Earnings Releases·Nov 6, 2026, 8:01 AM ET

Calumet — Third Quarter 2026 Earnings Summary

Third quarter net income declined to $273.3 million ($2.91/share) from $313.4 million ($3.61/share) in the prior year, driven by an unrealized loss of $113.8 million and non-cash RINs items, while Adjusted EBITDA surged to $322.0 million from $69.6 million; total sales rose to $1,682.9 million from $1,078.0 million.
The company advanced its capital return strategy by retiring approximately $265 million of debt since July 2026, including the redemption of $100 million and $150 million in Senior Notes due 2028 and the full repayment of a $15.5 million Montana terminal financing arrangement.
Management outlined a strategic outlook targeting 200 million gallons of annual Sustainable Aviation Fuel (SAF) production and 17,000 barrels per day of total product sales by year-end 2028, alongside the execution of a lower-risk MaxSAF expansion and the redeployment of Calumet Montana Refining assets.
Segment performance was mixed, with Specialty Products and Solutions Adjusted EBITDA reaching $248.1 million (up from $80.2 million) and Montana/Renewables Adjusted EBITDA with Tax Attributes climbing to $110.6 million (up from $17.1 million), while Performance Brands Adjusted EBITDA fell to $9.1 million from $13.2 million.