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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sylvamo
Sylvamo (SLVM) investor relations material
Sylvamo Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Q3 continuing-operations sales were $645M vs. $662M a year earlier; net income was $85M, or $2.13 per diluted share.
Adjusted EBITDA was $128M, a 20% margin, vs. $158M and 24% in Q3’25; Q2’26 was $66M. Adjusted operating EPS was $1.33.
Reported net loss was $199M, including a $284M discontinued-operations loss, primarily from a noncash Europe impairment.
Implemented price increases and improved mill performance supported Q3 results; higher input and transportation costs remained a headwind.
Financial highlights
Q3 free cash flow was $16M vs. $64M in Q3’25 and $(16)M in Q2’26; continuing-operations cash from operations was $70M.
Nine-month sales were $1.827B vs. $1.906B; adjusted EBITDA was $253M vs. $361M, with margins of 14% vs. 19%.
Q3 EBITDA bridge QoQ: price and mix +$25M, operations and other costs +$6M, lower maintenance outage costs +$38M, and input and transportation costs -$6M.
September 30 cash was $93M; gross debt was $964M, net debt $871M, and gross and net debt to adjusted EBITDA were 2.5x and 2.2x.
Outlook and guidance
2026 capital spending outlook is ~$230M, including ~$105M for high-return projects; maintenance and regulatory spending is ~$85M and Brazil reforestation ~$40M.
Eastover paper-machine optimization is on schedule and budget, adding 60,000 annual tons of uncoated freesheet capacity.
Sumter’s new sheeter is expected to start up in early Q3’27, adding 200,000 tons of converting capacity; Eastover and sheeter investments are expected to earn IRR above 30%.
North America volume is expected to be relatively flat in 2027 vs. 2026; industry volume is expected to decline ~2% in 2026.
Input and transportation costs are expected to be another $6M unfavorable in Q4 vs. Q3, with the higher cost base carrying into 2027.
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Latest events from Sylvamo
- FY2023 Free Cash Flow was $294 million as Adjusted EBITDA reached $607 million.SLVM
Q4 2023 - Q2 2026 Adjusted EBITDA $60M, net loss $11M; outlook improves as investments and pricing take hold.SLVMQ2 2026
- Q1 2026 posted a net loss, negative cash flow, and margin compression amid transition and higher costs.SLVMQ1 2026
- Board recommends electing seven directors, ratifying Deloitte, and approving executive pay.SLVMProxy filing
- Votes will be held on board elections, auditor ratification, and executive pay approval.SLVMProxy filing
- 2026 brings one-time costs and transition, but long-term free cash flow and ROIC targets remain robust.SLVMQ4 2025
- Focused uncoated freesheet strategy, strong returns, and asset value drive resilient growth.SLVMWells Fargo 2024 Industrials Conference
- Disciplined capital allocation, strong financials, and strategic investments drive long-term value.SLVMBank of America 2025 Global Agriculture and Materials Conference
- Q1 2025 net income dropped 37% on lower sales; Q2 outlook expects improved mix but higher costs.SLVMQ1 2025
Next Sylvamo earnings date
Q4 202612 Feb, 2027
Sylvamo
Next Sylvamo earnings date
Q4 202612 Feb, 2027
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Frequently asked questions
Sylvamo Corporation produces uncoated paper products used in printing and publishing applications. The company operates manufacturing facilities in North America, Latin America, and Europe, and distributes its paper to commercial printers, retailers, and consumers. The company is headquartered in Memphis, Tennessee, and its shares are listed on the NYSE.