Calumet (CLMT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Calumet published the results on November 6, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Calumet reports basic and diluted EPS as one figure, attributable to Calumet, Inc. common shareholders after $16.9 million of net income attributable to a redeemable noncontrolling interest. It does not report an adjusted EPS.
• Calumet's net income swings with non-cash items. Q3 2026 included an unrealized loss of $113.8 million on derivatives and $176.7 million of non-cash RINs related items, and Q3 2025 included a RINs incurrence gain of $303.1 million.
• Calumet does not publish a revenue or earnings outlook in its earnings release.

Source: Calumet Q3 2026 results, November 6, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Calumet splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Calumet's Specialty Products and Solutions revenue was $1.1 billion in Q3 2026, up 58% from $679 million in Q3 2025, 64% of total revenue.
• Calumet's Montana/Renewables revenue was $519 million in Q3 2026, up 63% from $319 million in Q3 2025, 31% of total revenue.
• Calumet's Performance Brands revenue was $92.8 million in Q3 2026, up 16% from $79.7 million in Q3 2025, 6% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Sales and GAAP basic and diluted EPS attributable to Calumet, Inc. common shareholders, each as first reported in that quarter's earnings release. In November 2025 Calumet restated its Q1 and Q2 2025 statements of cash flows for a classification error; sales and EPS were not affected.

We do not hold a confirmed date for Calumet's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 6, 2026

Calumet's sales rose $604.9 million, or 56.1%, to $1,682.9 million in Q3 2026. Specialty Products and Solutions (SPS) brought in $1,071.2 million from external customers, Montana/Renewables $518.9 million and Performance Brands $92.8 million. Total sales volume was 8,349,822 barrels, down 0.9%, so nearly all of the increase came from price. (Calumet Form 10-Q, Q3 2026, Nov 6, 2026)

SPS sales rose 57.7%. Of the $392.1 million increase, Calumet attributes $402.2 million to price and a $10.1 million decrease to volume, and says prices rose in response to rising commodity prices. The average SPS sales price was $181.48 per barrel, against $113.33 a year earlier. Lubricating oils were $307.2 million, solvents $156.0 million, waxes $50.0 million, and fuels, asphalt and other by-products $558.0 million. (Calumet Form 10-Q, Q3 2026, Nov 6, 2026)

Montana/Renewables sales rose 62.6% to $518.9 million, of which renewable fuels were $325.4 million and fuels, asphalt and other by-products $193.5 million. Price added $200.1 million and volume subtracted $0.4 million. Calumet said Montana Renewables had record earnings in its first full quarter of operations since the SET2 RVO, and that production volumes recovered after the MaxSAF expansion and turnaround in Q2 2026. (Calumet Form 10-Q, Q3 2026, Nov 6, 2026; Calumet Q3 2026 release, Nov 6, 2026)

Performance Brands sales rose 16.4% to $92.8 million on a $7.4 million volume gain and a $5.7 million price gain, from pricing actions taken to offset higher input costs. The segment's results also included $7.0 million of business interruption insurance proceeds. (Calumet Form 10-Q, Q3 2026, Nov 6, 2026; Calumet Q3 2026 release, Nov 6, 2026)

Calumet's EPS was $2.91 in Q3 2026, against $3.61 a year earlier, and it reports basic and diluted EPS as one figure. Net income was $273.3 million, of which $256.4 million was attributable to common shareholders after $16.9 million went to a redeemable noncontrolling interest. Calumet does not publish an adjusted EPS. (Calumet Q3 2026 release, Nov 6, 2026)

GAAP results were driven by non-cash items. Calumet recorded a $153.2 million loss on derivative instruments, including an unrealized loss of $113.8 million, and $176.7 million of non-cash RINs related items. The year-ago quarter, with lower operating results, had higher net income because of a RINs incurrence gain of $303.1 million. Calumet recorded an income tax benefit of $28.0 million, against $41.4 million a year earlier. (Calumet Q3 2026 release, Nov 6, 2026; Calumet Form 10-Q, Q3 2026, Nov 6, 2026)

Weighted average shares rose to 88,024,309 from 86,901,141. Interest expense fell to $50.8 million from $53.6 million. Calumet redeemed $100.0 million of 9.75% Senior Notes due 2028 on July 15, 2026, repaid the Montana terminal asset financing for $15.5 million on July 31, and redeemed $150 million more of its 9.75% Senior Notes due 2028 on October 25, which together make up most of the roughly $265 million of debt it says it has retired since July. (Calumet Q3 2026 release, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Calumet does not publish a revenue or earnings outlook in its earnings release. The forward-looking targets in the release concern its MaxSAF expansion at Montana Renewables: about 200 million gallons of annual sustainable aviation fuel production and 17,000 barrels per day of total product sales by year-end 2028. (Calumet Q3 2026 release, Nov 6, 2026)

A consensus figure is the average of the models published by the analysts who cover Calumet, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Calumet's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CLMT is on is CLMT a buy or a sell?, what analysts expect next is on the CLMT forecast, and what the company does is on the Calumet (CLMT) stock page.

Every number on this page can be traced to a document Calumet published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.