CLMT earnings analysis
What we found in CLMT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Calumet reported strong revenue growth to $1.445 billion, but remained unprofitable with diluted EPS of negative $1.09. EPS improved sequentially from negative $3.64 but worsened year over year from negative $1.70, and current-period gross margin, operating margin and cash-flow data were not available in the supplied filing text. Material exposures remain tied to commodity prices and RIN costs, with a $1.00 RIN-price increase estimated to reduce annual net income by $65.0 million; management reported no material changes to previously disclosed risk factors.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Rebounded Sharply
- Revenue was $1.445 billion, up approximately 40.3% from $1.03 billion in Q1 2026 and from Q2 2025 based on the reported quarterly history.
- Sequential EPS Improvement
- Diluted EPS was negative $1.09, an improvement from negative $3.64 in Q1 2026 but a deterioration from negative $1.70 in Q2 2025.
- Variable Debt Declined
- Variable-rate debt declined to $18.3 million at June 30, 2026, from $94.6 million at December 31, 2025, reducing exposure to short-term interest-rate movements.
- Liquidity Facility Available
- The company had a $500.0 million revolving credit facility as of June 30, 2026, supporting liquidity flexibility despite ongoing earnings volatility.
- Controls Remained Effective
- The filing states that disclosure controls were effective at the reasonable assurance level as of June 30, 2026, and that no material internal-control changes occurred during the quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- RIN Cost Exposure
- A $1.00 increase in RIN prices is estimated to reduce net income by approximately $65.0 million per year, creating material exposure to renewable-compliance credit costs.
- Commodity Price Volatility
- The company remains exposed to crude oil, refined products, renewable products, feedstocks, natural gas and precious-metals prices; derivatives do not eliminate all risk because the company states hedging costs can be too high relative to the exposure.
- Interest-Rate and Risk Persistence
- The company had $18.3 million of variable-rate debt at June 30, 2026, and a 100-basis-point interest-rate change would affect net income by approximately $0.2 million annually. The filing states there were no material changes to the risk factors in the 2025 Annual Report.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.09
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the available 10-Q text; outlook appears deferred to the earnings release or call.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 8, 2026
- Calumet reported a significant net loss of $317.0 million in Q1 2026, driven by substantial non-cash expenses, leading to a diluted EPS of -$3.64, far worse than the expected loss of -$0.62. However, revenues reached…
- 10-K · February 27, 2026
- Calumet’s 2025 10-K emphasizes a strategic pivot toward higher-margin specialty products and renewables while continuing to de‑lever the balance sheet. Management reports ~$100.0 million of operating cost reductions in…
- 10-Q · November 10, 2025
- Calumet reported a strong operational rebound in Q3 2025 with sales of $1,078.0 million and a swing to net income of $313.4 million (EPS $3.61) versus a loss of $100.6 million (EPS $(1.18)) in Q3 2024. Gross profit…
- 10-Q · August 8, 2025
- Calumet reported Q2 sales of $1,026.6 million but swung to a large GAAP net loss of $147.9 million (EPS $-1.70) versus a $39.1 million loss (EPS $-0.48) a year ago, driven by a $43.6 million gross loss and higher…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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