Clearwater Paper Corp
CLW NYSE Paperboard Mills Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.6B
12.4%
vs prior year
Operating margin
Operating income as a share of revenue.
−2.7%
2.0 pts
Net income
Profit after all expenses, interest and tax.
−$18.6M
109.5%
Free cash flow
Cash from operations minus capital spending.
−$76.5M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−3.1%
1.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.57 EPS (TTM)
What Clearwater Paper Corp does
No business description yet.
- Legal name
- Clearwater Paper Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001441236-26-000007
0001441236
Revenue and margins
Clearwater Paper Corp had $1.6B of revenue in fiscal 2025, up 12.4% on the year before.
FY16
Revenue $1.7B
FY17
Revenue $1.7B
FY18
Revenue $1.7B
FY19
Revenue $1.8B
FY20
Revenue $1.9B
FY21
Revenue $1.8B
FY22
Revenue $1.2B
FY23
Revenue $1.1B
FY24
Revenue $1.4B
FY25
Revenue $1.6B
Q2 '23
Revenue $291M
Q3 '23
Revenue $279M
Q4 '23
Revenue $269M
Q1 '24
Revenue $259M
Q2 '24
Revenue $344M
Q3 '24
Revenue $393M
Q4 '24
Revenue $387M
Q1 '25
Revenue $378M
Q2 '25
Revenue $392M
Q3 '25
Revenue $399M
Q4 '25
Revenue $386M
Q1 '26
Revenue $360M
FY16
Gross 13.9%
Operating 6.6%
Net 2.9%
FCF 1.0%
FY17
Gross 12.1%
Operating 4.1%
Net 5.6%
FCF −1.2%
FY18
Gross 10.9%
Operating −5.7%
Net −8.3%
FCF −7.4%
FY19
Gross 9.3%
Operating 2.6%
Net −0.3%
FCF −4.8%
FY20
Gross 15.7%
Operating 8.5%
Net 4.1%
FCF 11.1%
FY21
Gross 10.3%
Operating 0.7%
Net −1.6%
FCF 3.3%
FY22
Gross 17.8%
Operating 8.3%
Net 3.8%
FCF 9.8%
FY23
Gross 17.7%
Operating 6.9%
Net 9.5%
FCF 10.3%
FY24
Gross 5.5%
Operating −4.7%
Net 14.2%
FCF −4.0%
FY25
Gross 7.4%
Operating −2.7%
Net −1.2%
FCF −4.9%
Gross
Operating
Net
FCF
Q2 '23
Gross 17.1%
Operating 16.2%
Net 10.2%
FCF 11.4%
Q3 '23
Gross 18.2%
Operating 7.4%
Net 13.1%
FCF 26.5%
Q4 '23
Gross 13.4%
Operating 0.9%
Net 6.6%
FCF 15.1%
Q1 '24
Gross 12.9%
Operating −0.3%
Net 6.6%
FCF 15.7%
Q2 '24
Gross −0.6%
Operating −13.6%
Net −7.5%
FCF 0.9%
Q3 '24
Gross 7.7%
Operating −0.3%
Net 1.5%
FCF −7.8%
Q4 '24
Gross 3.8%
Operating −4.0%
Net 51.4%
FCF −17.6%
Q1 '25
Gross 9.7%
Operating −1.1%
Net −1.7%
FCF −8.2%
Q2 '25
Gross 11.0%
Operating 2.5%
Net 0.7%
FCF −13.0%
Q3 '25
Gross 4.7%
Operating −13.9%
Net −13.4%
FCF 3.9%
Q4 '25
Gross 4.5%
Operating 1.9%
Net 9.9%
FCF −2.6%
Q1 '26
Gross −0.2%
Operating −2.9%
Net −3.6%
FCF −2.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $49.6M
FY17
Net income $97.3M
FY18
Net income −$144M
FY19
Net income −$5.6M
FY20
Net income $77.1M
FY21
Net income −$28.1M
FY22
Net income $46.0M
FY23
Net income $108M
FY24
Net income $196M
FY25
Net income −$18.6M
Q2 '23
Net income $29.7M
Q3 '23
Net income $36.6M
Q4 '23
Net income $17.6M
Q1 '24
Net income $17.2M
Q2 '24
Net income −$25.8M
Q3 '24
Net income $5.8M
Q4 '24
Net income $199M
Q1 '25
Net income −$6.3M
Q2 '25
Net income $2.7M
Q3 '25
Net income −$53.3M
Q4 '25
Net income $38.3M
Q1 '26
Net income −$12.8M
FY16
Diluted EPS $2.90
FY17
Diluted EPS $5.88
FY18
Diluted EPS −$8.72
FY19
Diluted EPS −$0.34
FY20
Diluted EPS $4.61
FY21
Diluted EPS −$1.67
FY22
Diluted EPS $2.68
FY23
Diluted EPS $6.30
FY24
Diluted EPS $11.70
FY25
Diluted EPS −$1.15
Q2 '23
Diluted EPS $1.75
Q3 '23
Diluted EPS $2.17
Q4 '23
Diluted EPS $1.06
Q1 '24
Diluted EPS $1.03
Q2 '24
Diluted EPS −$1.55
Q3 '24
Diluted EPS $0.35
Q4 '24
Diluted EPS $11.91
Q1 '25
Diluted EPS −$0.38
Q2 '25
Diluted EPS $0.17
Q3 '25
Diluted EPS −$3.30
Q4 '25
Diluted EPS $2.36
Q1 '26
Diluted EPS −$0.80
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 7.3%
Return on equity 10.5%
Return on assets 2.9%
FY17
Return on capital 5.5%
Return on equity 18.6%
Return on assets 5.6%
FY18
Return on capital −5.8%
Return on equity −28.7%
Return on assets −8.0%
FY19
Return on capital 2.7%
Return on equity −1.3%
Return on assets −0.3%
FY20
Return on capital 10.4%
Return on equity 16.2%
Return on assets 4.2%
FY21
Return on capital 0.8%
Return on equity −5.4%
Return on assets −1.6%
FY22
Return on capital 7.2%
Return on equity 8.5%
Return on assets 2.7%
FY23
Return on capital 5.8%
Return on equity 17.4%
Return on assets 6.4%
FY24
Return on capital −4.9%
Return on equity 25.8%
Return on assets 11.7%
FY25
Return on capital −3.1%
Return on equity −2.2%
Return on assets −1.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$76.5M in fiscal 2025, −4.9% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $17.4M
FY17
Free cash flow −$21.0M
FY18
Free cash flow −$127M
FY19
Free cash flow −$84.5M
FY20
Free cash flow $207M
FY21
Free cash flow $58.0M
FY22
Free cash flow $117M
FY23
Free cash flow $117M
FY24
Free cash flow −$55.2M
FY25
Free cash flow −$76.5M
Q2 '23
Free cash flow $33.2M
Q3 '23
Free cash flow $74.0M
Q4 '23
Free cash flow $40.5M
Q1 '24
Free cash flow $40.7M
Q2 '24
Free cash flow $3.0M
Q3 '24
Free cash flow −$30.8M
Q4 '24
Free cash flow −$68.1M
Q1 '25
Free cash flow −$31.2M
Q2 '25
Free cash flow −$51.1M
Q3 '25
Free cash flow $15.7M
Q4 '25
Free cash flow −$9.9M
Q1 '26
Free cash flow −$8.6M
FY16
Cash from operations $173M
Capital spending $155M
FY17
Cash from operations $179M
Capital spending $200M
FY18
Cash from operations $169M
Capital spending $296M
FY19
Cash from operations $55.6M
Capital spending $140M
FY20
Cash from operations $247M
Capital spending $39.6M
FY21
Cash from operations $96.4M
Capital spending $38.4M
FY22
Cash from operations $150M
Capital spending $33.5M
FY23
Cash from operations $191M
Capital spending $73.7M
FY24
Cash from operations $61.4M
Capital spending $117M
FY25
Cash from operations $12.3M
Capital spending $88.8M
Cash from operations
Capital spending
Q2 '23
Cash from operations $46.0M
Capital spending $12.8M
Q3 '23
Cash from operations $88.2M
Capital spending $14.2M
Q4 '23
Cash from operations $65.7M
Capital spending $25.2M
Q1 '24
Cash from operations $59.2M
Capital spending $18.5M
Q2 '24
Cash from operations $21.1M
Capital spending $18.1M
Q3 '24
Cash from operations $16.2M
Capital spending $47.0M
Q4 '24
Cash from operations −$35.1M
Capital spending $33.0M
Q1 '25
Cash from operations $1.5M
Capital spending $32.7M
Q2 '25
Cash from operations −$28.2M
Capital spending $22.9M
Q3 '25
Cash from operations $34.0M
Capital spending $18.3M
Q4 '25
Cash from operations $5.0M
Capital spending $14.9M
Q1 '26
Cash from operations $0.5M
Capital spending $9.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Clearwater Paper Corp returned $17.2M to shareholders in fiscal 2025. The diluted share count fell 3.6%.
FY16
Dividends —
Buybacks $65.3M
FY17
Dividends —
Buybacks $4.9M
FY18
Dividends —
Buybacks $0.0M
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $5.0M
FY23
Dividends —
Buybacks $17.9M
FY24
Dividends —
Buybacks $10.0M
FY25
Dividends —
Buybacks $17.2M
Dividends
Buybacks
Q2 '23
Dividends —
Buybacks $8.4M
Q3 '23
Dividends —
Buybacks $5.0M
Q4 '23
Dividends —
Buybacks $2.8M
Q1 '24
Dividends —
Buybacks $0.5M
Q2 '24
Dividends —
Buybacks $3.0M
Q3 '24
Dividends —
Buybacks $2.5M
Q4 '24
Dividends —
Buybacks $4.0M
Q1 '25
Dividends —
Buybacks $10.9M
Q2 '25
Dividends —
Buybacks $4.2M
Q3 '25
Dividends —
Buybacks $2.1M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.02B
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Clearwater Paper Corp can carry it.
FY16
Cash $23.0M
Debt $570M
FY17
Cash $15.7M
Debt $726M
FY18
Cash $22.5M
Debt $960M
FY19
Cash $20.0M
Debt $942M
FY20
Cash $35.9M
Debt $741M
FY21
Cash $25.2M
Debt $660M
FY22
Cash $53.7M
Debt $591M
FY23
Cash $42.0M
Debt $440M
FY24
Cash $79.6M
Debt $282M
FY25
Cash $30.7M
Debt $282M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $25.2M | $53.7M | $42.0M | $79.6M | $30.7M |
| Debt incl. finance leases | $660M | $591M | $440M | $282M | $282M |
| Net debt / EBITDA | 5.4x | 2.7x | 2.3x | 5.7x | 5.0x |
| Debt / equity | 1.3x | 1.0x | 0.7x | 0.3x | 0.3x |
| Interest coverage | 0.3x | 8.5x | 6.6x | −2.0x | −2.4x |
| Current ratio | 1.9x | 1.9x | 2.0x | 1.7x | 2.4x |
| Quick ratio | 0.8x | 0.8x | 1.4x | 0.9x | 1.1x |
| Total assets | $1.7B | $1.7B | $1.7B | $1.7B | $1.6B |
| Total liabilities | $1.2B | $1.1B | $1.0B | $825M | $763M |
| Shareholders' equity | $512M | $572M | $669M | $855M | $825M |
| Net debt (− = net cash) | $635M | $537M | $398M | $203M | $251M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | 5 / 9 | 4 / 9 | 5 / 9 | 8 / 9 | 4 / 9 | 6 / 9 | 7 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −7.3% | −4.7% | −17.4% | −3.3% | −9.2% | −7.1% | −6.1% | −4.9% | 8.1% | −1.9% |
| Altman Z'' | 2.28 | 2.00 | 0.83 | 1.96 | 2.87 | 2.43 | 3.08 | 3.44 | 3.42 | 4.01 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.7B | $1.7B | $1.7B | $1.8B | $1.9B | $1.8B | $1.2B | $1.1B | $1.4B | $1.6B |
| Gross profit | $241M | $209M | $188M | $165M | $294M | $183M | $213M | $201M | $76.1M | $116M |
| Operating income | $115M | $71.2M | −$97.9M | $45.4M | $158M | $12.0M | $99.3M | $78.1M | −$64.5M | −$42.1M |
| Interest expense | — | — | $39.5M | $49.8M | $44.4M | $35.5M | $11.7M | $11.8M | $32.0M | $17.8M |
| Pretax income | $80.7M | $40.9M | −$134M | −$7.9M | — | — | — | — | — | — |
| Income tax | $31.1M | −$56.4M | $10.3M | −$2.3M | $21.1M | −$7.7M | $29.2M | $16.9M | −$27.1M | −$7.1M |
| Net income | $49.6M | $97.3M | −$144M | −$5.6M | $77.1M | −$28.1M | $46.0M | $108M | $196M | −$18.6M |
| Diluted EPS | $2.90 | $5.88 | −$8.72 | −$0.34 | $4.61 | −$1.67 | $2.68 | $6.30 | $11.70 | −$1.15 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $173M | $179M | $169M | $55.6M | $247M | $96.4M | $150M | $191M | $61.4M | $12.3M |
| Capital expenditure | $155M | $200M | $296M | $140M | $39.6M | $38.4M | $33.5M | $73.7M | $117M | $88.8M |
| Free cash flow | $17.4M | −$21.0M | −$127M | −$84.5M | $207M | $58.0M | $117M | $117M | −$55.2M | −$76.5M |
| Depreciation and amortization | $91.1M | $105M | $102M | $116M | $111M | $105M | $103M | $98.6M | $99.8M | $92.4M |
| Stock-based compensation | $12.4M | $3.6M | $3.3M | $4.1M | $10.5M | $9.1M | $12.7M | $9.9M | $5.6M | $3.8M |
| Acquisitions | $67.4M | $0.0M | $0.0M | — | — | — | — | — | — | — |
| Share buybacks | $65.3M | $4.9M | $0.0M | $0.0M | $0.0M | $0.0M | $5.0M | $17.9M | $10.0M | $17.2M |
| Dividends and buybacks | $65.3M | $4.9M | $0.0M | $0.0M | $0.0M | $0.0M | $5.0M | $17.9M | $10.0M | $17.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $23.0M | $15.7M | $22.5M | $20.0M | $35.9M | $25.2M | $53.7M | $42.0M | $79.6M | $30.7M |
| Total debt | $570M | $726M | $937M | $920M | $720M | $641M | $567M | $440M | $273M | $274M |
| Finance lease liabilities | — | — | $23.0M | $22.0M | $20.8M | $19.1M | $24.2M | $0.0M | $9.1M | $8.4M |
| Current assets | $446M | $453M | $444M | $466M | $475M | $487M | $586M | $564M | $545M | $526M |
| Current liabilities | $367M | $419M | $449M | $280M | $245M | $254M | $312M | $286M | $320M | $216M |
| Inventory | $258M | $266M | $266M | $281M | $263M | $278M | $324M | $161M | $258M | $282M |
| Property and equipment, net | $945M | $1.1B | $1.3B | $1.3B | $1.2B | $1.1B | $1.0B | $361M | $1.0B | $1.0B |
| Goodwill | $244M | $244M | $35.1M | $35.1M | $35.1M | — | — | $35.1M | $48.6M | $0.0M |
| Intangible assets | $40.5M | $32.5M | $24.1M | $0.0M | $13.7M | $10.8M | $8.6M | $6.4M | $4.3M | $2.1M |
| Total assets | $1.7B | $1.8B | $1.8B | $1.9B | $1.8B | $1.7B | $1.7B | $1.7B | $1.7B | $1.6B |
| Total liabilities | $1.2B | $1.2B | $1.4B | $1.4B | $1.3B | $1.2B | $1.1B | $1.0B | $825M | $763M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $470M | $575M | $426M | $432M | $521M | $512M | $572M | $669M | $855M | $825M |
| Margins | ||||||||||
| Gross margin | 13.9% | 12.1% | 10.9% | 9.3% | 15.7% | 10.3% | 17.8% | 17.7% | 5.5% | 7.4% |
| Operating margin | 6.6% | 4.1% | −5.7% | 2.6% | 8.5% | 0.7% | 8.3% | 6.9% | −4.7% | −2.7% |
| EBITDA margin | 11.9% | 10.2% | 0.2% | 9.1% | 14.4% | 6.6% | 17.0% | 15.6% | 2.6% | 3.2% |
| Net margin | 2.9% | 5.6% | −8.3% | −0.3% | 4.1% | −1.6% | 3.8% | 9.5% | 14.2% | −1.2% |
| FCF margin | 1.0% | −1.2% | −7.4% | −4.8% | 11.1% | 3.3% | 9.8% | 10.3% | −4.0% | −4.9% |
| Returns | ||||||||||
| Return on capital | 7.3% | 5.5% | −5.8% | 2.7% | 10.4% | 0.8% | 7.2% | 5.8% | −4.9% | −3.1% |
| Return on capital employed | 8.7% | 5.1% | −7.3% | 2.8% | 10.2% | 0.8% | 7.1% | 5.6% | −4.7% | −3.1% |
| Return on equity | 10.5% | 18.6% | −28.7% | −1.3% | 16.2% | −5.4% | 8.5% | 17.4% | 25.8% | −2.2% |
| Return on assets | 2.9% | 5.6% | −8.0% | −0.3% | 4.2% | −1.6% | 2.7% | 6.4% | 11.7% | −1.1% |
| Return on tangible equity | 26.8% | 32.6% | −39.2% | −1.4% | 16.3% | −5.6% | 8.2% | 17.2% | 24.5% | −2.3% |
| Growth | ||||||||||
| Revenue growth | — | −0.3% | −0.4% | 2.2% | 6.1% | −5.1% | −32.6% | −4.9% | 21.8% | 12.4% |
| Net income growth | — | 96.4% | −247.8% | — | — | −136.4% | — | 134.1% | 82.3% | −109.5% |
| EPS growth | — | 102.8% | −248.3% | — | — | −136.2% | — | 135.1% | 85.7% | −109.8% |
| FCF growth | — | −220.7% | — | — | — | −72.0% | 101.2% | 0.3% | −147.2% | — |
| Share count change | — | −3.2% | −0.4% | 0.3% | 1.2% | 0.3% | 2.5% | −0.5% | −1.8% | −3.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.7x | 4.0x | 234.5x | 5.7x | 2.6x | 5.4x | 2.7x | 2.3x | 5.7x | 5.0x |
| Debt / equity | 1.2x | 1.3x | 2.2x | 2.1x | 1.4x | 1.3x | 1.0x | 0.7x | 0.3x | 0.3x |
| Interest coverage | — | — | −2.5x | 0.9x | 3.6x | 0.3x | 8.5x | 6.6x | −2.0x | −2.4x |
| Current ratio | 1.2x | 1.1x | 1.0x | 1.7x | 1.9x | 1.9x | 1.9x | 2.0x | 1.7x | 2.4x |
| Quick ratio | 0.5x | 0.4x | 0.4x | 0.7x | 0.9x | 0.8x | 0.8x | 1.4x | 0.9x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 9.0% | 11.5% | 17.2% | 8.0% | 2.1% | 2.2% | 2.8% | 6.5% | 8.4% | 5.7% |
| Stock comp / revenue | 0.7% | 0.2% | 0.2% | 0.2% | 0.6% | 0.5% | 1.1% | 0.9% | 0.4% | 0.2% |
| Payouts / FCF | 375.4% | — | — | — | 0.0% | 0.0% | 4.3% | 15.3% | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 4.0 | 5.0 | 8.0 | 4.0 | 6.0 | 7.0 | 6.0 | 6.0 |
| Altman Z'' | 2.3 | 2.0 | 0.8 | 2.0 | 2.9 | 2.4 | 3.1 | 3.4 | 3.4 | 4.0 |
| Accruals ratio | −7.3% | −4.7% | −17.4% | −3.3% | −9.2% | −7.1% | −6.1% | −4.9% | 8.1% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0001441236). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.