The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Calumet (NASDAQ: CLMT) and the rest of the infrastructure stocks fared in Q4.

Energy infrastructure companies build, own, and operate assets including pipelines, storage facilities, and processing plants that transport and handle oil, natural gas, and related products. These businesses often generate fee-based revenues providing cash flow stability. Tailwinds include growing production volumes requiring expanded takeaway capacity and export infrastructure demand. Long-term contracts with creditworthy counterparties reduce commodity price exposure. Headwinds include permitting and regulatory challenges delaying new projects, environmental opposition to pipeline construction, and potential long-term demand decline from energy transition. High capital intensity and interest rate sensitivity affecting financing costs present additional considerations.

The 9 infrastructure stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 11.8%.

Thankfully, share prices of the companies have been resilient as they are up 7% on average since the latest earnings results.

Calumet (NASDAQ: CLMT)

With roots dating back to 1919 and facilities strategically positioned from Louisiana to Montana, Calumet (NASDAQ: CLMT) refines crude oil into specialty products like lubricating oils, solvents, and waxes used in cosmetics, batteries, and industrial applications.

Calumet reported revenues of $1.04 billion, up 9.4% year on year. This print fell short of analysts’ expectations by 1.8%. Overall, it was a slower quarter for the company with a miss of analysts’ EBITDA estimates.

"2025 was a defining year for Calumet," said Todd Borgmann, CEO.

Calumet delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 6.6% since reporting and currently trades at $32.23.

Read our full report on Calumet here, it’s free.

Best Q4: Tenaris (NYSE: TEN)

Operating industrial facilities across the Americas, Europe, Middle East, and Asia, Tenaris (NYSE: TEN) manufactures seamless and welded steel pipes used in oil and gas drilling and transportation.

Tenaris reported revenues of $222.1 million, up 18% year on year, outperforming analysts’ expectations by 28.4%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 10.2% since reporting. It currently trades at $38.51.

Is now the time to buy Tenaris? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Golar LNG (NASDAQ: GLNG)

Pioneering a way to monetize stranded gas reserves that would otherwise be uneconomical to develop, Golar LNG (NASDAQ: GLNG) converts ships into floating liquefied natural gas facilities that liquefy natural gas at offshore sites.

Golar LNG reported revenues of $132.8 million, up 103% year on year, exceeding analysts’ expectations by 1.2%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS and EBITDA estimates.

Interestingly, the stock is up 18.1% since the results and currently trades at $52.99.

Read our full analysis of Golar LNG’s results here.

Excelerate Energy (NYSE: EE)

Operating specialized vessels that can deliver up to 1.2 billion cubic feet of natural gas per day, Excelerate Energy (NYSE: EE) provides liquified natural gas regasification services using floating vessels that convert LNG back into natural gas.

Excelerate Energy reported revenues of $317.6 million, up 15.7% year on year. This number surpassed analysts’ expectations by 25.3%. More broadly, it was a mixed quarter as it also produced a narrow beat of analysts’ EBITDA estimates but a significant miss of analysts’ EPS estimates.

The stock is down 22.4% since reporting and currently trades at $33.27.

Read our full, actionable report on Excelerate Energy here, it’s free.

Kodiak Gas Services (NYSE: KGS)

Dominating the Permian Basin with a fleet focused on large horsepower units exceeding 1,000 horsepower each, Kodiak Gas Services (NYSE: KGS) operates compression equipment that maintains natural gas pressure for production, gathering, and transportation.

Kodiak Gas Services reported revenues of $332.9 million, up 7.5% year on year. This print topped analysts’ expectations by 0.8%. However, it was a slower quarter as it recorded a significant miss of analysts’ EPS estimates.

Kodiak Gas Services had the slowest revenue growth among its peers. The stock is up 22% since reporting and currently trades at $64.33.

Read our full, actionable report on Kodiak Gas Services here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.