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Side-by-side financial comparison of Clearwater Paper Corp (CLW) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3M vs $183.8M, roughly 2.0× Wheels Up Experience Inc.). Clearwater Paper Corp runs the higher net margin — -3.6% vs -15.7%, a 12.2% gap on every dollar of revenue. On growth, Clearwater Paper Corp posted the faster year-over-year revenue change (-4.7% vs -10.2%). Over the past eight quarters, Clearwater Paper Corp's revenue compounded faster (2.3% CAGR vs -3.4%).
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
CLW vs UP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $183.8M |
| Net Profit | $-12.8M | $-28.9M |
| Gross Margin | -0.2% | 14.3% |
| Operating Margin | — | -0.9% |
| Net Margin | -3.6% | -15.7% |
| Revenue YoY | -4.7% | -10.2% |
| Net Profit YoY | -103.2% | 67.0% |
| EPS (diluted) | — | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $360.3M | — | ||
| Q4 25 | $386.4M | $183.8M | ||
| Q3 25 | $399.0M | $185.5M | ||
| Q2 25 | $391.8M | $189.6M | ||
| Q1 25 | $378.2M | $177.5M | ||
| Q4 24 | $387.1M | $204.8M | ||
| Q3 24 | $393.3M | $193.9M | ||
| Q2 24 | $344.4M | $196.3M |
| Q1 26 | $-12.8M | — | ||
| Q4 25 | $38.3M | $-28.9M | ||
| Q3 25 | $-53.3M | $-83.7M | ||
| Q2 25 | $2.7M | $-82.3M | ||
| Q1 25 | $-6.3M | $-99.3M | ||
| Q4 24 | $199.1M | $-87.5M | ||
| Q3 24 | $5.8M | $-57.7M | ||
| Q2 24 | $-25.8M | $-97.0M |
| Q1 26 | -0.2% | — | ||
| Q4 25 | 4.5% | 14.3% | ||
| Q3 25 | 4.7% | 6.8% | ||
| Q2 25 | 11.0% | 8.3% | ||
| Q1 25 | 9.7% | 10.8% | ||
| Q4 24 | 3.8% | 13.9% | ||
| Q3 24 | 7.7% | 13.9% | ||
| Q2 24 | -0.6% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | -0.9% | ||
| Q3 25 | -13.9% | -33.1% | ||
| Q2 25 | 2.5% | -31.4% | ||
| Q1 25 | -1.1% | -45.5% | ||
| Q4 24 | -4.0% | -26.0% | ||
| Q3 24 | -0.3% | -21.6% | ||
| Q2 24 | -13.6% | -40.3% |
| Q1 26 | -3.6% | — | ||
| Q4 25 | 9.9% | -15.7% | ||
| Q3 25 | -13.4% | -45.1% | ||
| Q2 25 | 0.7% | -43.4% | ||
| Q1 25 | -1.7% | -55.9% | ||
| Q4 24 | 51.4% | -42.7% | ||
| Q3 24 | 1.5% | -29.8% | ||
| Q2 24 | -7.5% | -49.4% |
| Q1 26 | — | — | ||
| Q4 25 | $2.36 | $-0.04 | ||
| Q3 25 | $-3.30 | $-0.12 | ||
| Q2 25 | $0.17 | $-0.12 | ||
| Q1 25 | $-0.38 | $-0.14 | ||
| Q4 24 | $11.87 | $-0.13 | ||
| Q3 24 | $0.35 | $-0.08 | ||
| Q2 24 | $-1.55 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.5M | $133.9M |
| Total DebtLower is stronger | $361.1M | $671.3M |
| Stockholders' EquityBook value | $813.8M | $-392.1M |
| Total Assets | $1.6B | $968.8M |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | — | ||
| Q4 25 | $30.7M | $133.9M | ||
| Q3 25 | $34.4M | $125.3M | ||
| Q2 25 | $46.7M | $107.0M | ||
| Q1 25 | $44.0M | $171.8M | ||
| Q4 24 | $79.6M | $216.4M | ||
| Q3 24 | $35.5M | $115.9M | ||
| Q2 24 | $39.6M | $141.5M |
| Q1 26 | $361.1M | — | ||
| Q4 25 | $346.8M | $671.3M | ||
| Q3 25 | $337.0M | $766.5M | ||
| Q2 25 | $330.1M | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | $283.4M | $761.3M | ||
| Q3 24 | $1.2B | $596.9M | ||
| Q2 24 | $1.1B | $597.4M |
| Q1 26 | $813.8M | — | ||
| Q4 25 | $825.3M | $-392.1M | ||
| Q3 25 | $783.0M | $-374.5M | ||
| Q2 25 | $836.8M | $-347.8M | ||
| Q1 25 | $836.6M | $-288.1M | ||
| Q4 24 | $854.6M | $-202.1M | ||
| Q3 24 | $664.6M | $-117.7M | ||
| Q2 24 | $658.6M | $-72.2M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $968.8M | ||
| Q3 25 | $1.6B | $973.0M | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $2.5B | $1.1B |
| Q1 26 | 0.44× | — | ||
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.43× | — | ||
| Q2 25 | 0.39× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.74× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.0M | $-18.4M | ||
| Q3 25 | $34.0M | $-37.1M | ||
| Q2 25 | $-28.2M | $-62.9M | ||
| Q1 25 | $1.5M | $-47.9M | ||
| Q4 24 | $-35.1M | $37.9M | ||
| Q3 24 | $16.2M | $-16.9M | ||
| Q2 24 | $21.1M | $-25.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-9.9M | $-58.3M | ||
| Q3 25 | $15.7M | $-60.4M | ||
| Q2 25 | $-51.1M | $-78.6M | ||
| Q1 25 | $-31.2M | $-62.6M | ||
| Q4 24 | $-68.1M | $-70.2M | ||
| Q3 24 | $-30.8M | $-21.9M | ||
| Q2 24 | $3.0M | $-30.8M |
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | -31.7% | ||
| Q3 25 | 3.9% | -32.6% | ||
| Q2 25 | -13.0% | -41.5% | ||
| Q1 25 | -8.2% | -35.3% | ||
| Q4 24 | -17.6% | -34.3% | ||
| Q3 24 | -7.8% | -11.3% | ||
| Q2 24 | 0.9% | -15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 21.7% | ||
| Q3 25 | 4.6% | 12.5% | ||
| Q2 25 | 5.8% | 8.3% | ||
| Q1 25 | 8.6% | 8.3% | ||
| Q4 24 | 8.5% | 52.8% | ||
| Q3 24 | 12.0% | 2.6% | ||
| Q2 24 | 5.3% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -10.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.18× | — | ||
| Q3 24 | 2.79× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
