Jun 2026 (Q2 FY26) — Aug 7, 2026
Calumet, Inc. Q2 FY26 — Strong Specialties Performance and Accelerated Deleveraging
Read the full callCalumet (CLMT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Calumet earnings: last reported Fri, 7 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,445 | +40.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -2.8 | +7.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -95.9 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
4 of 8 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Montana Renewables partial monetization | Transaction completed | Mar 2025 | We still expect that separating monetizing Montana Renewables is the right long-term path for this business. I'd say what has changed, and you pointed this out in your question, is we no longer have to do it as a prerequisite to grow our specialties business | Delayed |
| Total fresh feed rate at Montana Renewables | 17,000 barrels a day | Jun 2026 | This reactor ultimately provides the capability to produce roughly 200 million gallons of SAF when we expand total fresh feed rate to 17,000 barrels a day over the next 2 years for a fraction of the capital originally expected. | New |
4 of Calumet, Inc. /DE's 25 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 23 more targets are in the full ledger.
Claimed
- Adjusted EBITDA with tax attributes reached $175 million in Q2 FY26.
- Restricted group leverage ratio fell below 4x, with expectations to surpass 3x next quarter.
- Specialty Products & Solutions (SPS) adjusted EBITDA more than doubled year-over-year to $161.7 million.
- Montana Renewables (MRL) achieved $17 million adjusted EBITDA despite significant downtime, with July indicating a strong ramp-up.
- Record specialty production and seventh consecutive quarter of specialty sales volume above 20,000 barrels per day.
Qualified
- Performance Brands adjusted EBITDA was down $6.2 million year-over-year, impacted by input cost spikes and LIFO accounting.
- Working capital draw of $80 million due to higher crude inventory, increased accounts receivable, and MRL ramp-up.
Price
$55.54 −3.83% · −$2.21
Performance +205.3% 1Y
1Y: $18.19 on 17 Oct 2025 → $55.54. High $59.05 (17 Sept 2026), low $18.19 (17 Oct 2025).
- Previous close
- $57.75
- 52-week range
- $18.22 – $59.05
- One year
- +195.74%
Overview
- Symbol
- CLMT
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 8 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Montana Renewables partial monetization | Transaction completed | Mar 2025 | We still expect that separating monetizing Montana Renewables is the right long-term path for this business. I'd say what has changed, and you pointed this out in your question, is we no longer have to do it as a prerequisite to grow our specialties business | Delayed |
| Total fresh feed rate at Montana Renewables | 17,000 barrels a day | Jun 2026 | This reactor ultimately provides the capability to produce roughly 200 million gallons of SAF when we expand total fresh feed rate to 17,000 barrels a day over the next 2 years for a fraction of the capital originally expected. | New |
Claimed
- Adjusted EBITDA with tax attributes reached $175 million in Q2 FY26.
- Restricted group leverage ratio fell below 4x, with expectations to surpass 3x next quarter.
- Specialty Products & Solutions (SPS) adjusted EBITDA more than doubled year-over-year to $161.7 million.
- Montana Renewables (MRL) achieved $17 million adjusted EBITDA despite significant downtime, with July indicating a strong ramp-up.
- Record specialty production and seventh consecutive quarter of specialty sales volume above 20,000 barrels per day.
Qualified
- Performance Brands adjusted EBITDA was down $6.2 million year-over-year, impacted by input cost spikes and LIFO accounting.
- Working capital draw of $80 million due to higher crude inventory, increased accounts receivable, and MRL ramp-up.
The full ledger
Open Calumet, Inc. /DE’s full ledger
A free account opens 5 company ledgers a month. All 25 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 8, 2026
Calumet Q1 FY26 — Strong Market Tailwinds and MaxSAF 150 Expansion
Read the full callDec 2025 (Q4 FY25) — Feb 27, 2026
Calumet Q4 FY25 — Strategic Transformation and Deleveraging
Read the full callEvery analysed call
Calumet earnings calls (CLMT)
Financials
What the filings say
Net profit, year on year: +35% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,100 | 950 | 994 | 1,027 | 1,078 | 1,039 | 1,030 | 1,445 |
| Operating profit | -57 | 23 | -49 | -101 | 323 | -64 | -171 | -40 |
| Operating margin | −5.2% | 2.4% | −4.9% | −9.8% | 29.9% | −6.2% | −16.6% | −2.8% |
| Other income | -43 | -64 | -113 | -47 | -51 | -25 | -166 | -77 |
| Interest | 58 | 61 | 59 | 53 | 54 | 51 | 51 | 52 |
| Profit before tax | -100 | -41 | -162 | -148 | 272 | -89 | -338 | -117 |
| Tax rate | −0.7% | 1.4% | −0.3% | −0.1% | −15.2% | 58.1% | 6.2% | 18.1% |
| Net profit | -101 | -41 | -162 | -148 | 313 | -37 | -317 | -96 |
| EPS ($ per share) | -1.18 | — | -1.87 | -1.70 | 3.61 | — | -3.64 | -1.09 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Equity capital | — | 1 | 1 | 1 |
| Reserves | — | -1,982 | -1,539 | -1,573 |
| Total liabilities | — | 2,996 | 3,225 | 3,176 |
| Fixed assets | 1,482 | 1,506 | 1,439 | 1,353 |
| Total assets | — | 2,751 | 2,758 | 2,689 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | 101 | -15 | -46 | 109 |
| Cash from investing | -536 | -272 | -77 | 44 |
| Cash from financing | 349 | 266 | 154 | 6 |
| Net cash flow | -87 | -20 | 31 | 159 |
| Capital expenditure | -536 | -272 | -77 | -52 |
| Free cash flow | -436 | -287 | -123 | 57 |
CLMT revenue by segment
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|
| Specialty Products and Solutions | — | — | — | — | — | — | 71% | — |
| Montana Renewables | — | — | — | — | — | — | 23% | — |
| Performance Brands | — | — | — | — | — | — | 7% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
44 filings between Dec 4, 2025 and Sep 25, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$20.67M
6 sales by 4 insiders
Compensation
not trading decisions- 23
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts, 1 option exercised.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Heritage Group | — | $20.40M | May 15, 2026 |
| Sajkowski Daniel J | — | $267.4K | Jul 1, 2026 |
| Mawer Stephen P | — | $0 | Sep 25, 2026 |
| Boss John G. | — | $0 | Dec 4, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 25, 2026 | Borgmann Louis Todd CHIEF EXECUTIVE OFFICER | Tax withheld | 46,901 | $0 |
| Sep 25, 2026 | Borgmann Louis Todd CHIEF EXECUTIVE OFFICER | Option exercise | 107,428 | $0 |
| Sep 25, 2026 | Morical Gregory J SVP, GENERAL COUNSEL | Tax withheld | 13,560 | $0 |
| Sep 25, 2026 | Morical Gregory J SVP, GENERAL COUNSEL | Option exercise | 30,694 | $0 |
| Sep 25, 2026 | Mawer Stephen P Director | Option exercise | 61,387 | $0 |
| Sep 25, 2026 | Mawer Stephen P Director | Sale | 24,555 | $0 |
| Sep 25, 2026 | Fleming Bruce A EVP - MONTANA RENEWABLES | Option exercise | 107,428 | $0 |
| Sep 25, 2026 | Fleming Bruce A EVP - MONTANA RENEWABLES | Tax withheld | 42,190 | $0 |
| Jul 9, 2026 | Mawer Stephen P Director | Option exercise | 13,780 | $0 |
| Jul 9, 2026 | Mawer Stephen P Director | Tax withheld | 5,512 | $0 |
| Jul 9, 2026 | Sajkowski Daniel J Director | Option exercise | 7,067 | $0 |
| Jul 9, 2026 | Schumacher Amy M Director | Option exercise | 7,067 | $0 |
| Jul 9, 2026 | Quintana Julio M Director | Option exercise | 7,067 | $0 |
| Jul 9, 2026 | NARWOLD KAREN G Director | Option exercise | 7,067 | $0 |
| Jul 9, 2026 | Boss John G. Director | Option exercise | 7,067 | $0 |
| Jul 9, 2026 | Boss John G. Director | Tax withheld | 2,827 | $0 |
| Jul 9, 2026 | Twitchell Karen A. Director | Option exercise | 7,067 | $0 |
| Jul 9, 2026 | Raymond Paul C Director | Option exercise | 7,067 | $0 |
| Jul 9, 2026 | Raymond Paul C Director | Tax withheld | 2,827 | $0 |
| Jul 9, 2026 | Sajkowski Daniel J Director | Tax withheld | 2,827 | $0 |
| Jul 1, 2026 | Sajkowski Daniel J Director | Sale | 4,240 | $153.3K |
| Jun 5, 2026 | Heritage Group 10% owner | Gift | 540,000 | $0 |
| May 15, 2026 | Heritage Group 10% owner | Sale | 626,998 | $20.40M |
| May 15, 2026 | Heritage Group 10% owner | Option exercised | 1,020,000 | $20.40M |
| Apr 1, 2026 | Sajkowski Daniel J Director | Sale | 3,310 | $114.1K |
| Mar 9, 2026 | Borgmann Louis Todd CHIEF EXECUTIVE OFFICER | Option exercise | 49,974 | $0 |
| Mar 9, 2026 | Mawer Stephen P Director | Option exercise | 27,806 | $0 |
| Mar 9, 2026 | Mawer Stephen P Director | Tax withheld | 12,589 | $0 |
| Mar 9, 2026 | Fleming Bruce A EVP - MONTANA RENEWABLES | Option exercise | 20,621 | $0 |
| Mar 9, 2026 | Fleming Bruce A EVP - MONTANA RENEWABLES | Tax withheld | 8,156 | $0 |
| Mar 9, 2026 | Obermeier Scott EVP - SPECIALTIES | Option exercise | 24,090 | $0 |
| Mar 9, 2026 | Obermeier Scott EVP - SPECIALTIES | Tax withheld | 10,584 | $0 |
| Mar 9, 2026 | Borgmann Louis Todd CHIEF EXECUTIVE OFFICER | Tax withheld | 21,798 | $0 |
| Mar 9, 2026 | Morical Gregory J SVP, GENERAL COUNSEL | Option exercise | 15,348 | $0 |
| Mar 9, 2026 | Morical Gregory J SVP, GENERAL COUNSEL | Tax withheld | 6,952 | $0 |
| Dec 17, 2025 | Fleming Bruce A EVP - MONTANA RENEWABLES | Gift | 50,000 | $0 |
| Dec 4, 2025 | Sajkowski Daniel J Director | Sale | 2,022 | $0 |
| Dec 4, 2025 | Sajkowski Daniel J Director | Option exercise | 5,053 | $0 |
| Dec 4, 2025 | Schumacher Amy M Director | Option exercise | 5,053 | $0 |
| Dec 4, 2025 | Boss John G. Director | Option exercise | 2,526 | $0 |
| Dec 4, 2025 | Boss John G. Director | Sale | 1,011 | $0 |
| Dec 4, 2025 | Raymond Paul C Director | Option exercise | 5,053 | $0 |
| Dec 4, 2025 | Straumins Jennifer Director | Option exercise | 5,053 | $0 |
| Dec 4, 2025 | Twitchell Karen A. Director | Option exercise | 2,526 | $0 |
| Jul 1, 2025 | Sajkowski Daniel J Director | Sale 10b5-1 plan | 2,000 | $31.5K |
| Jun 24, 2025 | Sajkowski Daniel J Director | Sale | 1,518 | $0 |
| Jun 24, 2025 | Sajkowski Daniel J Director | Option exercise | 3,796 | $0 |
| Jun 24, 2025 | Mawer Stephen P Director | Sale | 2,962 | $0 |
| Jun 24, 2025 | Raymond Paul C Director | Option exercise | 3,796 | $0 |
| Jun 24, 2025 | Straumins Jennifer Director | Option exercise | 3,796 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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