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Side-by-side financial comparison of Calumet, Inc. (CLMT) and RXO, Inc. (RXO). Click either name above to swap in a different company.
RXO, Inc. is the larger business by last-quarter revenue ($1.5B vs $1.0B, roughly 1.4× Calumet, Inc.). RXO, Inc. runs the higher net margin — -3.1% vs -3.6%, a 0.5% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $-9.0M).
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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
CLMT vs RXO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.5B |
| Net Profit | $-37.3M | $-46.0M |
| Gross Margin | -0.3% | — |
| Operating Margin | -6.2% | -2.9% |
| Net Margin | -3.6% | -3.1% |
| Revenue YoY | — | -11.9% |
| Net Profit YoY | — | -84.0% |
| EPS (diluted) | $-0.43 | $-0.28 |
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 | $1.5B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $993.9M | $1.4B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.1B | $930.0M | ||
| Q1 24 | — | $913.0M |
| Q4 25 | $-37.3M | $-46.0M | ||
| Q3 25 | $313.4M | $-14.0M | ||
| Q2 25 | $-147.9M | $-9.0M | ||
| Q1 25 | $-162.0M | $-31.0M | ||
| Q4 24 | — | $-25.0M | ||
| Q3 24 | $-100.6M | $-243.0M | ||
| Q2 24 | $-39.1M | $-7.0M | ||
| Q1 24 | — | $-15.0M |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 34.7% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -8.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | -6.2% | -2.9% | ||
| Q3 25 | 30.0% | -0.5% | ||
| Q2 25 | -9.8% | — | ||
| Q1 25 | -4.9% | -2.1% | ||
| Q4 24 | — | -1.4% | ||
| Q3 24 | -5.2% | -1.9% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | — | -1.3% |
| Q4 25 | -3.6% | -3.1% | ||
| Q3 25 | 29.1% | -1.0% | ||
| Q2 25 | -14.4% | -0.6% | ||
| Q1 25 | -16.3% | -2.2% | ||
| Q4 24 | — | -1.5% | ||
| Q3 24 | -9.1% | -23.4% | ||
| Q2 24 | -3.4% | -0.8% | ||
| Q1 24 | — | -1.6% |
| Q4 25 | $-0.43 | $-0.28 | ||
| Q3 25 | $3.61 | $-0.08 | ||
| Q2 25 | $-1.70 | $-0.05 | ||
| Q1 25 | $-1.87 | $-0.18 | ||
| Q4 24 | — | $-0.17 | ||
| Q3 24 | $-1.18 | $-1.81 | ||
| Q2 24 | $-0.48 | $-0.06 | ||
| Q1 24 | — | $-0.13 |
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 | $17.0M |
| Total DebtLower is stronger | $2.1B | $387.0M |
| Stockholders' EquityBook value | $-732.7M | $1.5B |
| Total Assets | $2.7B | $3.3B |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $17.0M | ||
| Q3 25 | $94.6M | $25.0M | ||
| Q2 25 | $110.6M | $18.0M | ||
| Q1 25 | $123.4M | $16.0M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | $34.6M | $55.0M | ||
| Q2 24 | $7.0M | $7.0M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | $2.1B | $387.0M | ||
| Q3 25 | $2.1B | $387.0M | ||
| Q2 25 | $2.1B | $387.0M | ||
| Q1 25 | $2.3B | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | $1.7B | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
| Q4 25 | $-732.7M | $1.5B | ||
| Q3 25 | $-695.3M | $1.6B | ||
| Q2 25 | $-1.0B | $1.6B | ||
| Q1 25 | $-862.3M | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $-672.2M | $1.7B | ||
| Q2 24 | $-566.4M | $579.0M | ||
| Q1 24 | — | $582.0M |
| Q4 25 | $2.7B | $3.3B | ||
| Q3 25 | $2.7B | $3.2B | ||
| Q2 25 | $2.8B | $3.2B | ||
| Q1 25 | $2.8B | $3.3B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $2.6B | $3.4B | ||
| Q2 24 | $100 | $1.8B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | $103.8M | $-9.0M |
| FCF MarginFCF / Revenue | 10.0% | -0.6% |
| Capex IntensityCapex / Revenue | 1.2% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $7.0M | ||
| Q3 25 | $23.5M | $23.0M | ||
| Q2 25 | $-1.8M | $23.0M | ||
| Q1 25 | $-29.3M | $-2.0M | ||
| Q4 24 | — | $-7.0M | ||
| Q3 24 | $-15.5M | $-7.0M | ||
| Q2 24 | — | $-5.0M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | $103.8M | $-9.0M | ||
| Q3 25 | $15.1M | $9.0M | ||
| Q2 25 | $-15.4M | $9.0M | ||
| Q1 25 | $-46.9M | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | $-32.2M | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
| Q4 25 | 10.0% | -0.6% | ||
| Q3 25 | 1.4% | 0.6% | ||
| Q2 25 | -1.5% | 0.6% | ||
| Q1 25 | -4.7% | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | -2.9% | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
| Q4 25 | 1.2% | 1.1% | ||
| Q3 25 | 0.8% | 1.0% | ||
| Q2 25 | 1.3% | 1.0% | ||
| Q1 25 | 1.8% | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 1.5% | 1.1% | ||
| Q2 24 | 2.2% | 1.2% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
