Calumet, Inc. director Stephen P. Mawer exercised 27,806 Restricted Stock Units into an equal number of common shares on March 9, 2026. All RSUs had fully vested on February 21, 2026. To cover tax withholding obligations, he surrendered 12,589 common shares back to the company. After these compensation-related transactions, he directly holds 303,310 shares of Calumet common stock.
Calumet, Inc. EVP Bruce A. Fleming exercised 20,621 Restricted Stock Units on March 9, 2026, receiving the same number of shares of common stock at a stated price of $0.00 per share. Each unit was economically equivalent to one share of common stock, and the units had vested 100% on February 21, 2026.
To cover tax withholding obligations upon delivery of the stock, Fleming surrendered 8,156 shares, a disposition treated as payment of tax liabilities rather than an open-market sale. After these transactions, he held 549,963 shares of Calumet common stock directly, reflecting a net increase in his equity position.
Calumet, Inc. chief executive officer Louis Todd Borgmann exercised 49,974 Restricted Stock Units into common stock on March 9, 2026. Each Restricted Stock Unit was the economic equivalent of one share of Calumet common stock, and 100% of these units had vested on February 21, 2026.
To cover tax withholding obligations related to this delivery, he surrendered 21,798 shares of Calumet common stock back to the company, rather than selling them on the open market. After these transactions, Borgmann directly held 263,742 shares of Calumet common stock.
Calumet, Inc. filed its Form 10-K describing its 2025 operations as a diversified producer of specialty petroleum products and renewable fuels with four segments: Specialty Products and Solutions, Performance Brands, Montana/Renewables, and Corporate.
Consolidated 2025 sales were $4.1 billion, with Specialty Products and Solutions contributing $2.63 billion, Montana/Renewables $1.19 billion, and Performance Brands $311 million. Renewable fuels revenue rose to $783.8 million and total Montana/Renewables sales increased to 28.8% of company revenue.
The company completed a corporate conversion from a master limited partnership to a C‑corporation in 2024 and reported 86.8 million common shares outstanding as of February 27, 2026. In 2025, it sold the industrial portion of its Royal Purple business for $110 million, recognizing a $55.8 million gain, while retaining the consumer Royal Purple brand.
Calumet, Inc. reported fourth quarter and full-year 2025 results showing sharply improved profitability and major balance sheet actions. For 2025, sales were $4,137.1 million versus $4,189.4 million in 2024, while net loss narrowed to $33.8 million from $222.0 million. Adjusted EBITDA was $211.2 million and Adjusted EBITDA with Tax Attributes reached $293.3 million, helped by Clean Fuel Production Credits.
The Specialty Products and Solutions segment delivered 2025 Adjusted EBITDA of $291.8 million, up from $222.5 million, with higher adjusted gross profit per barrel. Performance Brands’ Adjusted EBITDA declined to $47.9 million, reflecting a divestiture and nonrecurring insurance proceeds, while Montana/Renewables posted segment Adjusted EBITDA of $(50.8) million but positive Adjusted EBITDA with Tax Attributes of $31.3 million.
Operating cash flow swung to an inflow of $108.9 million from an outflow of $46.4 million in 2024. Management highlighted about $100 million of structural cost reductions and paydown of $222 million of recourse debt. In January 2026, Calumet issued $405 million of 9.75% Senior Notes due 2031 and used proceeds, with cash and revolver borrowings, to redeem 2026 and 2027 notes, and extended its $500 million ABL facility to 2031.
Calumet, Inc. director Raymond Paul C reported awards of restricted stock units that are economically equivalent to common shares. On February 24, 2026, he acquired 854 Restricted Stock Units that are 100% vested and will be settled upon the earlier of a specified date or his termination date. He also acquired 284 Restricted Stock Units that will be settled under a Deferred Compensation Plan, with 25% vesting each July 1 beginning on July 1, 2027.
Boss John G. reported acquisition or exercise transactions in this Form 4 filing.
Calumet, Inc. director John G. Boss reported receiving two grants of restricted stock units that are each economically equivalent to one share of common stock. One grant covers 256 units that are already 100% vested and will be settled on either a specified date or his termination date. A second grant covers 85 units under a deferred compensation plan, with 25% of these units scheduled to vest on July 1 of each year beginning on July 1, 2027, and settling on the earlier of a specified date or his termination date.
Mawer Stephen P reported acquisition or exercise transactions in this Form 4 filing.
Calumet, Inc. director Stephen P. Mawer received grants of restricted stock units that are the economic equivalent of common shares. One award covers 1,175 restricted stock units that are 100% vested and will be settled upon the earlier of a date he specifies or his termination date. A separate award covers 391 restricted stock units under a deferred compensation plan, which will be settled on the earlier of a specified date or his termination, with 25% of these units vesting each July 1 beginning in 2027.
Calumet, Inc. director Amy M. Schumacher reported the grant of two sets of restricted stock units tied to the company’s common stock. She acquired 782 Restricted Stock Units that are already 100% vested and will be settled upon the earlier of a date she specifies or her termination. She also received 260 Restricted Stock Units under a deferred compensation plan, with 25% scheduled to vest on July 1 of each year beginning in 2027, and these units will be settled on the earlier of a specified date or her termination.
Calumet, Inc. director Daniel J. Sajkowski reported an exercise of 5,053 Restricted Stock Units into an equal number of shares of common stock on December 4, 2025, followed by a sale of 2,022 shares of common stock the same day. The filing notes that each RSU is the economic equivalent of one Calumet common share and may be settled in stock or cash, and that the reporting person elected to have a portion of vested RSUs settled in cash. After these transactions, Sajkowski holds 85,268 shares of Calumet common stock directly.