newsfilter.io
Nov 6, 2026, 8:01 AM ETEnergy

Calumet, Inc. — Third Quarter 2026 Earnings Summary

CLMTCALUMET INC
Source

Financial Performance

  • Net income for the three months ended September 30, 2026, was $273.3 million, compared to $313.4 million in the same period in 2025.
  • Basic earnings per common share were $2.91 for Q3 2026, down from $3.61 in Q3 2025.
  • Adjusted EBITDA for Q3 2026 was $322.0 million, a significant increase from $69.6 million in Q3 2025.
  • Adjusted EBITDA with Tax Attributes for Q3 2026 was $347.2 million, compared to $92.5 million in Q3 2025.
  • For the nine months ended September 30, 2026, Net income was a loss of $139.6 million, compared to a net income of $3.5 million in the prior year period.
  • Nine-month Adjusted EBITDA was $508.9 million in 2026, up from $162.8 million in 2025.
  • Nine-month Adjusted EBITDA with Tax Attributes was $572.6 million in 2026, compared to $224.0 million in 2025.
  • Net cash provided by operating activities for the nine months ended September 30, 2026, was $224.6 million, compared to net cash used of $7.6 million in 2025.
  • Cash and cash equivalents increased to $225.2 million as of September 30, 2026, from $125.1 million as of December 31, 2025.
  • Total debt (current and long-term) was $2,172.0 million as of September 30, 2026, compared to $2,233.5 million as of December 31, 2025.

Guidance and Future Outlook

  • Management targets reaching approximately 200 million gallons of annual Sustainable Aviation Fuel (SAF) production and 17,000 barrels per day of total product sales by year-end 2028.
  • The company is advancing a lower risk, highly capital-efficient MaxSAF expansion.
  • Plans include the redeployment and long-term lease of certain CMR assets and the completion of project stages for the dual reactor system on the anticipated timeline and budget.
  • Management expressed confidence in converting earnings power into lasting shareholder value and accelerating deleveraging and growth strategies.

Business Segments and Product Lines

  • Specialty Products and Solutions (SPS): Reported Adjusted EBITDA of $248.1 million for Q3 2026, up from $80.2 million in Q3 2025. Nine-month Adjusted EBITDA was $454.1 million, up from $203.3 million. Adjusted EBITDA margin for SPS was 23.2% in Q3 2026 versus 11.8% in Q3 2025.
  • Performance Brands (PB): Reported Adjusted EBITDA of $9.1 million for Q3 2026, down from $13.2 million in Q3 2025. Nine-month Adjusted EBITDA was $28.1 million, down from $42.5 million. Results included $7.0 million in proceeds from a business interruption insurance claim.
  • Montana/Renewables (MR): Reported Adjusted EBITDA with Tax Attributes of $110.6 million for Q3 2026, up from $17.1 million in Q3 2025. This segment delivered record earnings in its first full quarter of operations since the SET2 RVO. Nine-month Adjusted EBITDA with Tax Attributes was $147.4 million, up from $36.7 million.
  • Total facility production for Q3 2026 was 88,283 barrels per day (bpd), compared to 88,668 bpd in Q3 2025.
  • Total sales volume for Q3 2026 was 90,759 bpd, compared to 91,605 bpd in Q3 2025.

Market and Competitive Landscape

  • The SPS segment benefited from a constructive market, an ongoing global shortage in specialty products, and strong commercial execution.
  • The Performance Brands segment faced compressed margins due to a normal price lag in response to ongoing feedstock cost escalation.
  • The Montana/Renewables segment benefited from a strong renewables margin and higher asphalt and conventional fuel margins.
  • The company cited lasting industry supply chain disruptions as a driver for the strong market environment for the integrated specialties platform.

Risks and Challenges

  • Net income was significantly impacted by non-cash items, including an unrealized loss of $113.8 million for derivatives and non-cash RINs related items of $176.7 million.
  • Forward-looking statements highlight risks related to demand fluctuations, crude oil and crack spread price volatility, RINs costs, and regulatory compliance.
  • Potential risks include labor relations, access to capital, environmental liabilities, and weather interference.
  • The company must comply with financial covenants contained in its debt instruments.

Management Commentary and Tone

  • CEO Todd Borgmann described the third quarter as "exceptional," noting that both businesses delivered outstanding results and the deleveraging and growth strategy accelerated by years.
  • Management highlighted the conversion of earnings power into shareholder value through debt retirement and interest expense reduction.
  • The tone was confident, citing a "world-class renewables business" and an organization executing at an "increasingly high level."

Other Key Points

  • The company retired approximately $265 million of debt since July 2026.
  • On July 15, 2026, the Company redeemed all outstanding $100.0 million 9.75% Senior Notes due 2028.
  • On July 31, 2026, Calumet Montana repaid and terminated a Montana terminal asset financing arrangement for $15.5 million.
  • On October 25, 2026, the Issuers redeemed $150 million of the outstanding 9.75% Senior Notes due 2028.
  • Corporate expenses represented $(20.6) million of Adjusted EBITDA for Q3 2026, compared to $(18.0) million in Q3 2025.
  • The company operates twelve facilities throughout North America.
Calumet, Inc. — Third Quarter 2026 Earnings Summary