The combination of CFO departure and weak Q4 guidance (Adjusted EBITDA $10-20M vs Q3's $24.4M) signals ongoing operational headwinds from the Augusta mill disruption and seasonal weakness. Monitor the next 10-Q for details on the Augusta recovery timeline and any permanent replacement for the CFO.
Price Chart
Executive Summary
Clearwater Paper reported Q3 2026 net sales of $384.9M (down 3.5% YoY from $399M) and a net loss of $1.6M ($0.10 per share), compared to a net loss of $53.3M in Q3 2025 which included a $48M goodwill impairment. Adjusted EBITDA improved to $24.4M from $17.8M a year ago, driven by timing of a major maintenance outage. The company guided Q4 2026 Adjusted EBITDA to $10-20M, citing lower seasonal shipments and continued operational disruptions at the Augusta mill. Separately, CFO Sherri Baker announced her resignation effective November 13, 2026.
Key Financial Metrics
Key Facts
- Q3 2026 net sales $384.9M vs $399.0M in Q3 2025, down 3.5%
- Net loss from continuing operations $1.6M ($0.10 per share) vs net loss $53.9M ($3.34 per share) in Q3 2025
- Adjusted EBITDA from continuing operations $24.4M vs $17.8M in Q3 2025
- Paperboard average net selling price decreased 4% YoY to $1,111 per ton, but improved $34/ton vs Q2 2026
- Sales volumes 322,265 tons, down 1% YoY
- Q4 2026 Adjusted EBITDA guidance $10-20M, below Q3's $24.4M
- CFO Sherri Baker resigning effective November 13, 2026
- Executed refinancing of all debt, extending maturities to 2031
- Reduced net debt by $56M YTD to $260.7M
- Received $17.5M in additional representation and warranty insurance proceeds
- Significant operational disruption at Augusta mill late in Q3, continuing into October
Financial Impact
Q3 Adjusted EBITDA of $24.4M within guidance range of $20-30M; Q4 guidance of $10-20M implies sequential decline. Net debt reduced to $260.7M from $316.7M at year-end 2025.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Food service | $162.6M | -10.7% |
| Folding carton | $143.5M | +0.3% |
| Sheeting & distribution | $38.0M | +0.3% |
| Pulp and other | $40.7M | +12.7% |
Risk Factors
- CFO departure creates leadership uncertainty during a period of operational disruption
- Augusta mill operational issues continuing into October may further impact Q4 results
- Q4 Adjusted EBITDA guidance of $10-20M implies a significant sequential decline from Q3's $24.4M
- Revenue declining YoY for the third consecutive quarter (Q1, Q2, Q3 2026 all down vs prior year)
- Net loss position persists despite improvement from prior year's impairment-driven loss
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-067280 |
| Document: clw-20261022.htm | 0001628280-26-067280 |
| Document: q32026supplementalsv3.htm | 0001628280-26-067280 |
| Document: 0001628280-26-067280-index-headers.html | 0001628280-26-067280 |
| Document: 0001628280-26-067280-index.html | 0001628280-26-067280 |
| Document: 0001628280-26-067280.txt | 0001628280-26-067280 |
| 8-K Data (Synthetic) | 0001628280-26-067280 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $17.93 | awaiting T+20 | — | $13.69 (−23.65%) |
Sep 21, 2026 5w ago | 8-K | $21.29 $18.63 | ▼ −12.49% | ▼ −11.59% | $13.69 (−35.70%) |
Aug 8, 2026 11w ago | Institutional Cluster | $22.83 $20.33 | ▼ −10.95% | ▼ −10.04% | $13.69 (−40.04%) |
Mar 27, 2026 30w ago | DEFA14A | $14.17 $14.62 | ▲ +3.18% | ▼ −9.57% | $13.69 (−3.39%) |
US Market Status
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