CLMT

MKT CAP:$3B

Calumet, Inc.

Market Cap

$3B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Exploration & Production·🇺🇸·NASDAQ

Stock Price

$32.78+$13.23 (+67.67%)

Apr 23, 2026

Company Details

Calumet, Inc. manufactures, formulates, and markets slate of specialty branded products to various consumer-facing and industrial markets in North America and internationally. Its Specialty Products and Solutions segment offers various solv...

CEO

Louis Todd Borgmann

IPO Date

Jan 26, 2006

Website

calumet.com

Key Metrics TTM

Revenue

$4.1B

-4.5% YoY

Net Income

-$34M

EPS (Diluted)

-$0.39

Free Cash Flow

$57M

Revenue / Share

$47.60

Gross Margin

5.9%

Operating Margin

2.7%

Net Margin

-0.8%

FCF Margin

1.4%

P/S

0.6x

P/E

—

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Feb 27, 2026

$4.1B-1.2%EPS -$0.39

Q4 2025

Feb 27, 2026

$1.0B+9.4%EPS -$0.43

Q3 2025

Nov 10, 2025

$1.1B-2.0%EPS $3.61

Q2 2025

Aug 8, 2025

$1.0B-9.4%EPS -$1.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$937M	$140M	$32M
Q3 17	$1.1B	$152M	$35M
Q2 19	$897M	$107M	$5M
Q3 19	$930M	$118M	$33M
Q4 19	$775M	$91M	$4M
Q2 20	$454M	$59M	$23M
Q4 20	$554M	$22M	-$40M
Q2 23	$1.0B	$72M	$25M
Q3 23	$1.1B	$262M	$213M
Q2 24	$1.1B	$64M	$6M
Q3 24	$1.1B	$5M	-$57M
Q4 24	$950M	$84M	$23M
Q1 25	$994M	-$81M	-$49M
Q2 25	$1.0B	-$44M	-$101M
Q3 25	$1.1B	$374M	$323M
Q4 25	$1.0B	-$3M	-$63M

Valuation

Quarter	P/S	P/E
Q1 17	0.7x	—
Q3 17	0.7x	—
Q2 19	0.7x	—
Q3 19	0.7x	—
Q4 19	0.7x	—
Q2 20	0.9x	—
Q4 20	1.0x	—
Q2 23	1.0x	—
Q3 23	0.8x	—
Q2 24	0.7x	—
Q3 24	0.6x	—
Q4 24	0.6x	—
Q1 25	0.6x	—
Q2 25	0.7x	—
Q3 25	0.7x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 17	-$41M	-$58M
Q3 17	$32M	$17M
Q2 19	$62M	$55M
Q3 19	$64M	$54M
Q4 19	$38M	$11M
Q2 20	$70M	$57M
Q4 20	-$3M	-$11M
Q2 23	-$26M	-$104M
Q3 23	$45M	$13M
Q2 24	$67M	$52M
Q3 24	-$16M	-$32M
Q4 24	-$3M	-$28M
Q1 25	-$111M	-$128M
Q2 25	$3M	-$11M
Q3 25	$100M	$92M
Q4 25	$117M	$104M

Capital Expenditures

Quarter	CapEx
Q1 17	$17M
Q3 17	$16M
Q2 19	$8M
Q3 19	$10M
Q4 19	$28M
Q2 20	$14M
Q4 20	$9M
Q2 23	$78M
Q3 23	$32M
Q2 24	$15M
Q3 24	$17M
Q4 24	$25M
Q1 25	$18M
Q2 25	$14M
Q3 25	$8M
Q4 25	$13M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 17	+31.5%	+23.7%
Q3 17	+12.8%	+8.9%
Q2 19	-7.2%	-6.7%
Q3 19	-1.8%	-8.1%
Q4 19	-17.3%	-14.9%
Q2 20	-58.7%	-59.5%
Q4 20	-38.2%	-33.4%
Q2 23	+9.5%	+10.8%
Q3 23	+48.3%	+21.5%
Q2 24	+149.9%	+161.7%
Q3 24	+98.7%	+94.9%
Q4 24	-6.7%	-6.6%
Q1 25	-13.5%	+11.3%
Q2 25	-9.4%	+0.0%
Q3 25	-2.0%	-34.8%
Q4 25	+9.4%	+18.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 17	$2M	0.2%
Q3 17	$5M	0.5%
Q2 19	$2M	0.3%
Q3 19	$300.0K	0.0%
Q4 19	$1M	0.1%
Q2 20	$0	0.0%
Q4 20	$3M	0.5%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	-$5M	-0.4%

OpEx Breakdown

Quarter	G&A	S&M
Q1 17	$72M	$28M
Q3 17	$78M	$28M
Q2 19	$69M	$14M
Q3 19	$61M	$13M
Q4 19	$58M	$13M
Q2 20	$27M	$13M
Q4 20	$42M	$11M
Q2 23	$26M	$16M
Q3 23	$40M	$12M
Q2 24	$38M	$15M
Q3 24	$40M	$15M
Q4 24	$45M	$12M
Q1 25	$12M	$12M
Q2 25	$41M	$12M
Q3 25	$31M	$11M
Q4 25	$39M	$13M

Revenue Segments

Quarter	Fuel Product	Specialty Product	Montana/Renewables	Performance Brands	Specialty Products and Solutions
Q2 19	$553M	$344M	—	—	—
Q3 19	$574M	$356M	—	—	—
Q2 20	$221M	$233M	—	—	—
Q4 20	$271M	$283M	—	—	—
Q2 23	—	—	$248M	$86M	$689M
Q3 23	—	—	$329M	$75M	$748M
Q2 24	—	—	$291M	$96M	$753M
Q3 24	—	—	$306M	$80M	$720M
Q4 24	—	—	$223M	$79M	$653M
Q1 25	—	—	$262M	$82M	$655M
Q2 25	—	—	$318M	$81M	$633M
Q3 25	—	—	$319M	$80M	$684M
Q4 25	—	—	$294M	$69M	$680M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$11M	$0	$11M
Q2 22	$28M	$0	$28M
Q3 22	$51M	$0	$51M
Q4 22	$35M	$0	$35M
Q1 23	$11M	$0	$11M
Q2 23	$36M	$0	$36M
Q3 23	$14M	$0	$14M
Q4 23	$8M	$0	$8M
Q1 24	$24M	$0	$24M
Q2 24	$7M	$0	$7M
Q3 24	$35M	$0	$35M
Q4 24	$38M	$0	$38M
Q1 25	$123M	$0	$123M
Q2 25	$111M	$0	$111M
Q3 25	$95M	$0	$95M
Q4 25	$125M	$0	$125M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	78M	+1.2%	+2.4%
Q3 17	78M	-0.8%	+1.1%
Q2 19	78M	+0.7%	+1.1%
Q3 19	78M	+0.1%	+1.2%
Q4 19	78M	+0.0%	+0.1%
Q2 20	79M	+0.4%	+1.3%
Q4 20	78M	-0.3%	+0.3%
Q2 23	80M	+2.2%	+2.4%
Q3 23	80M	+0.2%	+2.5%
Q2 24	81M	+0.3%	+2.4%
Q3 24	86M	+6.2%	+9.1%
Q4 24	86M	+0.7%	+7.4%
Q1 25	86M	+0.4%	+7.7%
Q2 25	87M	+0.4%	+7.7%
Q3 25	87M	-0.1%	+1.4%
Q4 25	87M	+0.2%	+1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	—	—
Q3 17	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	—	—
Q2 23	—	—
Q3 23	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$586.1K	2K
Q1 25	$613.5K	2K
Q2 25	$633.7K	2K
Q3 25	$665.4K	2K
Q4 25	$674.4K	2K

Revenue / Employee