Clearwater Paper Corp experienced a dramatic revenue increase in 2025 following the divestiture of its tissue business and acquisition of the Augusta paperboard facility. While sales soared more than threefold year-over-year, operating losses persisted due to integration expenses, pricing pressures, and restructuring costs. The company maintains solid liquidity supported by credit facilities despite sharply reduced operating cash flow and negative free cash flow. Share repurchases continued but at a cautious pace amid capital intensity. Ongoing cost-control measures, margin improvement efforts, and successful Augusta integration are critical milestones to watch as industry cyclicality and supply chain volatility pose persistent risks.