Revenue growth remains inconsistent, fluctuating between a 9.4% increase in 2025Q4 and a 9.4% contraction in 2025Q2, while gross margins experienced a severe swing from 34.7% in 2025Q3 to -8.5% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 4.17B | 4.14B | 4.19B | 4.18B | 4.69B | 3.15B | 2.27B | 3.45B | 3.5B | 3.76B | 3.6B | 4.21B | 5.79B | 5.42B | 4.66B | 3.13B | 2.19B | 1.85B | 2.49B | 1.64B | 1.64B | 1.29B | 539.62M | 430.38M |
| Revenue Growth % | -0.11% | -1.25% | 0.2% | -10.78% | 48.87% | 38.79% | -34.3% | -1.28% | -7.08% | 4.57% | -14.56% | -27.25% | 6.82% | 16.41% | 48.56% | 43.1% | 18.64% | -25.81% | 51.97% | -0.19% | 27.3% | 138.89% | 25.38% | - |
| Cost of Goods Sold | 3.93B | 3.89B | 3.96B | 3.73B | 4.33B | 3.01B | 2.17B | 3B | 3.06B | 3.27B | 3.19B | 3.62B | 5.26B | 5.01B | 4.14B | 2.86B | 1.99B | 1.67B | 2.24B | 1.46B | 1.44B | 1.15B | 501.28M | 385.4M |
| COGS % of Revenue | - | 94.06% | 94.49% | 89.2% | 92.5% | 95.46% | 95.63% | 86.92% | 87.51% | 86.76% | 88.66% | 85.89% | 90.85% | 92.44% | 88.98% | 91.26% | 90.93% | 90.63% | 89.8% | 88.93% | 87.61% | 89.11% | 92.9% | 89.55% |
| Gross Profit | 239.6M | 245.7M | 230.8M | 451.7M | 351.7M | 142.9M | 99.1M | 451.7M | 436.7M | 498.2M | 408.3M | 594.6M | 529.7M | 410M | 513.18M | 274.13M | 198.75M | 173.1M | 253.88M | 181.36M | 203.24M | 140.36M | 38.33M | 44.98M |
| Gross Margin % | 5.74% | 5.94% | 5.51% | 10.8% | 7.5% | 4.54% | 4.37% | 13.08% | 12.49% | 13.24% | 11.34% | 14.11% | 9.15% | 7.56% | 11.02% | 8.74% | 9.07% | 9.37% | 10.2% | 11.07% | 12.38% | 10.89% | 7.1% | 10.45% |
| Gross Profit Growth % | - | 6.46% | -48.9% | 28.43% | 146.12% | 44.2% | -78.06% | 3.43% | -12.34% | 22.02% | -31.33% | 12.25% | 29.2% | -20.11% | 87.2% | 37.93% | 14.82% | -31.82% | 39.99% | -10.77% | 44.8% | 266.16% | -14.79% | - |
| Operating Expenses | 252.2M | 191.5M | 222.7M | 184.5M | 219.8M | 228.5M | 171M | 375.4M | 318.6M | 368.9M | 412.3M | 485.8M | 446.9M | 318.4M | 227.25M | 148.84M | 127.26M | 105.74M | 125.14M | -81.59M | 81.81M | 72.34M | 50.2M | 47.59M |
| OpEx % of Revenue | - | 4.63% | 5.32% | 4.41% | 4.69% | 7.26% | 7.54% | 10.87% | 9.11% | 9.8% | 11.45% | 11.53% | 7.72% | 5.87% | 4.88% | 4.75% | 5.81% | 5.73% | 5.03% | -4.98% | 4.98% | 5.61% | 9.3% | 11.06% |
| Selling, General & Admin | 225.6M | 171.7M | 201.2M | 187.9M | 197.3M | 203.9M | 138.9M | 312.7M | 317.9M | 341.5M | 390.5M | 457M | 419.3M | 287.4M | 210.36M | 145.02M | 120.69M | 100.54M | 120.55M | 77.3M | 78.22M | 69.85M | 47.06M | 9.43M |
| SG&A % of Revenue | - | 4.15% | 4.8% | 4.49% | 4.21% | 6.48% | 6.12% | 9.06% | 9.09% | 9.07% | 10.85% | 10.85% | 7.24% | 5.3% | 4.52% | 4.63% | 5.51% | 5.44% | 4.84% | 4.72% | 4.77% | 5.42% | 8.72% | 2.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 19.8M | 21.5M | -3.4M | 22.5M | 24.6M | 32.1M | 62.7M | 0 | 3.3M | 1.3M | 1.6M | -2.3M | 2.7M | 470K | 3.81M | 6.56M | 5.21M | 125.14M | -81.59M | 81.81M | 72.34M | 50.2M | 47.59M |
| Operating Income | -12.6M | 54.2M | 8.1M | 267.2M | 131.9M | -85.6M | -71.9M | 76.3M | 122.9M | 158M | -39.7M | 75M | 46.8M | 91.6M | 285.93M | 125.29M | 71.49M | 67.36M | 128.74M | 101.2M | 121.44M | 65.69M | -12.19M | -2.6M |
| Operating Margin % | -0.3% | 1.31% | 0.19% | 6.39% | 2.81% | -2.72% | -3.17% | 2.21% | 3.51% | 4.2% | -1.1% | 1.78% | 0.81% | 1.69% | 6.14% | 4% | 3.26% | 3.65% | 5.17% | 6.18% | 7.4% | 5.1% | -2.26% | -0.6% |
| Operating Income Growth % | - | 569.14% | -96.97% | 102.58% | 254.09% | -19.05% | -194.23% | -37.92% | -22.22% | 497.98% | -152.93% | 60.26% | -48.91% | -67.96% | 128.21% | 75.26% | 6.13% | -47.68% | 27.21% | -16.66% | 84.88% | 638.89% | -368.09% | - |
| EBITDA | 74.6M | 203M | 157.1M | 414M | 230.2M | 39.1M | 33.2M | 186.4M | 253.8M | 337.1M | 145.5M | 220.4M | 185.4M | 209.4M | 377.6M | 199.69M | 135.64M | 140.02M | 190.47M | 118.97M | 133.26M | 76.07M | -5.26M | -9.77M |
| EBITDA Margin % | 1.79% | 4.91% | 3.75% | 9.9% | 4.91% | 1.24% | 1.46% | 5.4% | 7.26% | 8.96% | 4.04% | 5.23% | 3.2% | 3.86% | 8.11% | 6.37% | 6.19% | 7.58% | 7.65% | 7.26% | 8.12% | 5.9% | -0.98% | -2.27% |
| EBITDA Growth % | 1.63% | 29.22% | -62.05% | 79.84% | 488.75% | 17.77% | -82.19% | -26.56% | -24.71% | 131.68% | -33.98% | 18.88% | -11.46% | -44.54% | 89.1% | 47.22% | -3.13% | -26.49% | 60.09% | -10.72% | 75.18% | 1545.67% | 46.14% | - |
| D&A (Non-Cash Add-back) | 87.2M | 148.8M | 149M | 146.8M | 98.3M | 124.7M | 105.1M | 110.1M | 130.9M | 179.1M | 185.2M | 145.4M | 138.6M | 117.8M | 91.67M | 74.39M | 64.15M | 72.66M | 61.73M | 17.77M | 11.82M | 10.39M | 6.93M | -7.17M |
| EBIT | 21.2M | 89.6M | 15.5M | 271.4M | 6M | -109.1M | -22M | 91.5M | 105.2M | 151.7M | -134.9M | 19.7M | -2.2M | 100.7M | 292.1M | 92.01M | 47.8M | 92.27M | 78.63M | 262.94M | 103.1M | 68.02M | -11.87M | -2.6M |
| Net Interest Income | -106.2M | -215.8M | -236.7M | -221.7M | -175.9M | -149.5M | -125.9M | -134.6M | -155.5M | -183.1M | -161.7M | -104.9M | -110.8M | -96.8M | -85.6M | -48.7M | -30.5M | -33.57M | -33.55M | -2.77M | -6.08M | -22.96M | -9.87M | -9.49M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 388K | 1.94M | 2.95M | 0 | 0 | 0 |
| Interest Expense | 106.2M | 216M | 236.7M | 221.7M | 175.9M | 149.5M | 125.9M | 134.6M | 155.5M | 183.1M | 161.7M | 104.9M | 110.8M | 96.8M | 85.57M | 48.75M | 30.5M | 33.57M | 33.94M | 4.72M | 9.03M | 22.96M | 9.87M | 9.49M |
| Other Income/Expense | -290M | -180.6M | -229.3M | -217.5M | -301.8M | -173M | -76M | -119.4M | -173.2M | -189.4M | -256.9M | -242.8M | -159.8M | -87.7M | -79.44M | -81.33M | -54.19M | -5.42M | -84.05M | -17.82M | -27.36M | -54.36M | 12.19M | -2.33M |
| Pretax Income | -302.6M | -126.4M | -221.2M | 49.7M | -169.9M | -258.6M | -147.9M | -43.1M | -50.3M | -31.4M | -336.3M | -167.8M | -113M | 3.9M | 206.49M | 43.97M | 17.3M | 61.94M | 44.69M | 83.38M | 94.07M | 11.33M | 17.68M | -4.93M |
| Pretax Margin % | -7.25% | -3.06% | -5.28% | 1.19% | -3.63% | -8.21% | -6.52% | -1.25% | -1.44% | -0.83% | -9.34% | -3.98% | -1.95% | 0.07% | 4.43% | 1.4% | 0.79% | 3.35% | 1.8% | 5.09% | 5.73% | 0.88% | 3.28% | -1.15% |
| Income Tax | -113.8M | -92.6M | 800K | 1.6M | 3.4M | 1.5M | 1.1M | 500K | 700K | -100K | -7.7M | -28.4M | -800K | 400K | 753K | 929K | 598K | 151K | 257K | 501K | 190K | 0 | -21.27M | 0 |
| Effective Tax Rate % | 37.61% | 73.26% | -0.36% | 3.22% | -2% | -0.58% | -0.74% | -1.16% | -1.39% | 0.32% | 2.29% | 16.92% | 0.71% | 10.26% | 0.36% | 2.11% | 3.46% | 0.24% | 0.58% | 0.6% | 0.2% | 0% | -120.28% | 0% |
| Net Income | -188.8M | -33.8M | -222M | 48.1M | -169.8M | -254.9M | -149M | -43.6M | -55.1M | -103.8M | -328.6M | -139.4M | -112.2M | 3.3M | 204.54M | 86.07M | 16.37M | 60.55M | 44.44M | 82.87M | 93.88M | 11.33M | 8.97M | -4.93M |
| Net Margin % | -4.52% | -0.82% | -5.3% | 1.15% | -3.62% | -8.1% | -6.57% | -1.26% | -1.58% | -2.76% | -9.13% | -3.31% | -1.94% | 0.06% | 4.39% | 2.75% | 0.75% | 3.28% | 1.79% | 5.06% | 5.72% | 0.88% | 1.66% | -1.15% |
| Net Income Growth % | 44.73% | 84.77% | -561.54% | 128.33% | 33.39% | -71.07% | -241.74% | 20.87% | 46.92% | 68.41% | -135.72% | -24.24% | -3500% | -98.39% | 137.64% | 425.89% | -72.97% | 36.26% | -46.38% | -11.73% | 728.76% | 26.29% | 281.91% | - |
| Net Income (Continuing) | -188.8M | -33.8M | -222M | 48.1M | -173.3M | -260.1M | -149M | -43.6M | -51M | -31.3M | -296.8M | -85.4M | -112.2M | 3.5M | 205.7M | 43.04M | 16.7M | 61.78M | 44.44M | 82.87M | 93.88M | 11.33M | 8.97M | -4.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.1M | -9.9M | -31.8M | 0 | 0 | 0 | 4.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 250.6M | 245.6M | 246.5M | 246.9M | 245.9M | 3.8M | 9M | 12M | 12.8M | 13.8M | 15.8M | 27.5M | 30.6M | 36.6M | 30.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.17 | -0.39 | -2.67 | 0.59 | -2.14 | -3.23 | -1.86 | -0.56 | -0.71 | -1.34 | -4.27 | -1.86 | -1.61 | -0.17 | 3.50 | 0.98 | 0.46 | 1.87 | 1.35 | 2.88 | 3.26 | 0.45 | 0.35 | -4931.00 |
| EPS Growth % | 46% | 85.39% | -552.54% | 127.57% | 33.75% | -73.66% | -232.14% | 21.13% | 47.01% | 68.62% | -129.57% | -15.53% | -847.06% | -104.86% | 257.14% | 113.04% | -75.4% | 38.52% | -53.13% | -11.66% | 624.44% | 28.57% | 100.01% | - |
| EPS (Basic) | - | -0.39 | -2.67 | 0.59 | -2.14 | -3.23 | -1.86 | -0.56 | -0.71 | -1.34 | -4.27 | -1.86 | -1.61 | -0.17 | 3.51 | 0.98 | 0.46 | 1.87 | 1.35 | 2.88 | 3.26 | 0.45 | 0.35 | -4931.00 |
| Diluted Shares Outstanding | 87M | 86.76M | 83.15M | 80.08M | 79.34M | 78.98M | 78.37M | 78.21M | 77.94M | 77.6M | 77.04M | 74.9M | 69.67M | 67.94M | 55.68M | 42.64M | 35.35M | 32.37M | 32.23M | 28.75M | 28.75M | 25.28M | 25.28M | 1K |
| Basic Shares Outstanding | 87M | 86.76M | 83.15M | 80.08M | 79.34M | 78.98M | 78.37M | 78.21M | 77.94M | 77.6M | 77.04M | 74.9M | 69.67M | 67.65M | 55.56M | 42.6M | 35.34M | 32.37M | 32.23M | 28.75M | 28.75M | 25.28M | 25.28M | 1K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 5590.91% | 64.73% | 96.13% | 401.66% | 97.87% | 148.84% | 92.97% | 40.78% | - | - | - |
Extreme margin volatility
According to recent financial disclosures, Calumet's revenue growth remains inconsistent, fluctuating between a 9.4% increase in 2025Q4 and a 9.4% contraction in 2025Q2, suggesting that the company's top-line performance is highly sensitive to external commodity price cycles rather than sustained organic volume expansion.
The erratic revenue trajectory highlights the company's reliance on volatile feedstock and environmental credit pricing. Investors should monitor whether the pivot to Sustainable Aviation Fuel can decouple top-line results from broader energy market fluctuations.
As reported in quarterly filings, Calumet's gross margin profile has exhibited extreme volatility, swinging from a peak of 34.7% in 2025Q3 to a deep contraction of -8.5% in 2026Q1, indicating significant exposure to inventory valuation adjustments and narrow refining spreads.
The wide variance in gross margins suggests that the company lacks the pricing power to consistently offset input cost spikes. This instability appears to be a structural feature of the current refining and renewable transition strategy, warranting caution regarding future profitability.
Based on the provided income statement data, operating income has failed to scale effectively, with the company reporting a significant operating loss of $171.3 million in 2026Q1, demonstrating that overhead and variable costs frequently outpace gross profit generation during periods of market stress.
The inability to maintain positive operating margins during revenue-positive quarters suggests that the company's cost structure is not yet optimized for its current scale. This lack of operating leverage may continue to pressure the bottom line until the Montana Renewables segment achieves consistent, high-margin throughput.
Analysis of the income statement reveals that net income is frequently distorted by non-operating items and inventory accounting, as evidenced by the $317 million net loss in 2026Q1, which stands in stark contrast to the $313.4 million profit recorded just two quarters prior.
The dramatic swings in net income suggest that reported earnings may not accurately reflect the underlying cash-generating capacity of the business. Investors should be wary of relying on headline EPS figures, as they appear heavily influenced by accounting noise rather than sustainable operational performance.
Quick answers to the most common questions about buying CLMT stock.
For fiscal year 2025, Calumet, Inc. (CLMT) reported total revenue of $4.14B. This represents a 861.3% increase compared to $430.4M in 2003.
Calumet, Inc. (CLMT) reported a net loss of $33.8M for the fiscal year ending 2025.
Calumet, Inc. (CLMT) reported an operating income of $54.2M, resulting in an operating profit margin of 1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Calumet, Inc. (CLMT) generated $245.7M in gross profit for the year, representing a gross profit margin of 5.9%. This demonstrates the company's core pricing power and production efficiency.