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Side-by-side financial comparison of Calumet, Inc. (CLMT) and EQUINOR ASA (EQNR). Click either name above to swap in a different company.
EQUINOR ASA is the larger business by last-quarter revenue ($26.0B vs $1.0B, roughly 25.1× Calumet, Inc.). EQUINOR ASA runs the higher net margin — -0.8% vs -3.6%, a 2.8% 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.
Equinor ASA is a Norwegian multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy and lithium mining. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world. In 2023, the company was ranked 52nd in the same list. As of 2021, the company has 21,126 employees.
CLMT vs EQNR — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $26.0B |
| Net Profit | $-37.3M | $-204.0M |
| Gross Margin | -0.3% | 46.6% |
| Operating Margin | -6.2% | 20.2% |
| Net Margin | -3.6% | -0.8% |
| Revenue YoY | — | 2.4% |
| Net Profit YoY | — | -108.9% |
| EPS (diluted) | $-0.43 | $-0.08 |
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 | — | ||
| Q3 25 | $1.1B | $26.0B | ||
| Q2 25 | $1.0B | $25.1B | ||
| Q1 25 | $993.9M | — | ||
| Q3 24 | $1.1B | $25.4B | ||
| Q2 24 | $1.1B | — | ||
| Q2 22 | — | $36.5B | ||
| Q1 22 | — | $36.4B |
| Q4 25 | $-37.3M | — | ||
| Q3 25 | $313.4M | $-204.0M | ||
| Q2 25 | $-147.9M | $1.3B | ||
| Q1 25 | $-162.0M | — | ||
| Q3 24 | $-100.6M | $2.3B | ||
| Q2 24 | $-39.1M | — | ||
| Q2 22 | — | $6.8B | ||
| Q1 22 | — | $4.7B |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 34.7% | 46.6% | ||
| Q2 25 | -4.2% | 49.3% | ||
| Q1 25 | -8.2% | — | ||
| Q3 24 | 0.4% | 48.5% | ||
| Q2 24 | 5.6% | — | ||
| Q2 22 | — | 62.0% | ||
| Q1 22 | — | 62.9% |
| Q4 25 | -6.2% | — | ||
| Q3 25 | 30.0% | 20.2% | ||
| Q2 25 | -9.8% | 22.8% | ||
| Q1 25 | -4.9% | — | ||
| Q3 24 | -5.2% | 27.1% | ||
| Q2 24 | 0.5% | — | ||
| Q2 22 | — | 48.6% | ||
| Q1 22 | — | 50.5% |
| Q4 25 | -3.6% | — | ||
| Q3 25 | 29.1% | -0.8% | ||
| Q2 25 | -14.4% | 5.2% | ||
| Q1 25 | -16.3% | — | ||
| Q3 24 | -9.1% | 9.0% | ||
| Q2 24 | -3.4% | — | ||
| Q2 22 | — | 18.5% | ||
| Q1 22 | — | 13.0% |
| Q4 25 | $-0.43 | — | ||
| Q3 25 | $3.61 | $-0.08 | ||
| Q2 25 | $-1.70 | $0.50 | ||
| Q1 25 | $-1.87 | — | ||
| Q3 24 | $-1.18 | $0.82 | ||
| Q2 24 | $-0.48 | — | ||
| Q2 22 | — | $2.11 | ||
| Q1 22 | — | $1.46 |
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 | $8.1B |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $-732.7M | $40.6B |
| Total Assets | $2.7B | $135.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | — | ||
| Q3 25 | $94.6M | $8.1B | ||
| Q2 25 | $110.6M | — | ||
| Q1 25 | $123.4M | — | ||
| Q3 24 | $34.6M | $6.2B | ||
| Q2 24 | $7.0M | — | ||
| Q2 22 | — | $20.6B | ||
| Q1 22 | — | — |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.3B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q4 25 | $-732.7M | — | ||
| Q3 25 | $-695.3M | $40.6B | ||
| Q2 25 | $-1.0B | — | ||
| Q1 25 | $-862.3M | — | ||
| Q3 24 | $-672.2M | $44.4B | ||
| Q2 24 | $-566.4M | — | ||
| Q2 22 | — | $41.2B | ||
| Q1 22 | — | — |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $135.8B | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $100 | — | ||
| Q2 22 | — | $152.0B | ||
| Q1 22 | — | — |
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 | $6.3B |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 10.0% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | — | ||
| Q3 25 | $23.5M | $6.3B | ||
| Q2 25 | $-1.8M | $2.5B | ||
| Q1 25 | $-29.3M | — | ||
| Q3 24 | $-15.5M | $6.5B | ||
| Q2 24 | — | — | ||
| Q2 22 | — | $8.5B | ||
| Q1 22 | — | $15.8B |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $15.1M | — | ||
| Q2 25 | $-15.4M | — | ||
| Q1 25 | $-46.9M | — | ||
| Q3 24 | $-32.2M | — | ||
| Q2 24 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q4 25 | 10.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | -1.5% | — | ||
| Q1 25 | -4.7% | — | ||
| Q3 24 | -2.9% | — | ||
| Q2 24 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.8% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 2.2% | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | — | ||
| Q2 22 | — | 1.26× | ||
| Q1 22 | — | 3.35× |
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% |
EQNR
Segment breakdown not available.
