Calumet, Inc. /DE

Listed Company

CLMTCIK 0002013745NasdaqLarge AcceleratedPetroleum RefiningFY ends Dec 31

Period

FY 2025

Revenue

$4.14B

Net Income

$-33.80M

Total Assets

$2.69B

Equity

$-732.70M

Shares Out

86.78M

Op. Cash Flow

$108.90M

Business

Calumet, Inc. /DE manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels for industrial and consumer markets. It produces solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters and packaged high-performance products under brands such as Royal Purple, Bel‑Ray and TruFuel, and converts renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, propane and naphtha. The company reports through Specialty Products and Solutions; Montana/Renewables; Performance Brands; and Corporate segments. Its products are distributed across North America via its network of facilities, terminals, rail, truck and barge, with select international shipments.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Sales	4,137	4,189	4,181	4,686
Cost of sales	3,891	3,959	3,729	4,335
Gross profit	246	231	452	352
Selling	48	56	55	54
General and administrative	124	146	133	143
Taxes other than income taxes	20	21	22	14
Loss on impairment and disposal of assets	1	2	4	700,000
Gain on sale of business	−56	0	0	—
Other operating income	—	−1	−28	8
Operating income	109	8	267	132
Interest expense	−216	−237	−222	−176
Debt extinguishment costs	−47	−400,000	−6	−41
Gain on derivative instruments	9	9	10	−82
Other income (expense)	19	−2	200,000	−3
Total other expense	−235	−229	−218	−302
Net income (loss) before income taxes	−126	−221	50	−170
Income tax (benefit) expense	−93	800,000	2	3
Net income (loss)	−34	−222	48	−173
General partners' interest in net income	—	—	1	−4
Net income available to limited partners	—	—	47	−170
Basic (per share)	−0.39	−2.67	—	—
Diluted (per share)	−0.39	−2.67	—	—
Limited partners' interest in basic net income (loss) per unit	—	—	0.59	−2.14
Limited partners' interest diluted net income (loss) per unit	—	—	0.59	−2.14
Basic (shares)	87	83	80	79
Diluted (shares)	87	83	80	79

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	125	38	8	35	—
Restricted cash	80	8	—	—	—
Trade, less allowance for credit losses of $1.1 and $1.1, respectively	224	242	252	245	—
Other	8	36	34	—	—
Total accounts receivable	233	278	286	—	—
Inventories	385	416	439	—	—
Derivative assets	7	—	10	—	—
Prepaid expenses and other current assets	28	26	52	—	—
Total current assets	858	766	795	—	—
Property, plant and equipment, net	1,353	1,439	1,506	1,482	—
Goodwill	141	173	173	173	—
Other intangible assets, net	9	22	29	—	—
Operating lease right-of-use assets	224	240	114	—	—
Other noncurrent assets, net	105	118	134	—	—
Total assets	2,689	2,758	2,751	—	—
Accounts payable	282	321	322	—	—
Accrued interest payable	46	45	49	—	—
Accrued salaries, wages and benefits	85	95	87	—	—
Other taxes payable	18	12	14	—	—
Obligations under inventory financing agreements	—	32	190	—	—
Current portion of RINs obligation	169	245	277	—	—
Current portion of operating lease liabilities	64	59	76	—	—
Other current liabilities	21	19	42	—	—
Current portion of long-term debt	156	36	56	—	—
Total current liabilities	841	864	1,113	—	—
Pension and postretirement benefit obligations	4	4	4	—	—
Other long-term liabilities	93	110	10	—	—
Long-term operating lease liabilities	161	182	39	—	—
Long-term debt, less current portion	2,077	2,065	1,830	—	—
Total liabilities	3,176	3,225	2,996	—	—
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interest	246	246	246	—	—
Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 86,776,552 and 85,950,493 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	900,000	900,000	—	—	—
Additional paid-in capital	839	825	—	—	—
Warrants: 2,000,000 warrants issued and outstanding as of December 31, 2025 and December 31, 2024.	8	8	—	—	—
Accumulated deficit	−1,573	−1,539	—	—	—
Accumulated other comprehensive loss	−7	−7	−7	—	—
Total stockholders' equity	−733	−712	−490	−533	−385
Total liabilities and stockholders' equity	2,689	2,758	2,751	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization	149	149	147	98
Amortization of turnaround costs	41	38	36	23
Non-cash interest expense	43	8	6	18
Debt extinguishment costs	47	400,000	2	41
RINs gain	−76	−32	−199	198
Unrealized (gain) loss on derivative instruments	−24	6	−33	46
Equity based compensation	−5	15	15	17
Lower of cost or market inventory adjustment	16	7	33	19
Other adjustments to reconcile net income (loss) to cash flow from operating activities	9	−7	500,000	2
Accounts receivable	47	8	−19	−14
Inventories	15	16	25	−191
Prepaid expenses and other current assets	−2	18	−26	−6
Turnaround costs	−24	−21	−48	−63
Other assets	−3	−6	−10	0
Accounts payable	−52	2	−12	57
Accrued interest payable	700,000	−5	15	8
Accrued salaries, wages and benefits	15	4	−17	10
Other taxes payable	6	−2	4	−2
Other liabilities	−5	−25	15	11
Net cash provided by (used in) operating activities	109	−46	−15	101
Additions to property, plant and equipment	−52	−77	−272	−536
Proceeds from sale of business, net	97	0	0	—
Purchases of investments	−500,000	0	0	—
Net cash provided by (used in) investing activities	44	−77	−272	−536
Proceeds from borrowings - revolving credit facility	2,311	2,129	2,185	1,695
Repayments of borrowings - revolving credit facility	−2,504	−1,979	−2,152	−1,591
Proceeds from borrowings - MRL revolving credit agreement	27	159	93	0
Repayments of borrowings - MRL revolving credit agreement	−27	−172	−80	0
Proceeds from borrowings - senior notes	100	554	325	325
Repayments of borrowings - senior notes	−230	−593	−121	−363
Payments on finance lease obligations	−1	−1	−1	−900,000
Proceeds from inventory financing	363	671	1,712	2,166
Payments on inventory financing	−398	−709	−1,754	−2,133
Proceeds from DOE Loan	782	0	0	—
Proceeds from asset financing arrangements	160	145	102	—
Payments on asset financing arrangements	−61	0	0	—
Repayments of borrowings - MRL Asset Financing Arrangements	−396	0	0	—
Repayments of borrowings - MRL Term Loan Credit Agreement	−86	0	0	—
Debt issuance costs and debt discount	−28	−9	−13	−5
Payments on other financing obligations	−6	−42	−30	−16
Net cash provided by financing activities	6	154	266	349
Net increase (decrease) in cash, cash equivalents and restricted cash	159	31	−21	−87
Interest paid, net of capitalized interest	172	232	202	151
Non-cash property, plant and equipment additions	43	31	31	137

Filings

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