Calumet Q2 2026: Net Loss Narrows to $95.9M, Adjusted EBITDA Hits $175.2M, Warrants Fully Exercised
CLMT has more than doubled off its 52-week low of $12.935 on elevated volume (2.2× avg).
Summary
Calumet reported a narrower Q2 2026 net loss of $95.9 million and Adjusted EBITDA with Tax Attributes of $175.2 million, driven by strong specialty margins and fuel crack spreads. All outstanding warrants were exercised, and the company continued debt reduction.
Key Events · Earnings and Guidance · CLMT
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Q2 Net Loss Narrows
Net loss improved to $95.9 million from $147.9 million in Q2 2025, driven by higher sales and improved margins.
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Adjusted EBITDA Surges
Adjusted EBITDA with Tax Attributes reached $175.2 million, up from $76.5 million a year ago, reflecting strong operational performance and clean fuel credit monetization.
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RINs Obligation Spikes
Current RINs obligation rose to $480.2 million from $169.3 million at year-end 2025, a significant liability that could pressure future results if RIN prices remain elevated.
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Warrants Fully Exercised
All 2,000,000 outstanding warrants were exercised during Q2 2026, removing potential dilution and simplifying the capital structure.
Analysis · CLMT · Energy & Transportation
Calumet's Q2 2026 results show a significantly narrower net loss of $95.9 million compared to $147.9 million a year ago, driven by strong specialty product margins and improved fuel crack spreads. Adjusted EBITDA with Tax Attributes surged to $175.2 million from $76.5 million, reflecting operational gains and monetization of clean fuel production credits. The RINs obligation ballooned to $480.2 million, a key risk to watch. All 2,000,000 outstanding warrants were exercised, removing overhang. Subsequent debt reduction actions further strengthen the balance sheet.
How filings like this one have moved
In the 30 days to Sep 23, 2026, 29.1% of the 1683 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.32%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CLMT was trading at $39.48 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3.4B. The 52-week trading range was $12.94 to $45.20. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.