Clearwater Paper Reports Third Quarter 2026 Results

What happened

Clearwater Paper reported third quarter 2026 net sales of $385 million, down from $399 million a year earlier, mainly on lower market pricing. It posted a $2 million net loss, or $0.10 per diluted share, versus a $53 million loss in the third quarter of 2025.

Confirmed

Global impact / market context

The smaller loss and higher adjusted EBITDA of $24 million show results improving even as sales fell, helped by maintenance timing and higher average selling prices. Refinancing all debt extends repayment dates, which reduces near-term pressure on the company's cash needs.

Analyst inference

Sales slipped because paperboard market prices were lower, but prices rose $34 per ton from the second quarter after announced increases. The company also cut net debt by $56 million this year, which strengthens its financial position in a weaker pricing environment.

Analyst inference

What to watch

1. Watch whether average selling prices keep rising after the $34 per ton improvement from the second quarter, since lower market pricing was the main reason sales fell to $385 million from $399 million. Confirmed
2. A useful check is whether net debt keeps falling through working capital reductions and tax refunds, after the $56 million year-to-date cut and $17.5 million in insurance proceeds. Proposed
3. Maintenance timing lifted adjusted EBITDA to $24 million, so the next quarter may look weaker without that benefit. Watch whether higher prices and refinanced debt offset the loss of that boost. Analyst inference

Evidence

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