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Calumet (CLMT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Calumet (CLMT) Q3 2026 earnings results →

Q3 2026 Revenue up 56% year over year to $1.7B · 15¢ of every $1 of revenue kept as net profit · operating margin 27.0%

Calumet made $1.7B in Q3 2026 (+56% Y/Y). Operating margin 27.0%, net earnings $256M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$1.7B
Year over year+56%
Operating margin27.0%
Net earnings$256M
Operating cash flow$218M

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Calumet Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Calumet Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.7B in Q3 2026, up 56% year over year and up 16% from the previous quarter.

Gross margin was 32.3%, down 2.4 points from Q3 2025. Operating profit was $0.45B, a 27.0% margin (down 3.0 points year over year). Of the extra revenue versus Q3 2025, 22% reached operating profit, below the 30% margin then. Operating expenses grew 76% against revenue growth of 56%. The fastest-growing cost line was General & admin (+123%). Net earnings were $0.26B, down 18% year over year. The effective tax rate was -11.4%.

Operating cash flow was $0.22B (up 830% year over year), 80% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.13B. Capital expenditures of $0.01B left free cash flow of $0.21B.

Quarterly history

Calumet revenue by quarterCalumet revenue by quarter$994MQ1 2025$1.0BQ2 2025$1.1BQ3 2025$1.0BQ4 2025$1.0BQ1 2026$1.4BQ2 2026$1.7BQ3 2026
Calumet net earnings by quarterCalumet net earnings by quarter−$162MQ1 2025−$148MQ2 2025$313MQ3 2025−$37.3MQ4 2025−$317MQ1 2026−$95.9MQ2 2026$256MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$1.7B+56%27.0%$256M$218M
Q2 202610-QAug 7, 2026$1.4B+41%-2.8%−$95.9M$92.3M
Q1 202610-QMay 8, 2026$1.0B+4%-16.6%−$317M−$86.2M
Q4 202510-KFeb 27, 2026$1.0B+9%-6.2%−$37.3M$116M
Q3 202510-QNov 10, 2025$1.1B-2%30.0%$313M$23.5M
Q2 202510-QAug 8, 2025$1.0B-9%-9.8%−$148M−$1.8M
Q1 202510-QMay 12, 2025$994M-1%-4.9%−$162M−$29.3M

Charts

Calumet: revenue growth, year over year and quarter over quarterCalumet: revenue growth, year over year and quarter over quarterY/YQ/Q-1%Q1 2025-9%+3%Q2 2025-2%+5%Q3 2025+9%-4%Q4 2025+4%-1%Q1 2026+41%+40%Q2 2026+56%+16%Q3 2026
Latest (Q3 2026): Y/Y +56%, Q/Q +16%.
Calumet: where the cash came from (+) and went (−), TTM to Q3 2026Calumet: where the cash came from (+) and went (−), TTM to Q3 2026Other financing−$569MNet borrowing (+) / repaid (−)$390MOperating cash flow$341MCash drawn (+) / kept (−)−$85.2MCapital spending−$76.0MOther investing−$2.0MAsset & business sales$1.5M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Calumet: profit against cash, quarter by quarterCalumet: profit against cash, quarter by quarterNet incomeOperating cash flow−$40.7M−$3.4MQ4 2024−$162M−$29.3MQ1 2025−$148M−$1.8MQ2 2025$313M$23.5MQ3 2025−$37.3M$116MQ4 2025−$317M−$86.2MQ1 2026−$95.9M$92.3MQ2 2026$256M$218MQ3 2026
Latest (Q3 2026): Net income $256M, Operating cash flow $218M.
Calumet: diluted shares by fiscal yearCalumet: diluted shares by fiscal year79MFY202280MFY202383MFY202487MFY2025
+9.4% since FY2022: more shares outstanding (issuance, stock pay).
Calumet: long-term debt falling due (FY2025)Calumet: long-term debt falling due (FY2025)$157M2026$449M2027$448M2028$256M2029$74.7M2030$883MLater
Cash $125M, short-term investments —, long-term debt $2.2B at 2025-12-31.
Calumet in its industry: growth against margin (15 companies, SIC 2911)Calumet in its industry: growth against margin (15 companies, SIC 2911)revenue growth, year over year →↑ operating marginmedian +52%median 19%XOMCVXMPCPSXVLOCOPSUNCSUNPBFPBF Holding Co LLCIMODKCVIIEPCLMT (+56%, 27%)
Petroleum Refining; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Calumet

Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

In its own words, from its 8-K, filed Aug 7, 2026.

Calumet against its Petroleum Refining peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +56% against the peers' median +46%. Operating margin: 27.0% against the peers' median 18.8%.

CompanyQuarterRevenueY/YOp. margin
CLMT CalumetQ3 2026$1.7B+56%27.0%
XOM ExxonMobil HoldingsQ3 2026$113.2B+33%18.8%
CVX ChevronQ3 2026$67.8B+36%20.1%
MPC Marathon PetroleumQ3 2026$56.0B+61%18.7%
PSX Phillips 66Q3 2026$50.5B+46%14.1%
VLO Valero EnergyQ3 2026$46.1B+43%19.7%
COP ConocoPhillipsQ3 2026$19.4B+29%30.8%
SUNC SunocoCorp LLCQ3 2026$18.0B+199%4.1%
PBF PBF EnergyQ3 2026$12.1B+59%17.3%

Source: Calumet 10-Q on SEC EDGAR · CIK 2013745 · Petroleum Refining

Guidance and outlook

Calumet: what its forward-looking statements are about (10-Q filed 2026-11-06)Calumet: what its forward-looking statements are about (10-Q filed 2026-11-06)Other4Demand4Capital spending4Margins2Financing2Costs1
17 statements; tone +0.12 (−1 all cautious, +1 all confident); 0 hedged.
Calumet: outlook statements against the filing beforeCalumet: outlook statements against the filing beforeConfident6Cautious4

13F: who owns CLMT and who is buying

Largest holders of CLMT (13F)Largest holders of CLMT (13F)Two Seas Capital LP$277MBlackRock$189MWasserstein Debt Opportunities Ma…$143MState Street$125MVanguard Capital Management LLC$124MVanguard Group$93.4MBarclays$76.7MGeode Capital Management, LLC$70.7MVanguard Portfolio Management LLC$36.9MBank of America$35.3M
Funds' net buying of CLMT by quarter (13F)Funds' net buying of CLMT by quarter (13F)$42.2M2024-09$709K2024-12$32.1M2025-03$71.1M2025-06$6.5M2025-09$11.5M2025-12$56.0M2026-03$82.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CLMT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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