Filing Flows › Calumet (CLMT) › Q3 2026 › vs Q2 2026
Calumet (CLMT) Q3 2026 vs Q2 2026 (quarter over quarter)
Calumet's revenue rose $238M (+16%) from $1.4B in Q2 2026 to $1.7B in Q3 2026. Gross margin 32.3% against 1.3% (+31.0 pts).
Calumet, Q3 2026: revenue $1.7B (+56% year over year), operating margin 27.0%, net earnings $256M, operating cash flow $218M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 32.3% | 1.3% | +31.0 pts |
| Operating margin | 27.0% | -2.8% | +29.7 pts |
| Net margin | 15.2% | -6.6% | +21.9 pts |
| Free cash flow margin | 12.3% | 3.7% | +8.5 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $1.7B | $1.4B | $238M | +16% |
| Gross profit | $543M | $18.3M | $525M | 30× |
| Cost of revenue | $1.1B | $1.4B | −$287M | -20% |
| Operating profit | $454M | −$40.0M | $494M | — |
| Operating expenses | $89.5M | $58.3M | $31.2M | +54% |
| Pre-tax earnings | $245M | −$117M | $362M | — |
| Other expense, net | $208M | $77.1M | $131M | +170% |
| Sales & marketing | $13.3M | $13.5M | −$200K | -1% |
| General & admin | $70.1M | $39.4M | $30.7M | +78% |
| Other operating costs | $6.1M | $5.4M | $700K | +13% |
| Income tax benefit | $28.0M | $21.2M | $6.8M | +32% |
| Net earnings | $256M | −$95.9M | $352M | — |
| Minority interests | $16.9M | $0 | $16.9M | — |
| Depreciation & amortization | $36.6M | $34.6M | $2.0M | +6% |
| Share-based compensation | $35.0M | $7.5M | $27.5M | +367% |
| Working capital & other | $110M | −$146M | $256M | — |
| Operating cash flow | $218M | $92.3M | $126M | +137% |
| Free cash flow (OCF − capex) | $207M | $54.0M | $153M | +283% |
| Capital expenditures | $11.8M | $38.3M | −$26.5M | -69% |
Questions
How much did Calumet's revenue grow quarter over quarter in Q3 2026?
Calumet's revenue rose $238M (+16%) from $1.4B in Q2 2026 to $1.7B in Q3 2026. Gross margin 32.3% against 1.3% (+31.0 pts).