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.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 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 margin7
-1.2%Net margin7
12.4%Revenue growth, 20257
-2.3%Return on equity7
0.42×Debt to equity7
-$76.5MFree cash flow7

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$664.6M743%up 23% from 2024
  2. Folding Carton$578.9M737%down 0% from 2024
  3. Other$161.5M710%up 57% from 2024
  4. Sheeting and Distribution$150.4M710%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$1.4B791%up 13% from 2024
  2. Outside the United States$137.2M79%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.7 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.7

Financial statements

Revenue8910117$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 income8910117-$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 income8910117-$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.7

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

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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

Former names

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

Timeline

  1. Apr 3, 2020New chief executive Arsen S. Kitch becomes CEO17
  2. Jan 3, 2013New chief executive Linda K. Massman becomes CEO18
  3. Feb 3, 2009New chief executive Gordon L. Jones becomes CEO19
  4. Dec 17, 2008Went public Listed on NYSE1
  5. Dec 2, 2008New chief executive Michael J. Covey becomes CEO20
  6. 2008Founded Founded1

Filings

309 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 41 major events, 181 insider forms, 29 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 309 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.

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.

Sources

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