10-Q · April 30, 2026
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…
Earnings analysis · 10-Q
PBF earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
PBF delivered a strong Q3, with revenue of $12,132.8 million and diluted EPS of $12.54, both materially above the $11.11 EPS consensus and substantially ahead of Q2 2026 and Q3 2025. Nine-month operating cash flow…
Read full summary
PBF delivered a strong Q3, with revenue of $12,132.8 million and diluted EPS of $12.54, both materially above the $11.11 EPS consensus and substantially ahead of Q2 2026 and Q3 2025. Nine-month operating cash flow reached $3,142.8 million, while the company fully reversed its $313.0 million inventory LCM reserve. The outlook was maintained rather than raised, with 2026 capital expenditures of $825 million to $875 million and Q4 throughput of 925,000 to 985,000 barrels per day; newly disclosed exchangeable-note and capped-call risks partially temper the otherwise bullish operating trend.
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.
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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
- $12.54
What stood out
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Revenue accelerated sharply
Q3 revenue was $12,132.8 million, up from $11.68 billion in Q2 2026 and $7.65 billion in Q3 2025. This represents sequential growth of approximately 3.9% and year-over-year growth of approximately 58.6%.
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EPS materially beat estimates
Diluted EPS was $12.54, compared with $7.54 in Q2 2026 and $1.45 in Q3 2025. EPS increased approximately 66.3% sequentially and 764.8% year over year, exceeding the $11.11 consensus estimate.
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Operating cash generation strengthened
Nine-month operating cash flow was $3,142.8 million, providing substantial liquidity support after the strong Q3 earnings performance.
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Inventory position expanded
Hydrocarbon inventory increased to approximately 37.2 million barrels from 34.0 million barrels at December 31, 2025, while average LIFO cost rose to $81.37 per barrel from $79.36 per barrel.
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Inventory reserve fully reversed
The previously recorded $313.0 million lower-of-cost-or-market inventory reserve was fully reversed at September 30, 2026 because replacement value exceeded LIFO carrying value.
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Operational outlook maintained
The company maintained 2026 capital-expenditure guidance of $825 million to $875 million, while guiding Q4 throughput to 925,000 to 985,000 barrels per day and renewable diesel production to 18,000 to 20,000 barrels per day.
What to watch
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Exchangeable notes may pressure EPS
The newly disclosed 2032 Exchangeable Notes could reduce reported earnings through amortized interest expense and dilute EPS under applicable accounting methods. If exchangeability conditions are met, the notes could also be reclassified as current liabilities and materially reduce reported working capital.
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Capped-call counterparty exposure
The company entered capped call transactions covering the shares underlying the 2032 Exchangeable Notes, but counterparty exposure is unsecured. A counterparty default could create additional dilution, adverse tax consequences, and liquidity risk.
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Commodity exposure increased
Commodity and inventory volatility remains material: open commodity derivative contracts covered 39.1 million barrels at September 30, 2026 and carried an unrealized net loss of $20.0 million, versus 9.9 million barrels and a $10.4 million net gain at December 31, 2025. A $1.00 per MMBTU change in natural-gas prices would affect annual costs by approximately $70.0 million to $100.0 million.
Management's outlook
The filing does not provide numeric EPS or revenue guidance. Management maintained 2026 capital-expenditure guidance of $825 million to $875 million, excluding Martinez rebuild costs; fourth-quarter 2026 throughput is expected at 925,000 to 985,000 barrels per day and renewable diesel production at 18,000 to 20,000 barrels per day.
Earlier filings 4
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.