Calumet Q3 2026: $273.3M Net Income, $347.2M Adjusted EBITDA; Warburg MRHL Recap Disclosed
CLMT has more than doubled off its 52-week low of $17.85 on elevated volume (2.2× avg).
Summary
Calumet posted Q3 2026 net income of $273.3 million ($2.91 per share) and Adjusted EBITDA with Tax Attributes of $347.2 million on $1.68 billion of sales. The 10-Q also discloses a Nov 4 Warburg Pincus recapitalization of Montana Renewables that lifts the preferred return to 11.5% and grants warrants for up to 8.0% of MRHL.
Key Events · Earnings and Guidance · CLMT
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Q3 Earnings Surge on Record Crack Spreads
Sales rose 56.1% to $1,682.9 million and gross profit jumped to $543.2 million from $373.7 million, producing net income of $273.3 million, or $2.91 per diluted share.
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Adjusted EBITDA More Than Triples
Adjusted EBITDA with Tax Attributes reached $347.2 million versus $92.5 million a year earlier; Specialty Products and Solutions contributed $248.1 million of segment Adjusted EBITDA and Montana/Renewables $85.4 million.
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Nine-Month Loss on Derivative and RINs Marks
Despite the strong quarter, the nine months show a net loss of $139.6 million ($1.79 per share), driven by a $294.6 million derivative loss and $161.6 million of RINs mark-to-market expense; operating cash flow was still $224.6 million.
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Warburg MRHL Recapitalization Terms
On Nov 4, 2026 Warburg Pincus exchanged its MRHL preferred units, received a warrant for up to 8.0% of MRHL at a $750 million common equity value, relinquished its 13.17% common equity interest, and the preferred return rose from 8.0% to 11.5%.
Analysis · CLMT · Energy & Transportation
Calumet's third quarter was exceptionally strong, with sales of $1,682.9 million (up 56.1% year over year) driving gross profit of $543.2 million and net income of $273.3 million, or $2.91 per diluted share. Adjusted EBITDA with Tax Attributes reached $347.2 million versus $92.5 million a year ago, powered by record crack spreads and specialty margins. The nine-month picture is still a net loss of $139.6 million, reflecting a $294.6 million derivative loss and a $161.6 million RINs mark-to-market charge, but cash from operations swung to $224.6 million from a $7.6 million use of cash. Liquidity stands at $781.8 million. The filing also reveals a Nov 4, 2026 recapitalization of Montana Renewables Holdings with Warburg Pincus: the preferred return rises from 8.0% to 11.5%, Warburg gets a warrant for up to 8.0% of MRHL struck at a $750 million common equity value, and it gives up its 13.17% common equity interest. Combined with the ~$30 million annual intercompany lease of CMR assets into the MaxSAF expansion, this reshapes how value at Montana Renewables is split between Calumet and its minority partner.
How filings like this one have moved
In the 30 days to Nov 6, 2026, 45% of the 1400 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.36%. 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 $39.64 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $17.85 to $59.87. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.