Clearwater Paper

Q2 FY2026 EarningsQ2 FY2026 results were mixed as revenue of $374.8M aligned with consensus, but profitability fell significantly short of expectations. Normalized EPS of -$1.51 was 16% lower than the -$1.30 consensus, driven by a -$8.2M Adjusted EBITDA miss primarily due to the timing of a major maintenance outage and compressed pricing. Despite the earnings miss, strong working capital management led to operating cash flow of $69M, significantly exceeding the $20M consensus.