Earnings summaries and quarterly performance for Calumet, Inc. /DE.
Executive leadership at Calumet, Inc. /DE.
Todd Borgmann
Detailed
President & Chief Executive Officer
CEO
BF
Bruce Fleming
Detailed
Executive Vice President — Montana Renewables & Corporate Development
DL
David Lunin
Detailed
Executive Vice President — Chief Financial Officer
GM
Gregory Morical
Detailed
Senior Vice President, General Counsel & Secretary
JK
John Krutz
Detailed
Chief Accounting Officer
SO
Scott Obermeier
Detailed
Executive Vice President — Specialties
Board of directors at Calumet, Inc. /DE.
AM
Amy M. Schumacher
Detailed
Director
DJ
Daniel J. Sajkowski
Detailed
Director
JG
Jennifer G. Straumins
Detailed
Director
J(
John (“Jack”) G. Boss
Detailed
Director
JQ
Julio Quintana
Detailed
Director
KA
Karen A. Twitchell
Detailed
Lead Independent Director
KN
Karen Narwold
Detailed
Director
PC
Paul C. Raymond III
Detailed
Director
SP
Stephen P. Mawer
Detailed
Chair of the Board
Research analysts who have asked questions during Calumet, Inc. /DE earnings calls.
JG
Jason Gabelman
TD Cowen
6 questions for CLMT
Also covers: BP, CLNE, CVX +20 more
GB
Gregg Brody
Bank of America Merrill Lynch
4 questions for CLMT
Also covers: BORR, CRK, NGL
Alexa Petrick
Goldman Sachs
3 questions for CLMT
Also covers: CNQ, CVI, DK +3 more
AD
Amit Dayal
H.C. Wainwright & Co., LLC
3 questions for CLMT
Also covers: ACHR, AIRJ, AMPX +26 more
Conor Fitzpatrick
Bank of America Merrill Lynch
3 questions for CLMT
Also covers: DAR, MPC, PBF
Neil Mehta
Goldman Sachs
2 questions for CLMT
Also covers: AESI, APA, AR +36 more
RR
Roger Read
Wells Fargo & Company
2 questions for CLMT
Also covers: APA, AR, BP +22 more
Sameer Joshi
H.C. Wainwright & Co.
2 questions for CLMT
Also covers: ALTO, AMTX, BEEM +26 more
Adam Alexander Wijaya
Goldman Sachs
1 question for CLMT
Also covers: CCJ, CVI, IMO +1 more
SJ
Saumya Jain
UBS
1 question for CLMT
Also covers: AMTX, BLDP, CLNE +8 more
Recent press releases and 8-K filings for CLMT.
Calumet Reports Strong Q4 and Full-Year 2025 Results, Highlights Debt Reduction and Strategic Milestones
CLMT
Earnings
Guidance Update
New Projects/Investments
- Calumet reported $69.3 million in adjusted EBITDA with tax attributes for Q4 2025 and $293.3 million for the full year 2025, representing nearly a 30% increase year-over-year.
- The company achieved significant financial de-risking in 2025, reducing restricted debt by more than $220 million and improving net recourse leverage from 8.2 times to 4.9 times.
- Montana Renewables successfully closed its DOE loan, which is expected to remove approximately $80 million of annual cash debt service, and the MaxSAF 150 expansion project is scheduled for completion in Q2 2026.
- For 2026, Calumet forecasts total capital expenditures of $115 million-$145 million, which is $30 million-$40 million higher than normal due to a heavy turnaround year across several facilities.
1 day ago
Calumet Reports Strong Q4 and Full Year 2025 Results, Highlights Strategic Achievements
CLMT
Earnings
Guidance Update
New Projects/Investments
- Calumet reported strong full year 2025 results, with adjusted EBITDA of $293 million (a 30% increase year-over-year) and a reduction of restricted debt by over $220 million, improving net recourse leverage from 8.2x to 4.9x.
- Montana Renewables successfully closed its DOE loan, which is expected to remove approximately $80 million of annual cash debt service, and achieved $0.41 per gallon operating costs in the second half of 2025.
- The MaxSAF 150 expansion at Montana Renewables is projected to add 120 million-150 million gallons of annual SAF capacity, supported by 100 million gallons of new SAF contracts at a $1-$2 per gallon premium over renewable diesel.
- The Specialty Products and Solutions segment delivered $291.8 million in Adjusted EBITDA for the full year 2025, with sales volumes consistently above 20,000 bbl per day.
- For 2026, Calumet forecasts total capital expenditures of $115 million-$145 million, an increase of $30 million-$40 million due to a heavy turnaround schedule.
1 day ago
Calumet Reports Q4 and Full-Year 2025 Financial Results
CLMT
Earnings
Guidance Update
New Projects/Investments
- Calumet reported Q4 2025 Adjusted EBITDA with Tax Attributes of $69.3 million and FY 2025 Adjusted EBITDA with Tax Attributes of $293.3 million, marking an approximate 28% year-over-year increase for the full year.
- The Specialty Products and Solutions (SPS) segment achieved a record production quarter in Q4 2025, contributing $88.5 million in Adjusted EBITDA and maintaining specialty margins of approximately $66/bbl.
- The company strengthened its balance sheet in FY 2025 by reducing over $220 million of restricted debt and paying off '26 and '27 Senior Notes.
- The MaxSAF® 150 project at Montana Renewables is on track for Q2 2026, with ~100 million gallons of Sustainable Aviation Fuel (SAF) contracted at a $1-$2/gal premium to renewable diesel.
- Montana Renewables also reported operating costs of $0.42 per gallon in Q4 2025 and generated an additional $8.4 million in 2025 Producer Tax Credits.
1 day ago
Calumet Reports Strong Q4 and Full Year 2025 Results, Highlights Deleveraging and Montana Renewables Progress
CLMT
Earnings
New Projects/Investments
Debt Issuance
- Calumet reported strong financial results for full year 2025, with adjusted EBITDA with tax attributes of $293.3 million, a 30% increase year-over-year, and significantly reduced restricted debt by over $220 million, improving net recourse leverage from 8.2 times to 4.9 times.
- The Montana Renewables (MRL) segment successfully closed its DOE loan, removing approximately $80 million of annual cash debt service, and secured 100 million gallons of multi-year Sustainable Aviation Fuel (SAF) contracts at a $1-$2 per gallon premium over renewable diesel. The Max SAF 150 expansion project, bringing 120-150 million gallons of annual SAF capacity, will undergo a turnaround from early March through late April 2026, with ramp-up expected in Q3 2026.
- The Specialty Products and Solutions (SPS) segment delivered $291.8 million for the full year 2025, maintaining material margins above historic norms and achieving sales volumes exceeding 20,000 barrels per day every quarter, driven by commercial excellence and operational reliability.
- The company achieved substantial cost reductions in 2025, including fixed costs down over $40 million and crude transportation costs down about $19 million, while increasing overall production by approximately 1.3 million barrels.
1 day ago
Calumet reports Q4 and FY 2025 results
CLMT
Earnings
Debt Issuance
New Projects/Investments
- Calumet reported a FY 2025 net loss of $33.8 million (basic loss per share of $0.39), a significant improvement from the prior year's net loss of $222.0 million (basic loss per share of $2.67).
- Adjusted EBITDA with Tax Attributes for FY 2025 was $293.3 million, up from $229.3 million in FY 2024, reflecting nearly 30% year-over-year growth.
- The company achieved $222 million in recourse debt reduction and implemented approximately $100 million in cost reduction initiatives during 2025.
- Record production was reported in both the Specialty Products & Solutions segment and Montana Renewables, with the Montana Renewables MaxSAF® 150 expansion on track for Q2 2026.
1 day ago
Calumet Reports Fiscal Year 2025 Results and Strategic Updates
CLMT
Earnings
Debt Issuance
New Projects/Investments
- Calumet reported a net loss of $33.8 million and basic loss per common share of $0.39 for Fiscal Year 2025, with Adjusted EBITDA with Tax Attributes of $293.3 million.
- The company achieved $222 million in recourse debt reduction and implemented approximately $100 million in cost reduction initiatives during 2025.
- For the fourth quarter of 2025, the Specialty Products and Solutions segment reported Adjusted EBITDA of $88.5 million, while the Montana/Renewables segment reported $(5.4) million in Adjusted EBITDA with Tax Attributes.
- In January 2026, Calumet completed refinancing activities, issuing $405 million in 9.75% Senior Notes due 2031 and extending its asset-based loan facility to January 2031 with $500 million in commitments.
- The Montana Renewables MaxSAF®150 expansion is on track for completion in the second quarter of 2026.
1 day ago
Calumet's Montana Renewables Enters Three-Year SAF Supply Agreement with World Energy
CLMT
New Projects/Investments
Revenue Acceleration/Inflection
- Montana Renewables, LLC (MRL), an unrestricted subsidiary of Calumet, Inc., has announced a Sustainable Aviation Fuel (SAF) agreement with World Energy Clean Fuels LLC.
- This agreement is projected to deliver more than 70 million gallons of SAF over three years, which is expected to reduce 600,000 MT of CO2 emissions.
- The collaboration supports MRL's MaxSAF™ 150 expansion project, which is progressing rapidly and is on track to increase SAF production capacity and deliver economic benefits this spring.
Feb 19, 2026, 12:00 PM
Calumet, Inc. Amends Credit Agreement, Extending Maturity and Modifying Commitments
CLMT
Debt Issuance
New Projects/Investments
- Calumet, Inc. entered into the Ninth Amendment to its Third Amended and Restated Credit Agreement on January 23, 2026.
- The amendment extends the maturity date of the credit agreement to January 23, 2031.
- It establishes commitments of $500.0 million, subject to borrowing base limitations, and includes a provision for a reduction to $425.0 million if new inventory financing transactions are consummated.
- The Ninth Amendment also revises certain covenants, representations, and warranties to facilitate these new inventory financing transactions.
Jan 29, 2026, 9:39 PM
Calumet Completes Upsized Notes Offering
CLMT
Debt Issuance
- Calumet, Inc. (CLMT) completed an upsized private placement of $405 million in aggregate principal amount of 9.75% Senior Notes due 2031.
- The Notes were issued at 98.996% of par, generating net proceeds of approximately $393 million.
- The company intends to use these proceeds, along with cash on hand and borrowings under its revolving credit facility, to redeem all outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027 on or before January 21, 2026.
- CEO Todd Borgmann attributed the over-subscribed offering to over $220 million of restricted group debt reduction in 2025 and over $120 million of cash generated in the second half of 2025.
Jan 12, 2026, 9:24 PM
Calumet Completes Upsized Notes Offering
CLMT
Debt Issuance
New Projects/Investments
- Calumet, Inc. (NASDAQ: CLMT) closed a private placement of $405 million in aggregate principal amount of 9.75% Senior Notes due 2031, which was upsized from an original offering size of $350 million.
- The notes were issued at 98.996% of par, resulting in net proceeds of approximately $393 million.
- The company plans to use these proceeds, along with cash on hand and borrowings under its revolving credit facility, to redeem all outstanding 11.00% Senior Notes due 2026 and 8.125% Senior Notes due 2027.
- CEO Todd Borgmann noted that the offering, supported by over $220 million of restricted group debt reduction in 2025 and over $120 million of cash generated in the second half of 2025, will eliminate near-term senior note maturities.
Jan 12, 2026, 9:15 PM
Quarterly earnings call transcripts for Calumet, Inc. /DE.
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