Calumet (CLMT) Q4 2025 earnings summary

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.