Filing Flows › Calumet (CLMT) › Q3 2025
Calumet (CLMT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Calumet (CLMT) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), -2% from a year earlier and +5% from the quarter before. Operating margin was 30.0%, net earnings $313M (29.1% of revenue).
Calumet, Q3 2025: revenue $1.1B (-2% year over year), operating margin 30.0%, net earnings $313M, operating cash flow $23.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +5% | -2% |
| Gross profit | $374M | — | 76× |
| Operating profit | $323M | — | — |
| Net earnings | $313M | — | — |
| Operating cash flow | $23.5M | — | — |
| Free cash flow | $0 | — | — |
What changed
Revenue was $1.1B in Q3 2025, down 2% year over year and up 5% from the previous quarter.
Gross margin was 34.7%, up 34.2 points from a year earlier. Operating profit was $0.32B, a 30.0% margin (up 35.1 points year over year). Operating expenses fell 18% while revenue fell 2%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $0.31B. The effective tax rate was -15.2%.
Operating cash flow was $0.02B, 7% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.34B. Capital expenditures of $0.02B left free cash flow of $0K.
Questions
What was Calumet's revenue in the third quarter 2025?
Calumet (CLMT) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), -2% from a year earlier and +5% from the quarter before.
Was Calumet profitable in the third quarter 2025?
Operating profit was $323M (30.0% of revenue) and net earnings $313M.
Source: Calumet 10-Q on SEC EDGAR.