
  17. May 12, 20264 EDGAR
  18. May 12, 20264 EDGAR
  19. May 12, 20268-K EDGAR
  20. May 12, 20264 EDGAR

The 311 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 1 buys and 16 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 28, 2025Bowden Steve MSr. V.P.Sale8,889$18.14$161.2KForm 4
Mar 17, 2025Moyes Kari G.SVP, HRSale1,132$23.98$27.1KForm 4
Feb 27, 2025Moyes Kari G.SVP, HRSale2,778$26.72$74.2KForm 4
Aug 4, 2023Gadd Michael SSVP, GC, Corp SecretarySale6,182$35.68$220.6KForm 4
May 23, 2023Barckley Rebecca AnneVP, ControllerSale2,506$33.00$82.7KForm 4
May 5, 2023Gadd Michael SSVP, GC, Corp SecretarySale6,126$32.09$196.6KForm 4
Apr 14, 2023Murphy Michael JohnSr. VP, CFOSale2,681$32.88$88.2KForm 4
Feb 28, 2023Bowden Steve MSr. V.P.Sale2,964$38.34$113.6KForm 4
Feb 28, 2023Moyes Kari G.SVP, HRSale2,964$38.33$113.6KForm 4
Feb 28, 2023Murphy Michael JohnSr. VP, CFOSale5,041$38.33$193.2KForm 4
Feb 24, 2023Gadd Michael SSVP, GC, Corp SecretarySale8,685$37.63$326.8KForm 4
Nov 3, 2022Gadd Michael SSVP, GC, Corp SecretarySale8,500$37.33$317.3KForm 4
Aug 4, 2022Gadd Michael SSVP, GC, Corp SecretarySale8,691$42.02$365.2KForm 4
Apr 4, 2022Moyes Kari G.SVP, HRSale4,589$27.63$126.8KForm 4
Apr 4, 2022Gadd Michael SSVP, GC, Corp SecretarySale2,295$27.62$63.4KForm 4
Apr 1, 2022Bowden Steve MSr. V.P.Sale4,589$28.29$129.8KForm 4
Feb 17, 2022Murphy Michael JohnSr. VP, CFOBuy1,000$28.66$28.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Arsen S. Kitch$1.0M$5.2M93
2025Sherri J. Baker$533.0K$1.5M93
2025Michael S. Gadd$444.6K$1.3M93
2025Steve M. Bowden$465.0K$1.3M93
2025Kari G. Moyes$437.0K$1.2M93
2025Matthew D. Passarello$365.2K$1.0M93
2024President andChief Executive Officer$990.4K$6.0M93
2024Senior Vice PresidentFinance and Chief Financial Officer$530.5K$1.7M93
2024Former Senior VicePresident$525.5K$1.6M93
2024Senior VicePresident$434.9K$1.3M93
2023President andChief Executive Officer$940.4K$5.3M93
2023Former Senior VicePresident$512.1K$1.6M93
2023Senior VicePresident$423.5K$1.3M93
2023Senior Vice PresidentFinance and Chief Financial Officer$200.0K$1.1M93

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Southeastern Asset Management Inc/tn/1,539,556$24.1M1.3%+14,065
BlackRock, Inc.1,262,006$19.8M0.0%+41,313
Dimensional Fund Advisors LP1,062,406$16.7M0.0%−223,296
Gate City Capital Management, LLC938,496$14.7M3.8%New
Readystate Asset Management LP781,384$12.3M0.8%No change
Vanguard Capital Management LLC694,944$10.9M0.0%+14,554
Jpmorgan Chase & Co453,652$7.3M0.0%+155,103
Aqr Capital Management LLC420,773$6.6M0.0%+242,479
Invenomic Capital Management LP420,419$6.6M0.4%+116,269
Geode Capital Management, LLC404,311$6.3M0.0%+13,662
Charles Schwab Investment Management Inc396,734$6.2M0.0%−106,228
State Street Corp352,774$5.5M0.0%+11,460
Ameriprise Financial Inc297,415$4.7M0.0%+29,539
Peapod Lane Capital LLC289,906$4.5M3.1%+75,385
Assenagon Asset Management S.A.288,784$4.5M0.0%+174,771
Trexquant Investment LP268,367$4.2M0.0%+106,505
UBS Group AG267,499$4.2M0.0%+237,755
D. E. Shaw & Co., Inc.263,935$4.1M0.0%+41,003
Jacobs Levy Equity Management, Inc261,856$4.1M0.0%−19,192
American Century Companies Inc208,986$3.3M0.0%−9,174
Morgan Stanley205,427$3.2M0.0%+17,467
Man Group plc190,419$3.0M0.0%+33,020
Vanguard Portfolio Management LLC182,460$2.9M0.0%−47,861
Cramer Rosenthal Mcglynn LLC181,226$2.8M0.1%−85,033
Goldman Sachs Group Inc174,634$2.7M0.0%+34,238

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Clearwater Paper is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARClearwater Paper Corp2
  • CIK0001441236
  • Employer ID (EIN)20-359455418
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inDelaware18
  • Fiscal year endsDecember 312
  • Industry code (SIC)2631 Paperboard Mills2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address601 West Riverside Avenue, Suite 1100, Spokane, WA 992012
  • Phone509.344.59002
  • Shares outstanding16,125,253 as of Apr 27, 202615
  • Public float$427.7M as of Jun 30, 202518
  • AuditorKPMG LLP, Seattle, Washington PCAOB ID 185; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceAug 1, 20082
  • Filings1,122 in all: 4 (514), 8-K (193), SC 13G/A (77), 10-Q (53), 3 (52), 11-K (36), DEFA14A (25), SC 13G (19)2
    All 37 form types

    10-K (18), DEF 14A (18), 4/A (16), DFAN14A (16), UPLOAD (11), S-8 (9), 144 (7), SCHEDULE 13G/A (7), ARS (6), 10-12B/A (5), 8-K/A (5), CORRESP (4), CERTNYS (3), EFFECT (3), S-8 POS (3), SC 13D/A (3), 424B3 (2), PRE 14A (2), S-3 (2), S-4 (2), SC 13D (2), SCHEDULE 13G (2), 10-12B (1), 10-K/A (1), 5 (1), 8-A12B (1), 8-A12B/A (1), RW (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Sep 21, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock ($0.0001 par value per share)CLWNew York Stock Exchange

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Clearwater Paper names in Item 1A of its 10-K filed Feb 18, 2026: 42 risks under these headings, as written.18

  • RISKS RELATED TO OUR INDUSTRY, THE MARKETS IN WHICH WE OPERATE, AND THE PRODUCTS THAT WE OFFER
  • Difficult industry and market demand conditions have in the past and may continue to adversely affect the operating results and cash flows of our business.
  • Increases in paperboard supply have and may continue to adversely affect our operating results and financial condition.
  • Lack of diversification of products exposes us to other market-related risks and uncertainties.
  • Substitution amongst paperboard grades could have an adverse effect on our financial results.
  • Our products are vulnerable to declines in demand due to a shift in consumer preference for
  • competing, sustainable materials which may have an adverse effect on our business.
  • The loss of, or a significant reduction in, orders from, or changes in prices in regard to, any of our large customers could adversely affect our operating results and financial condition.
  • Consolidation in the North American paperboard and converting industry may adversely affect our business.
  • Larger competitors have operational and other advantages over our operations.
  • RISKS RELATED TO OUR BUSINESS STRATEGY
  • If we are unable to continue to implement our business plan and strategic initiatives, our financial condition and operating results could be materially affected.
The other 31 risks
  • We may incur significant costs or be unable to realize the expected benefits of our restructuring initiatives.
  • We may fail to attract, motivate, train and retain qualified personnel, including key personnel.
  • We may not achieve the expected benefits from strategic acquisitions, partnerships, joint ventures, divestitures, capital investments and other corporate transactions that we have pursued in the past and may pursue in the future.
  • RISKS RELATING TO OUR OPERATIONS AND COST STRUCTURE
  • We incur significant expenses to maintain our manufacturing equipment and any interruption in the operations of our facilities may harm our operating performance.
  • We rely on information technology in critical areas of our operations, and a disruption relating to such technology could harm our operations and financial condition.
  • We face cyber-security risks.
  • Our operations may be subject to extreme weather and climate-related events
  • The cost and availability of chemicals and energy needed for our manufacturing processes significantly affects our results of operations and cash flows.
  • We rely on a limited number of third-party suppliers, vendors and service providers required for the production of our products and our operations.
  • We depend on external sources of wood fiber which exposes our business and results of operations to potentially significant supply and price fluctuations.
  • Our business and financial performance may be harmed by future labor disruptions.
  • Disruptions in transportation services or increases in our freight costs could have a material adverse effect on our business.
  • Following the Tissue Divestiture, we share certain facilities in Lewiston, Idaho with Sofidel and we are required to provide certain services to Sofidel related to such shared facilities. Our relationship with Sofidel may impact our ability to conduct business at our Lewiston mill solely for our benefit.
  • Our operations require substantial capital and our capital expenditures may not achieve the desired outcomes or may be achieved at a higher cost than anticipated.
  • We are subject to significant environmental regulation and environmental compliance expenditures, which could increase our costs and subject us to liabilities.
  • We are exposed to lawsuits, governmental investigations and proceedings relating to current and historical operations and products, which could harm our business.
  • Compliance with varying federal, state and foreign regulatory schemes and third-party certifications may impair our ability to continue to sell our products in key markets or to key customers and increase our costs.
  • RISKS RELATED TO OUR EMPLOYEE PLANS
  • We may be required to pay material amounts to multiemployer pension plans; our participation subjects us to potential liabilities, which could be significant, if we withdraw from a plan in the future.
  • Our pension and health care costs are subject to numerous factors that could cause these costs to change.
  • RISKS RELATED TO OUR INDEBTEDNESS
  • Despite our current indebtedness levels, we may still incur significant additional indebtedness. Incurring more indebtedness could increase the risks associated with our substantial indebtedness.
  • If we default under our Credit Agreements, or other indebtedness, we may not be able to service our debt obligations.
  • To service our existing and future indebtedness, we must generate cash flows. Our ability to generate cash depends on many factors beyond our control, and we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • Our Credit Agreements contain various covenants that limit our discretion in the operation of our business.
  • Our failure to comply with the covenants contained in our Credit Agreements or the indenture governing our outstanding notes, including as a result of events beyond our control, could result in an event of default that could cause repayment of the debt to be accelerated.
  • Credit rating downgrades could increase our borrowing costs or otherwise adversely affect us.
  • An increase in interest rates could have a negative effect on our business.
  • RISKS RELATING TO OUR COMMON STOCK
  • Certain provisions of our certificate of incorporation and bylaws and Delaware law may make it difficult for stockholders to change the composition of our Board of Directors and may discourage hostile takeover attempts that some of our stockholders may consider to be beneficial.
  • GENERAL RISKS
  • United States and global economic conditions could have adverse effects on the demand for our products and financial results.
  • Recent fluctuations in economic conditions and cycles may have adverse effects on our financial results.
  • We may face demand, supply, and operational challenges associated with effects of a disease outbreak, including epidemics, pandemics, or similar widespread public health concerns.
  • We could be subject to changes in tax rates, the adoption of new tax laws or interpretations, or exposure to additional tax liabilities.

Legal proceedings

We may from time to time be involved in claims, proceedings and litigation arising from our business and property ownership. We believe, based on currently available information, that the results of such proceedings, in the aggregate, will not have a material adverse effect on our financial condition, results of operations and cash flows.

The matter below is included per Item 103(c)(3) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

Environmental Lawsuit Related to the Company’s Facility in Augusta, Georgia

The Company was named as a defendant in a complaint filed on February 5, 2025 in the Superior Court of Chatham County in the State of Georgia, styled The Mayor and Aldermen of the City of Savannah, Georgia v. 3M Company, et al. (the “Environmental Lawsuit”).

The opening of Item 3, Legal Proceedings.18

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