Calumet (CLMT) Q3 2026 earnings summary

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.