Calumet Specialty Products (CLMT) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 08, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-0.47

Last Year’s EPS

-1.87

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 5 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 27, 2026|

% Change Since:

Earnings Call Sentiment|Positive

Calumet reported a year of meaningful strategic execution: strong adjusted EBITDA growth (~30% YoY), substantial deleveraging (restricted debt reduced >$220M and leverage improved from 8.2x to 4.9x), large cost and reliability improvements, record specialty volumes and margins, and tangible progress on Montana Renewables’ SAF expansion and contract book. Near‑term headwinds include a weak Q4 at Montana Renewables, industry‑wide compressed renewable diesel margins and regulatory uncertainty, transaction costs from PTC monetization, and a heavy 2026 turnaround schedule that raises near‑term CapEx and may cause downtime. Overall, the positive operational, financial and strategic milestones outweigh the transitory and industry-driven challenges.

Company Guidance

Management’s guidance emphasized disciplined capital and operational execution: 2026 CapEx is forecast at $115–$145 million ( $70–$90M in the restricted group), ~$30–$40M above normal for a heavy turnaround year, yet total company production is expected to increase year‑over‑year; turnarounds (Shreveport, Cotton Valley, Princeton, Karnes City, Great Falls) will drive short‑term outages while Montana Renewables begins its MaxSAF 150 turnaround next week (offline through late April) with the expansion to 120–150 million gallons annual SAF targeted to be completed in Q2 and ramped into Q3, supported by roughly 100 million gallons of multiyear SAF contracts at $1–$2/gal premium and access to low‑CI feedstocks. Financial and operational targets include sustaining Specialty margins above $60/barrel and specialty volumes >20,000 bpd each quarter (SPS FY EBITDA $291.8M, Q4 $88.5M), Performance Brands FY EBITDA $47.9M (Q4 $5.4M), Montana Renewables FY EBITDA +$31.3M (Q4 -$5.4M) with H2 MRL operating costs averaging $0.41/gal (a 60% improvement vs two years), and Montana Asphalt expected to run $30–$50M EBITDA; company results in 2025 were $293.3M adjusted EBITDA (Q4 $69.3M) while management highlighted material cost and reliability gains (fixed costs down >$40M, water treatment down >$20M, transport savings ≈$19M, fixed cost per barrel down >$1, ~$20M lower capex) and continued deleveraging—restricted debt reduced >$220M in 2025 (nearly $80M this quarter), net recourse leverage improving from 8.2x to 4.9x, elimination of 2026/2027 maturities, and a DOE loan that removed roughly $80M of annual cash debt service—with priorities on durable free cash flow and value‑creating execution.

Strong Full-Year Adjusted EBITDA and Year‑over‑Year Growth

Calumet delivered $293.3 million of adjusted EBITDA with tax attributes for full year 2025 (stated as nearly a 30% increase year over year) and $69.3 million in the fourth quarter.

Material Deleveraging and Balance Sheet Improvement

Restricted debt reduced by more than $220 million year-to-date (nearly $80 million reduced in the quarter); net recourse leverage improved from 8.2x to 4.9x (≈40% improvement in leverage); eliminated 2026 and 2027 maturities; Montana Renewables closed DOE loan, removing roughly $80 million of annual cash debt service.

Significant Cost Reductions and Reliability Gains

Company-wide fixed costs down over $40 million; Montana Renewables water treatment costs down over $20 million; crude transportation costs in Specialty down about $19 million in 2025; capital spending reduced by roughly $20 million; operations increased production by ~1.3 million barrels year over year.

Record Specialty Products & Solutions (SPS) Performance

SPS produced record product levels in 2025 with adjusted EBITDA of $291.8 million for the year and $88.5 million in the quarter; specialty sales volumes exceeded 20,000 barrels per day in every quarter; sustained material margins above historical norms (stated >$60 per barrel) and fixed cost per barrel declined by over $1 versus prior year.

Montana Renewables Operational Progress and SAF Contracting

Montana Renewables posted $31.3 million adjusted EBITDA for full year 2025 (despite a weak quarter), H2 operating costs averaged $0.41 per gallon (a 60% improvement versus two years prior), monetized over $90 million of production tax credits, and finalized multiyear SAF contracts (~100 million gallons) at $1–$2 per gallon premium; MaxSAF 150 expansion (120–150 million gallons) on track to begin turnaround and complete in Q2 with ramp into H2.

Performance Brands Growth and Product Strength

Performance Brands adjusted EBITDA was $47.9 million for FY2025 (Q4 $5.4 million). Despite the 2025 divestiture of Royal Purple Industrial, the segment achieved its third consecutive year of growth after adjusting for the sale; TruFuel posted another record year.

Disciplined 2026 Capital Plan with Improved Production Outlook

2026 CapEx guidance of $115–$145 million (restricted group $70–$90 million), ~ $30–$40 million higher than normal due to planned heavy turnarounds; management expects overall company production to increase year over year due to reliability improvements.

Calumet Specialty Products (CLMT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CLMT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 08, 2026	2026 (Q1)	-0.47 / -	-1.87	―	―	―
Feb 27, 2026	2025 (Q4)	-0.40 / -0.43	-0.47	8.51% (+0.04)
Nov 07, 2025	2025 (Q3)	-0.35 / 3.61	-1.18	405.93% (+4.79)
Aug 08, 2025	2025 (Q2)	-0.34 / -1.70	-0.48	-254.17% (-1.22)
May 09, 2025	2025 (Q1)	-0.51 / -1.87	-0.51	-266.67% (-1.36)
Feb 28, 2025	2024 (Q4)	-0.73 / -0.47	-0.59	20.34% (+0.12)
Nov 08, 2024	2024 (Q3)	-0.60 / -1.18	1.26	-193.65% (-2.44)
Aug 09, 2024	2024 (Q2)	-0.55 / -0.48	-0.23	-108.70% (-0.25)
May 10, 2024	2024 (Q1)	-0.82 / -0.51	0.35	-245.71% (-0.86)
Feb 23, 2024	2023 (Q4)	-0.19 / -0.59	-0.86	31.40% (+0.27)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CLMT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 27, 2026	$30.22	$26.96	-10.79%
Nov 07, 2025	$19.51	$19.19	-1.64%
Aug 08, 2025	$14.91	$14.37	-3.62%
May 09, 2025	$11.87	$12.32	+3.79%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Calumet Specialty Products (CLMT) report earnings?

Calumet Specialty Products (CLMT) is schdueled to report earning on May 08, 2026, Before Open (Confirmed).

What is Calumet Specialty Products (CLMT) earnings time?

Calumet Specialty Products (CLMT) earnings time is at May 08, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

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What companies are reporting earnings today?

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What is CLMT EPS forecast?

CLMT EPS forecast for the fiscal quarter 2026 (Q1) is -0.47.