Calumet, Inc. /DE (CLMT): Results of Operations and Financial Condition
Calumet, Inc. /DE (CLMT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Calumet Reports Second Quarter 2026 Results • Second Quarter 2026 net loss of $(95.9) million, or basic earnings per common share of $(1.09), driven by non-cash RINs and other mark-to-market items • Second Quarter 2026 Adjusted EBITDA with Tax Attributes of $175.2 mi
How this was made
The 30-second read
Why it matters
Traders can reassess Calumet’s earnings quality (non-cash RINs and derivatives), operating momentum in Specialty Products and Solutions, and balance-sheet risk after $115M debt retirement and redemption/repayment actions in July.
Market read
A primary earnings release with quantified adjusted EBITDA improvement and explicit July debt reduction, but GAAP losses remain large due to non-cash RINs and mark-to-market items.
What to watch
Segment-level gross profit per barrel swings and LIFO/feedstock impacts could matter more than headline adjusted EBITDA for near-term earnings quality.
Calumet Reports Second Quarter 2026 Results
Specialty Products and Solutions delivered materially higher adjusted profitability in a favorable margin environment and the company advanced debt reduction, but Calumet reported a net loss of $(95.9) million and Performance Brands Adjusted EBITDA declined from the prior-year quarter.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income (loss), three months ended June 30GAAP | $ (95.9) | – | – |
| Basic earnings per common share, three months ended June 30GAAP | $ (1.09) | – | – |
| Adjusted EBITDA, three months ended June 30non-GAAP | $ 159.3 | – | – |
| Adjusted EBITDA with Tax Attributes, three months ended June 30non-GAAP | $ 175.2 | – | – |
| Net income (loss), six months ended June 30GAAP | $ (412.9) | – | – |
| Basic earnings per common share, six months ended June 30GAAP | $ (4.73) | – | – |
| Adjusted EBITDA, six months ended June 30non-GAAP | $ 186.9 | – | – |
| Adjusted EBITDA with Tax Attributes, six months ended June 30non-GAAP | $ 225.3 | – | – |
| Specialty Products and Solutions gross profit (loss), three months ended June 30GAAP | $ 31.8 | – | – |
| Specialty Products and Solutions adjusted gross profit (loss), three months ended June 30non-GAAP | $ 195.6 | – | – |
| Specialty Products and Solutions Adjusted EBITDA, three months ended June 30non-GAAP | $ 161.7 | – | – |
| Specialty Products and Solutions Adjusted EBITDA with Tax Attributes, three months ended June 30non-GAAP | $ 161.7 | – | – |
| Specialty Products and Solutions gross profit (loss) per barrel, three months ended June 30GAAP | $ 5.25 | – | – |
| Specialty Products and Solutions adjusted gross profit (loss) per barrel, three months ended June 30non-GAAP | $ 32.25 | – | – |
| Performance Brands gross profit (loss), three months ended June 30GAAP | $ 16.9 | – | – |
| Performance Brands adjusted gross profit (loss), three months ended June 30non-GAAP | $ 16.1 | – | – |
| Performance Brands Adjusted EBITDA, three months ended June 30non-GAAP | $ 6.3 | – | – |
| Performance Brands Adjusted EBITDA with Tax Attributes, three months ended June 30non-GAAP | $ 6.3 | – | – |
| Performance Brands gross profit (loss) per barrel, three months ended June 30GAAP | $ 85.47 | – | – |
| Performance Brands adjusted gross profit (loss) per barrel, three months ended June 30non-GAAP | $ 81.42 | – | – |
| Montana/Renewables gross profit (loss), three months ended June 30GAAP | $ (30.4) | – | – |
| Montana/Renewables adjusted gross profit (loss), three months ended June 30non-GAAP | $ 19.5 | – | – |
| Montana/Renewables Adjusted EBITDA, three months ended June 30non-GAAP | $ 10.7 | – | – |
| Montana/Renewables Adjusted EBITDA with Tax Attributes, three months ended June 30non-GAAP | $ 26.6 | – | – |
| Montana/Renewables gross profit (loss) per barrel, three months ended June 30GAAP | $ (17.67) | – | – |
| Montana/Renewables adjusted gross profit (loss) per barrel, three months ended June 30non-GAAP | $ 11.36 | – | – |
| Corporate costs, Adjusted EBITDA, three months ended June 30non-GAAP | $(19.4) million | – | – |
| Total sales volume, three months ended June 30other | 87,722 | – | – |
| Total Specialty Products and Solutions facility production, three months ended June 30other | 62,903 | – | – |
| Total Montana/Renewables facility production, three months ended June 30other | 18,124 | – | – |
| Performance Brands facility production, three months ended June 30other | 2,164 | – | – |
| Total facility production, three months ended June 30other | 83,191 | – | – |
| Total sales volume, six months ended June 30other | 87,377 | – | – |
| Total Specialty Products and Solutions facility production, six months ended June 30other | 59,282 | – | – |
| Total Montana/Renewables facility production, six months ended June 30other | 18,630 | – | – |
| Performance Brands facility production, six months ended June 30other | 1,945 | – | – |
| Total facility production, six months ended June 30other | 79,857 | – | – |
What drove it
- Specialty Products and Solutions results reflected a constructive market underpinned by a global shortage in specialty products, strong production, and excellent commercial execution.
- Performance Brands reported strong volumes and record quarterly sales of TruFuel®.
- Performance Brands results were partially offset by compressed margins as price increases were implemented during the quarter after a normal price lag, while feedstock costs escalated immediately with $7.3 million of LIFO impact to the segment.
- The renewables business completed its planned turnaround and MaxSAF® 150 expansion work that began in March and lasted through April, then restarted operations in early May with a strong renewables margin environment.
- The second-quarter net loss was significantly impacted by an unrealized gain of $9.0 million for derivatives and non-cash RINs related expense of $163.6 million.
Concerns
- Calumet reported a second-quarter net loss of $(95.9) million and a six-month net loss of $(412.9) million.
- Performance Brands Adjusted EBITDA was $6.3 million, compared to $13.5 million in the second quarter of 2025.
- Montana/Renewables reported GAAP gross profit (loss) of $ (30.4) million despite adjusted gross profit (loss) of $ 19.5 million and Adjusted EBITDA with Tax Attributes of $ 26.6 million.
- The filing cited non-cash RINs related expense of $163.6 million as a significant impact on second-quarter net loss.
What to watch
- Specialty Products and Solutions market conditions, production, and commercial execution amid the cited global shortage in specialty products.
- Performance Brands margin recovery following price increases, feedstock-cost escalation, and the reported $7.3 million of LIFO impact.
- Montana Renewables operational performance after its early-May restart and progress toward the next stage of the MaxSAF® 150 expansion.
- Further use of cash from operations to pay down debt in future periods.
Balance sheet and cash flow
- On July 15, 2026, the Issuers redeemed all of the outstanding $100 million 9.75% Senior Notes due 2028 at a cash redemption price of 102.438% of the principal amount, plus accrued and unpaid interest up to but not including the redemption date.
- On July 31, 2026, Calumet fully repaid and terminated the Montana terminal asset financing arrangement for cash consideration of $15.5 million.
- Calumet reported $115 million of debt retirement in July.
Analysis
Calumet's second-quarter operating performance was led by Specialty Products and Solutions. The segment reported Adjusted EBITDA of $161.7 million, compared with $66.8 million in the same quarter a year ago, while adjusted gross profit was $195.6 million compared with $75.6 million. Management attributed the result to a constructive market, a global shortage in specialty products, strong production, and commercial execution. Total Specialty Products and Solutions facility production was 62,903 bpd, compared with 55,704 bpd.
The consolidated GAAP result remained a loss. Net income (loss) was $ (95.9), and basic earnings per common share was $ (1.09). The company identified non-cash RINs related expense of $163.6 million and an unrealized gain of $9.0 million for derivatives as significant non-cash items affecting the quarterly net loss. Consolidated Adjusted EBITDA was $159.3 million, compared with $55.1 million, and Adjusted EBITDA with Tax Attributes was $175.2 million, compared with $76.5 million.
Performance Brands was the principal operating offset. Its Adjusted EBITDA was $6.3 million versus $13.5 million in the prior-year quarter, while adjusted gross profit was $16.1 million versus $22.3 million. Management cited strong volumes and record quarterly TruFuel® sales, but described compressed margins from normal pricing lag and immediate feedstock-cost escalation, including $7.3 million of LIFO impact. Montana/Renewables restarted operations in early May after its planned turnaround and first-stage MaxSAF® 150 expansion work, producing Adjusted EBITDA with Tax Attributes of $26.6 million compared with $16.3 million.
Capital allocation centered on deleveraging after quarter-end. On July 15, 2026, the company redeemed all outstanding $100 million 9.75% Senior Notes due 2028 at a cash redemption price of 102.438% of principal, plus accrued and unpaid interest. It then fully repaid and terminated the Montana terminal asset financing arrangement on July 31, 2026 for cash consideration of $15.5 million. No formal financial guidance was provided in the filing, so the near-term focus is the durability of specialty margins, Performance Brands pricing and cost recovery, Montana Renewables execution after restart, and continuing debt reduction.
The filing does not provide prior-quarter financial comparisons, leaving quarter-over-quarter changes unreported. It also does not report consolidated or segment revenue, gross margin, operating income, cash flow, cash balances, debt balances, capital expenditures, or a quantitative outlook. Those omissions limit assessment of revenue mix, cash conversion, leverage after the July transactions, and the scale or timing of forward operating expectations.
Management, verbatim
Calumet continues to execute against every element of our multi-dimensional strategy.
Todd Borgmann, CEO
Our integrated specialties platform delivered exceptional results in a strong margin environment, supporting $115 million of debt retirement in July.
Todd Borgmann, CEO
Combined, our operating momentum and favorable outlook position us to simultaneously accelerate deleveraging and advance our growth strategies across both businesses.
Todd Borgmann, CEO
Not in the filing
stated, not guessed- Consolidated revenue
- Segment revenue
- Consolidated gross profit
- Consolidated gross margin
- Segment gross margins
- Operating income or loss
- Operating expenses
- Net income attributable to common shareholders
- Diluted earnings per common share
- Non-GAAP earnings per share
- Prior-quarter comparisons for reported financial and operating metrics
- Cash from operations
- Free cash flow
- Cash balance
- Debt balance
- Capital expenditures
- Dividend information
- Share repurchases
- Quantitative financial guidance
- Previous-quarter outlook for guidance comparison
- Six-month segment financial metrics and per-barrel metrics were reported in the filing but are not included in key_metrics due to the absence of a complete continuing filing text beyond the supplied excerpt
- Individual facility production categories for lubricating oils, solvents, waxes, fuels, asphalt and other by-products, and renewable fuels were reported in the filing but are not included in key_metrics due to the absence of a complete continuing filing text beyond the supplied excerpt
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
SEC Form 8-K Item 2.02 reporting Calumet’s Q2 2026 results and financial condition, including segment performance and recent debt/financing actions.
Ticker impact
Calumet reports Q2 2026 net loss of $95.9M, but highlights $175.2M adjusted EBITDA with tax attributes and $115M debt retirement in July.
Likely choppy reaction: investors may focus on adjusted EBITDA strength and debt paydown, while discounting GAAP loss driven by non-cash RINs and mark-to-market items.
This is a primary SEC 8-K earnings release with multiple actionable datapoints (adjusted EBITDA, segment performance, and specific debt redemption/repayment actions). However, the article does not provide forward guidance or a new capital plan, limiting conviction on direction and magnitude.
Market effects
May signal improving margins/market tightness in specialty products and renewables, relevant to refiners and renewable fuels sentiment.
Limited, company-specific disclosure with no stated regional policy or demand shock.
Low, no international regulatory or macro catalyst beyond commodity-linked items and renewables economics.
Counterpoint
Adjusted EBITDA strength may be partially offset by ongoing volatility in RINs and mark-to-market derivatives, so equity upside could fade if those non-cash drivers reverse.
Key entities
- issuerCalumet, Inc.
NASDAQ-listed specialty products and renewable fuels company reporting Q2 2026 results and deleveraging actions.
- business_segmentMontana Renewables
Renewables segment completing the first phase of MaxSAF 150 expansion and restarting operations in May.
- subsidiaryCalumet Specialty Products Partners, L.P.
Wholly owned subsidiary that redeemed $100M 9.75% Senior Notes due 2028 at a 102.438% redemption price.
