Calumet reports Q3 net income of $313.4M; plans SAF expansion; restates cash flows

Calumet, Inc. /DE

2025-Q3 EPS reported $0.04 revenue$3,098,500,000

Net income $313.4M ($3.61 basic EPS) vs loss of $100.6M in Q3 2024; Adjusted EBITDA with Tax Attributes $92.5M.
SPS segment Adjusted EBITDA $80.2M, up from $50.7M YoY on record production and strong margins.
Company-wide cost reduction drove $61M in operating cost savings YTD through September 2025.
Montana Renewables on track for 120–150M gallons annualized SAF production by Q2 2026; ~100M gallons SAF contracted or in review.
Restates Q1 and Q2 2025 cash flow statements; ~$80M upward adjustment to operating cash flows, no impact on net income.

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