Calumet
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Calumet (CLMT) investor relations material

Calumet Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Achieved significant deleveraging in FY2025, reducing recourse debt by $222 million and eliminating 2026 and 2027 maturities, supported by strong free cash flow and $100 million in cost reductions.

  • Adjusted EBITDA with Tax Attributes rose to $293.3 million, up nearly 30% year-over-year, reflecting operational improvements and margin resilience.

  • Net loss narrowed to $33.8 million from $222.0 million in 2024, with basic loss per share of $0.39.

  • Completed DOE loan closure at Montana Renewables, reducing annual debt service by $80 million, and divested Royal Purple Industrial business.

  • Delivered record production in Specialty Products & Solutions and Montana Renewables segments.

Financial highlights

  • FY2025 Adjusted EBITDA with Tax Attributes: $293.3 million; Q4: $69.3 million.

  • Sales for 2025 were $4,137.1 million, slightly down from $4,189.4 million in 2024.

  • Gross profit increased to $245.7 million from $230.8 million; operating income improved to $108.7 million from $8.1 million.

  • Net cash provided by operating activities was $108.9 million, reversing a negative $46.4 million in 2024.

  • Cash and cash equivalents at year-end were $125.1 million, up from $80.0 million.

Outlook and guidance

  • Montana Renewables MaxSAF 150 expansion on track for Q2 2026, with 100 million gallons of SAF contracted at a $1–$2/gal premium over renewable diesel.

  • 2026 CapEx forecasted at $115–$145 million due to heavy turnaround year at multiple sites.

  • Expect continued production growth, cost discipline, and reliability improvements in specialties.

  • Anticipated regulatory support, including finalized RVO and 45Z, expected to improve industry margins in 2026.

How will SAF contracts mitigate RD margin volatility?
What drives sustained SPS margins above historic norms?
How will 2026 turnarounds impact production?
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Frequently asked questions

Calumet Specialty Products Partners, L.P. is a master limited partnership focused on the production and distribution of specialty hydrocarbon products. The company manufactures a diverse range of products, including lubricants, solvents, waxes, and asphalt, as well as fuel products such as gasoline and diesel. Calumet serves a variety of industries, including automotive, industrial, construction, and personal care, with customized formulations designed to meet specific application requirements. The company is headquartered in Indianapolis, Indiana, and its shares are listed on the NASDAQ.

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