Calumet, Inc. (CLMT) Earnings
Calumet, Inc. is expected to report next earnings on August 7, 2026 (in NaN days), with a consensus EPS estimate of $0.17. CLMT has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -105.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $-0.57 | $-0.64 | -12.3% | $1.0B | +2.9% |
| Nov 7, 2025 | $-0.30 | $-0.21 | +30.0% | $1.1B | +3.2% |
| Aug 8, 2025 | $-0.44 | $-1.70 | -286.4% | $1.0B | -11.1% |
| May 9, 2025 | $-0.41 | $-1.03 | -151.2% | $994M | +7.8% |
| Feb 28, 2025 | $-1.06 | $-0.47 | +55.7% | $950M | +5.5% |
| Nov 8, 2024 | $-0.59 | $-0.81 | -37.3% | $1.1B | +18.4% |
| Aug 9, 2024 | $-0.70 | $-0.48 | +31.4% | $1.1B | +16.6% |
| May 10, 2024 | $-0.74 | $-0.61 | +17.6% | $1.0B | +11.7% |
| Feb 23, 2024 | $-0.44 | $-0.79 | -79.5% | $977M | +5.4% |
| Nov 9, 2023 | $-0.13 | $0.03 | +123.1% | $2.0B | +114.1% |
| Aug 4, 2023 | $-0.07 | $-0.19 | -171.4% | $1.0B | -0.5% |
| May 5, 2023 | $0.02 | $0.10 | +390.0% | $1.0B | +11.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 8, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Calumet's integrated business robust, well-positioned for current market with commodity spreads growing. Specialty business can deploy excess cash flow for growth, commercial team executed over 20 price increases in March. - EPA's Step 2 RVO reset biofuels industry outlook, industry has potential to fill supply-demand gap via carry-forward RINs, imports, and utilization improvement. - Montana Renewables commenced operations post MAX SAF 150 expansion, focusing on ramping up SAF volumes, conditioning catalyst, and validating performance. - Successful turnarounds at Cotton Valley and Princeton facilities in April, running at max volumes
Guidance
Expect strong second quarter with additional cash flow from attractive margin environment. Entered crack spread hedges for portions of 2026 and 2027 fuels production, around 25% of fuel production hedged. Montana Renewables at positive inflection point with expectation of meaningful cash flow generation
Segment performance
Specialty Products and Solutions Segment: Adjusted EBITDA was $44.3 million in Q1 2026 vs $56 million in Q1 2025. Sales volume exceeded 20,000 barrels per day for sixth consecutive quarter. Specialty margins temporarily compressed due to crude oil price spike but commercial team pushed through over 20 price increases. Performance Brands Segment: Reported $12.6 million of adjusted EBITDA. Partially impacted by margin compression and price lag. True fuel business had record monthly results and volume records. Montana Renewables Segment: Adjusted EBITDA with tax attributes was $10.2 million in Q1 2026 vs $3.3 million in Q1 2025. Renewables EBITDA with tax attributes on Calumet-owned 87% basis was $8.8 million. Max SAF 150 expansion completed on time and on budget, well-positioned with tailwinds from RVO and diversified customers
Risks & headwinds
Organic chlorides discovered in crude stream causing production loss and over $30 million lost opportunity. But facility inspected thoroughly, repairs made, redundancy in sampling and quality monitoring installed to prevent recurrence
Analyst Q&A
Q: About risks, primarily from cost/input or new supply?
A: Todd said market in good shape, volatility exists but commercial team can react, price increases on specialty side, margin tightening in performance brands but positioned well.
Q: SAF contracts term?
A: Bruce said term contracts are evergreens, notice periods varied, renewals within guidance range, typically two to three-year evergreens, continued to roll forward.
Q: SAF capacity expansion update?
A: Todd said focused on current phase, independent project team looking at next phase modular opportunity, soon to talk more specifically.
Q: Biodiesel capacity ramping?
A: Bruce said market environment supports small biodiesel guys, volume can come back faster than thought, analysts call for 90% utilization by end of year.
Q: MRO feedstock pressure?
A: Bruce said MRO has unlimited feedstock flexibility, pre-treater capability for monthly re-optimization, no physical shortage.
Q: Deleveraging plan?
A: Todd said plan remains to monetize Montana Renewables, next step showcase earnings power of the business.
Q: Organic chloride remedy?
A: Bruce said no further work needed, inspected facility thoroughly, made repairs, installed redundancy in sampling and quality monitoring.
Q: MRL OpEx change?
A: Bruce said no reversal in controllable costs, track record of improving controllable costs.
Q: Liquidity impact of volatility?
A: Bruce said liquidity position good, cash generation after operational issues, crude price impact on inventory cost and receivables, expect to unwind over time