Calumet, Inc. /DE (CLMT) · Nov 6, 2026 · Earnings

Calumet earnings beat as specialty margins surge, debt paydown accelerates

Beat — EPS $2.91 vs ~$1.65 consensus

Calumet’s Q3 earnings beat consensus sharply, led by specialty products and renewables, while debt retirement accelerates and Performance Brands weakens.

Calumet is trying to turn a heavily leveraged specialty-products and renewables platform into a stronger cash generator, using specialty margins and the MaxSAF expansion to fund debt reduction. The prior quarter had already established the direction: MaxSAF’s first expansion phase was complete and Calumet had begun accelerating deleveraging.

The quarter was far ahead of the market’s earnings bar. Calumet delivered $2.91 of EPS versus published Q3 estimates around $1.63-$1.68, while sales of $1.68 billion exceeded consensus estimates around $1.34-$1.37 billion.

	Q3 2026	Q3 2025	Consensus
Sales (Income Statement)	$1,682.9M (+56.1%)	$1,078.0M	~$1,340M
EPS (Income Statement)	$2.91 (-19.4%)	$3.61	~$1.65
Adjusted EBITDA (Non-GAAP reconciliation)	$322.0M (+362.6%)	$69.6M
SPS Adjusted EBITDA (Segment results)	$248.1M (+209.4%)	$80.2M
MR Adjusted EBITDA with Tax Attributes (Segment results)	$110.6M (+546.8%)	$17.1M
PB Adjusted EBITDA (Segment results)	$9.1M (-31.1%)	$13.2M

Specialty Products and Solutions did the heavy lifting. SPS adjusted EBITDA more than tripled as the integrated specialties platform benefited from tight global supply, strong production and commercial execution. The segment’s adjusted EBITDA margin reached 23.2%, versus 11.8% a year earlier, making this more than a volume-driven result.

Renewables also moved from an earnings drag to a meaningful contributor. Montana/Renewables generated $110.6 million of adjusted EBITDA including tax attributes, compared with $17.1 million last year, supported by stronger renewable margins and better asphalt and conventional-fuel margins. That validates the strategic pivot, although the reported benefit remains partly tied to tax attributes and the volatile RIN environment.

The main operating blemish was Performance Brands. Its adjusted EBITDA fell to $9.1 million from $13.2 million because feedstock costs rose faster than pricing could reset; the quarter also included a $7 million insurance recovery, meaning underlying performance was weaker than the headline figure suggests. 〔0〕

The income statement is noisy, but cash-generation and deleveraging are improving. Net income was reduced by $113.8 million of unrealized derivative losses and $176.7 million of non-cash RIN-related items, so adjusted EBITDA is the cleaner operating read. Operating cash flow was $224.6 million through nine months, while management says it retired more than $265 million of high-cost debt over the past four months. The balance sheet is still highly levered, with $2.17 billion of total debt at September 30 and negative stockholders’ equity, so the strong quarter advances the deleveraging story rather than completing it.

Bottom line: This was a genuine earnings beat that materially strengthens Calumet’s current story: specialties are producing exceptional cash earnings and renewables are contributing again. The result is not a full reset because leverage remains high and Performance Brands is under pressure, but the business is clearly executing ahead of the prior expectation bar.

What to watch next

MaxSAF expansion execution and Q4 earnings report

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Calumet earnings beat as specialty margins surge, debt paydown accelerates

What to watch next

More Calumet, Inc. /DE news

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