Sign in

CLMT on Nasdaq

Calumet Lubricants

US manufacturing company

Calumet, Inc. (NASDAQ: CLMT) is a publicly traded U.S.-based company that was incorporated in 1919. It specializes in the manufacture of lubricating oils, solvents, waxes, packaged and synthetic specialty products, fuels and fuel-related products. The company operates 12 production, blending, and packaging facilities across North America.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

1916Founded1

Compare with CVR ENERGY INC, Icahn Enterprises or Delek US, or pick any stock.

  • TickerCLMT on Nasdaq1
  • Industryindustrial manufacturing1
  • HeadquartersIndianapolis1
  • Websitewww.calumetspecialty.com
  • Business address1060 N Capitol Ave, Suite 6-401, Indianapolis, In 462044
  • Filer categoryLarge accelerated filer4

See how the biggest companies compare on our leaderboards

Calumet, Inc. (NASDAQ: CLMT) is a publicly traded U.S.-based company that was incorporated in 1919. It specializes in the manufacture of lubricating oils, solvents, waxes, packaged and synthetic specialty products, fuels and fuel-related products. The company operates 12 production, blending, and packaging facilities across North America. This includes locations in Princeton, Cotton Valley, and Shreveport, Louisiana; Burnham, Illinois; Dickinson, Texas; Muncie, Indiana; Karns City, Pennsylvania; and Great Falls, Montana. Calumet's specialized hydrocarbon products are distributed around the world to approximately 2,700 global customers.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.9%Gross margin7
2.6%Operating margin7
-0.8%Net margin7
-1.2%Revenue growth, 20257
$56.6MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Specialty Products and Solutions brought in 64% of the revenue Calumet Lubricants broke down this way in fiscal 2025.

  1. Specialty Products and Solutions$2.7B764%down 6% from 2024
  2. Montana/Renewables$1.2B729%up 12% from 2024
  3. Performance Brands$311.5M77%down 7% from 2024
Business segments by year
Business segments202320242025
Specialty Products and Solutions$2.9B$2.8B$2.7B
Montana/Renewables$993.8M$1.1B$1.2B
Performance Brands$310.6M$335.6M$311.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue94¢$3.9B
  • Other costs4¢$153.1M
  • Income tax2¢$92.6M

Out of $4.1B in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending48¢$52.3M
  • Kept or used elsewhere52¢$56.6M

Out of $108.9M of cash from operations.7

Financial statements

Revenue87$4.1B in 2025−12% since 2022
0$2.0B$4.0B$6.0B2022: $4.7B$4.7B20222023: $4.2B$4.2B2023−11%2024: $4.2B$4.2B2024+0%2025: $4.1B$4.1B2025−1%
Gross profit87$245.7M in 2025−30% since 2022
0$200.0M$400.0M$600.0M2022: $351.7M$351.7M20222023: $451.7M$451.7M2023+28%2024: $230.8M$230.8M2024−49%2025: $245.7M$245.7M2025+6%
Operating income87$108.7M in 2025−18% since 2022
0$100.0M$200.0M$300.0M2022: $131.9M$131.9M20222023: $267.2M$267.2M2023+103%2024: $8.1M$8.1M2024−97%2025: $108.7M$108.7M2025+1242%
Net income87-$33.8M in 2025−80% since 2022
-$300.0M-$200.0M-$100.0M0$100.0M2022: -$173.3M-$173.3M20222023: $48.1M$48.1M20232024: -$222.0M-$222.0M20242025: -$33.8M-$33.8M2025−85%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Sales$4.1B$4.2B$4.2B
Cost of sales$3.9B$4.0B$3.7B
Gross profit$245.7M$230.8M$451.7M
Selling$47.9M$55.7M$54.9M
General and administrative$123.8M$145.5M$133.0M
Taxes other than income taxes$19.8M$20.7M$21.5M
Loss on impairment and disposal of assets$1.3M$2.0M$3.5M
Gain on sale of business-$55.8M$0$0
Other operating income-$1.2M-$28.4M
Operating income$108.7M$8.1M$267.2M
Interest expense-$215.8M-$236.7M-$221.7M
Debt extinguishment costs-$47.4M-$400.0K-$5.9M
Gain on derivative instruments$8.7M$9.3M$9.9M
Other income (expense)$19.4M-$1.5M$200.0K
Total other expense-$235.1M-$229.3M-$217.5M
Net income (loss) before income taxes-$126.4M-$221.2M$49.7M
Income tax (benefit) expense-$92.6M$800.0K$1.6M
Net income (loss)-$33.8M-$222.0M$48.1M
General partners' interest in net income$1.0M
Net income available to limited partners$47.1M
Basic-$0.39-$2.67
Diluted-$0.39-$2.67
Limited partners' interest in basic net income (loss) per unit$1
Limited partners' interest diluted net income (loss) per unit$1
Basic86.8M shares83.1M shares80.1M shares
Diluted86.8M shares83.1M shares80.1M shares

Compare Calumet Lubricants with another company

Corporate structure

Calumet Lubricants sits at the top of its group. 26 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Calumet Lubricants

  • Calumet Lubricants Indianapolis
    • Bel-Ray Company, LLC Subsidiary · Delaware, United States
    • Calumet Africa Proprietary Limited Subsidiary · South Africa
    • Calumet Branded Products, LLC Subsidiary · Delaware, United States
    • Calumet Cotton Valley Refining, LLC Subsidiary · Delaware, United States
    • Calumet Dickinson Refining, LLC Subsidiary · Delaware, United States
    • Calumet Finance Corp. Subsidiary · Delaware, United States
    • Calumet GP, LLC Subsidiary · Delaware, United States
    • Calumet International, Inc. Subsidiary · Delaware, United States
    • Calumet Karns City Refining, LLC Subsidiary · Delaware, United States
    • Calumet Mexico, LLC Subsidiary · Delaware, United States
    • Calumet Missouri, LLC Subsidiary · Delaware, United States
    • Calumet Montana Refining, LLC Subsidiary · Delaware, United States
    • Calumet Operating, LLC Subsidiary · Delaware, United States
    • Calumet Paralogics, Inc. Subsidiary · Delaware, United States
    • Calumet Princeton Refining, LLC Subsidiary · Delaware, United States
    • Calumet Refining, LLC Subsidiary · Delaware, United States
    • Calumet Shreveport Refining, LLC Subsidiary · Delaware, United States
    • Calumet Specialty Oils de Mexico, S. de R.L. de C.V. Subsidiary · Mexico
    • Calumet Specialty Products Canada, ULC Subsidiary · Canada
    • Calumet Specialty Products Partners, L.P. Subsidiary · Delaware, United States
    • Founders Insurance Holding, LLC Subsidiary · North Carolina, United States
    • Kurlin Company, LLC Subsidiary · Delaware, United States
    • Montana Renewables Holdings LLC Subsidiary · Delaware, United States
    • Montana Renewables, Inc. Subsidiary · Delaware, United States
    • Solide Insurance Company, LLC Subsidiary · North Carolina, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Calumet Lubricants reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$42.1M7 Dec 31, 2025$41.9M7 Dec 31, 2024+0.5%
Property and equipment, before depreciation$2.7B7 Dec 31, 2025$2.7B7 Dec 31, 2024+1.6%
Accumulated depreciation$1.3B7 Dec 31, 2025$1.2B7 Dec 31, 2024+10.5%
Property and equipment, net$1.4B7 Dec 31, 2025$1.4B7 Dec 31, 2024−6.0%
Finance-lease assets$1.5M7 Dec 31, 2025$2.5M7 Dec 31, 2024−40.0%
Operating-lease assets (leased space)$224.2M7 Dec 31, 2025$240.2M7 Dec 31, 2024−6.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$125.1M7 Dec 31, 2025$38.1M7 Dec 31, 2024+228.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$140.5M7 Dec 31, 2025$173.0M7 Dec 31, 2024−18.8%
Intangible assets, net (excluding goodwill)$8.7M7 Dec 31, 2025$22.0M7 Dec 31, 2024−60.5%
Finite-lived intangibles, gross$110.8M7 Dec 31, 2025$269.2M7 Dec 31, 2024−58.8%
Accumulated amortization$102.1M7 Dec 31, 2025$247.2M7 Dec 31, 2024−58.7%
Finite-lived intangibles, net$8.7M7 Dec 31, 2025

Inventory

ItemLatestA year beforeChange
Inventory, total$385.2M7 Dec 31, 2025$416.3M7 Dec 31, 2024−7.5%
Raw materials$67.5M7 Dec 31, 2025$75.0M7 Dec 31, 2024−10.0%
Work in process$101.4M7 Dec 31, 2025$97.5M7 Dec 31, 2024+4.0%
Finished goods$216.3M7 Dec 31, 2025$243.8M7 Dec 31, 2024−11.3%

The story

1919 Calumet Refining Company formed

1953 Princeton, Louisiana refinery constructed

1990 Corporate headquarters moved to Indianapolis

1995 Calumet purchased Kerr-McGee Corp. refinery in Cotton Valley, Louisiana

2006 Calumet listed on NASDAQ, becomes publicly traded company

2008 Calumet acquired Penreco

2012 Calumet acquired numerous companies, including Montana Refining Company; Royal Purple; and TruSouth Oil

2013 Among other acquisitions and developments, Calumet acquired Bel-Ray and broke ground on Dakota Prairie Refining, the first greenfield hydrocarbon processing facility built in the United States since 1976

Read the full text

2014 Listed in the Fortune 500 for the first time

2017 Sold its refinery in Superior, Wisconsin to Husky Energy

2020 Expanded specialty wax business with acquisition of Paralogics

2022 Montana Renewables joins Calumet family

2024 Calumet converts from the MLP structure to a C-Corp

From Wikipedia’s article on Calumet, Inc., shared under CC BY-SA 4.0.5

Leadership

Who has led Calumet Lubricants, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Louis Todd Borgmann2024–now

Chief financial officer

  1. David Lunin2025–now
197019801990200020102020
Board members and other officers (15)

Products and brands

  • oil

Listed on Wikidata.1

Products

Calumet, Inc. is a producer of specialty hydrocarbon products. The company processes crude oil and other feedstocks into a wide variety of customized lubricating oils, solvents, waxes, synthetic lubricants, and other products. Calumet's specialty products are sold to domestic and international customers who purchase them primarily as raw material components for various industrial and consumer applications. Calumet also blends, packages, and markets specialty products through their Royal Purple, Bel-Ray, and TruFuel brands. Calumet's fuel products segment processes crude oil into a variety of fuel and fuel-related products, including gasoline, diesel, jet fuel, asphalt, and others, and occasionally resells purchased crude oil to third-party customers. Calumet's portfolio includes:

Base Oils, which are refined from crude oil and used in a wide variety of end-use products, such as adhesives, paints and coatings, and lubricants. Calumet makes numerous naphthenic and paraffinic oil products.

Solvents from Calumet are used for a large number of applications, such as adhesives, water treatment facilities, paints and coatings, aluminum rolling and printing ink.

Polyol Esters are used for high-performance lubrication applications, including in the aviation and automotive industries. Calumet specializes in synthetic polyol esters.

Read the full text

Gelled Hydrocarbons are essentially highly refined hydrocarbon products that are thickened into a gel using special polymer additives. The thickness varies according to which and how much polymer is introduced. Gelled hydrocarbons are used extensively in the cosmetics industry as thickeners for, among other products, lotions, shampoos and lip glosses.

Petrolatums are semisolid compounds used in cosmetics such as skin conditioners and moisturizers. Its water repellent qualities make it ideal for sealing in moisture.

White Mineral Oils are used as a base emollient, lubricant, release agent, binder, or excipient in numerous product applications.

Waxes produced by Calumet include fully refined paraffin waxes, scale wax, slack wax, soft wax, unfinished and finished petrolatum, and microcrystalline waxes that are used for a wide variety of applications, including candles, boxboard saturation and coating, hot melt adhesives, and rubber and PVC processing. The company is one of the last remaining North American producers of these products.

Renewable Diesel products will be available from Calumet's Montana Renewables business beginning in 2022. These products, including diesel, gasoline and aviation fuel, are produced from renewable feedstocks such as oil seed crops and food waste byproducts.

Finished Lubricants and Chemicals are sold through Calumet's retail brands, including Royal Purple, Bel-Ray, and TruFuel.

Fuels including gasoline, diesel, and jet fuel.

Asphalt is produced at three different Calumet facilities, and is used for everything from road construction and repair to the production of roofing shingles.

Brands

Headquartered in Indianapolis, Indiana, Calumet, Inc. employs approximately 1,500 workers in North America. Calumet products are available in more than 90 countries, serving more than 3,000 corporate clients. Its products can be found under several brand names including, Bel-Ray, Orchex, Penreco, Royal Purple, TitanWax, and TruFuel.

Bel-Ray offers lubricants for (among others) the aerospace, automotive, steel, mining and textile industries. It also produces lubricants for motorcycles, ATVs, UTVs and other power sports vehicles.

Orchex offers a line of U.S. EPA-registered agricultural spray oils for use on a wide variety of farming applications including tree crops, row crops, and vegetables to combat insects, diseases, and weeds.

Penreco specializes in compounds made from gelled hydrocarbons, petrolatums and white mineral oils, which are used by the company's customers in myriad industrial and consumer applications. Its products include a special oil to suppress dust in grain processing facilities; lubricants for industrial bakery baking forms; and gels formulated for craft candle making.

Royal Purple focuses exclusively on the development and manufacture of their own proprietary line of synthetic and mineral-based lubricants for consumer, industrial and commercial uses.

TruFuel manufactures ready-to-use fuel specifically formulated for outdoor power equipment.

From Wikipedia’s article on Calumet, Inc., shared under CC BY-SA 4.0.5

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Bel-Ray Company, LLC Delaware6
  • Calumet Africa Proprietary Limited South Africa6
  • Calumet Branded Products, LLC Delaware6
  • Calumet Cotton Valley Refining, LLC Delaware6
  • Calumet Dickinson Refining, LLC Delaware6
  • Calumet Finance Corp. Delaware6
  • Calumet GP, LLC Delaware6
  • Calumet International, Inc. Delaware6
  • Calumet Karns City Refining, LLC Delaware6
  • Calumet Mexico, LLC Delaware6
  • Calumet Missouri, LLC Delaware6
  • Calumet Montana Refining, LLC Delaware6
  • Calumet Operating, LLC Delaware6
  • Calumet Paralogics, Inc. Delaware6
  • Calumet Princeton Refining, LLC Delaware6
  • Calumet Refining, LLC Delaware6
  • Calumet Shreveport Refining, LLC Delaware6
  • Calumet Specialty Oils de Mexico, S. de R.L. de C.V. Mexico6
  • Calumet Specialty Products Canada, ULC Canada6
  • Calumet Specialty Products Partners, L.P. Delaware6
  • Founders Insurance Holding, LLC North Carolina6
  • Kurlin Company, LLC Delaware6
  • Montana Renewables Holdings LLC Delaware6
  • Montana Renewables Holdings, Inc. Delaware6
All 27 listed subsidiaries
  • Montana Renewables, Inc. Delaware6
  • Montana Renewables, LLC Delaware6
  • Solide Insurance Company, LLC North Carolina6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 15, 20268-K Entered a material agreement; New debt or obligation28
  2. Sep 1, 20268-K Entered a material agreement; Regulation FD disclosure29
  3. Aug 7, 20268-K Results of operations30
  4. Jun 3, 20268-K Shareholder vote31
  5. May 8, 20268-K Results of operations32
  6. Mar 25, 20268-K Executive or director change; Regulation FD disclosure33
  7. Mar 17, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure34
  8. Mar 13, 20268-K Entered a material agreement; Other events35
  9. Mar 12, 20268-K Regulation FD disclosure; Other events36
  10. Feb 27, 20268-K Results of operations37
  11. Jan 29, 20268-K Entered a material agreement; New debt or obligation38
  12. Jan 12, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure39
  13. Nov 25, 2024New chief executive Louis Todd Borgmann becomes CEO11
  14. 1916Founded Founded1

Calendar

Coming up

  1. Nov 6, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.21) a share, on Nov 7, 2025.40

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results30
  2. May 8, 2026Reported quarterly or annual results32
  3. Feb 27, 2026Reported quarterly or annual results37
  4. Jan 6, 2026Reported quarterly or annual results41
  5. Nov 7, 2025Reported quarterly or annual results42
  6. Nov 7, 2025Reported quarterly or annual results43
  7. Aug 8, 2025Reported quarterly or annual results44
  8. May 9, 2025Reported quarterly or annual results45

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

274 filings to the SEC since October 2021: 2 annual reports, 9 quarterly reports, 43 major events, 162 insider forms, 17 large holders, 41 other. The latest 20:

  1. Sep 28, 20264 EDGAR
  2. Sep 28, 20264 EDGAR
  3. Sep 28, 20264 EDGAR
  4. Sep 28, 20264 EDGAR
  5. Sep 15, 20268-K EDGAR
  6. Sep 1, 20268-K EDGAR
  7. Aug 21, 20264 EDGAR
  8. Aug 21, 20264 EDGAR
  9. Aug 21, 20264 EDGAR
  10. Aug 21, 20264 EDGAR
  11. Aug 14, 2026SCHEDULE 13G/A EDGAR
  12. Aug 14, 2026SCHEDULE 13G/A EDGAR
  13. Aug 7, 202610-Q EDGAR
  14. Aug 7, 20268-K EDGAR
  15. Jul 13, 20264 EDGAR
  16. Jul 13, 20264 EDGAR
  17. Jul 13, 20264 EDGAR
  18. Jul 13, 20264 EDGAR
  19. Jul 13, 20264 EDGAR
  20. Jul 13, 20264 EDGAR

The 274 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

33 open-market trades by officers, directors and large owners since October 2021: 1 buys and 32 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Mawer Stephen PDirectorSale24,555Form 4
Jul 1, 2026Sajkowski Daniel JDirectorSale4,240$36.16$153.3KForm 4
May 15, 2026Heritage Group10% ownerSale626,998$32.54$20.4MForm 4
Apr 1, 2026Sajkowski Daniel JDirectorSale3,310$34.46$114.1KForm 4
Dec 4, 2025Boss John G.DirectorSale1,011Form 4
Dec 4, 2025Sajkowski Daniel JDirectorSale2,022Form 4
Dec 4, 2025Sajkowski Daniel JDirectorSale2,022Form 4
Jul 1, 2025Sajkowski Daniel JDirectorSale2,000$15.77$31.5KForm 4
Jun 24, 2025Boss John G.DirectorSale1,518Form 4
Jun 24, 2025Mawer Stephen PDirectorSale2,962Form 4
Jun 24, 2025Sajkowski Daniel JDirectorSale1,518Form 4
Jun 24, 2025Sajkowski Daniel JDirectorSale1,518Form 4
Jun 16, 2025Morical Gregory JSVP, GENERAL COUNSELSale25,123$16.69$419.3KForm 4
Jun 16, 2025Straumins JenniferDirectorSale100,000$16.23$1.6MForm 4
Jun 13, 2025Straumins JenniferDirectorSale50,000$15.08$754.0KForm 4
Jun 5, 2025Straumins JenniferDirectorSale100,000$13.17$1.3MForm 4
Jun 2, 2025Sajkowski Daniel JDirectorSale20,000$13.40$268.0KForm 4
May 14, 2025Sheets Daniel LDirectorSale10,000$13.79$137.9KForm 4
May 13, 2025Sheets Daniel LDirectorSale30,000$13.88$416.3KForm 4
May 1, 2025Sajkowski Daniel JDirectorSale20,000$10.66$213.2KForm 4

All 33 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Todd BorgmannPresident & Chief Executive Officer43$950.0K$6.8M53
2025Scott ObermeierPresident - Specialties53$492.8K$1.9M53
2025Bruce FlemingExecutive Vice President - Montana Renewables & Corporate Strategy69$532.5K$1.9M53
2025David LuninExecutive Vice President - Chief Financial Officer45$491.9K$1.9M53
2025Gregory MoricalSenior Vice President, General Counsel & Secretary57$415.5K$1.3M53
2024Todd BorgmannPresident & Chief Executive Officer43$783.8K$1.4M53
2024David LuninExecutive Vice President - Chief Financial Officer45$479.5K$1.2M53
2024Bruce FlemingExecutive Vice President - Montana Renewables & Corporate Strategy69$478.8K$978.2K53
2024Scott ObermeierPresident - Specialties53$468.9K$721.8K53
2024Gregory MoricalSenior Vice President, General Counsel & Secretary57$380.0K$567.1K53
2023Todd BorgmannPresident & Chief Executive Officer43$735.0K$2.5M53
2023Bruce FlemingExecutive Vice President - Montana Renewables & Corporate Strategy69$464.3K$2.2M53
2023Gregory MoricalSenior Vice President, General Counsel & Secretary57$348.7K$864.5K53
2023Scott ObermeierPresident - Specialties53$445.2K$765.6K53

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Two Seas Capital LP6,619,708$238.4M9.1%+659,416
BlackRock, Inc.5,234,106$188.5M0.0%+253,578
Wasserstein Management, L.P.3,964,893$142.8M59.6%−608,470
State Street Corp3,471,065$125.0M0.0%+390,906
Vanguard Capital Management LLC3,453,911$124.4M0.0%+18,517
Adams Asset Advisors, LLC2,006,206$72.3M8.2%−1,196,026
Geode Capital Management, LLC1,962,286$70.7M0.0%+89,427
Barclays PLC1,409,773$50.8M0.0%+731,860
Vanguard Portfolio Management LLC1,025,321$36.9M0.0%+95,069
Bank Of America Corp /de/981,353$35.3M0.0%−172,391
Wellington Management Group Llp811,482$29.2M0.0%−19,076
Citadel Advisors LLC762,084$27.5M0.0%+226,051
Morgan Stanley708,206$25.5M0.0%−343,791
Marshall Wace, Llp617,138$22.2M0.0%−206,890
Northern Trust Corp615,263$22.2M0.0%+34,173
Voleon Capital Management LP612,506$22.1M0.4%−69,426
Charles Schwab Investment Management Inc552,791$19.9M0.0%+12,124
Brown Advisory Inc535,044$19.3M0.0%−30,680
Citigroup Inc480,623$17.3M0.0%−6,356
Bnp Paribas Financial Markets479,261$17.3M0.0%+172,374
Vanguard Fiduciary Trust Co471,716$17.0M0.0%+36,118
Dimensional Fund Advisors LP422,091$15.2M0.0%New
Susquehanna International Group, Llp386,077$13.9M0.0%+140,742
Goldman Sachs Group Inc385,555$13.9M0.0%−16,534
Jpmorgan Chase & Co338,696$12.3M0.0%−242,441

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Calumet Lubricants is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCalumet, Inc. /DE2
  • CIK0002013745
  • Employer ID (EIN)36-509852054
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company54
  • Incorporated inDelaware54
  • Fiscal year endsDecember 312
  • Industry code (SIC)2911 Petroleum Refining2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address1060 N Capitol Ave, Suite 6-401, Indianapolis, IN 462042
  • Phone(317) 328-56602
  • Shares outstanding87,898,234 as of Aug 7, 202610
  • Public float$1.4B as of Jun 30, 202554
  • AuditorGRANT THORNTON LLP, Pittsburgh, Pennsylvania PCAOB ID 248; it also attests to the company’s internal control over financial reporting54
  • On EDGAR sinceMar 5, 20242
  • Filings274 in all: 4 (156), 8-K (42), 144 (14), SCHEDULE 13G/A (10), 10-Q (7), 425 (6), 3 (4), SCHEDULE 13G (4)2
    All 27 form types

    CORRESP (3), S-4/A (3), 10-K (2), 10-Q/A (2), 4/A (2), ARS (2), DEF 14A (2), DEFA14A (2), S-3ASR (2), UPLOAD (2), 424B3 (1), 424B5 (1), 8-K12B (1), EFFECT (1), S-4 (1), S-8 (1), SC 13D (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareCLMTThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).54

Risk factors and legal proceedings

The risks Calumet Lubricants names in Item 1A of its 10-K filed Feb 27, 2026: 48 risks under these headings, as written.54

  • Risks Related to our Business
  • Results of Operations and Financial Condition
  • Our business depends on supply and demand fundamentals, which can be adversely affected by numerous macroeconomic factors outside of our control and which may in turn impact our operational and financial performance, including our ability to execute our business strategies in the expected time frame.
  • Our business has exposure to some commodities which are volatile, and a reduction in our margins will adversely affect the amount of cash we will have available to operate our business and for payments of our debt obligations.
  • Our hedging activities may not be effective in reducing our exposure to commodity price risk and may reduce our earnings, profitability and cash flows.
  • Decreases in the price of inventory and products may lead to a reduction in the borrowing base under our revolving credit facility and our ability to issue letters of credit or the requirement that we post substantial amounts of cash collateral for derivative instruments, which could adversely affect our liquidity, financial condition and our ability to make payments on our debt obligations.
  • We depend on certain third-party pipelines for transportation of feedstocks and products, and if these pipelines become unavailable to us, our revenues and cash available for payment of our debt obligations could decline.
  • The price volatility of utility services may result in decreases in our earnings, profitability and cash flows.
  • Our facilities incur operating hazards, and the potential limits on insurance coverage could expose us to potentially significant liability costs.
  • Downtime for maintenance at our refineries and facilities will reduce our revenues and could limit our ability to make payments of our debt obligations.
  • An impairment of our long-lived assets or goodwill could reduce our earnings or negatively impact our financial condition and results of operations.
  • Competition in our industries is intense, and an increase in competition in the markets in which we sell our products could adversely affect our earnings and profitability.
The other 38 risks
  • We depend on unionized labor for the operation of many of our facilities. Any work stoppages or labor disturbances at these facilities could disrupt our business and negatively impact our financial condition and results of operations.
  • Our method of valuing inventory may result in decreases in net income.
  • We depend on key personnel for the success of our business and the loss of those persons could adversely affect our business and our ability to make payments of our debt obligations.
  • We are subject to cybersecurity risks and other cyber incidents resulting in disruption.
  • AI presents risks and challenges that can impact our business.
  • Indebtedness; Financing
  • Our arrangement with J. Aron exposes us to J. Aron-related credit and performance risk as well as potential refinancing risks.
  • We have a substantial amount of indebtedness, which may adversely affect our cash flow and our ability to operate our business.
  • Our financing arrangements contain operating and financial provisions that restrict our business and financing activities.
  • An increase in interest rates will cause our debt service obligations to increase.
  • A change of control could result in us facing substantial repayment obligations under our revolving credit facility, our senior notes, our secured hedge agreements, and our Supply and Offtake Agreement.
  • Capital Projects and Future Growth
  • We make capital expenditures in our facilities to maintain their reliability and efficiency. If we are unable to complete capital projects at their expected costs and/or in a timely manner, or if the market conditions assumed in our project economics deteriorate, results of operations or cash flows could be adversely affected.
  • From time to time, we may seek to divest portions of our business, which could materially affect our results of operations and result in disruption to other parts of the business.
  • Environmental and Regulatory Matters
  • We may incur significant environmental remediation costs and liabilities in the operation of our refineries, facilities, terminals and related facilities.
  • We are subject to operational compliance with stringent environmental and occupational health and safety laws and regulations that may expose us to significant costs and liabilities.
  • The availability and cost of renewable identification numbers and results of litigation related to our SRE petitions could have a material adverse effect on our results of operations and financial condition and our ability to make payments on our debt obligations.
  • Our and our customers’ operations are subject to risks arising out of the threat of climate change, including regulatory, political, litigation and financial risks, which could result in increased operating and capital costs for our customers and reduced demand for the products and services we provide.
  • We could incur substantial costs or disruptions in our business if we cannot obtain or maintain necessary permits and authorizations or otherwise comply with occupational, environmental and other laws and regulations.
  • Our business involves the transportation by rail of crude oil, which involves risks of derailment, accidents and liabilities associated with cleanup and damages, as well as regulatory changes that may adversely impact our business, financial condition or results of operations.
  • Subsidiaries
  • We have a holding company structure in which our subsidiaries conduct our operations and own our operating assets and our ability to make payments of our debt obligations depends on the performance of our subsidiaries and their ability to distribute funds to us.
  • Risks Related to Montana Renewables
  • If there is not sufficient demand for renewable energy, if renewable energy markets do not develop or take longer to develop than we anticipate, or if we do not realize the expected SAF premium, we may be unable to achieve our investment objectives for MRL, which could have a material adverse impact on our results of operations and financial condition.
  • Montana Renewables is subject to numerous operating risks, which could materially adversely impact our results of operations and financial conditions.
  • Montana Renewables is subject to a number of statutes and regulations that could have an adverse effect on Montana Renewables’ operations.
  • A significant component of our product margin consists of a variety of government subsidies, incentives and mandates, and any changes in law that eliminate or reduce these subsidies, incentives and mandates would have a material adverse impact on our results of operations and financial condition.
  • Transactions between the Company and MRL present possible conflicts of interest that could have an adverse effect on the Company if they are not managed appropriately.
  • Montana Renewables depends on the Company to provide MRL with services necessary to operate its business. If the Company were unable or unwilling to provide these services, it would result in a disruption in MRL’s business that could have an adverse effect on its financial position, financial results and cash flow.
  • Increases to the cost of transportation services or equipment related to our feedstock materials and renewable transportation fuels could materially and adversely affect our sales revenues and cost of operations.
  • Montana Renewable’s operations are dependent on the use of intellectual property licensed to MRL by third parties, and if MRL fails to comply with our obligations under such license agreements, we may be required to pay damages, and we could lose license rights that are critical to our business.
  • The production of renewable fuels is a growing industry, and we are expecting to encounter significant competition in the marketplace.
  • Montana Renewables balance sheet includes a Loan Guarantee Agreement (the “LGA”) with the U.S. Government.
  • Risk Related to our Material Weakness
  • We have remediated the material weaknesses previously reported in our internal control over financial reporting, but if we identify additional material weaknesses in the future or fail to maintain an effective system of internal control we may not be able to accurately and timely report our financial results, which may affect investor confidence and cause us to incur additional costs resulting in adverse impacts to our results of operations.
  • We reached a determination to restate certain of our previously issued unaudited condensed consolidated financial statements, which may affect investor confidence.
  • Risks Related to Our Common Stock
  • The price of our common stock may experience volatility.
  • Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that may make it more difficult for a third party to acquire control of us, even if a change in control would result in the purchase of your shares of common stock at a premium to the market price or would otherwise be beneficial to you.
  • Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, and the federal district courts as the exclusive forum for Securities Act claims, which could limit stockholders’ ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
  • We do not expect to pay dividends on our common stock for the foreseeable future.
  • The value of our common stock may be diluted by future equity issuances (including upon the exercise of the outstanding warrants), and shares eligible for future sale may have adverse effects on our share price.
  • Risks Related to Tax Matters
  • Compliance with and changes in tax laws could adversely affect our performance.
  • We are currently unable to fully utilize the CFPCs that we generate, and as such, we are exposed to fluctuations in the market prices of CFPCs and the potential unavailability of third parties willing to purchase CFPCs.

Legal proceedings

We are not a party to, and our property is not the subject of, any pending legal proceedings other than ordinary routine litigation incidental to our business. Our operations are subject to a variety of risks and disputes normally incident to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business. Read Items 1 and 2 “Business and Properties — Environmental and Occupational Health and Safety Matters” for a description of our current regulatory matters related to the environment, health and safety. Additionally, the information provided under Note 6 — “Commitments and Contingencies” in Part II, Item 8 “Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements” is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.54

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54