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Dec 31, 2025
Calumet Specialty Products Q4 2025 Earnings Report
Calumet reported a wider net loss in the fourth quarter of 2025 while Adjusted EBITDA with Tax Attributes increased year-over-year.
Key Takeaways
Calumet generated Q4 2025 sales of 1038600000 and reported a net loss of 37300000. Adjusted EBITDA was 48400000, while Adjusted EBITDA with Tax Attributes improved to 69300000 compared to the prior year period.
Sales increased to 1038600000 from 949500000 year-over-year.
Net loss was 37300000 compared to 40700000 in Q4 2024.
Adjusted EBITDA declined to 48400000 from 66600000 year-over-year.
Adjusted EBITDA with Tax Attributes rose to 69300000 from 66600000 in the prior year period.
Revenue by Segment
Forward Guidance
The company highlighted continued structural cost reductions and expects Montana Renewables MaxSAF 150 expansion to be completed in the second quarter of 2026.
Positive Outlook
- Approximately 100000000 of structural cost reductions achieved in 2025.
- 222000000 of recourse debt reduction in 2025.
- Record production year in Specialty Products & Solutions and Montana Renewables.
- Montana Renewables MaxSAF 150 expansion on track for second quarter 2026.
- Additional 8400000 in 2025 clean fuel production credits generated based on updated estimates.
Challenges Ahead
- Montana/Renewables segment reported negative Adjusted EBITDA with Tax Attributes of 5400000 in Q4 2025.
- Corporate Adjusted EBITDA was negative 19200000 in Q4 2025.
- Operating loss of 64500000 in Q4 2025.
- Gross loss of 3000000 in Q4 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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