Filing Flows › Clearwater Paper (CLW) › Q4 2025
Clearwater Paper (CLW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Clearwater Paper (CLW) reported revenue of $386M for the fourth quarter 2025 (Q4 2025), -0.2% from a year earlier and -3% from the quarter before. Operating margin was 1.9%, net earnings $38.3M (9.9% of revenue).
Clearwater Paper, Q4 2025: revenue $386M (-0.2% year over year), operating margin 1.9%, net earnings $38.3M, operating cash flow $5.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $386M | -3% | -0.2% |
| Operating profit | $7.5M | — | — |
| Net earnings | $38.3M | — | -81% |
| Operating cash flow | $5.0M | -85% | — |
What changed
Revenue was $386.4M in Q4 2025, roughly flat year over year and down 3% from the previous quarter. Foodservice was the largest line at 43% of revenue.
Operating profit was $7.5M, a 1.9% margin (up 6.0 points year over year). Net earnings were $38.3M, down 81% year over year. The effective tax rate was -2.1%. Non-operating items added $30.0M, 80% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $5.0M, 13% of net earnings. Non-cash charges added back $23.7M of depreciation and amortization. Working capital and other items used $57.0M. Capital expenditures of $14.9M exceeded it, leaving free cash flow of −$9.9M.
Questions
What was Clearwater Paper's revenue in the fourth quarter 2025?
Clearwater Paper (CLW) reported revenue of $386M for the fourth quarter 2025 (Q4 2025), -0.2% from a year earlier and -3% from the quarter before.
Was Clearwater Paper profitable in the fourth quarter 2025?
Operating profit was $7.5M (1.9% of revenue) and net earnings $38.3M.
Source: Clearwater Paper 10-K on SEC EDGAR.