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Calumet cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$207M in Q3 2026 · $265M over twelve months

Operating cash flow$218M
Capital spending−$11.8M
Free cash flow+$207M
Cash / net income0.9×
Cash conversion cycle28 days

Analysis

In Q3 2026, Calumet generated $218M of operating cash flow and spent $11.8M on capital projects, leaving free cash flow of $207M. That is $207M more than in Q3 2025 ($0).

Over the twelve months to Sep 30, 2026, operating cash flow was $341M; the largest uses were other financing ($569M), capital spending ($76.0M), other investing ($2.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($390M), asset & business sales ($1.5M); the cash balance rose by $85.2M.

Operating cash flow was $218M against net income of $256M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$50.5M, receivables −$49.1M, inventory −$44.1M.

Its cash conversion cycle was 28 days (receivables 24 + inventory 36 − payables 32).

Free cash flow

Calumet: free cash flow by quarterCalumet: free cash flow by quarter−$31.1MQ4 2024−$49.7MQ1 2025−$20.8MQ2 2025$0Q3 2025$103MQ4 2025−$99.4MQ1 2026$54.0MQ2 2026$207MQ3 2026
Operating cash flow less capital spending.
Calumet: operating cash flow against capital spendingCalumet: operating cash flow against capital spendingOperating cash flowCapital spending−$3.4M$27.7MQ4 2024−$29.3M$20.4MQ1 2025−$1.8M$19.0MQ2 2025$23.5M$23.5MQ3 2025$116M$13.8MQ4 2025−$86.2M$13.2MQ1 2026$92.3M$38.3MQ2 2026$218M$11.8MQ3 2026
Latest (Q3 2026): Operating cash flow $218M, Capital spending $11.8M.

Capital allocation, year by year

Calumet: where the cash came from (up) and went (down), by fiscal yearCalumet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2022: Operating cash flow $101MFY2022: Net borrowing $80.8MFY2022: Asset sales $200KFY2022: Capital spending −$599M$182MFY2022FY2023: Operating cash flow −$14.9MFY2023: Net borrowing $357MFY2023: Capital spending −$320M$357MFY2023FY2024: Operating cash flow −$46.4MFY2024: Net borrowing $703MFY2024: Capital spending −$97.3M$703MFY2024FY2025: Operating cash flow $109MFY2025: Net borrowing −$93.1MFY2025: Asset sales $96.9MFY2025: Capital spending −$76.7M$206MFY2025
Over these 4 years operating cash flow totalled $148M; the largest uses were capital spending ($1.1B) and net borrowing ($93.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$225M
Debt$2.2B
Net debt$1.9B
Due within a year$157M

Calumet funds itself: free cash flow was $265M over the last twelve months, and $225M of cash and investments stands against $2.2B of debt ($157M due within a year, 1.4× covered by cash).

Calumet: debt maturities by year (FY2025)Calumet: debt maturities by year (FY2025)$157MYear 1$449MYear 2$448MYear 3$256MYear 4$74.7MYear 5$883MAfter year 5
Principal due in each year as disclosed in the annual report, against $225M of cash and investments now.

Where the cash came from and went

Calumet: sources (+) and uses (−) of cash, Q3 2026Calumet: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$218MCash drawn (+) / kept (−)−$110MOther financing−$78.4MNet borrowing (+) / repaid (−)−$18.3MCapital spending−$11.8M
Calumet: sources (+) and uses (−) of cash, TTM to Q3 2026Calumet: sources (+) and uses (−) of cash, 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 profit to cash

Calumet: net income to operating cash flow, Q3 2026Calumet: net income to operating cash flow, Q3 2026Net income$273MDepreciation & amortization$36.6MStock-based pay$35.0MGains on disposals$100KOther non-cash$2.8MReceivables−$49.1MInventory−$44.1MPayables$50.5MOther liabilities−$6.2MOperating cash flow$218M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202624363228
Q2 202624252326
Q1 202625302630
Q4 202522352631
Q3 202523503835
Q2 202524322532
Q1 202524342631
Q4 202425443435

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$218M−$11.8M−$18.3M−$110M$207M
Q2 2026$92.3M−$38.3M−$77.0M$28.8M$54.0M
Q1 2026−$86.2M−$13.2M$558M$26.5M−$99.4M
Q4 2025$116M−$13.8M−$73.1M−$30.5M$103M
Q3 2025$23.5M−$23.5M−$40.8M$16.0M$0
Q2 2025−$1.8M−$19.0M$155M$12.8M−$20.8M
Q1 2025−$29.3M−$20.4M−$133M−$158M−$49.7M
Q4 2024−$3.4M−$27.7M$415M−$3.6M−$31.1M

Calumet: income statement and cash flow

Calumet, Q3 2026: revenue $1.7B (+56% year over year), operating margin 27.0%. The chart follows the revenue to costs, profit and cash.

Calumet: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.