Calumet Reports Strong Q4 and Full-Year 2025 Results

Specialty Products and Solutions segment posts record production and margins, while Montana Renewables focuses on SAF expansion and cost improvements

Published on Feb. 27, 2026

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Calumet (NASDAQ:CLMT) executives highlighted the company's achievements in 2025, including improved profitability, lower leverage, and the closing of a U.S. Department of Energy (DOE) loan at Montana Renewables. The Specialty Products and Solutions (SPS) segment reported record production levels and sustained strong margins, while Montana Renewables made progress on operating costs, tax credit monetization, and a sustainable aviation fuel (SAF) expansion plan.

Why it matters

Calumet's strong financial performance and strategic initiatives in 2025 demonstrate the company's ability to navigate challenging market conditions and position itself for future growth. The success of the SPS segment and the progress at Montana Renewables are particularly noteworthy, as they highlight Calumet's diversification and focus on high-value, essential product solutions.

The details

Calumet reported $293 million of adjusted EBITDA with tax attributes for the full year 2025, a nearly 30% increase year over year. The company also reduced restricted debt by more than $220 million, improved net recourse leverage from 8.2x to 4.9x, and eliminated 2026 and 2027 debt maturities. These achievements were driven by structural improvements across the system, including cost reductions and increased reliability. In the SPS segment, Calumet produced record levels of product and sustained material margins above historic norms. The company also benefited from lower unit costs and improved fuel cracks. At Montana Renewables, the company achieved a new level of operational reliability and cost competitiveness, with operating costs averaging $0.41 per gallon in the second half of 2025. The company also made progress on its MaxSAF 150 project, which is expected to add 120-150 million gallons of annual SAF capacity.

  • Calumet reported its fourth-quarter and full-year fiscal 2025 earnings in February 2026.
  • Montana Renewables will begin its turnaround and MaxSAF 150 project the following week and remain down through late April 2026.

The players

Calumet Specialty Products Partners, L.P.

An independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks, operating an integrated network of manufacturing plants, blending terminals and storage facilities across North America.

Todd Borgmann

Chief Executive Officer of Calumet.

David Lunin

Chief Financial Officer of Calumet.

Scott Obermeier

President of Specialties at Calumet.

Bruce Fleming

Executive Vice President of Montana Renewables and Corporate Development at Calumet.

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What they’re saying

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What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.