Clearwater Paper Corp

clearwaterpaper.com

What Do They Do?

Sells paperboard used for folding cartons and food-service packaging to independent packaging converters.

How Do They Make Money?

Customers buy paperboard and related services; each sale is completed when the product or service is delivered, usually at the customer's destination.

revenue

Segment	Share	How money arrives
Foodservice Sold outright	43% FY2022: 34%	Sold outright
Folding Carton Sold outright	37% FY2022: 39%	Sold outright
Sheeting and Distribution Sold outright	9.7% FY2022: 16%	Sold outright
Other Sold outright	10% FY2022: 11%	Sold outright

Who Are Their Customers?

Packaging converters across North America buy most paperboard through sales managers; commercial printers receive a smaller share through distributors. Sheeted paperboard is sold directly to folding carton converters, merchants and commercial printers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 13% from one customer

Do Revenues Turn Into Profits?

No. It lost $18.6M in FY2025.

Operating income, FY2025

−3% of revenue

▼ −35% (Loss) vs FY2024 (−$64.5M, −5%)

Net income, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($196.3M, 14%)

Free cash flow, FY2025

−5% of revenue

▲ +39% (Loss) vs FY2024 (−$55.2M, −4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▼ −4%; vs $399M in Q3 FY2025
Net income: ▼ −97% (Loss); vs −$53.3M in Q3 FY2025

Foodservice share of revenue vs 45.6% in Q3 FY2025

Shrinking. Revenue fell 12% in 4 years, from $1.8B in FY2021 to $1.6B in FY2025, about 3% a year.

Tissue business exit The older report described both paperboard and private-label tissue businesses. The latest describes a paperboard packaging focus after the tissue business was sold.

Revenue over time

Foodservice Folding Carton Sheeting and Distribution Other Non-retail tissue Pulp And Paperboard Paperboard Retail tissue member

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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