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Oil & gas refining & marketing · Energy · Fiscal year ends Dec 31
Calumet reported revenue of $4.1B in the fiscal year ended Dec 2025, down 1.2% from the year before. Operating income was $109M, an operating margin of 2.6%, and net income was −$34M. Operating cash flow of $109M less capital expenditure of $52M left free cash flow of $57M. Net debt was $2B.
Ranks among the 10 oil & gas refining & marketing companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 4,686 | 4,181 | 4,189 | 4,137 |
| Cost of revenue | 4,335 | 3,729 | 3,959 | 3,891 |
| Gross profit | 352 | 452 | 231 | 246 |
| Selling, general & admin | 197 | 188 | 201 | 172 |
| Operating income | 132 | 267 | 8.1 | 109 |
| Interest expense | 176 | 222 | 237 | 216 |
| Pre-tax income | −170 | 49.7 | −221 | −126 |
| Income tax | 3.4 | 1.6 | 0.8 | −92.6 |
| Net income | −173 | 48.1 | −222 | −33.8 |
| Diluted EPS | – | – | −2.67 | −0.39 |
| Diluted shares | 79.3 | 80.1 | 83.1 | 86.8 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 35.2 | 7.9 | 38.1 | 125 |
| Receivables | – | 286 | 278 | 233 |
| Inventory | – | 439 | 416 | 385 |
| Current assets | – | 795 | 766 | 858 |
| Net PP&E | 1,482 | 1,506 | 1,439 | 1,353 |
| Goodwill | 173 | 173 | 173 | 141 |
| Total assets | – | 2,751 | 2,758 | 2,689 |
| Payables | – | 322 | 321 | 282 |
| Current liabilities | – | 1,113 | 864 | 841 |
| Long-term debt | – | 1,830 | 2,065 | 2,077 |
| Total liabilities | – | 2,996 | 3,225 | 3,176 |
| Shareholders' equity | −533 | −490 | −712 | −733 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 101 | −14.9 | −46.4 | 109 |
| Capital expenditure | 536 | 272 | 76.7 | 52.3 |
| Free cash flow | −436 | −287 | −123 | 56.6 |
| Depreciation & amortisation | 98.3 | 147 | 149 | 149 |
| Stock-based compensation | 17.3 | 14.7 | 14.6 | −4.5 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.8% | 0.2% | −1.2% |
| Operating income growth (YoY) | – | 102.6% | −97.0% | 1242.0% |
| Gross margin | 7.5% | 10.8% | 5.5% | 5.9% |
| Operating margin | 2.8% | 6.4% | 0.2% | 2.6% |
| Net margin | −3.7% | 1.2% | −5.3% | −0.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 16.3% | 0.4% | 5.9% |
| Free cash flow margin | −9.3% | −6.9% | −2.9% | 1.4% |
| Cash conversion (CFO ÷ net income) | −0.58x | −0.31x | 0.21x | −3.22x |
| Receivable days | – | 25 | 24 | 21 |
| Inventory days | – | 43 | 38 | 36 |
| Payable days | – | 32 | 30 | 26 |
| Interest cover | 0.75x | 1.21x | 0.03x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 1,822 | 2,027 | 1,952 |
| Current ratio | – | 0.71x | 0.89x | 1.02x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.