Filing Flows › Calumet (CLMT) › Q4 2025
Calumet (CLMT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Calumet (CLMT) reported revenue of $1.0B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -4% from the quarter before. Operating margin was -6.2%, net loss $37.3M (3.6% of revenue).
Calumet, Q4 2025: revenue $1.0B (+9% year over year), operating margin -6.2%, net loss $37.3M, operating cash flow $116M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | -4% | +9% |
| Operating profit | −$64.5M | -120% | — |
| Net earnings | −$37.3M | -112% | — |
| Operating cash flow | $116M | +396% | — |
| Free cash flow | $103M | — | — |
What changed
Revenue was $1.0B in Q4 2025, up 9% year over year and down 4% from the previous quarter.
Operating costs exceeded revenue by $0.06B, an operating margin of -6.2%. The fastest-growing cost line was Other operating costs (+123%). The quarter ended with a net loss of $0.04B, after a profit of $0.31B the previous quarter. Net interest and other expense of $0.02B was the main reason.
Operating cash flow was $0.12B. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.11B. Capital expenditures of $0.01B left free cash flow of $0.10B.
Questions
What was Calumet's revenue in the fourth quarter 2025?
Calumet (CLMT) reported revenue of $1.0B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -4% from the quarter before.
Was Calumet profitable in the fourth quarter 2025?
Operating loss was $64.5M (-6.2% of revenue) and net loss $37.3M.
Source: Calumet 10-K on SEC EDGAR.