Calumet announces Q3 EPS of $3.61 compared to a loss of ($1.18) in the previous year.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 07 2025
0mins
Should l Buy CLMT?
Q3 Financial Performance: Calumet reported Q3 revenue of $1.08 billion, exceeding the consensus estimate of $1.05 billion, highlighting strong financial results and strategic milestones achieved during the quarter.
Cost Reduction and Operational Progress: The company has successfully reduced operating costs by $61 million year-to-date compared to the previous year, demonstrating effective cost discipline and operational improvements.
Montana Renewables Transformation: Calumet is set to accelerate the transformation of Montana Renewables, with plans to bring the MaxSAF 150 expansion online by Q2 2026, significantly increasing sustainable aviation fuel (SAF) production.
SAF Marketing Program: The SAF marketing program is ahead of schedule, with approximately 100 million gallons of SAF either fully contracted or in final review, and expectations to complete contracting at strong premiums before the expansion.
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Analyst Views on CLMT
Wall Street analysts forecast CLMT stock price to fall
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 34.610
Low
19.00
Averages
23.67
High
28.00
Current: 34.610
Low
19.00
Averages
23.67
High
28.00
About CLMT
Calumet, Inc. manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a range of consumer-facing and industrial markets. Its segments include Specialty Products and Solutions; Performance Brands; Montana/Renewables, and Corporate. Specialty Products and Solutions segment manufactures and markets a variety of solvents, waxes, customized lubricating oils, white oils, petrolatum, gels, esters, and other products. Performance Brands segment blend, package and market high performance products through its Royal Purple, Bel-Ray, and TruFuel brands. Montana/Renewables segment comprises two facilities: renewable fuels and specialty asphalt. At its Montana Renewables facility, it processes a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha that are distributed into renewables markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Calumet, Inc. to Announce Q1 Earnings on May 8
- Earnings Announcement Date: Calumet, Inc. is set to release its Q1 earnings on May 8 before market open, with a consensus EPS estimate of -$0.63, reflecting a significant 66.3% year-over-year decline, indicating potential profitability challenges for the company.
- Revenue Expectations Decline: The anticipated revenue for Q1 stands at $953.41 million, representing a 4.1% year-over-year decrease, which highlights the competitive pressures Calumet may be facing, particularly amid rising raw material costs.
- Earnings Forecast Changes: Over the past three months, EPS estimates have seen one upward revision with no downward adjustments, suggesting cautious optimism from analysts regarding the company's future profitability; however, revenue estimates have experienced three downward revisions, indicating a conservative outlook on Calumet's sales prospects.
- Financing Activity: Calumet recently announced a private placement of an additional $150 million in 9.75% senior notes due in 2031, aimed at enhancing the company's liquidity, although this may increase future financial burdens.
See More
Calumet, Inc. Q1 2026 Earnings Call Insights
- Renewable Fuels Market Progress: Following the EPA's Set 2 RVO announcement, Calumet has entered a strong margin environment, with CEO Borgmann highlighting significant improvements in both traditional and renewable energy margins, positioning the company for accelerated deleveraging.
- Pricing Response Strategy: In response to over a 50% increase in crude oil prices in March, Calumet's commercial team executed over 20 price increases across product lines, effectively countering cost escalations and demonstrating the team's agility.
- Financial Performance Overview: The company reported $50.1 million in adjusted EBITDA for Q1 2026, slightly down from $55 million in Q1 2025, yet still reflecting strong market opportunities, particularly impacted by operational events in Shreveport.
- Future Outlook and Expansion Plans: Borgmann noted that the MaxSAF 150 expansion project was completed on time and on budget, expected to deliver a four to fivefold increase in annual SAF volumes, while the company will continue to focus on policy impacts and execution.
See More
Calumet, Inc. Reports Q1 Earnings Miss Despite Revenue Beat
- Earnings Miss: Calumet, Inc. reported a Q1 GAAP EPS of -$3.64, missing expectations by $3.07, indicating significant pressure on profitability that could undermine investor confidence.
- Revenue Growth: Despite the earnings miss, Calumet's revenue reached $1.02 billion, a 2.6% year-over-year increase, beating market expectations by $66.59 million, suggesting resilience in sales performance.
- Adjusted EBITDA: The company reported an adjusted EBITDA of $50.1 million for Q1, reflecting profitability under tax attributes, indicating operational efficiency despite the overall poor financial performance.
- Market Reaction: Calumet's stock has tripled over the past year, yet it faced a downgrade from Goldman Sachs, which may impact market expectations regarding its future performance.
See More
Calumet Reports $317 Million Net Loss in Q1 2026 Earnings
- Poor Financial Performance: Calumet reported a net loss of $317 million in Q1 2026, compared to a $162 million loss in the same period of 2025, indicating increased financial pressure that may affect investor confidence.
- Decline in Adjusted EBITDA: The adjusted EBITDA for the first quarter was $27.6 million, down 27.8% from $38.1 million in Q1 2025, reflecting challenges in cost control and market competition that could impact future capital expenditures and growth plans.
- Strong Specialty Product Sales: Despite the overall loss, the Specialty Products and Solutions segment reported adjusted EBITDA of $44.3 million, although lower than last year's $56.3 million, indicating resilience in this segment that may support the company's future recovery.
- Production Disruption Impact: An unexpected outage at the Shreveport facility resulted in a loss of approximately 750,000 barrels of production; although operations resumed in April, this incident negatively affected Q1 financial results and may delay the company's recovery process.
See More
Adams Asset Advisors Reduces Calumet Holdings
- Share Reduction Details: Adams Asset Advisors sold 1,954,039 shares of Calumet during Q1 2026, with an estimated trade value of approximately $50.3 million, reflecting a classic profit-taking strategy at high prices.
- Value Appreciation: Despite the sale, the value of Adams' Calumet position increased by roughly $12.5 million, indicating strong price appreciation in CLMT shares during the period and suggesting ongoing market confidence in the company.
- Major Holding Status: As of the latest 13F filing, Adams retains 3,202,232 shares of Calumet valued at approximately $115.0 million, representing 12.9% of its assets under management, underscoring its continued conviction in Calumet.
- Financial Performance Highlights: Calumet reported $4.1 billion in revenue for 2025 and an adjusted EBITDA of $293.3 million, approximately 28% higher than the previous year, while reducing its restricted-group debt by over $220 million, demonstrating substantial business progress despite ongoing losses.
See More
Adams Asset Advisors Reduces Calumet Holdings by Nearly 2 Million Shares
- Share Reduction Details: According to an SEC filing dated April 27, 2026, Adams Asset Advisors reduced its holdings in Calumet by 1,954,039 shares during Q1 2026, valued at approximately $50.3 million, indicating a profit-taking strategy rather than a loss of confidence in the company.
- Ownership Analysis: Despite the reduction, Calumet still represents 12.9% of Adams' reportable AUM, underscoring the firm's ongoing conviction, with Calumet remaining its largest position.
- Performance Highlights: Calumet reported $4.1 billion in revenue for 2025, with adjusted EBITDA of $293.3 million, reflecting a 28% increase year-over-year, while also reducing its restricted-group debt by over $220 million, showcasing substantial business progress.
- Future Outlook and Risks: Although Calumet's stock price surged nearly 200% over the past year, it remains a money-losing entity, and energy stocks are historically volatile, influenced by commodity prices and policy changes, necessitating cautious investor consideration.
See More
Calumet, Inc. to Announce Q1 Earnings on May 8
- Earnings Announcement Date: Calumet, Inc. is set to release its Q1 earnings on May 8 before market open, with a consensus EPS estimate of -$0.63, reflecting a significant 66.3% year-over-year decline, indicating potential profitability challenges for the company.
- Revenue Expectations Decline: The anticipated revenue for Q1 stands at $953.41 million, representing a 4.1% year-over-year decrease, which highlights the competitive pressures Calumet may be facing, particularly amid rising raw material costs.
- Earnings Forecast Changes: Over the past three months, EPS estimates have seen one upward revision with no downward adjustments, suggesting cautious optimism from analysts regarding the company's future profitability; however, revenue estimates have experienced three downward revisions, indicating a conservative outlook on Calumet's sales prospects.
- Financing Activity: Calumet recently announced a private placement of an additional $150 million in 9.75% senior notes due in 2031, aimed at enhancing the company's liquidity, although this may increase future financial burdens.
See More
Calumet, Inc. Q1 2026 Earnings Call Insights
- Renewable Fuels Market Progress: Following the EPA's Set 2 RVO announcement, Calumet has entered a strong margin environment, with CEO Borgmann highlighting significant improvements in both traditional and renewable energy margins, positioning the company for accelerated deleveraging.
- Pricing Response Strategy: In response to over a 50% increase in crude oil prices in March, Calumet's commercial team executed over 20 price increases across product lines, effectively countering cost escalations and demonstrating the team's agility.
- Financial Performance Overview: The company reported $50.1 million in adjusted EBITDA for Q1 2026, slightly down from $55 million in Q1 2025, yet still reflecting strong market opportunities, particularly impacted by operational events in Shreveport.
- Future Outlook and Expansion Plans: Borgmann noted that the MaxSAF 150 expansion project was completed on time and on budget, expected to deliver a four to fivefold increase in annual SAF volumes, while the company will continue to focus on policy impacts and execution.
See More
Calumet, Inc. Reports Q1 Earnings Miss Despite Revenue Beat
- Earnings Miss: Calumet, Inc. reported a Q1 GAAP EPS of -$3.64, missing expectations by $3.07, indicating significant pressure on profitability that could undermine investor confidence.
- Revenue Growth: Despite the earnings miss, Calumet's revenue reached $1.02 billion, a 2.6% year-over-year increase, beating market expectations by $66.59 million, suggesting resilience in sales performance.
- Adjusted EBITDA: The company reported an adjusted EBITDA of $50.1 million for Q1, reflecting profitability under tax attributes, indicating operational efficiency despite the overall poor financial performance.
- Market Reaction: Calumet's stock has tripled over the past year, yet it faced a downgrade from Goldman Sachs, which may impact market expectations regarding its future performance.
See More
Calumet Reports $317 Million Net Loss in Q1 2026 Earnings
- Poor Financial Performance: Calumet reported a net loss of $317 million in Q1 2026, compared to a $162 million loss in the same period of 2025, indicating increased financial pressure that may affect investor confidence.
- Decline in Adjusted EBITDA: The adjusted EBITDA for the first quarter was $27.6 million, down 27.8% from $38.1 million in Q1 2025, reflecting challenges in cost control and market competition that could impact future capital expenditures and growth plans.
- Strong Specialty Product Sales: Despite the overall loss, the Specialty Products and Solutions segment reported adjusted EBITDA of $44.3 million, although lower than last year's $56.3 million, indicating resilience in this segment that may support the company's future recovery.
- Production Disruption Impact: An unexpected outage at the Shreveport facility resulted in a loss of approximately 750,000 barrels of production; although operations resumed in April, this incident negatively affected Q1 financial results and may delay the company's recovery process.
See More
Adams Asset Advisors Reduces Calumet Holdings
- Share Reduction Details: Adams Asset Advisors sold 1,954,039 shares of Calumet during Q1 2026, with an estimated trade value of approximately $50.3 million, reflecting a classic profit-taking strategy at high prices.
- Value Appreciation: Despite the sale, the value of Adams' Calumet position increased by roughly $12.5 million, indicating strong price appreciation in CLMT shares during the period and suggesting ongoing market confidence in the company.
- Major Holding Status: As of the latest 13F filing, Adams retains 3,202,232 shares of Calumet valued at approximately $115.0 million, representing 12.9% of its assets under management, underscoring its continued conviction in Calumet.
- Financial Performance Highlights: Calumet reported $4.1 billion in revenue for 2025 and an adjusted EBITDA of $293.3 million, approximately 28% higher than the previous year, while reducing its restricted-group debt by over $220 million, demonstrating substantial business progress despite ongoing losses.
See More
Adams Asset Advisors Reduces Calumet Holdings by Nearly 2 Million Shares
- Share Reduction Details: According to an SEC filing dated April 27, 2026, Adams Asset Advisors reduced its holdings in Calumet by 1,954,039 shares during Q1 2026, valued at approximately $50.3 million, indicating a profit-taking strategy rather than a loss of confidence in the company.
- Ownership Analysis: Despite the reduction, Calumet still represents 12.9% of Adams' reportable AUM, underscoring the firm's ongoing conviction, with Calumet remaining its largest position.
- Performance Highlights: Calumet reported $4.1 billion in revenue for 2025, with adjusted EBITDA of $293.3 million, reflecting a 28% increase year-over-year, while also reducing its restricted-group debt by over $220 million, showcasing substantial business progress.
- Future Outlook and Risks: Although Calumet's stock price surged nearly 200% over the past year, it remains a money-losing entity, and energy stocks are historically volatile, influenced by commodity prices and policy changes, necessitating cautious investor consideration.
See More
