Calumet, Inc. (NASDAQ: CLMT) reported fourth‑quarter and full‑year 2025 financial results on February 27, 2026. The company posted a net loss of $37.3 million for the quarter and a net loss of $222.0 million for the year, compared with $40.7 million and $308.5 million respectively in the same periods a year earlier. Revenue for the quarter was $1.04 billion, a miss of $31.4 million against the consensus estimate of $1.07 billion. The company reported an earnings‑per‑share loss of $0.43, compared with an estimate of $0.67, a beat of $0.24. Adjusted EBITDA fell to $48.4 million from $66.6 million in Q4 2024, while adjusted EBITDA with tax attributes rose to $69.3 million from $66.6 million a year earlier.
Segment results highlighted a strong rebound in Specialty Products and Solutions, which generated $88.5 million in adjusted EBITDA, up 70% from $51.9 million a year ago, driven by higher sales volumes and cost‑control initiatives. The Montana/Renewables segment reported a loss of $5.4 million in adjusted EBITDA with tax attributes, an improvement from a $12.4 million loss in Q4 2024, reflecting lower renewable‑diesel margins but continued cost efficiencies. Performance Brands produced $5.4 million in adjusted EBITDA, down from $16.3 million a year earlier, largely due to a decline in TruFuel sales.
Calumet completed a $222 million reduction of recourse debt in 2025 and has continued to invest in its renewable‑fuel platform, with the MaxSAF 150 expansion at Montana Renewables slated for completion in the second quarter of 2026. The company also executed a $100 million cost‑reduction program in 2025, which has helped offset margin pressure in the renewable‑diesel business and supported the rebound in specialty‑product profitability.
Management emphasized that Calumet is entering 2026 with two “proven, durable businesses” and a clear path to continued growth and long‑term value creation. The company highlighted the progress of the MaxSAF 150 expansion and the ongoing focus on deleveraging and cash‑flow generation as key pillars of its strategy.
The results triggered a negative market reaction, with the stock falling about 6.4 % in pre‑market trading, reflecting investor disappointment over the EPS miss and the revenue shortfall despite the company’s cost‑control gains.
Overall, the earnings miss underscores the challenges Calumet faces in the low‑margin renewable‑diesel market, while the rebound in specialty‑product profitability and the company’s debt‑reduction trajectory suggest a strategic shift toward higher‑margin, growth‑oriented businesses. Investors will likely reassess the company’s valuation and growth prospects in light of the mixed performance and the company’s forward‑looking guidance for 2026.
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