Clearwater Paper reported full-year 2025 net sales of $1.6 billion, up 12% from 2024, with paperboard volumes rising 14% after running the Augusta mill for a full year.
Adjusted EBITDA from continuing operations nearly tripled to $107 million, fueled by over $50 million in fixed-cost cuts, including $16 million in SG&A that dropped to 6.5% of sales.
Q4 sales held flat at $386 million, but net income reached $38 million ($2.39/share) versus $199 million a year earlier — which included a $307 million gain from selling the tissue division. Adjusted EBITDA climbed to $20 million from $9 million, lifted by 4% higher volumes (317,715 tons), lower input costs, productivity gains and insurance proceeds, despite 3% softer paperboard prices at $1,139/ton.
CEO Arsen Kitch credited cost discipline and execution on major maintenance outages, completed on budget at $50 million total. The company repurchased $17 million in shares, with $79 million remaining authorized, and wrapped Augusta integration and tissue separation ahead of schedule. Full-year net loss narrowed to $19 million from prior gains, hit by a $48 million goodwill impairment partly offset by insurance.
Early 2026 weather disruptions at Augusta and Cypress Bend mills cut an estimated $20 million from Adjusted EBITDA. Kitch sees medium-term recovery through demand growth, lower imports and supply adjustments in the oversupplied paperboard market.
Clearwater Paper supplies bleached paperboard for North American packaging converters from its Spokane headquarters.
Source: Clearwater Paper
