10-K · February 25, 2026
Par Pacific positions itself as a growth-oriented fuels company with three core businesses—Refining, Retail and Logistics—operating four refineries with 219 Mbpd total crude throughput capacity and expanding renewable…
Earnings analysis · 10-Q
PARR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Par Pacific Holdings, Inc. reported a Q1 2026 revenue of $1.824 billion, a 5% increase from $1.745 billion in Q1 2025, driven by better operational performance and refining margins. However, EPS of $0.78 fell short of…
Read full summary
Par Pacific Holdings, Inc. reported a Q1 2026 revenue of $1.824 billion, a 5% increase from $1.745 billion in Q1 2025, driven by better operational performance and refining margins. However, EPS of $0.78 fell short of expectations of $1.00, indicating pressure on profitability despite improved overall revenues.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.78
- Segment
- Refining
- Segment
- Logistics
- Segment
- Retail
What stood out
-
Revenue Growth of 5%
Q1 2026 revenue increased to $1.824 billion from $1.745 billion in Q1 2025, marking a 5% rise.
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Net Income Turnaround
Net income rose to $54.4 million in Q1 2026 from a loss of $30.4 million in Q1 2025, a turnaround of $84.9 million.
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Improved Refining Margins
Refining segment operating income improved by $81 million compared to Q1 2025, contributing significantly to overall profitability.
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Strong Operating Cash Flow
Net income led to positive operating cash flow of $(40.7) million compared to $(1.4) million in Q1 2025.
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Decreased Interest Expense
Interest expense reduced to $15.9 million in Q1 2026 from $21.8 million in Q1 2025, by $5.9 million, suggesting a more favorable debt position.
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Higher Adjusted EBITDA
Adjusted EBITDA rose to $91.5 million compared to $10.1 million in Q1 2025, marking a substantial improvement.
What to watch
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Missed EPS Expectations
EPS of $0.78 missed the consensus estimate of $1.00 by 22%.
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High Operational Costs
Despite higher revenues, operational costs remain significant, including a $5 million increase in repair and maintenance costs.
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Continued Economic Headwinds
Ongoing geopolitical tensions have led to price volatility and uncertainty in crude oil markets, impacting future operations.
Management's outlook
No explicit numerical guidance was provided, with a focus on cautious optimism regarding operational performance.
Earlier filings 4
10-Q · November 5, 2025
Par Pacific reported a strong quarter driven by materially higher refining margins and operating performance. Revenues for the three months ended September 30, 2025 were $2,012,936 (in thousands) while operating income…
10-Q · August 6, 2025
Par Pacific reported Q2 (three months ended June 30, 2025) revenue of $1,893,438,000 and GAAP diluted EPS of $1.17. Gross margin expanded to 15.84% and operating income roughly doubled to $96,760,000 versus the…
10-Q · May 8, 2025
Par Pacific reported revenue of $1.745 billion and a net loss of $30.4 million for the quarter ended March 31, 2025. Refining revenue declined materially year-over‑year while the company generated negative operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.