Every 10-Q that Calumet, Inc. (CLMT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow CLMT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CLMT filings page.
Calumet, Inc. reported Q2 2026 sales of $1,445.1 million, up from $1,026.6 million a year earlier, led by Specialty Products and Solutions. Gross profit improved to $18.3 million, and the operating loss narrowed to $40.0 million, but the company still recorded a Q2 net loss of $95.9 million, or $1.09 per share. For the first half of 2026, sales were $2,474.9 million with a net loss of $412.9 million, or $4.73 per share.
Segment performance strengthened: total Adjusted EBITDA rose to $178.7 million in Q2 and $223.2 million year‑to‑date, driven by $161.7 million from Specialty Products and Solutions and positive results in Montana/Renewables. Large losses on derivative instruments, substantial RINs compliance costs and mark‑to‑market adjustments, and $103.1 million of first‑half interest expense outweighed this improvement.
At June 30, 2026, cash and cash equivalents were $109.8 million, with $40.0 million of restricted cash under the DOE renewable‑fuels loan. The RINs obligation increased to $480.2 million from $169.3 million at year‑end, and total debt was $2,258.7 million, contributing to negative stockholders’ equity of $1,137.1 million. The company reported $431.8 million of availability on its $500.0 million revolving credit facility and DOE borrowings of $835.2 million supporting the Montana Renewables expansion.
Calumet, Inc. reported a much larger loss for the three months ended March 31, 2026 as higher compliance and hedging costs outweighed slightly higher sales. Sales rose to $1,029.7 million from $993.9 million, but cost of sales increased to $1,117.2 million, producing a gross loss of $87.5 million.
Net loss nearly doubled to $317.0 million from $162.0 million, with diluted loss per share widening to $3.64 from $1.87. Results were hit by a $115.4 million loss on derivative instruments, $115.9 million of RINs mark-to-market loss and $31.5 million of RINs incurrence expense.
Operating activities used $86.2 million of cash, while investing used $13.7 million and financing provided $73.4 million. Total debt was $2,332.0 million at March 31, 2026, including $825.2 million under the DOE Loan, and stockholders’ equity was negative $1,043.2 million. The RINs obligation increased to $316.7 million from $169.3 million.
Calumet, Inc. reported a strong turnaround in Q3 2025. Sales were $1,078.0 million and gross profit jumped to $373.7 million. Operating income reached $322.9 million, and net income was $313.4 million (basic and diluted EPS $3.61), compared with a loss a year ago. For the first nine months, sales were $3,098.5 million and net income was $3.5 million.
Cash and cash equivalents were $94.6 million, with $80.0 million of restricted cash. Total assets were $2,733.9 million and total liabilities were $3,183.6 million, leaving stockholders’ equity at $(695.3) million. The RINs obligation stood at $133.0 million, down from $245.4 million at year-end.
Calumet closed the sale of assets related to the industrial portion of its Royal Purple business, receiving $95.4 million in cash and recording a $55.8 million gain. Financing cash flows included $781.8 million of proceeds from a DOE Loan. As of November 10, 2025, 86,754,321 common shares were outstanding.
Calumet, Inc. filed a Form 10‑Q/A to restate its unaudited Q2 2025 financials after identifying a cash flow classification error between operating and financing activities. The company states the restatement had no impact on revenue, net income (loss), or cash, cash equivalents and restricted cash.
For Q1 2025 and H1 2025, operating cash flows were increased by approximately $81.3 million and $76.9 million, respectively, with equal reductions to financing cash flows. The restated amounts show $29.3 million and $31.1 million of net cash used in operating activities and $109.0 million and $111.6 million of net cash provided by financing activities for the three months ended March 31, 2025 and the six months ended June 30, 2025, respectively.
Management concluded a material weakness in internal control over financial reporting related to preparing and reviewing statements of cash flows, and determined disclosure controls and procedures as of June 30, 2025 were ineffective. Q2 2025 results include a net loss of $147.9 million and H1 2025 a net loss of $309.9 million. As of June 30, 2025, the recorded RINs Obligation was $457.0 million.
Calumet, Inc. (CLMT) filed a Form 10‑Q/A to restate Q1 2025 cash flows after identifying a misclassification between operating and financing activities. The correction, which had no impact on revenue, net income (loss) or cash, reclassifies debt extinguishment and inventory financing items.
The company revised operating cash flows for the three months ended March 31, 2025 by +$81.3 million, changing net cash used in operating activities to $29.3 million, and reduced financing cash flows by the same amount to $109.0 million. For the six months ended June 30, 2025, the reclassifications total +$76.9 million to operating and an equivalent decrease to financing. Management concluded a material weakness in internal control over financial reporting existed as of March 31, 2025, rendering disclosure controls ineffective.
Q1 also reflects a $62.2 million gain on the sale of the industrial portion of the Royal Purple business, with $95.4 million cash proceeds used to reduce indebtedness. The RINs obligation was $362.6 million as of March 31, 2025. The company will file a Q2 2025 10‑Q/A for the same classification issue and advises relying only on the amended quarters.
Calumet, Inc. (CLMT) reported a sharply weaker first half of 2025. Sales were $2,020.5 million for the six months versus $2,139.5 million a year earlier, producing a gross loss of $125.0 million compared with a $142.3 million gross profit last year. Operating results swung to a $149.7 million operating loss for six months and a $309.9 million net loss (versus $80.7 million net loss a year earlier). For the quarter, sales were $1,026.6 million and net loss was $147.9 million, or $1.70 per share on 86.8 million weighted average shares.
Balance sheet and cash flow highlights show total assets of $2,776.4 million and total liabilities of $3,540.5 million, leaving stockholders' equity at a $1,009.7 million deficit. Cash and restricted cash totaled $190.6 million at June 30, 2025. The Company recorded a $457.0 million RINs obligation (current) and had net cash used in operating activities of $108.0 million for the six months. Material transactions included a March 31, 2025 closing of the sale of the industrial portion of Royal Purple for $110.0 million (net proceeds received $95.4 million) producing a $62.2 million gain, and a DOE Loan Guarantee for MRL totaling $1.44 billion with a first tranche disbursement of $781.8 million.