NYSE: SLVM
Sylvamo CorpCIK 0001856485 · SIC 2621 · Paper Mills
Sylvamo Corporation (the “Company” or “Sylvamo”, which may also be referred to as “we” or “us”) is a global uncoated papers company with a broad portfolio of top-tier brands and low-cost, large-scale paper mills located in and serving the most attractive geographies, including Europe, Latin America… About this business →
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revenue $806.0M, net income -$11.0M. Sylvamo swings to Q2 loss on Riverdale exit, Eastover outage; FY26 EBITDA hit
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Sylvamo reports Q2 2026 net loss of $11M, negative free cash flow of $23M
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Latest financial statements
From 10-Q filed Nov 6, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| NET SALES | 645 | 662 | 1,827 | 1,906 |
| COSTS AND EXPENSES | ||||
| Cost of products sold (exclusive of depreciation, amortization and cost of timber harvested shown separately below) | 440 | 443 | 1,346 | 1,360 |
| Selling and administrative expenses | 82 | 61 | 212 | 190 |
| Depreciation, amortization and cost of timber harvested | 36 | 41 | 105 | 110 |
| Taxes other than payroll and income taxes | 5 | 5 | 15 | 14 |
| Interest expense, net | 11 | 7 | 30 | 24 |
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 71 | 105 | 119 | 208 |
| Income tax provision (benefit) | (14) | 34 | 2 | 48 |
| NET INCOME FROM CONTINUING OPERATIONS | 85 | 71 | 117 | 160 |
| Discontinued operations, net of taxes | (284) | (14) | (330) | (61) |
| NET INCOME (LOSS) | (199) | 57 | (213) | 99 |
| BASIC EARNINGS (LOSS) PER SHARE | ||||
| Earnings from continuing operations | 2.14 | 1.78 | 2.95 | 3.96 |
| Discontinued operations, net of taxes | (7.14) | (0.35) | (8.32) | (1.51) |
| Net earnings (loss) | (5.00) | 1.43 | (5.37) | 2.45 |
| DILUTED EARNINGS (LOSS) PER SHARE | ||||
| Earnings from continuing operations | 2.13 | 1.76 | 2.93 | 3.92 |
| Discontinued operations, net of taxes | (7.11) | (0.35) | (8.26) | (1.49) |
| Net earnings (loss) | (4.98) | 1.41 | (5.33) | 2.43 |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and temporary investments | 93 | 86 |
| Accounts and notes receivable, net | 303 | 348 |
| Contract assets | 26 | 19 |
| Inventories | 369 | 261 |
| Assets held for sale | 502 | 289 |
| Other current assets | 86 | 73 |
| Total Current Assets | 1,379 | 1,076 |
| Plants, Properties and Equipment, net | 928 | 841 |
| Forestlands | 392 | 364 |
| Goodwill | 121 | 114 |
| Right of Use Assets | 54 | 41 |
| Long-Term Assets Held for Sale | — | 237 |
| Deferred Charges and Other Assets | 77 | 88 |
| TOTAL ASSETS | 2,951 | 2,761 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable | 283 | 267 |
| Notes payable and current maturities of long-term debt | 139 | 88 |
| Accrued payroll and benefits | 51 | 38 |
| Liabilities held for sale | 454 | 171 |
| Other current liabilities | 138 | 152 |
| Total Current Liabilities | 1,065 | 716 |
| Long-Term Debt | 861 | 758 |
| Deferred Income Taxes | 148 | 174 |
| Long-Term Liabilities Held for Sale | — | 22 |
| Other Liabilities | 137 | 125 |
| Commitments and Contingent Liabilities (Note 12) | ||
| Equity | ||
| Common stock $1.00 par value, 200.0 shares authorized, 46.0 shares and 45.6 shares issued and 39.8 shares and 39.4 shares outstanding at September 30, 2026 and December 31, 2025, respectively | 46 | 46 |
| Paid-in capital | 102 | 89 |
| Retained earnings | 2,247 | 2,514 |
| Accumulated other comprehensive loss | (1,319) | (1,353) |
| 1,076 | 1,296 | |
| Less: Common stock held in treasury, at cost, 6.2 shares and 6.2 shares at September 30, 2026 and December 31, 2025, respectively | (336) | (330) |
| Total Equity | 740 | 966 |
| TOTAL LIABILITIES AND EQUITY | 2,951 | 2,761 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net income from continuing operations | 117 | 160 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation, amortization, and cost of timber harvested | 105 | 110 |
| Deferred income tax provision (benefit), net | (22) | (6) |
| Stock-based compensation | 10 | 16 |
| Foreign exchange gain on intercompany note | (19) | — |
| Changes in operating assets, liabilities and other: | ||
| Accounts and notes receivable | 54 | 76 |
| Inventories | (92) | (19) |
| Accounts payable and accrued liabilities | (1) | (51) |
| Other | (11) | (46) |
| CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | 141 | 240 |
| CASH USED FOR OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET | (49) | (66) |
| CASH PROVIDED BY OPERATING ACTIVITIES | 92 | 174 |
| INVESTMENT ACTIVITIES | ||
| Invested in capital projects | (156) | (142) |
| Other | 1 | — |
| CASH USED FOR INVESTMENT ACTIVITIES FROM CONTINUING OPERATIONS | (155) | (142) |
| CASH USED FOR INVESTMENT ACTIVITIES FROM DISCONTINUED OPERATIONS, NET | (12) | (26) |
| CASH USED FOR INVESTMENT ACTIVITIES | (167) | (168) |
| FINANCING ACTIVITIES | ||
| Dividends paid | (54) | (55) |
| Issuance of debt | 661 | 64 |
| Reduction of debt | (529) | (63) |
| Repurchases of common stock | — | (82) |
| Other | (1) | (8) |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | 77 | (144) |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS, NET | (1) | 16 |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 76 | (128) |
| Effect of Exchange Rate Changes on Cash | — | 11 |
| Change in Cash Included in Assets Held for Sale | (6) | (44) |
| Change in Cash and Temporary Investments | 7 | (67) |
| Cash and Temporary Investments | ||
| Beginning of the period | 86 | 142 |
| End of the period | 93 | 75 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share amounts); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About Sylvamo Corp
Source: Item 1 (Business) from the 10-K filed February 20, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
OUR COMPANY
Sylvamo Corporation (the “Company” or “Sylvamo”, which may also be referred to as “we” or “us”) is a global uncoated papers company with a broad portfolio of top-tier brands and low-cost, large-scale paper mills located in and serving the most attractive geographies, including Europe, Latin America and North America, which are our business segments. We produce uncoated freesheet (“UFS”) for paper products such as cutsize and offset paper, as well as market pulp. With roots going back to 1898, we have a long history of offering premium quality papers to meet the needs of our customers and end-users. Our mills in North America and Latin America predominantly rank in the lowest quartile on global and regional UFS cost curves, and we believe our low-cost operations enable us to serve our customers with the highest quality products at attractive margins. Our industry-leading brands, known for their long-standing reputation in their respective markets for product quality and performance, allow us to maintain our long-term relationships with top-tier customers throughout economic cycles. Our international reach and strong positioning across retail, merchant and e-commerce channels optimally positions us to meet the paper needs of our end-users around the world. This also provides geographical diversification of our revenue and profits. From 2023 to 2025, on average, we generated 48% of our revenues and 28% of our Business Segment Operating Profit in Europe and Latin America. Each region in which we operate exhibits different supply and demand characteristics. Both Latin America and North America have strong profitability for the uncoated paper industry relative to other geographies. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Business Segment Results - Results of Operations for a definition of Business Segment Operating Profit.
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COMPETITION
The markets in which we operate are highly competitive with well-established domestic and foreign manufacturers. For instance, in North America, the four largest manufacturers of UFS, including Sylvamo, represent approximately 80% of the total annual production capacity. As the use of electronic mediums and alternative products increases, and because paper production does not generally rely on proprietary processes, except for highly specialized papers or products, the areas into which Sylvamo sells its principal products are increasingly competitive. Furthermore, the level of competitive pressure Sylvamo may face is dependent, in part, upon exchange rates, particularly the rate between the U.S. dollar and the Euro and the U.S. dollar and the Brazilian real. Some of our competitors have shut down or converted mills or paper machines at their mills to linerboard, pulp and boxboard capacity, which reduced the supply of UFS and other printing papers.
MARKETING AND DISTRIBUTION
Sylvamo sells products directly to end users and converters, as well as through agents, resellers and paper distributors.
DESCRIPTION OF PRINCIPAL PRODUCTS
The Company’s principal products are described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
RAW MATERIALS
Raw materials essential to our businesses include wood fiber, chemicals, water and energy. Information about our sources and the availability to us of raw materials, particularly wood, the principal raw material from which our products are made, is included in