Calumet Specialty Products

CLMT

Market cap $2.34B

It boosted revenue nicely in its fourth quarter. Yet it still posted a net loss for the period.

Calumet, Inc. (CLMT) Q4 2025 Earnings Call Transcript

Fiscal Year 2025 net loss of $33.8 million, or basic loss per common share of $0.39 Fiscal Year 2025 Adjusted EBITDA with Tax Attributes of $293.3 million $222 million of recourse debt reduction in 2025 Strong free cash flow driven by approximately $100 million of cost reduction initiatives in 2025 Record production year in Specialty Products & Solutions segment and Montana Renewables Montana Renewables MaxSAF®150 expansion on track for second quarter of 2026 INDIANAPOLIS, Feb. 27, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us")  today reported its results for the fourth quarter and year ended December 31, 2025, as follows: Three Months Ended December 31,  Year Ended December 31,  2025 2024 2025 2024 (Dollars in millions, except per share data) Net loss $ (37.3) $ (40.7) $ (33.8) $ (222.0) Basic earnings (loss) per common share $ (0.43) $ (0.47) $ (0.39) $ (2.67) Adjusted EBITDA $ 48.4 $ 66.6 $ 211.2 $ 229.3 Adjusted EBITDA with Tax Attributes $ 69.3 $ 66.6 $ 293.3 $ 229.3   Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended December 31,  Three Months Ended December 31,  Three Months Ended December 31,  2025 2024 2025 2024 2025 2024 (Dollars in millions, except per barrel data) Gross profit (loss) $ 38.3 $ 62.3 $ 15.4 $ 25.2 $ (56.7) $ (3.9) Adjusted gross profit (loss) $ 97.8 $ 59.1 $ 14.4 $ 25.7 $ (18.3) $ 20.6 Adjusted EBITDA $ 88.5 $ 51.9 $ 5.4 $ 16.3 $ (26.3) $ 12.4 Adjusted EBITDA with Tax Attributes $ 88.5 $ 51.9 $ 5.4 $ 16.3 $ (5.4) $ 12.4 Gross profit (loss) per barrel $ 6.03 $ 11.00 $ 119.38 $ 170.27 $ (24.32) $ (1.87) Adjusted gross profit (loss) per barrel $ 15.39 $ 10.43 $ 111.63 $ 173.65 $ (7.85) $ 9.87   Specialty Products and Solutions Performance Brands Montana/Renewables Year Ended December 31,  Year Ended December 31,  Year Ended December 31,  2025 2024 2025 2024 2025 2024 (Dollars in millions, except per barrel data) Gross profit (loss) $ 265.7 $ 189.0 $ 78.2 $ 95.3 $ (98.2) $ (53.5) Adjusted gross profit (loss) $ 327.8 $ 243.4 $ 81.8 $ 98.6 $ (33.8) $ 57.5 Adjusted EBITDA $ 291.8 $ 222.5 $ 47.9 $ 57.4 $ (50.8) $ 22.3 Adjusted EBITDA with Tax Attributes $ 291.8 $ 222.5 $ 47.9 $ 57.4 $ 31.3 $ 22.3 Gross profit (loss) per barrel $ 11.46 $ 8.26 $ 132.32 $ 152.24 $ (10.63) $ (6.14) Adjusted gross profit (loss) per barrel $ 14.13 $ 10.64 $ 138.41 $ 157.51 $ (3.66) $ 6.60   "2025 was a defining year for Calumet," said Todd Borgmann, CEO. "Throughout the year, we materially reduced financial risk, strengthened our balance sheet, and positioned the company for its next phase of growth.

Agreement signals ongoing growth of Sustainable Aviation Fuel market GREAT FALLS, Mont. and BOSTON, Feb. 19, 2026 /PRNewswire/ -- Montana Renewables, LLC (MRL) and World Energy Clean Fuels LLC (World Energy) today announced a Sustainable Aviation Fuel (SAF) agreement that will deliver more than 70 million gallons of SAF to the market over three years, reducing as much as 600,000 MT of CO2 emissions while strengthening the American economy, supporting the agricultural community, and bolstering domestic energy independence.

INDIANAPOLIS, Feb. 13, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the Fourth Quarter and Fiscal Year 2025 on February  27, 2026. A conference call to discuss the financial and operational results is scheduled for February 27th at 9:00 AM ET.

Calumet, Inc. (CLMT) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

INDIANAPOLIS, Jan. 28, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that it has amended its existing asset-based loan (ABL) facility to extend the maturity date from January 2027 to January 2031.  The amended facility provides for total commitments of $500 million, subject to borrowing base limitations, and is led by Bank of America, N.A.

Calumet Specialty Products is executing a transformative strategy, with EBITDA projected to nearly double in 2026 and potentially triple by 2028. CLMT's integrated specialty, traditional refining, and renewable fuels businesses are aligning, supported by industry-leading cost structures and expanding SAF production capacity. We forecast 2026 EBITDA of $525–$550 million, up from $300 million in 2025, driven by SAF margin expansion and operational improvements.

INDIANAPOLIS, Jan. 12, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), closed their private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $405 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the "Notes").

INDIANAPOLIS, Jan. 9, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend the UBS Global Energy & Utilities Winter Conference on Tuesday, January 13th and will hold one-on-one investor meetings throughout the day. About Calumet Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.