Calumet
Formulates specialty hydrocarbons and branded lubricants while producing conventional and renewable fuels.
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Profile
Manufactures specialty oils, solvents and waxes, sells Royal Purple, Bel-Ray and TruFuel products, and produces conventional and renewable fuels and asphalt across North America. Earnings combine an integrated specialties network with Montana Renewables, whose results depend on feedstock economics and low-carbon fuel policy.
Manufactures and formulates specialty oils, solvents, waxes and other hydrocarbon materials through Specialty Products and Solutions, while Performance Brands sells packaged lubricants, chemicals and engineered fuels under Royal Purple, Bel-Ray and TruFuel. Its integrated North American refining, blending and packaging network serves industrial formulators, retailers and consumer markets; the industrial Royal Purple product line was sold in 2025, leaving the consumer business within the portfolio.
Operates conventional fuels and asphalt production alongside Montana Renewables, which converts renewable feedstocks into renewable diesel, sustainable aviation fuel and renewable naphtha for western North America. Product customization and integrated assets support the specialties business, while renewable-fuel economics depend on feedstock costs, low-carbon fuel mandates and tax credits. Montana Renewables is an unrestricted subsidiary with project-level financing and relies on Calumet personnel and shared services.
Company facts
Key statistics
Year to date +144% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | UBS | Reiterate | Neutral | $26 | $47 | |
| Aug 18, 2026 | Goldman Sachs | Reiterate | Neutral | $40 | $45 | |
| Jul 30, 2026 | Goldman Sachs | Reiterate | Neutral | $36 | $40 | |
| Apr 24, 2026 | Goldman Sachs | Target | $24 | $36 | ||
| Feb 13, 2026 | UBS | Target | $13.25 | $26 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | $0.07 | −$1.09 | −1,717.0% | $1.12B | $1.45B | +29.3% | −5.73% |
| May 8, 2026Q1 FY26 | −$0.57 | −$0.64 | −12.3% | $1.00B | $1.03B | +2.9% | +0.75% |
| Feb 27, 2026Q4 FY25 | −$0.67 | −$0.43 | +35.8% | $1.06B | $1.04B | −1.8% | +1.67% |
| Nov 7, 2025Q3 FY25 | −$0.30 | −$0.21 | +30.0% | $1.04B | $1.08B | +3.2% | −0.21% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $993.9M | $1.03B | $1.08B | $1.04B | $1.03B | $1.45B | |
| Gross profit | −$81.4M | −$43.6M | $373.7M | −$3.0M | −$87.5M | $18.3M | |
| Operating income | −$48.7M | −$101.0M | $322.9M | −$63.2M | −$171.3M | −$40.0M | |
| Net income | −$162.0M | −$147.9M | $313.4M | −$37.3M | −$317.0M | −$95.9M | |
| Diluted EPS | −$1.87 | −$1.70 | $3.61 | −$0.43 | −$3.64 | −$1.09 | |
| Gross margin | -8.2% | -4.2% | 34.7% | -0.3% | -8.5% | 1.3% | |
| Operating margin | -4.9% | -9.8% | 30.0% | -6.1% | -16.6% | -2.8% |
Fiscal years (4-quarter sums)FY21 $3.15B · FY22 $4.69B · FY23 $4.18B · FY24 $4.19B · FY25 $4.14B
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $109.8M · Total debt $2.26B · Total assets $2.80B · Shareholders' equity −$1.14B
Dividends
No dividends on record.
Ownership
Shares outstanding 87.15M · Float 58.41M · 67.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Heritage Group · 10 percent owner, other: 13(d) 10% Group Member | 12.44M | 14.27% | Form 4 | Jun 5, 2026 |
| Bagaria Rajay | 6.03M | 7.00% | 13G | Mar 19, 2025 |
| Two Seas Capital LP | 5.96M | 6.84% | 13F | May 15, 2026 |
| BlackRock, Inc. | 4.98M | 5.72% | 13F | May 13, 2026 |
| Wasserstein Debt Opportunities Management, L.P. | 4.57M | 5.25% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 1, 2026 | Daniel J. Sajkowski | director | −4,240 | $36.16 |
| May 15, 2026 | Heritage Group | 10 percent owner, other: 13(d) 10% Group Member | −626,998 | $32.54 |
| Apr 1, 2026 | Daniel J. Sajkowski | director | −3,310 | $34.46 |
| Jun 2, 2025 | Daniel J. Sajkowski | director | −20,000 | $13.40 |
| Jul 1, 2025 | Daniel J. Sajkowski | director | −2,000 | $15.77 |
Peers
- HF Sinclair
Broad overlap in specialty lubricants, refining, and renewable diesel
- Valero Energy
Scale benchmark in renewable diesel, SAF, and conventional fuels
- Phillips 66
Renewable-fuels and downstream-specialties peer
- Shell (ADR)
Global lubricants, fuels, biofuels, and SAF channel rival
- Quaker Houghton
Industrial process-fluid specialist in overlapping end markets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Calumet | $47.75 | −0.02% | $4.16B | — | 14.9 | 0.9 | +40.8% |
| HF Sinclair | $100.35 | +0.64% | $17.73B | 9.5 | 7.3 | 0.6 | +53.2% |
| Valero Energy | $352.97 | +0.19% | $101.45B | 14.6 | 8.3 | 0.8 | +48.8% |
| Phillips 66 | $244.72 | +0.27% | $97.83B | 13.9 | 8.8 | 0.6 | +55.9% |
| Shell (ADR) | $91.47 | +0.63% | $253.47B | 10.0 | 9.2 | 0.8 | +44.7% |
| Quaker Houghton | $165.91 | −0.11% | $2.87B | 29.5 | 19.4 | 1.5 | +10.2% |
| Median | 13.9 | 8.8 | 0.8 | +48.8% |