Calumet Q3 Net Income Jumps to $273.3M on Specialty Surge

Calumet, Inc. (NASDAQ: CLMT) reported third-quarter 2026 net income of $273.3 million, or $2.91 per basic common share, on sales of $1,682.9 million for the period ended September 30, 2026, the Indianapolis-based specialty products and renewable fuels maker announced on November 6, 2026. Adjusted EBITDA reached $322.0 million, and Adjusted EBITDA with Tax Attributes came in at $347.2 million, both figures the company disclosed in its quarterly release.

The quarter's headline profit fell short of the $313.4 million net income and $3.61 per share booked in the same period of 2025, even as segment-level cash earnings expanded sharply. For the nine months through September 30, 2026, Calumet reported a net loss of $139.6 million, or $1.79 per basic share, against net income of $3.5 million a year earlier.

Context — Why Calumet's Q3 Print Matters Now

The prior-year comparison cuts both ways. Third-quarter 2025 net income of $313.4 million benefited from a materially different mix of one-time items, while the current quarter absorbed two large non-cash charges the company flagged explicitly: an unrealized loss of $113.8 million on derivatives and $176.7 million of non-cash RINs-related items.

Strip those out and the operating picture inverts. Adjusted EBITDA climbed to $322.0 million from $69.6 million in the third quarter of 2025, and Adjusted EBITDA with Tax Attributes rose to $347.2 million from $92.5 million.

Calumet attributed the SPS segment result to a constructive market, an ongoing global shortage in specialty products, strong production, and what it described as excellent commercial execution. That is a company claim, and it points to supply-side disruption rather than demand-led growth as the driver.

The catalyst chain runs through two assets. First, Calumet's integrated specialties platform, which the company says is supported by advantaged domestic crude. Second, Montana Renewables, which delivered its first full quarter of operations since the SET2 RVO and posted record earnings.

Management framed the deleveraging as pulling the company's strategy forward by years. CEO Todd Borgmann said the quarter reflected years of deliberate positioning, adding that Calumet is converting earnings power into lasting shareholder value.

Data — What the Numbers Show

The segment split tells the story. Specialty Products and Solutions generated $248.1 million of Adjusted EBITDA on $420.1 million of gross profit, versus $80.2 million and $276.3 million respectively in the prior-year quarter.

Segment (Q3 2026 vs Q3 2025)	Adjusted EBITDA	Prior Year
Specialty Products and Solutions	$248.1M	$80.2M
Performance Brands	$9.1M	$13.2M
Montana/Renewables (with Tax Attributes)	$110.6M	$17.1M
Corporate	$(20.6)M	$(18.0)M

Performance Brands was the lone soft spot. Adjusted EBITDA of $9.1 million came in below the $13.2 million booked a year earlier, with the company citing compressed margins from a normal price lag as increases were implemented in response to feedstock cost escalation. The segment did include $7.0 million of proceeds from a business interruption insurance claim recognized in the quarter.

Montana/Renewables swung hard positive. Adjusted EBITDA with Tax Attributes reached $110.6 million, and the company said Montana Renewables alone delivered $80.4 million, or $1.86 per gallon. Nine-month MR Adjusted EBITDA with Tax Attributes stands at $147.4 million versus $36.7 million through September 2025.

Balance-sheet metrics moved alongside earnings. Cash and cash equivalents rose to $225.2 million from $125.1 million at December 31, 2025, while long-term debt less current portion stood at $2,152.7 million. The current portion of the RINs obligation climbed to $303.4 million from $169.3 million.

Analysis — What It Means for Energy and Refining Tickers

The read-through for the specialty chemicals and renewables complex is about supply, not demand. Calumet's SPS margin expansion, from $14.94 to $48.04 of adjusted gross profit per barrel year over year, reflects a global shortage the company says persists.

That matters for peers exposed to the same specialty product chains, where margin capture depends on whether the shortage is structural or cyclical. Calumet's own language points to an ongoing shortage, which is a forward-looking claim rather than a confirmed fact.

The renewables side carries policy sensitivity. Montana Renewables' record quarter came in the first full period of operations since the SET2 RVO, tying earnings directly to the renewable volume obligation framework. Any shift in that framework would move the segment's economics.

One limitation deserves weight. Net income fell year over year despite the EBITDA surge, because non-cash derivative and RINs items consumed the operating gain. A reader comparing headline EPS across quarters is comparing two different compositions of earnings, not a deterioration in the core business.

On positioning, the company said it retired roughly $265 million of high-cost debt since July, including a $150 million redemption of 9.75% Senior Notes due 2028 on October 25, 2026 at 102.438% of principal. That reduces interest expense but consumes cash that could otherwise fund the MaxSAF expansion, which Calumet described as lower-risk and highly capital-efficient.

Outlook — What to Watch Next

The company did not disclose a specific timeline for the MaxSAF expansion in the report. Investors get a fuller picture on the November 6, 2026 conference call at 9:00 a.m. ET, with a replay available on Calumet's investor relations site for at least 90 days.

Three things to track. First, whether the specialty product shortage persists into the fourth quarter, which determines whether SPS margins hold near the $48.04 per barrel adjusted level. Second, Montana Renewables' per-gallon economics now that SET2 RVO is fully in the base. Third, whether further debt retirement continues at the pace set since July.

On the balance sheet, watch the RINs obligation, which rose to $303.4 million in the current portion. Its trajectory will shape how much cash conversion the EBITDA figures actually deliver.

Frequently Asked Questions

Why did Calumet's net income fall even though Adjusted EBITDA tripled?

Net income includes non-cash items that Adjusted EBITDA excludes. Calumet booked a $113.8 million unrealized derivative loss and $176.7 million of non-cash RINs-related charges in the quarter. Those reduced reported profit without touching cash operations. Adjusted EBITDA, which strips out mark-to-market swings, RINs adjustments and other non-cash entries, rose to $322.0 million from $69.6 million a year earlier.

What is Adjusted EBITDA with Tax Attributes and why does Calumet report it?

It equals Adjusted EBITDA plus the notional value of CFPCs, less the difference between the notional value of any CFPCs sold and the amount realized. Calumet reported $347.2 million on this basis for the quarter, against $322.0 million of plain Adjusted EBITDA. The gap of $25.2 million reflects tax-credit monetization tied to its renewable fuels business, which a standard EBITDA figure would not capture.

How much debt has Calumet retired and what does it save?

Calumet said it retired roughly $265 million of high-cost debt since July. That includes redeeming all $100.0 million of 9.75% Senior Notes due 2028 issued in January 2025, terminating a $15.5 million Montana terminal financing, and redeeming $150 million of the 2028 Notes issued in June 2023. The company did not quantify the resulting annual interest savings in the report.

Bottom Line

Calumet's cash earnings tripled on a specialty shortage and record renewables, but non-cash charges masked the gain in reported profit.

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