Short answer
Calumet, Inc. /DE (CLMT) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $4.1B (−1.2% year over year) and net income of −$34M.
- Top risk flagged: Regulatory risk: EPA Renewable Fuel Standard compliance with potential narrowing of Small Refinery Exemption increasing RINs purchase costs
FY2025 key financial metrics · XBRL
- Revenue
- $4.1B
- −1.2% YoY
- Net income
- −$34M
- +84.8% YoY
- Operating margin
- 2.6%
- +2.4 pp YoY
- Gross margin
- 5.9%
- +0.4 pp YoY
- EPS (diluted)
- −$0.39
- +85.4% YoY
- ROE
- 4.6%
- −26.6 pp YoY
- Operating cash flow
- $109M
- +334.7% YoY
Source: XBRL data from the Calumet, Inc. /DE (CLMT) FY2025 10-K on SEC EDGAR. USD.
Calumet, Inc. /DE FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Management Discussion & Analysis
- Capital expenditures funded partially by $1.44B DOE Loan to expand renewable fuels facility; $781.8M first tranche received Feb 18, 2025
- $392.3M used to repurchase equipment; $83.8M repaid under MRL Term Loan with $9.4M make-whole and $0.7M early termination premiums
- $26.7M repaid on MRL Revolving Credit; $32.5M repaid on MRL Supply and Offtake obligations; $40M received from Montana Refinery sale
- Future liquidity supported by cash flow, credit facility, and asset sales; $658M available in delayed draw facility; DOE Loan non-recourse to parent company
Risk Factors
- Regulatory risk: EPA Renewable Fuel Standard compliance with potential narrowing of Small Refinery Exemption increasing RINs purchase costs
- Macroeconomic risk: RINs prices significantly increased, causing $114.1 million gain from RINs in FY 2025 vs $31.9 million in FY 2024
- Operational risk: Dependence on Small Refinery Exemption receipt to reduce RINs Obligation liability, impacting fuel product segment costs
- Financial risk: Recent Ninth Amendment to Third Amended and Restated Credit Agreement affects debt obligations and liquidity management
Generated from the filing text; verify against the original. How to read a 10-K
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