Calumet Cuts $222M Debt, Reports $293M Adjusted EBITDA in 2025
Calumet posted a 2025 net loss of $33.8 million ($0.39/share) and achieved Adjusted EBITDA with tax attributes of $293.3 million. The company cut $222 million of recourse debt, generated $100 million in cost savings and set a record in Specialty Products and Renewables output before its Q2 2026 expansion.
1. Fiscal 2025 Financial Results
For the year ended December 31, 2025, Calumet recorded a net loss of $33.8 million, or $0.39 per share, compared with a net loss of $222.0 million in 2024. Adjusted EBITDA reached $211.2 million and Adjusted EBITDA with tax attributes totaled $293.3 million, up from $229.3 million a year earlier.
2. Debt Reduction and Cost Savings
Throughout 2025, the company repaid $222 million of recourse debt and realized approximately $100 million in structural cost reductions, strengthening its balance sheet and enhancing free cash flow generation.
3. Segment Performance
The Specialty Products and Solutions segment delivered a record $291.8 million of Adjusted EBITDA for the year, up from $222.5 million, driven by higher volumes and margins. Performance Brands produced $47.9 million of Adjusted EBITDA, while Montana Renewables posted $31.3 million of Adjusted EBITDA with tax attributes despite low renewable diesel margins.
4. Montana Renewables Expansion and Outlook
Calumet’s MaxSAF™150 expansion at the Montana Renewables facility remains on track for second-quarter 2026 start-up, aiming to boost renewable diesel output. An additional $8.4 million in Clean Fuel Production Credits was recognized based on updated IRS guidance.