Calumet Reports Third Quarter 2026 Results
Calumet, Inc. /DE (CLMT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Calumet Reports Third Quarter 2026 Results • Third Quarter 2026 net income of $273.3 million, or basic earnings per common share of $2.91 • Third Quarter 2026 Adjusted EBITDA with Tax Attributes of $347.2 million • Accelerated deleveraging continues with approximatel
How this was made
The 30-second read
Why it matters
The earnings beat and accelerated deleveraging provide a clear catalyst for price movement, especially ahead of the scheduled earnings call.
Market read
First‑report earnings with material financial metrics; likely to move CLMT stock in the near term.
What to watch
Potential headwinds from feedstock cost escalation and margin compression in Performance Brands may temper upside.
Calumet Reports Third Quarter 2026 Results
Third-quarter Adjusted EBITDA was $322.0 million versus $69.6 million in the prior-year quarter, led by Specialty Products and Solutions Adjusted EBITDA of $248.1 million and Montana/Renewables Adjusted EBITDA with Tax Attributes of $110.6 million. The company also reported approximately $265 million of debt retirement since July.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales, three months ended September 30, 2026GAAP | $1.68B | – | – |
| Cost of sales, three months ended September 30, 2026GAAP | $1.14B | – | – |
| Gross profit, three months ended September 30, 2026GAAP | $543.2M | – | – |
| Selling expense, three months ended September 30, 2026GAAP | $13.3M | – | – |
| General and administrative expense, three months ended September 30, 2026GAAP | $70.1M | – | – |
| Other operating expense, three months ended September 30, 2026GAAP | $6.1M | – | – |
| Operating profit, three months ended September 30, 2026GAAP | $453.7M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | −$50.8M | – | – |
| Debt extinguishment costs, three months ended September 30, 2026GAAP | −$6M | – | – |
| Gain (loss) on derivative instruments, three months ended September 30, 2026GAAP | −$153.2M | – | – |
| Net income (loss) before income taxes, three months ended September 30, 2026GAAP | $245.3M | – | – |
| Income tax (benefit) expense, three months ended September 30, 2026GAAP | −$28M | – | – |
| Net income, three months ended September 30, 2026GAAP | $273.3M | – | – |
| Net income attributable to Calumet, Inc. common shareholders, three months ended September 30, 2026GAAP | $256.4M | – | – |
| Basic and diluted earnings per share attributable to Calumet, Inc. common shareholders, three months ended September 30, 2026GAAP | $2.91 | – | – |
| Weighted average number of common shares outstanding, basic and diluted, three months ended September 30, 2026GAAP | 88,024,309 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $322M | – | – |
| Adjusted EBITDA with Tax Attributes, three months ended September 30, 2026non-GAAP | $347.2M | – | – |
| Sales, nine months ended September 30, 2026GAAP | $4.16B | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | $474.1M | – | – |
| Operating profit, nine months ended September 30, 2026GAAP | $242.5M | – | – |
| Net income (loss), nine months ended September 30, 2026GAAP | −$139.6M | – | – |
| Basic and diluted earnings per share attributable to Calumet, Inc. common shareholders, nine months ended September 30, 2026GAAP | $(1.79) | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $508.9M | – | – |
| Adjusted EBITDA with Tax Attributes, nine months ended September 30, 2026non-GAAP | $572.6M | – | – |
| Total sales volume, three months ended September 30, 2026other | 90,759 bpd | – | – |
| Total facility production, three months ended September 30, 2026other | 88,283 bpd | – | – |
| Total sales volume, nine months ended September 30, 2026other | 88,517 bpd | – | – |
| Total facility production, nine months ended September 30, 2026other | 82,696 bpd | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Specialty Products and SolutionsThird quarter 2026 Adjusted EBITDA results reflected a constructive market, an ongoing global shortage in specialty products, strong production, and excellent commercial execution. | $1.07B | – | – |
| Performance BrandsThird quarter 2026 results reflected solid volumes, partially offset by compressed margins due to a normal price lag as increases were implemented in response to ongoing feedstock cost escalation. Results included $7.0 million of proceeds for a business interruption insurance claim recognized during the current quarter. | not reported | – | – |
| Montana/RenewablesSegment results primarily reflected a strong renewables margin, while Montana specialty asphalts benefited from higher asphalt and conventional fuel margins. | not reported | – | – |
What drove it
- Specialty Products and Solutions Adjusted EBITDA was $248.1 million in the third quarter of 2026, compared with $80.2 million in the same quarter a year ago.
- Montana/Renewables Adjusted EBITDA with Tax Attributes was $110.6 million in the third quarter of 2026, compared with $17.1 million in the prior-year period.
- Specialty Products and Solutions Adjusted EBITDA margin was 23.2% in the third quarter of 2026, compared with 11.8% in the third quarter of 2025.
- Montana Renewables, LLC Adjusted EBITDA with Tax Attributes was $80.4 million before adjusting for the approximately 13.2% noncontrolling interest.
- Third-quarter net income was impacted by an unrealized loss of $113.8 million for derivatives and non-cash RINs related items of $176.7 million.
Concerns
- Performance Brands Adjusted EBITDA was $9.1 million in the third quarter of 2026 versus $13.2 million in the third quarter of 2025.
- Performance Brands reported compressed margins due to a normal price lag as increases were implemented in response to ongoing feedstock cost escalation.
- Gain (loss) on derivative instruments was $(153.2) million in the third quarter of 2026.
- Total corporate expenses represented $(20.6) million of Adjusted EBITDA in the third quarter of 2026, compared with $(18.0) million in the third quarter of 2025.
- Net income (loss) for the nine months ended September 30, 2026 was $(139.6) million.
What to watch
- Specialty Products and Solutions market conditions, the ongoing global shortage in specialty products, production, and commercial execution.
- Renewables margin and Montana specialty asphalt, asphalt, and conventional fuel margins.
- Further deleveraging, following approximately $265 million of debt retirement since July.
- The MaxSAF expansion, including the stated expectation to reach approximately 200 million gallons of annual SAF production and 17,000 barrels per day of total product sales by year-end 2028.
- RINs costs, federal clean fuel production tax credits, and derivative-related gains or losses.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $225.2 million; December 31, 2025: $125.1 million.
- Restricted cash as of September 30, 2026: $34.6 million; December 31, 2025: $80.0 million.
- Inventories as of September 30, 2026: $472.7 million; December 31, 2025: $385.2 million.
- Total assets as of September 30, 2026: $2,994.2 million; December 31, 2025: $2,688.9 million.
- Current portion of long-term debt as of September 30, 2026: $19.3 million; December 31, 2025: $156.2 million.
- Long-term debt, less current portion, as of September 30, 2026: $2,152.7 million; December 31, 2025: $2,077.3 million.
- Net cash provided by operating activities, nine months ended September 30, 2026: $224.6 million; prior year: $(7.6) million.
- Additions to property, plant and equipment, nine months ended September 30, 2026: $(63.3) million; prior year: $(39.6) million.
- Net cash used in investing activities, nine months ended September 30, 2026: $(64.8) million; prior year: $55.8 million.
- Net cash used in financing activities, nine months ended September 30, 2026: $(105.1) million; prior year: $80.5 million.
- Net increase in cash, cash equivalents and restricted cash, nine months ended September 30, 2026: $54.7 million; prior year: $128.7 million.
- Cash, cash equivalents and restricted cash at end of period, nine months ended September 30, 2026: $259.8 million; prior year: $174.6 million.
- Interest paid, net of capitalized interest, nine months ended September 30, 2026: $144.3 million; prior year: $150.9 million.
- On July 15, 2026, the Issuers redeemed all outstanding $100.0 million 9.75% Senior Notes due 2028 originally issued in January 2025, at a cash redemption price of 102.438% of the principal amount, plus accrued and unpaid interest.
- On July 31, 2026, Calumet Montana fully repaid and terminated the Montana terminal asset financing arrangement for cash consideration of $15.5 million.
- On October 25, 2026, the Issuers redeemed $150 million of outstanding 9.75% Senior Notes due 2028 originally issued in June 2023, at a cash redemption price of 102.438% of the principal amount, plus accrued and unpaid interest.
Analysis
Calumet reported third-quarter sales of $1,682.9 million, gross profit of $543.2 million, operating profit of $453.7 million, and net income of $273.3 million. Basic and diluted earnings per share attributable to Calumet, Inc. common shareholders were $2.91. Adjusted EBITDA was $322.0 million and Adjusted EBITDA with Tax Attributes was $347.2 million, compared with $69.6 million and $92.5 million, respectively, in the prior-year quarter.
Specialty Products and Solutions was the principal reported earnings contributor. Its third-quarter Adjusted EBITDA was $248.1 million, compared with $80.2 million a year earlier, while Adjusted EBITDA margin was 23.2% compared with 11.8%. Management attributed the segment result to a constructive market, an ongoing global shortage in specialty products, strong production, and commercial execution. Specialty Products and Solutions sales were $1,071.2 million in the quarter.
Montana/Renewables reported Adjusted EBITDA of $85.4 million and Adjusted EBITDA with Tax Attributes of $110.6 million, compared with $(5.8) million and $17.1 million, respectively, in the prior-year quarter. The release cited strong renewables margins and higher asphalt and conventional fuel margins. Performance Brands Adjusted EBITDA was $9.1 million versus $13.2 million, with solid volumes partly offset by feedstock-cost-related price lag and compressed margins. Its quarter also included $7.0 million of business interruption insurance proceeds.
Reported GAAP results include substantial non-cash and market-related items. Third-quarter net income was significantly impacted by an unrealized derivative loss of $113.8 million and non-cash RINs related items of $176.7 million. The nine-month period nevertheless remained at a net loss of $(139.6) million, despite $508.9 million of Adjusted EBITDA and $572.6 million of Adjusted EBITDA with Tax Attributes.
Cash flow and balance-sheet actions centered on debt reduction. Net cash provided by operating activities was $224.6 million for the nine months ended September 30, 2026, while additions to property, plant and equipment were $(63.3) million. Cash and cash equivalents were $225.2 million at September 30, 2026. The company highlighted approximately $265 million of debt retirement since July, including redemption of $100.0 million of 2028 Mirror Notes and $150 million of 2028 Notes. No formal financial guidance was provided in the release.
Management, verbatim
The third quarter was exceptional for Calumet, with both of our businesses delivering outstanding results and our deleveraging and growth strategy accelerating by years.
Todd Borgmann, CEO
Not in the filing
stated, not guessed- Formal forward financial guidance was not provided.
- Previous outlook was not provided.
- Total revenue by Performance Brands segment was not reported.
- Total revenue by Montana/Renewables segment was not reported.
- GAAP gross margin was not reported.
- GAAP operating margin was not reported.
- Non-GAAP earnings per share was not reported.
- Free cash flow was not reported.
- Share repurchases and dividends were not reported.
- Prior-quarter comparisons were not reported for the reported income-statement metrics.
- Year-over-year percentage changes were not reported for the reported income-statement metrics.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
Calumet filed a Form 8‑K reporting its Q3 2026 results, highlighting strong earnings, debt retirement, and segment performance.
Ticker impact
Calumet reported Q3 2026 net income of $273.3M and adjusted EBITDA of $347.2M, marking a strong earnings beat and accelerated debt retirement.
likely upward as market prices in strong earnings and debt reduction
The disclosed earnings exceed prior period and include significant debt retirements, which typically boost investor sentiment.
Market effects
Specialty chemicals and renewables sectors may see broader optimism from Calumet's strong performance.
U.S. energy and chemicals markets could experience modest gains.
Limited to investors tracking U.S. specialty chemicals and renewable fuels.
Counterpoint
If the market has already priced in the earnings beat, the stock could face short-term profit taking.
Key entities
- CompanyCalumet, Inc.
U.S. specialty chemicals and renewables producer.
