Calumet, Inc. filed its third-quarter 2026 earnings release on November 6, 2026, reporting net income of $273.3 million and continued debt reduction across its three operating segments for the period ended September 30, 2026.

Key Highlights

  • Net income of $273.3 million for Q3 2026, equal to basic earnings per common share of $2.91, compared to $313.4 million and $3.61 per share in Q3 2025.
  • Adjusted EBITDA with Tax Attributes of $347.2 million for Q3 2026, up from $92.5 million in the prior-year quarter.
  • Specialty Products and Solutions Adjusted EBITDA of $248.1 million in Q3 2026, compared to $80.2 million in Q3 2025.
  • Montana/Renewables Adjusted EBITDA with Tax Attributes of $110.6 million in Q3 2026, versus $17.1 million in Q3 2025, at $1.86 per gallon.
  • Approximately $265 million of debt retired since July 2026, including full redemption of $100.0 million 9.75% Senior Notes due 2028 and $150 million partial redemption of a separate 9.75% Senior Notes due 2028 tranche.
  • Non-cash items reduced reported net income, including an unrealized derivative loss of $113.8 million and non-cash RINs-related items of $176.7 million in Q3 2026.
  • Performance Brands Adjusted EBITDA of $9.1 million in Q3 2026, down from $13.2 million in Q3 2025, with $7.0 million of business interruption insurance proceeds recognized in the quarter.

Calumet's Q3 2026 Segment Results and Debt Retirement Activity

According to the filing, Calumet, Inc. (NASDAQ:CLMT) reported Q3 2026 net income of $273.3 million, or $2.91 basic earnings per common share, compared to net income of $313.4 million, or $3.61 per share, for Q3 2025. For the nine months ended September 30, 2026, the company reported a net loss of $139.6 million, or $(1.79) per share, versus net income of $3.5 million, or $0.04 per share, in the comparable prior-year period. The company disclosed that Q3 2026 net income was significantly affected by an unrealized derivative loss of $113.8 million and non-cash RINs-related items of $176.7 million.

The Specialty Products and Solutions segment posted Adjusted EBITDA of $248.1 million in Q3 2026, up from $80.2 million in Q3 2025, which the filing attributed to "a constructive market, an ongoing global shortage in specialty products; strong production, and excellent commercial execution." The Montana/Renewables segment reported Adjusted EBITDA with Tax Attributes of $110.6 million in Q3 2026, compared to $17.1 million a year earlier, reflecting strong renewables margins and higher asphalt and conventional fuel margins at Montana specialty asphalts. The Performance Brands segment reported Adjusted EBITDA of $9.1 million in Q3 2026, down from $13.2 million in Q3 2025, with the decline attributed to compressed margins from feedstock cost escalation, partially offset by $7.0 million of business interruption insurance proceeds. Total corporate expenses represented $(20.6) million of Adjusted EBITDA in Q3 2026.

The filing detailed several debt retirement actions. On July 15, 2026, the company redeemed all $100.0 million of its 9.75% Senior Notes due 2028 originally issued in January 2025, at 102.438% of principal plus accrued interest. On July 31, 2026, Calumet Montana fully repaid and terminated its Montana terminal asset financing arrangement for $15.5 million. On October 25, 2026, the company redeemed $150 million of a separate series of 9.75% Senior Notes due 2028, originally issued in June 2023, also at 102.438% of principal plus accrued interest. Total facility production for Q3 2026 was 88,283 barrels per day, compared to 88,668 barrels per day in Q3 2025.

What Was Disclosed

Calumet, Inc. reported Q3 2026 earnings results for the period ended September 30, 2026, disclosing segment-level financial performance across three units, significant non-cash items affecting net income, and approximately $265 million of debt retired since July 2026.