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Side-by-side financial comparison of Calumet, Inc. (CLMT) and CVR ENERGY INC (CVI). Click either name above to swap in a different company.
CVR ENERGY INC is the larger business by last-quarter revenue ($1.8B vs $1.0B, roughly 1.7× Calumet, Inc.). Calumet, Inc. runs the higher net margin — -3.6% vs -6.1%, a 2.5% gap on every dollar of revenue.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
CVR Energy Inc is a United States-based energy holding company operating two core segments: petroleum refining and nitrogen fertilizer manufacturing. It produces a wide range of products including gasoline, diesel, jet fuel, and agricultural fertilizers, primarily serving commercial, industrial and agricultural customers across North America.
CLMT vs CVI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.8B |
| Net Profit | $-37.3M | $-110.0M |
| Gross Margin | -0.3% | -3.1% |
| Operating Margin | -6.2% | -5.3% |
| Net Margin | -3.6% | -6.1% |
| Revenue YoY | — | -7.0% |
| Net Profit YoY | — | -492.9% |
| EPS (diluted) | $-0.43 | $-1.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.0B | $1.8B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.0B | $1.8B | ||
| Q1 25 | $993.9M | $1.6B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.1B | $2.0B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | $-37.3M | $-110.0M | ||
| Q3 25 | $313.4M | $374.0M | ||
| Q2 25 | $-147.9M | $-114.0M | ||
| Q1 25 | $-162.0M | $-123.0M | ||
| Q4 24 | — | $28.0M | ||
| Q3 24 | $-100.6M | $-124.0M | ||
| Q2 24 | $-39.1M | $21.0M | ||
| Q1 24 | — | $82.0M |
| Q4 25 | -0.3% | -3.1% | ||
| Q3 25 | 34.7% | 28.8% | ||
| Q2 25 | -4.2% | -3.7% | ||
| Q1 25 | -8.2% | -5.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | 0.4% | -3.9% | ||
| Q2 24 | 5.6% | 2.9% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | -6.2% | -5.3% | ||
| Q3 25 | 30.0% | 26.3% | ||
| Q2 25 | -9.8% | -5.8% | ||
| Q1 25 | -4.9% | -8.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | -5.2% | -6.2% | ||
| Q2 24 | 0.5% | 1.4% | ||
| Q1 24 | — | 6.6% |
| Q4 25 | -3.6% | -6.1% | ||
| Q3 25 | 29.1% | 19.2% | ||
| Q2 25 | -14.4% | -6.5% | ||
| Q1 25 | -16.3% | -7.5% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | -9.1% | -6.8% | ||
| Q2 24 | -3.4% | 1.1% | ||
| Q1 24 | — | 4.4% |
| Q4 25 | $-0.43 | $-1.09 | ||
| Q3 25 | $3.61 | $3.72 | ||
| Q2 25 | $-1.70 | $-1.14 | ||
| Q1 25 | $-1.87 | $-1.22 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | $-1.18 | $-1.24 | ||
| Q2 24 | $-0.48 | $0.21 | ||
| Q1 24 | — | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $125.1M | $511.0M |
| Total DebtLower is stronger | $2.1B | $1.8B |
| Stockholders' EquityBook value | $-732.7M | $730.0M |
| Total Assets | $2.7B | $3.7B |
| Debt / EquityLower = less leverage | — | 2.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $511.0M | ||
| Q3 25 | $94.6M | $670.0M | ||
| Q2 25 | $110.6M | $596.0M | ||
| Q1 25 | $123.4M | $695.0M | ||
| Q4 24 | — | $987.0M | ||
| Q3 24 | $34.6M | $534.0M | ||
| Q2 24 | $7.0M | $586.0M | ||
| Q1 24 | — | $644.0M |
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
| Q4 25 | $-732.7M | $730.0M | ||
| Q3 25 | $-695.3M | $840.0M | ||
| Q2 25 | $-1.0B | $466.0M | ||
| Q1 25 | $-862.3M | $580.0M | ||
| Q4 24 | — | $703.0M | ||
| Q3 24 | $-672.2M | $675.0M | ||
| Q2 24 | $-566.4M | $849.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $2.7B | $3.7B | ||
| Q3 25 | $2.7B | $4.0B | ||
| Q2 25 | $2.8B | $4.0B | ||
| Q1 25 | $2.8B | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | $2.6B | $3.9B | ||
| Q2 24 | $100 | $4.0B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | — | 2.40× | ||
| Q3 25 | — | 2.17× | ||
| Q2 25 | — | 3.97× | ||
| Q1 25 | — | 3.29× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.33× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | — | 1.79× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $116.5M | $0 |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 10.0% | — |
| Capex IntensityCapex / Revenue | 1.2% | 3.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $0 | ||
| Q3 25 | $23.5M | $163.0M | ||
| Q2 25 | $-1.8M | $176.0M | ||
| Q1 25 | $-29.3M | $-195.0M | ||
| Q4 24 | — | $98.0M | ||
| Q3 24 | $-15.5M | $48.0M | ||
| Q2 24 | — | $81.0M | ||
| Q1 24 | — | $177.0M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $15.1M | $125.0M | ||
| Q2 25 | $-15.4M | $135.0M | ||
| Q1 25 | $-46.9M | $-246.0M | ||
| Q4 24 | — | $43.0M | ||
| Q3 24 | $-32.2M | $14.0M | ||
| Q2 24 | — | $38.0M | ||
| Q1 24 | — | $130.0M |
| Q4 25 | 10.0% | — | ||
| Q3 25 | 1.4% | 6.4% | ||
| Q2 25 | -1.5% | 7.7% | ||
| Q1 25 | -4.7% | -14.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | -2.9% | 0.8% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 7.0% |
| Q4 25 | 1.2% | 3.0% | ||
| Q3 25 | 0.8% | 2.0% | ||
| Q2 25 | 1.3% | 2.3% | ||
| Q1 25 | 1.8% | 3.1% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 1.5% | 1.9% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | 0.44× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.86× | ||
| Q1 24 | — | 2.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
CVI
| Petroleum Segment | $1.6B | 91% |
| Product UAN | $64.0M | 4% |
| Product Ammonia | $51.0M | 3% |
| Renewables Diesel | $27.0M | 1% |
| Product Urea Products | $8.0M | 0% |
| Renewable Fuel Credits | $7.0M | 0% |
