Quarterly ResultMay 8, 2026, 07:21 AM
Calumet Q1 Net Loss $317M; Adjusted EBITDA with Tax Attributes $50.1M
AI Summary
Calumet, Inc. reported a net loss of $317.0 million, or $3.64 per common share, for the first quarter of 2026, significantly wider than the $162.0 million net loss in Q1 2025. This loss was primarily driven by non-cash RINs and other mark-to-market items. Adjusted EBITDA with Tax Attributes decreased to $50.1 million from $55.0 million year-over-year. The company highlighted the completion of the Montana Renewables turnaround and MaxSAF ® 150 operations, the positive impact of EPA ’s SET2 RVO on biofuel margins, and the Shreveport plant resuming normal operations in early April.
Key Highlights
- Q1 2026 net loss was $317.0 million, up 95.7% from $162.0 million in Q1 2025.
- Basic loss per common share was $3.64, compared to $1.87 in the prior year.
- Adjusted EBITDA with Tax Attributes decreased 8.9% to $50.1 million from $55.0 million.
- Adjusted EBITDA was $27.6 million, down 27.6% from $38.1 million in Q1 2025.
- Montana Renewables Adjusted EBITDA with Tax Attributes surged 209.1% to $10.2 million.
- Specialty Products and Solutions Adjusted EBITDA fell 21.3% to $44.3 million.
- Performance Brands Adjusted EBITDA decreased 20.3% to $12.6 million.
- Total sales volume increased 1.7% to 87,028 barrels per day.