The operational turnaround is accelerating with strong revenue growth and debt reduction, but GAAP EPS remains negative due to non-cash RINs and mark-to-market items. Monitor the trajectory of RINs expense and renewable fuels margins, and watch for further deleveraging announcements. The MaxSAF 150 expansion completion could further boost renewables EBITDA.
Price Chart
Executive Summary
Calumet reported Q2 2026 revenue of $1.445B, up 40.8% YoY, and narrowed net loss to $95.9M from $147.9M. Adjusted EBITDA with Tax Attributes more than doubled to $175.2M, driven by strong specialty products margins and the MaxSAF 150 expansion at Montana Renewables. GAAP EPS of -$1.09 missed consensus of $0.16, but the miss is largely non-cash (RINs, mark-to-market) and the company accelerated deleveraging with $115M in debt retired in July.
Key Financial Metrics
Key Facts
- Q2 2026 sales $1,445.1M vs $1,026.6M YoY (+40.8%)
- Net loss $(95.9)M vs $(147.9)M YoY, basic EPS $(1.09)
- Adjusted EBITDA $159.3M vs $55.1M YoY, with Tax Attributes $175.2M vs $76.5M
- Specialty Products & Solutions segment Adjusted EBITDA $161.7M vs $66.8M YoY (+142%)
- Montana/Renewables segment Adjusted EBITDA with Tax Attributes $26.6M vs $16.3M YoY (+63%)
- Redeemed $100M 9.75% Senior Notes due 2028 and repaid $15.5M Montana terminal financing in July
- MaxSAF 150 first stage completed; company advancing toward next stage expansion
Financial Impact
Revenue growth of $418.5M YoY, Adjusted EBITDA improvement of $104.2M, and $115M in debt retirements post-quarter
Risk Factors
- Non-cash RINs expense ($163.6M in Q2) and mark-to-market volatility continue to obscure underlying earnings
- Performance Brands segment Adjusted EBITDA declined 53% YoY to $6.3M due to compressed margins and LIFO impacts
- High leverage ($2.259B long-term debt vs negative equity) requires sustained cash flow generation
- Crude oil price volatility and renewable fuel margin dynamics could impact future results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002013745-26-000022 |
| Document: clmt-20260807.htm | 0002013745-26-000022 |
| Document: 0002013745-26-000022-index-headers.html | 0002013745-26-000022 |
| Document: 0002013745-26-000022-index.html | 0002013745-26-000022 |
| Document: 0002013745-26-000022.txt | 0002013745-26-000022 |
| 8-K Data (Synthetic) | 0002013745-26-000022 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | 8-K | $39.48 | awaiting T+60 | — | $52.17 (+32.14%) |
Jul 1, 2026 16w ago | 144 | $36.42 $53.85 | ▲ +47.86% | ▲ +44.85% | $52.17 (+43.25%) |
Jun 4, 2026 20w ago | 3 | $35.17 $49.73 | ▲ +41.40% | ▲ +37.40% | $52.17 (+48.34%) |
May 8, 2026 24w ago | 8-K | $32.08 $41.56 | ▼ −29.55% | ▼ −24.71% | $52.17 (−62.62%) |
Apr 20, 2026 27w ago | DEFA14A | $32.53 $41.08 | ▲ +26.28% | ▲ +19.38% | $52.17 (+60.38%) |
Apr 1, 2026 29w ago | 144 | $35.06 $36.02 | ▲ +2.74% | ▼ −11.42% | $52.17 (+48.80%) |
Mar 12, 2026 32w ago | 8-K | $28.74 $35.17 | ▲ +22.37% | ▲ +11.68% | $52.17 (+81.52%) |
Feb 27, 2026 34w ago | 8-K | $26.96 $33.97 | ▲ +26.00% | ▲ +16.61% | $52.17 (+93.51%) |
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