Calumet Specialty Adjusted EBITDA Rises to $248.1 Million in Third Quarter

The Tip Desk · November 6, 2026 · 3 min read

Adjusted EBITDA with Tax Attributes reached $347.2 million in the third quarter as Specialty Products and Solutions posted $248.1 million.

Calumet, Inc. (CLMT), the Indianapolis specialty-products and renewable-fuels manufacturer, reported third-quarter net income of $273.3 million, or $2.91 a share, reversing a $95.9 million loss, or $(1.09) a share, in the second quarter.

Adjusted EBITDA with Tax Attributes was $347.2 million, up from $175.2 million in the prior quarter after $50.1 million in the first quarter. Sales were $1,682.9 million. Gross profit was $543.2 million and operating profit was $453.7 million.

The swing in reported earnings was not a change in the cash operating run-rate alone. The company said net income was significantly affected by an unrealized derivative loss of $113.8 million and non-cash RINs-related items of $176.7 million. Adjusted EBITDA was $322.0 million.

Specialty Products and Solutions was the largest contributor. Segment Adjusted EBITDA was $248.1 million, compared with $161.7 million in the second quarter and $44.3 million in the first quarter. Adjusted gross profit was $283.5 million, or $48.04 a barrel, versus $32.25 a barrel in the second quarter and $10.09 a barrel in the first quarter. The company attributed the third-quarter SPS result to a constructive market, an ongoing global shortage in specialty products, strong production, and commercial execution. Facility production in the segment was 62,228 barrels a day.

Montana Renewables delivered record earnings in its first full quarter of operations since the EPA’s SET2 RVO, the company said. Adjusted EBITDA with Tax Attributes in the segment was $110.6 million, versus $26.6 million in the second quarter and $10.2 million in the first quarter. Adjusted EBITDA before tax attributes was $85.4 million. The company said results primarily reflected a strong renewables margin, with Montana specialty asphalts also benefiting from higher asphalt and conventional fuel margins. Segment production was 24,131 barrels a day.

Performance Brands Adjusted EBITDA was $9.1 million. The company said the quarter reflected solid volumes, partially offset by compressed margins from a normal price lag as increases were implemented after feedstock costs escalated. Results also included $7.0 million of proceeds from a business-interruption insurance claim. Segment production was 1,924 barrels a day.

Total sales volume was 90,759 barrels a day. Corporate expenses were $(20.6) million of Adjusted EBITDA.

Deleveraging continued. The company said it retired about $265 million of debt since July. On July 15 it redeemed $100.0 million of 9.75% senior notes due 2028 at 102.438% of principal. On July 31 Calumet Montana repaid a $15.5 million terminal asset financing. On October 25 the issuers redeemed $150 million of 9.75% notes due 2028 at the same 102.438% cash price. Cash and cash equivalents were $225.2 million at September 30. Long-term debt, less the current portion, was $2,152.7 million.

Chief executive Todd Borgmann said the quarter was exceptional, with both businesses delivering outstanding results and the deleveraging and growth strategy accelerating. The company said it is converting earnings power into shareholder value, retiring high-cost debt, reducing interest expense, and advancing a MaxSAF expansion. Forward-looking statements in the release include an expectation of reaching approximately 200 million gallons of annual SAF production and 17,000 barrels a day of total product sales by year-end 2028.