PARR earnings analysis
What we found in PARR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 5%
- Q1 2026 revenue increased to $1.824 billion from $1.745 billion in Q1 2025, marking a 5% rise.
- 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.
- Improved Refining Margins
- Refining segment operating income improved by $81 million compared to Q1 2025, contributing significantly to overall profitability.
- Strong Operating Cash Flow
- Net income led to positive operating cash flow of $(40.7) million compared to $(1.4) million in Q1 2025.
- 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.
- Higher Adjusted EBITDA
- Adjusted EBITDA rose to $91.5 million compared to $10.1 million in Q1 2025, marking a substantial improvement.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Missed EPS Expectations
- EPS of $0.78 missed the consensus estimate of $1.00 by 22%.
- High Operational Costs
- Despite higher revenues, operational costs remain significant, including a $5 million increase in repair and maintenance costs.
- Continued Economic Headwinds
- Ongoing geopolitical tensions have led to price volatility and uncertainty in crude oil markets, impacting future operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.78
- Segment
- Refining
- Segment
- Logistics
- Segment
- Retail
What they said about what is next.
No explicit numerical guidance was provided, with a focus on cautious optimism regarding operational performance.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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