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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Calumet
Calumet (CLMT) investor relations material
Calumet Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Q3 Adjusted EBITDA with Tax Attributes was $347.2m; strong Specialty Products and Solutions and Montana / Renewables results supported rapid debt reduction.
Tight fuel and specialty markets supported strong margins, while derivative losses and RIN-related items weighed on GAAP earnings.
Financial highlights
Q3 sales rose 56.1% YoY to $1,682.9m; gross profit was $543.2m versus $373.7m.
Net income was $273.3m, or $2.91/share, versus $313.4m, or $3.61/share; Q3 included a $153.2m derivative loss.
Adjusted EBITDA was $322.0m, plus $25.2m of Tax Attributes, for $347.2m total; prior-year totals were $69.6m and $92.5m, respectively.
SPS Adjusted EBITDA was $248.1m versus $80.2m; Montana / Renewables was $110.6m versus $17.1m; Performance Brands was $9.1m versus $13.2m.
9M sales were $4,157.7m; Adjusted EBITDA was $508.9m, or $572.6m with Tax Attributes.
Outlook and guidance
MaxSAF expansion targets ~200m gallons/year of SAF and 17,000 b/d of total product sales by year-end 2028; the staged plan targets 80m gallons annualized by YE 2026 and 120m+ by spring 2027.
The amended MaxSAF plan is expected to deliver ~70% of the original benefits for less than 15% of the originally planned Phase 2 capital; remaining project spend is $137m.
Specialty margins are expected to remain elevated near term, with gradual easing possible; Q3 results were cited as a reasonable reference, subject to seasonality.
Q4 SPS results are expected to reflect lower Shreveport volumes from its October turnaround; improved Montana Renewables margins are expected from a higher SAF mix.
2026 capital spending is forecast at $130–$160m, primarily for maintenance, reliability and MaxSAF projects.
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Latest events from Calumet
- Record Q2 2026 earnings, rapid deleveraging, and MaxSAF® expansion drive robust growth.CLMT
Conference presentation - MaxSAFⓇ modular expansion targets 200M gallons SAF/year by 2028 with $137M capex and no equity raise.CLMTCorporate presentation
- Q2 2026 Adjusted EBITDA doubled, sales surged, and debt reduction accelerated on strong margins.CLMTQ2 2026
- Board refreshed, financials strong, and all proposals approved as growth initiatives advance.CLMTAGM 2026
- 2025 saw strong revenue, debt reduction, and major renewables growth; board urges support for all proposals.CLMTProxy filing
- Strong 2024 results, C-Corp conversion, and major SAF expansion drive governance and compensation focus.CLMTProxy filing
- Virtual annual meeting to vote on directors, executive pay, and auditor ratification.CLMTProxy filing
- Q3 2025 net income surged to $313.4M, with record EBITDA and SAF expansion progress.CLMTQ3 2025
- Q2 2024 saw record segment volumes, $66.8M EBITDA, and a $39.1M net loss.CLMTQ2 2024
Next Calumet earnings date
Q4 202626 Feb, 2027
Calumet
Next Calumet earnings date
Q4 202626 Feb, 2027
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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.