PBF earnings analysis
What we found in PBF'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
PBF Energy reported a robust Q1 2026 with a revenue of $7.27 billion and net income of $200.2 million ($1.65 EPS), a significant turnaround from a $405.9 million loss in Q1 2025. The results were driven by enhanced refining margins and ongoing improvements from the Refining Business Improvement initiative, despite a challenging operating environment due to recent refinery incidents.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Expectations
- PBF's Q1 2026 revenue was $7.27 billion, slightly below the consensus estimate of $7.37 billion.
- Significant EPS Rebound
- The company reported an EPS of $1.65, recovering from a loss of $3.53 in Q1 2025.
- Positive Net Income
- Net income for the quarter stood at $200.2 million compared to a net loss of $405.9 million in Q1 2025.
- Continuing Operational Improvements
- Management highlighted benefits from the Refining Business Improvement initiative, contributing to better operational performance.
- Insurance Recoveries Support Profits
- Increased insurance recoveries related to the Martinez refinery fire have bolstered earnings.
- Focus on Cost Improvements
- PBF anticipates over $350 million in cost improvements from ongoing initiatives by year-end 2026.
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.
- Regulatory Uncertainties After Fire
- The Martinez refinery fire has led to ongoing investigations by multiple agencies, with uncertain financial repercussions.
- Impact of Tariff Changes
- Unpredictable trade policies and tariffs could increase operational costs and affect margins.
- Environmental Compliance Costs
- New GHG emission regulations could impose significant capital expenditure and operational costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.65
What they said about what is next.
Management expects continued operational improvements and cost reductions. Detailed quantitative guidance deferred to earnings press release.
The filing reads better than the one before it.
What came before.
- 10-K · February 12, 2026
- PBF positions itself as one of the largest independent U.S. refiners with six refineries (combined throughput ~1,000,000 bpd) and a weighted-average Nelson Complexity Index of 12.8, plus a 50% interest in a co-located…
- 10-Q · July 31, 2025
- PBF reported Q2 revenue of $7,475.3M, down from $8,736.1M a year ago, but returned to positive operating results with income from operations of $43.0M and diluted EPS of $(0.05) (vs $(0.56) in Q2 2024). Results were…
- 10-Q · May 2, 2024
- PBF reported Q1 2024 revenue of $8,645.6 million, down from $9,295.0 million in Q1 2023. Margins compressed materially (gross profit ~$218.2 million; gross margin ~2.5%), operating income fell to $145.1 million from…
- 10-K · February 15, 2024
- PBF Energy positions itself as one of the largest independent U.S. refiners with six refineries (combined throughput ~1,000,000 bpd) and a logistics business (PBFX) that generates mostly long-term, fee-based revenues.…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing PBF makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever