What is Calumet's operating income?

Calumet's total operating income in 2025 was $52.90 million, based on the following breakdown: Total Gross Profit: $245.70 million Total Operating Expenses: $192.80 million

Calumet (CLMT) Financials

$53.83 +0.70 (+1.32%)

As of 11:24 AM Eastern

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Annual Income Statements for Calumet

This table shows Calumet's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-173	48	-222	-34
Consolidated Net Income / (Loss)	-173	48	-222	-34
Net Income / (Loss) Continuing Operations	-173	48	-222	-34
Total Pre-Tax Income	-170	50	-221	-126
Total Operating Income	132	267	8.10	53
Total Gross Profit	352	452	231	246
Total Revenue	4,686	4,181	4,189	4,137
Operating Revenue	4,686	4,181	4,189	4,137
Total Cost of Revenue	4,335	3,729	3,959	3,891
Operating Cost of Revenue	4,335	3,729	3,959	3,891
Total Operating Expenses	220	185	223	193
Selling, General & Admin Expense	197	188	201	172
Other Operating Expenses / (Income)	22	-6.90	20	20
Impairment Charge	0.70	3.50	2.00	1.30
Total Other Income / (Expense), net	-302	-218	-229	-179
Interest Expense	217	228	237	263
Other Income / (Expense), net	-85	10	7.80	84
Income Tax Expense	3.40	1.60	0.80	-93
Basic Earnings per Share	($2.14)	$0.59	($2.67)	($0.39)
Weighted Average Basic Shares Outstanding	79.34M	80.08M	83.15M	86.76M
Diluted Earnings per Share	($2.14)	$0.59	($2.67)	($0.39)
Weighted Average Diluted Shares Outstanding	79.34M	80.08M	83.15M	86.76M
Weighted Average Basic & Diluted Shares Outstanding	-	-	86.21M	86.78M

This table shows Calumet's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	100	-42	-39	-101	-162	-148	313	-317	-96
Consolidated Net Income / (Loss)	100	-42	-39	-101	-162	-148	313	-317	-96
Net Income / (Loss) Continuing Operations	100	-42	-39	-101	-162	-148	313	-317	-96
Total Pre-Tax Income	100	-41	-39	-100	-162	-148	272	-338	-117
Total Operating Income	213	36	6.20	-57	-49	-101	323	-171	-40
Total Gross Profit	262	79	64	4.90	-81	-44	374	-88	18
Total Revenue	1,149	1,006	1,134	1,100	994	1,027	1,078	1,030	1,445
Operating Revenue	1,149	1,006	1,134	1,100	994	1,027	1,078	1,030	1,445
Total Cost of Revenue	888	927	1,070	1,096	1,075	1,070	704	1,117	1,427
Operating Cost of Revenue	888	927	1,070	1,096	1,075	1,070	704	1,117	1,427
Total Operating Expenses	49	42	58	62	-33	57	51	84	58
Selling, General & Admin Expense	53	37	53	55	24	53	42	78	53
Other Operating Expenses / (Income)	-4.10	5.20	5.00	6.90	-57	4.10	8.50	5.50	5.40
Total Other Income / (Expense), net	-113	-78	-45	-43	-113	-47	-51	-167	-77
Interest Expense	59	61	57	58	106	53	53	53	52
Other Income / (Expense), net	-54	-17	12	15	-6.80	6.30	2.20	-114	-25
Income Tax Expense	0.50	0.20	0.50	0.70	0.40	0.20	-41	-21	-21
Basic Earnings per Share	$1.24	($0.51)	($0.48)	($1.18)	($1.87)	($1.70)	$3.61	($3.64)	($1.09)
Weighted Average Basic Shares Outstanding	80.17M	80.35M	80.56M	85.53M	86.43M	86.80M	86.90M	87.00M	87.59M
Diluted Earnings per Share	$1.24	($0.51)	($0.48)	($1.18)	($1.87)	($1.70)	$3.61	($3.64)	($1.09)
Weighted Average Diluted Shares Outstanding	80.39M	80.35M	80.56M	85.53M	86.43M	86.80M	86.90M	87.00M	87.59M
Weighted Average Basic & Diluted Shares Outstanding	-	-	85.89M	85.90M	86.62M	86.75M	86.75M	87.15M	87.90M

This table details how cash moves in and out of Calumet's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-87	-21	31	159
Net Cash From Operating Activities	101	-15	-46	109
Net Cash From Continuing Operating Activities	101	-15	-46	109
Net Income / (Loss) Continuing Operations	-173	48	-222	-34
Consolidated Net Income / (Loss)	-173	48	-222	-34
Depreciation Expense	98	147	149	149
Amortization Expense	41	42	46	84
Non-Cash Adjustments To Reconcile Net Income	324	-179	-9.00	-87
Changes in Operating Assets and Liabilities, net	-190	-73	-10	-3.10
Net Cash From Investing Activities	-536	-272	-77	44
Net Cash From Continuing Investing Activities	-536	-272	-77	44
Purchase of Property, Plant & Equipment	-536	-272	-77	-52
Purchase of Investments	-	0.00	0.00	-0.50
Divestitures	-	0.00	0.00	97
Net Cash From Financing Activities	349	266	154	6.20
Net Cash From Continuing Financing Activities	349	266	154	6.20
Repayment of Debt	-2,307	-2,366	-2,753	-3,270
Issuance of Debt	2,020	2,603	2,843	2,438
Other Financing Activities, net	390	29	65	839
Cash Interest Paid	151	202	232	172

This table details how cash moves in and out of Calumet's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q1 2025	Q1 2026
Period end date	3/31/2024	3/31/2025	3/31/2026
Net Change in Cash & Equivalents	17	158	-27
Net Cash From Operating Activities	-94	-29	-86
Net Cash From Continuing Operating Activities	-94	-29	-86
Net Income / (Loss) Continuing Operations	-42	-162	-317
Consolidated Net Income / (Loss)	-42	-162	-317
Depreciation Expense	-	37	33
Amortization Expense	-	17	21
Non-Cash Adjustments To Reconcile Net Income	0.70	84	264
Changes in Operating Assets and Liabilities, net	-53	-5.10	-86
Net Cash From Investing Activities	-20	78	-14
Net Cash From Continuing Investing Activities	-20	78	-14
Purchase of Property, Plant & Equipment	-20	-18	-13
Divestitures	0.00	95	0.00
Other Investing Activities, net	-	0.00	-0.50
Net Cash From Financing Activities	131	109	73
Net Cash From Continuing Financing Activities	131	109	73
Repayment of Debt	-625	-1,605	-1,000
Issuance of Debt	829	965	1,096
Other Financing Activities, net	-73	749	-23
Cash Interest Paid	-	60	57

This table presents Calumet's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,751	2,758	2,689
Total Current Assets	795	766	858
Cash & Equivalents	7.90	38	125
Restricted Cash	-	7.80	80
Accounts Receivable	252	242	233
Inventories, net	439	416	385
Prepaid Expenses	52	26	28
Other Current Assets	9.60	0.00	6.70
Plant, Property, & Equipment, net	1,506	1,439	1,353
Total Noncurrent Assets	450	553	478
Other Noncurrent Operating Assets	249	358	478
Total Liabilities & Shareholders' Equity	2,751	2,758	2,689
Total Liabilities	2,996	3,225	3,176
Total Current Liabilities	1,113	864	841
Short-Term Debt	56	36	156
Accounts Payable	322	321	282
Current Employee Benefit Liabilities	87	95	85
Other Current Liabilities	586	355	272
Other Current Nonoperating Liabilities	49	45	46
Total Noncurrent Liabilities	1,883	2,361	2,335
Long-Term Debt	1,830	2,065	2,077
Other Noncurrent Operating Liabilities	49	292	258
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	246	246	246
Total Equity & Noncontrolling Interests	-490	-712	-733
Total Preferred & Common Equity	-490	-712	-733
Total Common Equity	-490	-712	-733
Common Stock	-483	826	840
Retained Earnings	0.00	-1,539	-1,573
Accumulated Other Comprehensive Income / (Loss)	-7.20	-7.00	-6.80
Other Equity Adjustments	0.00	7.80	7.80

This table presents Calumet's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	0.00	2,640	2,824	2,776	2,734	2,755	2,803
Total Current Assets	0.00	790	918	896	880	928	1,023
Cash & Equivalents	0.00	35	123	111	95	139	110
Restricted Cash	-	-	80	80	80	40	40
Accounts Receivable	-	280	281	271	264	358	417
Inventories, net	-	410	389	371	400	370	421
Prepaid Expenses	-	40	22	29	27	21	35
Other Current Assets	-	0.00	-	-	-	0.00	0.00
Plant, Property, & Equipment, net	0.00	1,453	1,413	1,388	1,362	1,336	1,321
Total Noncurrent Assets	0.00	397	493	493	492	491	459
Other Noncurrent Operating Assets	-	397	493	493	492	491	459
Total Liabilities & Shareholders' Equity	0.00	2,640	2,824	2,776	2,734	2,755	2,803
Total Liabilities	0.00	3,067	3,440	3,541	3,184	3,548	3,689
Total Current Liabilities	0.00	1,254	869	1,176	776	963	1,217
Short-Term Debt	-	400	24	232	155	33	34
Accounts Payable	-	322	306	279	299	353	372
Current Employee Benefit Liabilities	-	84	45	58	66	91	102
Other Current Liabilities	-	406	458	559	227	459	654
Other Current Nonoperating Liabilities	-	43	36	48	29	28	55
Total Noncurrent Liabilities	0.00	1,812	2,571	2,365	2,407	2,585	2,473
Long-Term Debt	-	1,659	2,302	2,106	2,147	2,299	2,225
Other Noncurrent Operating Liabilities	-	153	269	259	260	285	247
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	246	246	246	246	251	251
Total Equity & Noncontrolling Interests	0.00	-672	-862	-1,010	-695	-1,043	-1,137
Total Preferred & Common Equity	0.00	-672	-862	-1,010	-695	-1,043	-1,137
Total Common Equity	0.00	-672	-862	-1,010	-695	-1,043	-1,137
Common Stock	0.00	1,491	838	838	839	846	855
Retained Earnings	-	-2,164	-1,701	-1,849	-1,536	-1,890	-1,986
Accumulated Other Comprehensive Income / (Loss)	-	-7.00	-7.00	-7.00	-6.90	-6.80	-6.20
Other Equity Adjustments	-	7.80	7.80	7.80	7.80	7.80	0.00

This table displays calculated financial ratios and metrics derived from Calumet's official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	0.00	85,904,105.00	86,754,321.00
DEI Adjusted Shares Outstanding	-	0.00	85,904,105.00	86,754,321.00
DEI Earnings Per Adjusted Shares Outstanding	-	0.00	-2.58	-0.39
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	-10.78%	0.20%	-1.25%
EBITDA Growth	0.00%	149.95%	-54.73%	75.06%
EBIT Growth	0.00%	485.02%	-94.27%	760.38%
NOPAT Growth	0.00%	180.08%	-97.81%	553.09%
Net Income Growth	0.00%	127.76%	-561.54%	84.77%
EPS Growth	0.00%	127.57%	-552.54%	85.39%
Operating Cash Flow Growth	0.00%	-114.81%	-211.41%	334.70%
Free Cash Flow Firm Growth	0.00%	0.00%	103.78%	54.42%
Invested Capital Growth	0.00%	0.00%	-2.86%	-2.82%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-
Gross Margin	7.50%	10.80%	5.51%	5.94%
EBITDA Margin	3.98%	11.14%	5.03%	8.92%
Operating Margin	2.81%	6.39%	0.19%	1.28%
EBIT Margin	1.01%	6.63%	0.38%	3.31%
Profit (Net Income) Margin	-3.70%	1.15%	-5.30%	-0.82%
Tax Burden Percent	102.00%	96.78%	100.36%	26.74%
Interest Burden Percent	-358.44%	17.92%	-1,391.20%	-92.40%
Effective Tax Rate	0.00%	3.22%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	30.76%	0.34%	2.30%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	8.90%	-10.97%	-1.09%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-70.07%	62.11%	4.79%
Return on Equity (ROE)	0.00%	-39.31%	62.45%	7.09%
Cash Return on Invested Capital (CROIC)	0.00%	-169.24%	3.24%	5.16%
Operating Return on Assets (OROA)	0.00%	10.08%	0.58%	5.02%
Return on Assets (ROA)	0.00%	1.75%	-8.06%	-1.24%
Return on Common Equity (ROCE)	0.00%	-78.77%	105.59%	10.74%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	92	259	5.67	37
NOPAT Margin	1.97%	6.19%	0.14%	0.90%
Net Nonoperating Expense Percent (NNEP)	0.00%	21.86%	11.31%	3.39%
Return On Investment Capital (ROIC_SIMPLE)	-	18.54%	0.41%	2.47%
Cost of Revenue to Revenue	92.50%	89.20%	94.49%	94.06%
SG&A Expenses to Revenue	4.21%	4.49%	4.80%	4.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.69%	4.41%	5.32%	4.66%
Earnings before Interest and Taxes (EBIT)	47	277	16	137
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	186	466	211	369
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.00	-7.70	-4.50	-4.59
Long-Term Debt to Equity	0.00	-7.48	-4.43	-4.26
Financial Leverage	0.00	-7.87	-5.66	-4.38
Leverage Ratio	0.00	-11.24	-7.75	-5.71
Compound Leverage Factor	0.00	-2.02	107.80	5.28
Debt to Total Capital	0.00%	114.91%	128.54%	127.89%
Short-Term Debt to Total Capital	0.00%	3.39%	2.17%	8.94%
Long-Term Debt to Total Capital	0.00%	111.52%	126.37%	118.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	14.97%	15.03%	14.06%
Common Equity to Total Capital	0.00%	-29.88%	-43.57%	-41.95%
Debt to EBITDA	0.00	4.05	9.96	6.05
Net Debt to EBITDA	0.00	4.03	9.74	5.49
Long-Term Debt to EBITDA	0.00	3.93	9.79	5.63
Debt to NOPAT	0.00	7.29	370.41	60.32
Net Debt to NOPAT	0.00	7.26	362.31	54.78
Long-Term Debt to NOPAT	0.00	7.08	364.14	56.10
Altman Z-Score	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	-100.37%	-69.09%	-51.52%
Liquidity Ratios	-	-	-	-
Current Ratio	0.00	0.71	0.89	1.02
Quick Ratio	0.00	0.26	0.37	0.43
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,423	54	83
Operating Cash Flow to CapEx	18.77%	-5.48%	-60.50%	208.22%
Free Cash Flow to Firm to Interest Expense	0.00	-6.25	0.23	0.32
Operating Cash Flow to Interest Expense	0.46	-0.07	-0.20	0.41
Operating Cash Flow Less CapEx to Interest Expense	-2.00	-1.26	-0.52	0.22
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	1.52	1.52	1.52
Accounts Receivable Turnover	0.00	16.57	16.96	17.45
Inventory Turnover	0.00	8.49	9.25	9.71
Fixed Asset Turnover	0.00	2.78	2.85	2.96
Accounts Payable Turnover	0.00	11.58	12.32	12.92
Days Sales Outstanding (DSO)	0.00	22.03	21.52	20.92
Days Inventory Outstanding (DIO)	0.00	43.01	39.45	37.59
Days Payable Outstanding (DPO)	0.00	31.52	29.63	28.25
Cash Conversion Cycle (CCC)	0.00	33.52	31.34	30.26
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.00	1,682	1,633	1,587
Invested Capital Turnover	0.00	4.97	2.53	2.57
Increase / (Decrease) in Invested Capital	0.00	1,682	-48	-46
Enterprise Value (EV)	0.00	0.00	0.00	0.00
Market Capitalization	0.00	0.00	0.00	0.00
Book Value per Share	$0.00	($6.12)	($8.29)	($8.45)
Tangible Book Value per Share	$0.00	($8.64)	($10.56)	($8.45)
Total Capital	0.00	1,641	1,634	1,746
Total Debt	0.00	1,885	2,100	2,234
Total Long-Term Debt	0.00	1,830	2,065	2,077
Net Debt	0.00	1,878	2,054	2,028
Capital Expenditures (CapEx)	536	272	77	52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-270	-108	-32
Debt-free Net Working Capital (DFNWC)	0.00	-262	-62	173
Net Working Capital (NWC)	0.00	-318	-98	17
Net Nonoperating Expense (NNE)	266	210	228	71
Net Nonoperating Obligations (NNO)	0.00	1,926	2,100	2,075
Total Depreciation and Amortization (D&A)	139	189	195	232
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-6.46%	-2.58%	-0.77%
Debt-free Net Working Capital to Revenue	0.00%	-6.27%	-1.48%	4.19%
Net Working Capital to Revenue	0.00%	-7.61%	-2.33%	0.41%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.67)	($0.39)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	83.15M	86.76M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.67)	($0.39)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	83.15M	86.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	86.21M	86.78M
Normalized Net Operating Profit after Tax (NOPAT)	93	262	7.07	38
Normalized NOPAT Margin	1.98%	6.27%	0.17%	0.92%
Pre Tax Income Margin	-3.63%	1.19%	-5.28%	-3.06%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	0.22	1.22	0.07	0.52
NOPAT to Interest Expense	0.42	1.14	0.02	0.14
EBIT Less CapEx to Interest Expense	-2.25	0.02	-0.26	0.32
NOPAT Less CapEx to Interest Expense	-2.04	-0.06	-0.30	-0.06
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Calumet's official financial filings.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	86,207,118.00	173,242,940.00	-	86,776,552.00	87,147,147.00
DEI Adjusted Shares Outstanding	-	-	-	-	86,207,118.00	173,242,940.00	-	86,776,552.00	87,147,147.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-1.88	-0.85	-	-3.65	-1.10
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	11.39%	-4.26%	-1.18%	-9.45%	-2.04%	3.60%	40.77%
EBITDA Growth	0.00%	0.00%	-46.02%	-126.49%	-109.18%	-617.49%	870.38%	-12,755.56%	31.26%
EBIT Growth	0.00%	0.00%	-46.02%	-126.49%	-383.16%	-617.49%	870.38%	-413.51%	31.26%
NOPAT Growth	0.00%	0.00%	-75.30%	-118.86%	-234.16%	-1,729.03%	1,030.82%	-251.75%	60.40%
Net Income Growth	0.00%	0.00%	-75.34%	-200.80%	-289.42%	-278.26%	411.53%	-95.68%	35.16%
EPS Growth	0.00%	0.00%	-77.78%	-195.16%	-266.67%	-254.17%	405.93%	-94.65%	35.88%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	68.83%	0.00%	0.00%	-194.20%	0.00%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-34,685.25%	118.19%	102.15%	108.32%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.05%	-9.97%	-10.69%
Revenue Q/Q Growth	12.93%	0.00%	12.72%	-2.94%	0.00%	3.29%	5.01%	0.00%	40.34%
EBITDA Q/Q Growth	369.91%	0.00%	-6.63%	-330.60%	0.00%	-5,161.11%	443.29%	0.00%	71.87%
EBIT Q/Q Growth	369.91%	0.00%	-6.63%	-330.60%	0.00%	-70.63%	443.29%	0.00%	77.16%
NOPAT Q/Q Growth	1,106.25%	0.00%	-82.92%	-1,020.97%	0.00%	-107.39%	626.23%	0.00%	76.65%
Net Income Q/Q Growth	547.53%	0.00%	6.01%	-157.29%	0.00%	8.70%	311.90%	0.00%	69.75%
EPS Q/Q Growth	559.26%	0.00%	5.88%	-145.83%	0.00%	9.09%	312.35%	0.00%	70.05%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-38,827.42%	0.00%	4.79%	120.36%	0.00%	268.55%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-7.27%	19.36%	0.00%	-8.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	22.75%	7.80%	5.63%	0.45%	-8.19%	-4.25%	34.67%	-8.50%	1.27%
EBITDA Margin	13.86%	1.95%	1.61%	-3.84%	-0.18%	-9.22%	30.16%	-22.47%	-4.50%
Operating Margin	18.53%	3.61%	0.55%	-5.19%	-4.90%	-9.84%	29.95%	-16.64%	-2.77%
EBIT Margin	13.86%	1.95%	1.61%	-3.84%	-5.58%	-9.22%	30.16%	-27.68%	-4.50%
Profit (Net Income) Margin	8.68%	-4.14%	-3.45%	-9.14%	-16.30%	-14.41%	29.07%	-30.79%	-6.64%
Tax Burden Percent	99.50%	100.48%	101.30%	100.70%	100.25%	100.14%	115.22%	93.84%	81.90%
Interest Burden Percent	62.96%	-211.22%	-210.93%	236.73%	291.17%	155.97%	83.67%	118.53%	179.88%
Effective Tax Rate	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	-15.22%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	212	25	4.34	-40	-34	-71	372	-120	-28
NOPAT Margin	18.44%	2.53%	0.38%	-3.63%	-3.43%	-6.89%	34.51%	-11.65%	-1.94%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	-86,880,000.00%	5.87%	11.85%	7.04%	2.78%	9.08%	3.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4,340,000.00%	-2.88%	-2.33%	-5.33%	23.15%	-9.30%	-2.50%
Cost of Revenue to Revenue	77.25%	92.20%	94.37%	99.55%	108.19%	104.25%	65.33%	108.50%	98.73%
SG&A Expenses to Revenue	4.58%	3.68%	4.64%	5.01%	2.46%	5.19%	3.92%	7.60%	3.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.22%	4.20%	5.08%	5.63%	-3.29%	5.59%	4.71%	8.14%	4.03%
Earnings before Interest and Taxes (EBIT)	159	20	18	-42	-56	-95	325	-285	-65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	159	20	18	-42	-1.80	-95	325	-231	-65
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	-4.83	-3.77	-3.06	-5.12	-2.94	-2.55
Long-Term Debt to Equity	0.00	0.00	0.00	-3.89	-3.73	-2.76	-4.78	-2.90	-2.51
Financial Leverage	0.00	0.00	-1.00	-4.85	-3.50	-2.87	-4.82	-3.08	-2.64
Leverage Ratio	0.00	0.00	1.00	-6.19	-4.58	-3.63	-6.13	-3.96	-3.38
Compound Leverage Factor	0.00	0.00	-2.11	-14.65	-13.33	-5.67	-5.13	-4.69	-6.08
Debt to Total Capital	0.00%	0.00%	0.00%	126.13%	136.08%	148.57%	124.27%	151.49%	164.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	24.52%	1.40%	14.73%	8.38%	2.12%	2.44%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	101.61%	134.68%	133.84%	115.89%	149.37%	162.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	15.04%	14.37%	15.61%	13.25%	16.28%	18.26%
Common Equity to Total Capital	0.00%	0.00%	100.00%	-41.17%	-50.44%	-64.18%	-37.53%	-67.77%	-82.87%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.63	1.06	0.76	1.13	0.96	0.84
Quick Ratio	0.00	0.00	0.00	0.27	0.49	0.35	0.48	0.52	0.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	4.34	-1,681	-1,576	-1,501	306	34	125
Operating Cash Flow to CapEx	0.00%	-470.00%	0.00%	0.00%	-166.48%	0.00%	0.00%	-653.03%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.08	-29.13	-14.86	-28.32	5.76	0.64	2.40
Operating Cash Flow to Interest Expense	0.00	-1.54	0.00	0.00	-0.28	0.00	0.00	-1.63	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-1.87	0.00	0.00	-0.44	0.00	0.00	-1.88	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	1,641	1,542	1,430	1,707	1,389	1,277
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	1,641	1,542	1,430	66	-154	-153
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book Value per Share	$0.00	$0.00	$0.00	($7.83)	($10.00)	($11.66)	($8.01)	($12.02)	($13.05)
Tangible Book Value per Share	$0.00	$0.00	$0.00	($7.83)	($10.00)	($11.66)	($8.01)	($12.02)	($13.05)
Total Capital	0.00	0.00	0.00	1,633	1,709	1,573	1,853	1,539	1,372
Total Debt	0.00	0.00	0.00	2,059	2,326	2,337	2,303	2,332	2,259
Total Long-Term Debt	0.00	0.00	0.00	1,659	2,302	2,106	2,147	2,299	2,225
Net Debt	0.00	0.00	-0.00	2,025	2,123	2,147	2,128	2,153	2,109
Capital Expenditures (CapEx)	0.00	20	0.00	0.00	18	0.00	0.00	13	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	-99	-131	-239	84	-181	-310
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	-64	73	-48	259	-2.60	-161
Net Working Capital (NWC)	0.00	0.00	0.00	-465	49	-280	104	-35	-194
Net Nonoperating Expense (NNE)	112	67	43	61	128	77	59	197	68
Net Nonoperating Obligations (NNO)	0.00	0.00	-0.00	2,067	2,159	2,194	2,157	2,181	2,164
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	54	0.00	0.00	54	0.00
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.48)	($1.18)	$0.00	$0.00	$3.61	($3.64)	($1.09)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	80.56M	85.53M	0.00	0.00	86.90M	87.00M	87.59M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.48)	($1.18)	$0.00	$0.00	$3.61	($3.64)	($1.09)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	80.56M	85.53M	0.00	0.00	86.90M	87.00M	87.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	85.89M	85.90M	0.00	0.00	86.75M	87.15M	87.90M
Normalized Net Operating Profit after Tax (NOPAT)	212	25	4.34	-40	-34	-71	226	-120	-28
Normalized NOPAT Margin	18.44%	2.53%	0.38%	-3.63%	-3.43%	-6.89%	20.97%	-11.65%	-1.94%
Pre Tax Income Margin	8.73%	-4.12%	-3.40%	-9.08%	-16.26%	-14.39%	25.23%	-32.81%	-8.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.70	0.32	0.32	-0.73	-0.52	-1.79	6.12	-5.40	-1.25
NOPAT to Interest Expense	3.59	0.42	0.08	-0.69	-0.32	-1.33	7.01	-2.27	-0.54
EBIT Less CapEx to Interest Expense	0.00	-0.01	0.00	0.00	-0.69	0.00	0.00	-5.65	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.09	0.00	0.00	-0.49	0.00	0.00	-2.52	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Calumet’s second-quarter 2026 results show a meaningful sequential improvement in operating performance, but the company remains financially stressed. Revenue increased to $1.45 billion from $1.03 billion in Q1 2026 and $1.03 billion in Q2 2025. However, the company still reported a $95.9 million net loss, or $1.09 per diluted share.

The latest quarter was substantially better than Q1 2026, when Calumet posted a $317.0 million net loss and a $171.3 million operating loss. Still, results remain far below Q3 2025, when the company reported $313.4 million of net income and $322.9 million of operating income. The supplied data therefore points to a volatile earnings profile rather than a consistent recovery.

Revenue rebounded sharply: Q2 2026 revenue rose approximately 41% from Q2 2025 and 40% from Q1 2026, suggesting improved sales volumes, pricing, product mix or a combination of these factors.
Gross profitability improved sequentially: Calumet generated $18.3 million of gross profit in Q2 2026, compared with an $87.5 million gross loss in Q1. The gross margin improved to roughly 1.3% from negative 8.5%.
Operating losses narrowed: The $40.0 million operating loss in Q2 2026 was substantially better than the $171.3 million loss in Q1 2026. Selling, general and administrative expense also declined to $52.9 million from $78.3 million.
Net losses improved sequentially: The Q2 net loss of $95.9 million was less than one-third of Q1’s $317.0 million loss. Diluted loss per share improved to $1.09 from $3.64.
Working-capital balances increased: Accounts receivable rose to $417.0 million and inventories increased to $421.0 million at June 30, 2026. These balances could support higher sales, although they also require significant cash investment.
Debt refinancing activity was significant: During Q1 2026, Calumet repaid approximately $999.9 million of debt and issued $1.096 billion of new debt. Net financing cash flow was positive $73.4 million, indicating active liability management but not meaningful deleveraging.
Capital spending remains ongoing: Q1 2026 capital expenditures were $13.2 million, down from $17.6 million in Q1 2025 and $20.0 million in Q1 2024. Lower spending may conserve cash, but it could also limit investment in operating capacity.
Operating cash flow remained negative: Calumet used $86.2 million in operating cash during Q1 2026, compared with outflows of $29.3 million in Q1 2025 and $94.0 million in Q1 2024. The company is not yet consistently converting operations into cash.
Leverage remains extremely high: Q2 2026 short- and long-term debt totaled approximately $2.26 billion, while total liabilities reached $3.69 billion against $2.80 billion of assets. Debt was lower than in Q1 2026 but higher than the approximately $2.06 billion reported in Q3 2024.
Shareholders’ equity remains deeply negative: Total common equity was negative $1.14 billion at June 30, 2026, worsening from negative $695.3 million in Q3 2025. Retained earnings were negative $1.99 billion, reflecting the cumulative impact of prior losses.

Liquidity is also a concern. Cash and equivalents declined to $109.8 million at the end of Q2 2026 from $138.6 million at the end of Q1, while total current liabilities increased to $1.22 billion. Based on the reported figures, current assets covered less than one dollar of current liabilities, even before considering the quality and liquidity of inventory and receivables.

Investor takeaway: Calumet’s improved Q2 operating results are an encouraging development, particularly after the severe Q1 loss. However, the company still faces negative operating cash flow, high interest costs of $52.0 million in Q2, substantial leverage and deeply negative equity. Investors should view the latest improvement as an early sign of stabilization rather than confirmation of a durable turnaround.

09/08/26 09:39 AM ETAI Generated. May Contain Errors.

Calumet Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Calumet's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Calumet's net income appears to be on a downward trend, with a most recent value of -$33.80 million in 2025, falling from -$173.30 million in 2022. The previous period was -$222 million in 2024. View Calumet's forecast to see where analysts expect Calumet to go next.

Calumet's total operating income in 2025 was $52.90 million, based on the following breakdown:

Total Gross Profit: $245.70 million
Total Operating Expenses: $192.80 million

Over the last 3 years, Calumet's total revenue changed from $4.69 billion in 2022 to $4.14 billion in 2025, a change of -11.7%.

Calumet's total liabilities were at $3.18 billion at the end of 2025, a 1.5% decrease from 2024, and a 6.0% increase since 2023.

In the past 2 years, Calumet's cash and equivalents has ranged from $7.90 million in 2023 to $125.10 million in 2025, and is currently $125.10 million as of their latest financial filing in 2025.

Over the last 3 years, Calumet's book value per share changed from 0.00 in 2022 to -8.45 in 2025, a change of -844.6%.

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Financial statements for NASDAQ:CLMT last updated on 9/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Calumet (CLMT) Financials

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Calumet Financials - Frequently Asked Questions

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