Calumet posted $273.3 million in net income for Q3 2026, driven by strong specialty product demand and renewable margins, while simultaneously accelerating debt reduction efforts.
Q3 2026 Adjusted EBITDA surged to $322.0 million from $69.6 million a year earlier, with net income of $273.3 million and basic EPS of $2.91. CEO called the quarter exceptional, highlighting over $265 million of high-cost 9.75% senior notes retired in four months and a strong renewables margin ($110.6 million MR Adjusted EBITDA with Tax Attributes vs $17.1 million). A results release this far above prior-year levels is likely to drive the shares higher, though $290.5 million of the net income came from non-cash items.
Q3 2026 net income was $273.3 million ($2.91 basic EPS) and Adjusted EBITDA was $322.0 million, up from $69.6 million in the same quarter of 2025, with the Specialty Products segment alone delivering $248.1 million of Adjusted EBITDA versus $80.2 million a year ago.
Yes: the quarter included a $113.8 million unrealized derivatives loss and $176.7 million of non-cash RIN-related items, and the company still posted a nine-month 2026 net loss of $139.6 million, so headline net income overstates the underlying run-rate.
Calumet, Inc. reported a robust third quarter for 2026, with Adjusted EBITDA climbing to $322.0 million from $69.6 million in the prior-year period. The company successfully retired over $265 million in high-cost debt over four months, signaling an aggressive deleveraging strategy alongside strong performance in its Specialty Products and Montana/Renewables segments.
Growth was primarily driven by the Specialty Products and Solutions segment, which generated $248.1 million in Adjusted EBITDA, and strong margins within the Montana/Renewables business.
Investors should note that the $273.3 million net income figure includes significant non-cash items, such as a $113.8 million unrealized derivative loss and $176.7 million in RIN-related items, which may not reflect the underlying operational run-rate.