Calumet Financials
This page shows Calumet (CLMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Thin gross spreads and a heavy interest load shape this business far more than the relatively stable revenue base does.
The recent cash recovery was driven less by a stronger spread than by spending discipline: free cash flow turned positive at$56.6M from-$123.1M even as net income remained below zero. Gross margin only nudged up to5.9% , but SG&A dropped to$123.8M , showing the improvement came more from cost relief and lower reinvestment than from a much richer margin environment.
The balance sheet is still debt-shaped: long-term debt was
This is a spread-sensitive business more than a pure volume story, because revenue stayed near
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Calumet's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Calumet has an operating margin of 2.6%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is up from 0.2% the prior year.
Calumet's revenue declined 1.2% year-over-year, from $4.2B to $4.1B. This contraction results in a growth score of 30/100.
Calumet's current ratio of 1.02 is below the typical benchmark, resulting in a score of 20/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Calumet's free cash flow margin of 1.4% results in a low score of 25/100. Capital expenditures of $52.3M absorb a large share of operating cash flow.
Calumet scores 1.55, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Calumet passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Calumet generates $-3.22 in operating cash flow ($108.9M OCF vs -$33.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Calumet earns $0.5 in operating income for every $1 of interest expense ($108.7M vs $215.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Calumet generated $4.1B in revenue in fiscal year 2025. This represents a decrease of 1.2% from the prior year.
Calumet's EBITDA was $257.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 63.9% from the prior year.
Calumet reported -$33.8M in net income in fiscal year 2025. This represents an increase of 84.8% from the prior year.
Calumet earned $-0.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 85.4% from the prior year.
Cash & Balance Sheet
Calumet generated $56.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 146.0% from the prior year.
Calumet held $125.1M in cash against $2.1B in long-term debt as of fiscal year 2025.
Calumet had 87M shares outstanding in fiscal year 2025. This represents an increase of 1.0% from the prior year.
Margins & Returns
Calumet's gross margin was 5.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Calumet's operating margin was 2.6% in fiscal year 2025, reflecting core business profitability. This is up 2.4 percentage points from the prior year.
Calumet's net profit margin was -0.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.5 percentage points from the prior year.
Capital Allocation
Calumet invested $52.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 31.8% from the prior year.
CLMT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B-0.9% | $1.0B-3.7% | $1.1B+5.0% | $1.0B+3.3% | $993.9M | N/A | $1.1B | N/A |
| Cost of Revenue | $1.1B+7.3% | $1.0B+47.9% | $704.3M-34.2% | $1.1B-0.5% | $1.1B | N/A | $1.1B | N/A |
| Gross Profit | -$87.5M-2816.7% | -$3.0M-100.8% | $373.7M+957.1% | -$43.6M+46.4% | -$81.4M | N/A | $4.9M | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $66.0M+68.4% | $39.2M+24.8% | $31.4M-23.6% | $41.1M+239.7% | $12.1M | N/A | $40.2M | N/A |
| Operating Income | -$171.3M-165.6% | -$64.5M-120.0% | $322.9M+419.7% | -$101.0M-107.4% | -$48.7M | N/A | -$57.1M | N/A |
| Interest Expense | $51.1M+0.6% | $50.8M-5.2% | $53.6M+1.3% | $52.9M-9.6% | $58.5M | N/A | $57.7M | N/A |
| Income Tax | -$20.8M+59.8% | -$51.8M-25.1% | -$41.4M-20800.0% | $200K-50.0% | $400K | N/A | $700K | N/A |
| Net Income | -$317.0M-749.9% | -$37.3M-111.9% | $313.4M+311.9% | -$147.9M+8.7% | -$162.0M | N/A | -$100.6M | N/A |
| EPS (Diluted) | $-3.64 | N/A | $3.61+312.4% | $-1.70+9.1% | $-1.87 | N/A | $-1.18-145.8% | $-0.48 |
CLMT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8B+2.5% | $2.7B-1.6% | $2.7B-1.5% | $2.8B-1.7% | $2.8B+2.4% | $2.8B+4.5% | $2.6B+2640099900.0% | $100 |
| Current Assets | $927.9M+8.2% | $857.8M-2.5% | $880.1M-1.8% | $895.8M-2.4% | $917.9M+19.8% | $766.0M-3.0% | $789.8M+789799900.0% | $100 |
| Cash & Equivalents | $138.6M+10.8% | $125.1M+32.2% | $94.6M-14.5% | $110.6M-10.4% | $123.4M+223.9% | $38.1M+10.1% | $34.6M | N/A |
| Inventory | $369.5M-4.1% | $385.2M-3.7% | $400.1M+8.0% | $370.5M-4.9% | $389.4M-6.5% | $416.3M+1.7% | $409.5M | N/A |
| Accounts Receivable | $358.4M+59.7% | $224.4M-15.0% | $263.9M-2.7% | $271.1M-3.7% | $281.4M+16.4% | $241.7M-13.6% | $279.6M | N/A |
| Goodwill | N/A | $140.5M | N/A | N/A | N/A | $173.0M | N/A | N/A |
| Total Liabilities | $3.5B+11.7% | $3.2B-0.2% | $3.2B-10.1% | $3.5B+2.9% | $3.4B+6.7% | $3.2B+5.1% | $3.1B+441.4% | $566.4M |
| Current Liabilities | $963.1M+14.6% | $840.7M+8.3% | $776.3M-34.0% | $1.2B+35.3% | $869.1M+0.6% | $863.6M-31.2% | $1.3B | N/A |
| Long-Term Debt | $2.3B+10.7% | $2.1B-3.3% | $2.1B+2.0% | $2.1B-8.5% | $2.3B+11.5% | $2.1B+24.5% | $1.7B | N/A |
| Total Equity | -$1.0B-42.4% | -$732.7M-5.4% | -$695.3M+31.1% | -$1.0B-17.1% | -$862.3M-21.1% | -$711.9M-5.9% | -$672.2M-18.7% | -$566.4M |
| Retained Earnings | -$1.9B-20.1% | -$1.6B-2.5% | -$1.5B+17.0% | -$1.8B-8.7% | -$1.7B-10.5% | -$1.5B+28.9% | -$2.2B | N/A |
CLMT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$86.2M-174.0% | $116.5M+395.7% | $23.5M+1405.6% | -$1.8M+93.9% | -$29.3M-761.8% | -$3.4M+78.1% | -$15.5M | N/A |
| Capital Expenditures | $13.2M+3.9% | $12.7M-46.0% | $23.5M+23.7% | $19.0M+8.0% | $17.6M-29.6% | $25.0M+28.9% | $19.4M | N/A |
| Free Cash Flow | -$99.4M-195.8% | $103.8M | $0+100.0% | -$20.8M+55.7% | -$46.9M-65.1% | -$28.4M+18.6% | -$34.9M | N/A |
| Investing Cash Flow | -$13.7M-17.1% | -$11.7M-39.3% | -$8.4M+38.2% | -$13.6M-117.5% | $77.8M+411.2% | -$25.0M-49.7% | -$16.7M | N/A |
| Financing Cash Flow | $73.4M+198.8% | -$74.3M-138.9% | -$31.1M-1296.2% | $2.6M-97.6% | $109.0M+240.6% | $32.0M-46.6% | $59.9M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CLMT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -8.5%-8.2pp | -0.3%-35.0pp | 34.7%+38.9pp | -4.3%+3.9pp | -8.2% | N/A | 0.4% | N/A |
| Operating Margin | -16.6%-10.4pp | -6.2%-36.2pp | 29.9%+39.8pp | -9.8%-4.9pp | -4.9% | N/A | -5.2% | N/A |
| Net Margin | -30.8%-27.2pp | -3.6%-32.7pp | 29.1%+43.5pp | -14.4%+1.9pp | -16.3% | N/A | -9.1% | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -11.5%-10.1pp | -1.4%-12.8pp | 11.5%+16.8pp | -5.3%+0.4pp | -5.7% | N/A | -3.8% | N/A |
| Current Ratio | 0.96-0.1 | 1.02-0.1 | 1.13+0.4 | 0.76-0.3 | 1.06+0.2 | 0.89+0.3 | 0.63 | N/A |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -9.7%-19.6pp | 10.0%+10.0pp | 0.0%+2.0pp | -2.0%+2.7pp | -4.7% | N/A | -3.2% | N/A |
Note: Shareholder equity is negative (-$732.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Calumet's annual revenue?
Calumet (CLMT) reported $4.1B in total revenue for fiscal year 2025. This represents a -1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Calumet's revenue growing?
Calumet (CLMT) revenue declined by 1.2% year-over-year, from $4.2B to $4.1B in fiscal year 2025.
Is Calumet profitable?
No, Calumet (CLMT) reported a net income of -$33.8M in fiscal year 2025, with a net profit margin of -0.8%.
What is Calumet's EBITDA?
Calumet (CLMT) had EBITDA of $257.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Calumet have?
As of fiscal year 2025, Calumet (CLMT) had $125.1M in cash and equivalents against $2.1B in long-term debt.
What is Calumet's gross margin?
Calumet (CLMT) had a gross margin of 5.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Calumet's operating margin?
Calumet (CLMT) had an operating margin of 2.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Calumet's net profit margin?
Calumet (CLMT) had a net profit margin of -0.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Calumet's free cash flow?
Calumet (CLMT) generated $56.6M in free cash flow during fiscal year 2025. This represents a 146.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Calumet's operating cash flow?
Calumet (CLMT) generated $108.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Calumet's total assets?
Calumet (CLMT) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Calumet's capital expenditures?
Calumet (CLMT) invested $52.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Calumet's current ratio?
Calumet (CLMT) had a current ratio of 1.02 as of fiscal year 2025, which is considered adequate.
What is Calumet's return on assets (ROA)?
Calumet (CLMT) had a return on assets of -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Calumet's debt-to-equity ratio negative or not reported?
Calumet (CLMT) has negative shareholder equity of -$732.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Calumet's Altman Z-Score?
Calumet (CLMT) has an Altman Z-Score of 1.55, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Calumet's Piotroski F-Score?
Calumet (CLMT) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Calumet's earnings high quality?
Calumet (CLMT) has an earnings quality ratio of -3.22x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Calumet cover its interest payments?
Calumet (CLMT) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Calumet?
Calumet (CLMT) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.