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Clearwater Paper cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$15.9M in Q3 2026 · $56.8M over twelve months

Operating cash flow$30.6M
Capital spending−$14.7M
Free cash flow+$15.9M
Cash conversion cycle65 days

Analysis

In Q3 2026, Clearwater Paper generated $30.6M of operating cash flow and spent $14.7M on capital projects, leaving free cash flow of $15.9M. That is $200K more than in Q3 2025 ($15.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $105M; the largest uses were other financing ($86.1M), capital spending ($48.3M), taxes on employees’ shares ($700K); besides operations, cash came from net borrowing (+) / repaid (−) ($315M), other investing ($500K); the cash balance rose by $285M.

Operating cash flow was $30.6M against net income of −$1.6M. The largest differences: depreciation & amortization +$23.3M, inventory +$11.2M, deferred taxes −$3.0M.

Its cash conversion cycle was 65 days (receivables 39 + inventory 65 − payables 38).

Free cash flow

Clearwater Paper: free cash flow by quarterClearwater Paper: free cash flow by quarter−$68.1MQ4 2024−$31.2MQ1 2025−$51.1MQ2 2025$15.7MQ3 2025−$9.9MQ4 2025−$8.6MQ1 2026$59.4MQ2 2026$15.9MQ3 2026
Operating cash flow less capital spending.
Clearwater Paper: operating cash flow against capital spendingClearwater Paper: operating cash flow against capital spendingOperating cash flowCapital spending−$35.1M$33.0MQ4 2024$1.5M$32.7MQ1 2025−$28.2M$22.9MQ2 2025$34.0M$18.3MQ3 2025$5.0M$14.9MQ4 2025$500K$9.1MQ1 2026$69.0M$9.6MQ2 2026$30.6M$14.7MQ3 2026
Latest (Q3 2026): Operating cash flow $30.6M, Capital spending $14.7M.

Capital allocation, year by year

Clearwater Paper: where the cash came from (up) and went (down), by fiscal yearClearwater Paper: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $96.4MFY2021: Net borrowing −$81.0MFY2021: Asset sales $13.3MFY2021: Capital spending −$38.4M$110MFY2021FY2022: Operating cash flow $150MFY2022: Net borrowing −$82.0MFY2022: Capital spending −$33.5MFY2022: Buybacks −$5.0M$150MFY2022FY2023: Operating cash flow $191MFY2023: Net borrowing −$104MFY2023: Capital spending −$73.7MFY2023: Buybacks −$17.9M$191MFY2023FY2024: Operating cash flow $61.4MFY2024: Net borrowing −$179MFY2024: Asset sales $992MFY2024: Capital spending −$117MFY2024: Acquisitions −$708MFY2024: Buybacks −$10.0M$1.1BFY2024FY2025: Operating cash flow $12.3MFY2025: Net borrowing $62.8MFY2025: Capital spending −$88.8MFY2025: Buybacks −$17.2M$75.1MFY2025
Over these 5 years operating cash flow totalled $511M; the largest uses were acquisitions ($708M) and net borrowing ($446M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$35.7M
Debt$274M
Net debt$238M
Due within a year$275M

Clearwater Paper funds itself: free cash flow was $56.8M over the last twelve months, and $35.7M of cash and investments stands against $274M of debt ($275M due within a year, 0.1× covered by cash).

Where the cash came from and went

Clearwater Paper: sources (+) and uses (−) of cash, Q3 2026Clearwater Paper: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$290MCash drawn (+) / kept (−)−$224MOther financing−$81.5MOperating cash flow$30.6MCapital spending−$14.7MTaxes on employees’ shares−$100K
Clearwater Paper: sources (+) and uses (−) of cash, TTM to Q3 2026Clearwater Paper: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$315MCash drawn (+) / kept (−)−$285MOperating cash flow$105MOther financing−$86.1MCapital spending−$48.3MTaxes on employees’ shares−$700KOther investing$500KNot reconciled−$200KBuybacks−$100K

From profit to cash

Clearwater Paper: net income to operating cash flow, Q3 2026Clearwater Paper: net income to operating cash flow, Q3 2026Net income−$1.6MDepreciation & amortization$23.3MStock-based pay$2.6MDeferred taxes−$3.0MImpairments$1.9MGains on disposals$1.9MReceivables−$300KInventory$11.2MPayables−$1.5MPrepaid and other assets−$2.0MOperating cash flow$30.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202639653865
Q2 202644633373
Q1 202649693286
Q4 202542703478
Q3 202538693769
Q2 202540714170
Q1 202544684270
Q4 202443654266

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$30.6M−$14.7M—$290M−$224M$15.9M
Q2 2026$69.0M−$9.6M−$100K−$100K−$58.8M$59.4M
Q1 2026$500K−$9.1M—$14.9M−$5.8M−$8.6M
Q4 2025$5.0M−$14.9M—$10.0M$3.7M−$9.9M
Q3 2025$34.0M−$18.3M−$2.1M$6.8M$12.2M$15.7M
Q2 2025−$28.2M−$22.9M−$4.2M$46.9M−$2.6M−$51.1M
Q1 2025$1.5M−$32.7M−$10.9M−$200K$35.6M−$31.2M
Q4 2024−$35.1M−$33.0M−$4.0M−$100K−$44.2M−$68.1M

Clearwater Paper: income statement and cash flow

Clearwater Paper, Q3 2026: revenue $385M (-4% year over year), operating margin 0.6%. The chart follows the revenue to costs, profit and cash.

Clearwater Paper: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.