CLMTCalumet, Inc

Ticker: CLMT | Price: $39.64 | Today's Change: -8.56% Filing: 10-Q | Filed with the SEC on: November 6, 2026

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What Happened

Calumet, Inc. filed its quarterly report (10-Q) with the SEC on November 6, 2026, covering the third quarter of fiscal year 2026. The company reported revenue of $3,098,500,000 for Q3 FY2026, alongside operating income of $173,200,000 — a figure that reflects meaningful operational activity at scale. However, after accounting for items below the operating line, net income narrowed dramatically to just $3,500,000, translating to basic and diluted earnings per share of $0.04. The sharp gap between operating income and net income signals that significant below-the-line costs — likely interest expense and/or other non-operating charges — are consuming nearly all of the company's operating profit.

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Why It Matters

For investors, the most striking takeaway is the near-total erosion of operating profit by the time it reaches the bottom line. While $173.2 million in operating income suggests the core business is generating meaningful cash flows from operations, only $3.5 million survived as net income. This kind of compression typically points to a heavy debt service burden — a well-known feature of Calumet's capital structure — and means that any softening in operating performance could quickly push net income back into loss territory. The stock's sharp decline of 8.56% on the day of this report reflects the market's reaction to this bottom-line outcome. This follows StockWatch's existing initiating coverage on CLMT, which provides a fuller strategic framework for evaluating these dynamics.

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Analysis

The Q3 2026 results present a mixed picture. On the positive side, $3.1 billion in quarterly revenue and $173.2 million in operating income demonstrate that Calumet's refining and specialty products operations are running at significant scale and generating substantial operational returns. The business is clearly not operationally distressed.

The concern, however, is structural: the wedge between operating income and net income is enormous — roughly 98% of operating income was absorbed before reaching net income. For a company of this revenue scale, $3.5 million in net income is essentially a rounding error, and it underscores the sensitivity of the equity story to financing costs and non-operating line items.

Key things to watch going forward:

• Debt service costs and interest expense — the primary suspect for the operating-to-net compression
• Progress on balance sheet deleveraging, if any, which could structurally improve net income conversion
• Trends in operating income — any deterioration would eliminate even this marginal net income
• The Montana Renewables segment, which has been a central part of Calumet's longer-term strategic narrative

Today's share price decline of over 8% suggests the market found the net income figure disappointing relative to the operational-level performance, and investors will be looking closely at the company's debt profile and forward outlook in the full filing.

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Disclaimer

This report is a news and informational summary based solely on data contained in Calumet, Inc.'s SEC filing referenced above. It does not constitute investment advice, and no Buy, Hold, or Sell rating or price target is expressed or implied herein. Investors should read the full SEC filing and consult a qualified financial adviser before making any investment decision. Past performance is not indicative of future results.

Existing Coverage

StockWatch has full coverage on CLMT, published 2026-09-23. Read our Initiating Coverage →

Source

Filed with the SEC on 2026-11-06. Read the original filing on EDGAR: https://www.sec.gov/Archives/edgar/data/2013745/000201374526000036/clmt-20260930.htm