10-Q · May 6, 2026
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…
PARR earnings analysis
10-Q · Filed November 4, 2026 · Our reading of the company's report
The latest report
Par Pacific reported a strong Q3 2026, with revenue of $3.052 billion and diluted EPS of $10.70, both above the prior quarter and the prior-year quarter. However, the extracted 10-Q does not provide current-quarter…
Read full summary
Par Pacific reported a strong Q3 2026, with revenue of $3.052 billion and diluted EPS of $10.70, both above the prior quarter and the prior-year quarter. However, the extracted 10-Q does not provide current-quarter gross margin, operating margin, operating cash flow, free cash flow, balance-sheet detail, or segment revenue, limiting a complete fundamental assessment. Results also benefited from a $187.2 million adjusted net-income contribution from small refinery exemptions and Hawaii turnaround impacts, while no quantitative forward guidance was provided; therefore sentiment remains neutral.
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
- $10.7
What stood out
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Revenue and EPS increased sequentially
Q3 2026 revenue was $3.052 billion, up from $2.97 billion in Q2 2026 and $2.01 billion in Q3 2025. Diluted EPS was $10.70 versus $9.35 in Q2 2026 and $5.16 in Q3 2025.
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Share repurchases resumed in Q3
The company repurchased 128,318 shares during Q3 2026 at an average price of $80.05, including 124,497 shares under the publicly announced program.
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Substantial repurchase capacity remains
At September 30, 2026, $238,264,776 remained available under the $250 million repurchase authorization approved on February 20, 2026.
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Cash prioritized over dividends
Management stated that no dividends had been paid and that it did not expect to pay dividends in the foreseeable future; subsidiaries are restricted from distributions under the ABL Credit Facility due 2031 and the 2034 Notes, subject to exceptions.
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No reported control deficiencies
The 10-Q states that disclosure controls were effective as of September 30, 2026, and that there were no changes in internal controls that materially affected, or were reasonably likely to materially affect, reporting.
What to watch
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No dividend and distribution restrictions
The company does not expect to pay dividends in the foreseeable future, and subsidiaries face distribution restrictions under the ABL Credit Facility due 2031 and the 2034 Notes. This limits direct shareholder yield and may constrain capital allocation flexibility.
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Material non-recurring earnings benefit
The Q3 2026 results included $187.2 million of adjusted net income from small refinery exemptions and Hawaii turnaround impacts, according to the reported earnings analysis. This creates a risk that earnings are not fully representative of recurring operating performance.
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Capital allocation and liquidity risk
The company repurchased 128,318 shares in Q3 2026 while $238,264,776 remained available under the authorization. Repurchases can reduce liquidity if operating conditions weaken, particularly given the absence of dividend payments.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance and does not state a change to prior outlook. Outlook was not provided in the extracted filing text.
Earlier filings 4
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…
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