Calumet reported robust third quarter 2026 results, surpassing analyst expectations for both revenue and earnings. Performance was anchored by a record-breaking contribution from the Specialty Products and Solutions segment, which benefited from a global product shortage and strong commercial execution, while the company continued its aggressive deleveraging strategy by retiring $265 million in debt.
Key Highlights
- Specialty Products and Solutions (SPS) Adjusted EBITDA surged to $248.1 million, a 209% increase compared to $80.2 million in the prior year period.
- Montana Renewables (MRL) delivered record earnings of $80.4 million in Adjusted EBITDA with Tax Attributes, representing $1.86 per gallon in its first full quarter since the SET2 RVO.
- The company accelerated its balance sheet cleanup, retiring approximately $265 million of high-cost debt since July, which includes the full redemption of the 2028 Mirror Notes and partial redemption of the 2028 Notes.