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…
Earnings analysis · 10-Q
PBF earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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
- $1.65
What stood out
-
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.
What to watch
-
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.
Management's outlook
Management expects continued operational improvements and cost reductions. Detailed quantitative guidance deferred to earnings press release.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.