Calumet, Inc. (CLMT)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$4.6B

Revenue growth

12.8%

Net income, last twelve months

-$136.8M

Earnings per share

-$1.55

Gross margin

6.6%

Operating margin

1.0%

Net margin

-3.0%

Free cash flow

$135.3M

Market value

$4.4B

Cash

$109.8M

Debt

$2.3B

Shares outstanding

87.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 7 August 2026.

• Net loss driven by non-cash items. The company reported a second-quarter net loss of $(95.9) million, or $(1.09) per share, which it attributed to non-cash RINs and other mark-to-market items. The year-earlier net loss was $(147.9) million.
• Adjusted EBITDA with Tax Attributes rose. Adjusted EBITDA with Tax Attributes was $175.2 million for the quarter, against $76.5 million a year earlier. For the six months it was $225.3 million, against $131.5 million.
• Adjusted EBITDA before tax attributes. Adjusted EBITDA was $159.3 million for the quarter, against $55.1 million a year earlier. Tax attributes added $15.9 million in the quarter, against $21.4 million.
• Gross profit turned positive. Sales were $1,445.1 million against $1,026.6 million. Gross profit was $18.3 million, against a loss of $(43.6) million, and the operating loss was $(40.0) million.
• Specialty Products and Solutions led results. SPS Adjusted EBITDA was $161.7 million, against $66.8 million. SPS sales were $1,012.5 million, and the Adjusted EBITDA margin was 16.0% against 10.6%. Management cited a global shortage in specialty products.
• Performance Brands EBITDA fell. Performance Brands Adjusted EBITDA was $6.3 million, against $13.5 million. Management also cited volumes and record quarterly TruFuel sales.
• Montana/Renewables tax-adjusted EBITDA rose. Montana/Renewables Adjusted EBITDA with Tax Attributes was $26.6 million, against $16.3 million a year earlier. The segment had begun a planned turnaround and expansion in March.
• Corporate costs slightly lower. Total corporate costs were $(19.4) million of Adjusted EBITDA, against $(20.1) million in the second quarter of 2025.
• Total facility production rose. Total facility production was 83,191 bpd in the second quarter, against 79,912 bpd a year earlier. For the six months it was 79,857 bpd, against 78,169 bpd.
• Renewable fuels output fell. Renewable fuels output was 7,011 bpd, against 12,044 bpd. Total Montana/Renewables production was 18,124 bpd, against 22,545 bpd.
• Lubricating oil output increased. Specialty Products and Solutions production was 62,903 bpd, against 55,704 bpd. Lubricating oils were 13,318 bpd, against 11,939 bpd, while solvents were 7,637 bpd, against 7,973 bpd.
• Sales volume roughly flat. Total sales volume was 87,722 bpd in the quarter, against 88,766 bpd. For the six months it was 87,377 bpd, against 87,165 bpd.
• Specialty margin per barrel rose. SPS adjusted gross profit was $32.25 per barrel in the quarter, against $13.81. For the six months it was $21.36, against $12.95. Management described a favorable margin environment.
• Feedstock costs rose faster than prices. Performance Brands margins compressed. Price increases came after a normal lag, while feedstock costs rose immediately, adding a $7.3 million LIFO impact to the segment.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 43 held.

Every filing

The newest filings with the SEC of 79 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

217 funds held it at 30 Jun 2026: 100 added and 54 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• ExxonMobil Holdings Corp. (XOM): revenue $368.8B, market value $748.7B
• Chevron Corp. (CVX): revenue $215.3B, market value $453.1B
• ConocoPhillips (COP): revenue $63.3B, market value $179.1B
• BP plc (BP): revenue $192.5B, market value $136.9B
• Marathon Petroleum Corp. (MPC): revenue $153.6B, market value $123.8B
• Equinor ASA (EQNR): revenue $106.5B, market value $119.2B
• Valero Energy Corp. (VLO): revenue $153.3B, market value $108.3B
• Phillips 66 (PSX): revenue $168.2B, market value $106.7B
• Suncor Energy Inc. (SU): revenue $37.5B, market value $92.5B
• PBF Energy Inc. (PBF): revenue $34.4B, market value $8.9B

What the company does

Calumet manufactures, formulates and markets specialty branded products and renewable fuels for consumer-facing and industrial markets. It is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America. In its most recent fiscal year it sold a range of over 1,900 specialty and fuels products to approximately 2,400 customers. Its operations are managed in three business segments plus Corporate.

How the business is organised

The Specialty Products and Solutions segment accounts for 63.7% of sales. It makes solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters and other products. Customers buy these mainly as raw material components for consumer-facing and industrial products.

The Montana/Renewables segment accounts for 28.8% of sales and consists of two facilities, one making renewable fuels and one making specialty asphalt.

It blends, packages and markets high performance products under the Royal Purple, Bel-Ray and TruFuel brands. The company sold the industrial portion of the Royal Purple business and kept the consumer portion.

The Corporate segment mainly holds general and administrative expenses not allocated to the other three.

What it makes

The facility is permitted to process 15,000 barrels per stream day. It also converts renewable natural gas and renewable propane into renewable hydrogen for its own refining processes. The company describes itself as one of the largest sustainable aviation fuel producers in the western hemisphere.

The Montana specialty asphalt facility runs Canadian crude oil at 15,000 barrels per day. It makes gasoline, diesel, jet fuel and specialty asphalt for local markets.

Where it operates

The Northwest Louisiana complex anchors the specialty business. It combines the Shreveport, Cotton Valley and Princeton facilities, with 27 processing units and 195 million gallons of storage across 400 tanks. Shreveport has crude oil throughput capacity of 60,000 barrels per day. Cotton Valley has 13,600 and Princeton 10,000.

- Karns City in Pennsylvania and Dickinson in Texas, which make white mineral oils and related products. - The Missouri facility, which makes polyol ester synthetic lubricants. - Calumet Packaging in Shreveport and Royal Purple in Porter, Texas, which blend and package lubricants. -

The company owns a terminal in Burnham, Illinois, with about 150,000 barrels of storage. It uses approximately 2,300 leased railcars for crude oil and its specialty and fuel products, and approximately 350 more for renewable feedstocks and renewable fuels. Total storage capacity at its facilities and leased locations is approximately 7.0 million barrels.

Who buys from it and who supplies it

About 2,200 customers buy specialty products, and many are long-term customers who use them in specialty applications after an approval process lasting six months to two years. About 200 customers buy fuel products, including wholesale distributors and retail chains. Renewable fuels go to a relatively small number of investment grade counterparties under multiyear offtake agreements. No customer represented 10% or more of consolidated sales, and international shipments were under 10% of consolidated sales.

On the supply side, the company buys crude oil and other feedstocks from major oil companies and from gatherers and marketers in Texas, north Louisiana and Canada. BP Oil Supply Co. provided about 39.3% of total crude oil supply and Macquarie Commodities Trading US, LLC about 20.0%. The Karns City and Dickinson facilities rely on supply agreements with Phillips 66. The company says it has historically been able to pass higher crude oil and feedstock costs to specialty customers, though selling prices lag the cost increases.

How it competes

Competitors are large integrated petroleum companies and independent refiners, and many are substantially larger than Calumet. Named competitors include Exxon Mobil Corporation, Chevron Corporation and Phillips 66 across several product lines. Others are Marathon Petroleum Company in renewable fuels and Valvoline, Inc. in packaged lubricants.

It says this breadth lets it ship products between its facilities for upgrading to meet customer specifications.

The business is subject to federal, state and local environmental and safety rules, including the EPA's Renewable Fuel Standard. Asphalt demand is generally lower in the first and fourth quarters.

Its people

Calumet employed approximately 1,540 people as of 27 February 2026, and approximately 600 of them are covered by collective bargaining agreements. Those agreements cover workers at Cotton Valley, Princeton, Dickinson, Shreveport, Missouri, Karns City and Great Falls. Employees at Calumet Packaging, Royal Purple and the Burnham terminal are not covered. The company reports no history of work stoppages.

*From Calumet's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2013745/000201374526000007/clmt-20251231x10k.htm)*

From the company's 10-K.