Filing Flows › Calumet (CLMT) › Q3 2026 › vs Q3 2025
Calumet (CLMT) Q3 2026 vs Q3 2025 (year over year)
Calumet's revenue rose $605M (+56%) from $1.1B in Q3 2025 to $1.7B in Q3 2026. Gross margin 32.3% against 34.7% (-2.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 32.3% | 34.7% | -2.4 pts |
| Operating margin | 27.0% | 30.0% | -3.0 pts |
| Net margin | 15.2% | 29.1% | -13.8 pts |
| Free cash flow margin | 12.3% | 0.0% | +12.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $1.7B | $1.1B | $605M | +56% |
| Gross profit | $543M | $374M | $170M | +45% |
| Cost of revenue | $1.1B | $704M | $435M | +62% |
| Operating profit | $454M | $323M | $131M | +41% |
| Operating expenses | $89.5M | $50.8M | $38.7M | +76% |
| Pre-tax earnings | $245M | $272M | −$26.7M | -10% |
| Other expense, net | $208M | $50.9M | $158M | +309% |
| Sales & marketing | $13.3M | $10.9M | $2.4M | +22% |
| General & admin | $70.1M | $31.4M | $38.7M | +123% |
| Other operating costs | $6.1M | $8.5M | −$2.4M | -28% |
| Income tax benefit | $28.0M | $41.4M | −$13.4M | -32% |
| Net earnings | $256M | $313M | −$57.0M | -18% |
| Minority interests | $16.9M | $0 | $16.9M | — |
| Depreciation & amortization | $36.6M | $39.7M | −$3.1M | -8% |
| Share-based compensation | $35.0M | $6.0M | $29.0M | +483% |
| Working capital & other | $110M | $336M | −$226M | -67% |
| Operating cash flow | $218M | $23.5M | $195M | +830% |
| Free cash flow (OCF − capex) | $207M | $0 | $207M | — |
| Capital expenditures | $11.8M | $23.5M | −$11.7M | -50% |
Questions
How much did Calumet's revenue grow year over year in Q3 2026?
Calumet's revenue rose $605M (+56%) from $1.1B in Q3 2025 to $1.7B in Q3 2026. Gross margin 32.3% against 34.7% (-2.4 pts).