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EarningsQ2 2026 Earnings Report
CLMT Q2 2026 EPS Results
Actual EPS-$1.09
Consensus EPS$0.07
Beat/MissMissed by -$1.16
One Year Ago EPS-$1.70
CLMT Q2 2026 Revenue Results
Actual Revenue$1.45B
Expected Revenue$1.12B
Beat/MissBeat by +$327.35M
YoY Revenue Growth+40.77%
Earnings Announcement Details
QuarterQ2 2026
Date08/07/2026
TimeBefore Open
Conference CallFriday, August 7, 2026
CLMT Upcoming Earnings
Calumet Specialty Products's next earnings date is estimated for November 6, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CLMT Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and commercial momentum: robust consolidated adjusted EBITDA ($175M), specialty segment outperformance (specialty EBITDA $161.7M, >100% YoY improvement), positive cash generation (> $90M OCF), accelerated deleveraging (restricted leverage <4x, $100M note call, $115M sale-leaseback repurchase), and an actionable, capital-efficient Montana Renewables expansion with favorable SAF economics and improving index margins (~$2.60/gal). Lowlights were primarily timing- and accounting-related (planned turnarounds with ~$40M foregone margin, working capital build of ~$70M, $20M hedge offset, and a temporary Performance Brands margin headwind tied to LIFO and pricing lags) and some external industry supply/logistics pressures. Overall, the positives—strong earnings, cash flow, accelerated debt reduction, and high-return growth projects—substantially outweigh the transitory and manageable negatives.Company Guidance
Strong Consolidated Earnings
Delivered $175 million of adjusted EBITDA (with tax attributes) in Q2 2026, driven by Specialty Products & Solutions and Montana Renewables.
Specialties Outperformance
Specialty Products & Solutions adjusted EBITDA of $161.7 million—more than double prior year (over +100%). Seventh consecutive quarter of specialty sales >20,000 barrels/day and a record specialty production quarter; YTD 2026 specialties volume +>5% vs 2025.
Robust Cash Generation and Working Capital Context
Generated >$90 million of cash flow from operations in the quarter; working capital increased by approximately $70 million (deliberate inventory/AR build that management expects to unwind).
Accelerated Deleveraging and Balance Sheet Actions
Restricted group leverage ratio fell below 4.0x and management expects to surpass 3.0x next quarter. Company called $100 million of 2028 notes in July and repurchased/terminated a $115 million sale-leaseback on the CMR truck rack, eliminating high-interest debt.
Montana Renewables (MRL) Progress and Margins
MRL delivered $17 million of adjusted EBITDA (with tax attributes) in Q2 despite downtime and estimated ~$40 million of foregone margin; index margins ~ $2.60 per gallon and rising, with management expecting materially higher contribution in Q3.
MaxSAF Catalyst and Expansion Execution
Completed performance test of new MaxSAF catalyst that met or exceeded expectations. Announced capital-efficient MRL reconfiguration plan (repurposed reactor) expected to enable ~200 million gallons SAF capacity at 17,000 bpd over next ~2 years, with near-term targets: ~60M gal run rate pre-reconfiguration, 80–100M gal by year-end, and 120–150M gal by spring 2027.
Refining Segment Momentum
CMR refining generated $12.2 million of adjusted EBITDA, up ~$10.9 million sequentially, and is positioned for an outsized run through peak asphalt season ahead of November downtime.
Commercial Execution and Pricing Actions
Commercial team implemented >20 specialty price increases that reached full realization in the quarter; STS production strong despite several planned turnarounds.
Strategic Optionality for MRL Monetization
Management reiterated long-term plan to monetize/ separate MRL when optimal; improved deleveraging gives flexibility to pursue monetization as a value-optimization decision rather than a prerequisite.
Hedging and Liquidity Protection
Implemented fuel hedges (10,000 bpd) to protect cash flow—hedges offset ~ $20 million this quarter but provide certainty on cash generation into early 2028; 2027 hedge levels ~ $28/barrel CBOB.
CLMT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed