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PARR

Par Pacific Holdings, Inc.

PARR

Par Pacific Holdings, Inc. • NYSE
$45.65 ▲ 2.01% (+0.90)
Market Cap $2.30 B
52w High $48.40
52w Low $11.86
Dividend Yield 0%
P/E 9.84
Volume 422.04K
Outstanding Shares 50.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.013B ▲ $200.723M ▲ $262.631M ▲ 13.047% ▲ $5.29 ▲ $401.321M ▲
Q2-2025 $1.893B ▲ $168.487M ▲ $59.46M ▲ 3.14% ▲ $1.18 ▲ $133.165M ▲
Q1-2025 $1.745B ▼ $164.866M ▼ $-30.4M ▲ -1.742% ▲ $-0.57 ▲ $21.14M ▲
Q4-2024 $1.832B ▼ $165.996M ▼ $-55.695M ▼ -3.04% ▼ $-1.01 ▼ $-15.903M ▼
Q3-2024 $2.144B $170.423M $7.486M 0.349% $0.13 $69.227M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $159.405M ▼ $4.077B ▲ $2.681B ▼ $1.396B ▲
Q2-2025 $169.195M ▲ $3.896B ▲ $2.747B ▲ $1.148B ▲
Q1-2025 $133.747M ▼ $3.753B ▼ $2.641B ▲ $1.112B ▼
Q4-2024 $191.921M ▲ $3.829B ▼ $2.638B ▲ $1.191B ▼
Q3-2024 $182.977M $3.853B $2.599B $1.254B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $262.631M ▲ $139.631M ▲ $-32.268M ▲ $-117.502M ▼ $-10.139M ▼ $107.352M ▲
Q2-2025 $59.46M ▲ $133.578M ▲ $-45.867M ▼ $-52.261M ▼ $35.45M ▲ $85.452M ▲
Q1-2025 $-30.4M ▲ $-1.399M ▲ $-40.921M ▲ $-15.853M ▼ $-58.173M ▼ $-42.332M ▲
Q4-2024 $-55.695M ▼ $-15.466M ▼ $-47.675M ▼ $72.086M ▲ $8.945M ▲ $-63.142M ▼
Q3-2024 $7.486M $78.487M $-28.332M $-46.834M $3.321M $50.155M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fuel Revenue
Fuel Revenue
 $0 ▲$1.64Bn ▲$1.83Bn ▲$1.94Bn ▲
Other Revenue
Other Revenue
 $0 ▲$110.00M ▲$60.00M ▼$70.00M ▲
Logistics
Logistics
 $150.00M ▲$0 ▼$0 ▲$0 ▲
Refining
Refining
 $3.73Bn ▲$0 ▼$0 ▲$0 ▲
Retail Segment
Retail Segment
 $290.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Par Pacific’s sales have grown solidly over the last few years, but profits have been very up and down. The company moved from meaningful losses in 2020–2021 to very strong profits in 2022–2023, then slipped back to a small loss in 2024 even though revenue stayed high. That pattern suggests margins tightened in 2024, likely from weaker refining economics or higher costs. Overall, this is a classic cyclical refiner story: earnings can be excellent in strong market conditions but can reverse quickly when fuel spreads narrow or operating issues arise. The big swings in earnings per share highlight this volatility and the company’s sensitivity to industry cycles.

Balance Sheet

Balance Sheet The balance sheet looks notably stronger than a few years ago. Total assets have grown, and shareholder equity has been rebuilt from a thin cushion to a more solid base, giving the company more room to absorb bumps in earnings. Debt was brought down meaningfully through 2022–2023 but ticked back up in 2024, so leverage is still a key point to watch rather than a solved issue. Cash on hand is modest relative to the size of the business, which means Par Pacific likely relies on credit lines and working capital management for day‑to‑day flexibility. Overall, financial footing has improved, but the company is not in an ultra‑conservative position and remains exposed to downturns in refining margins or higher interest costs.

Cash Flow

Cash Flow Cash generation has improved a lot compared with the early part of the period. After weak or negative operating cash flow in 2020–2021, the company produced strong cash inflows in 2022–2023 and healthy free cash flow once capital spending was covered. In 2024, operating cash flow shrank sharply and free cash flow slipped slightly negative, largely because investment spending stepped up while cash generation eased. That reinforces the idea that Par Pacific can throw off good cash in strong market years, but cash flow tightens quickly when conditions soften or when large projects are underway. The current trajectory shows a business funding growth projects, but with less room for error if the refining cycle weakens further.

Competitive Edge

Competitive Edge Par Pacific’s edge comes from where it operates and how its operations are stitched together. It focuses on niche, logistically complex markets like Hawaii, parts of the Pacific Northwest, and the Rockies—areas where fuel must travel long distances and local refining capacity is limited. By owning refineries, logistics assets, and retail stations in these regions, the company controls much of the journey from crude oil to the consumer. This vertical integration and hard‑to‑replicate infrastructure create meaningful barriers to entry. Being the only local asphalt producer in the Tacoma area and a major fuel supplier in Hawaii are clear differentiators. On the flip side, the company is heavily tied to a small number of regional markets, and it operates in some of the most environmentally regulated and policy‑sensitive jurisdictions in the U.S., which adds ongoing regulatory and demand risk.

Innovation and R&D

Innovation and R&D Par Pacific is not a traditional high‑tech R&D player, but it is leaning into strategic innovation where it matters for an energy company. The standout is its push into renewable fuels, especially at the Hawaii refinery. The planned renewable fuels facility—targeting renewable diesel and sustainable aviation fuel—positions the company to benefit from the aviation sector’s decarbonization and local clean‑energy policies. The cogeneration project that would use those renewable fuels to generate electricity adds another layer of value from the same platform. Alongside this, the company is modernizing its systems by upgrading its ERP and moving core applications to the cloud, which should support better cost control and operational reliability. The main risks are execution and policy: large projects can face delays or overruns, and profitability will depend heavily on regulations, incentives, and the availability and cost of renewable feedstocks.

Summary

Par Pacific has transformed from a weakly profitable, highly stressed refiner into a more robust, integrated energy platform, but its results remain very cyclical. Revenue is strong, yet earnings in 2024 show how quickly profitability can compress when refining conditions soften. The balance sheet is much healthier than it was a few years ago, though debt and modest cash levels keep financial discipline important. Cash flow in strong years demonstrates the underlying earning power, while the recent dip underscores the impact of both the cycle and heavier investment. Competitively, the company benefits from hard‑to‑replicate positions in niche regional markets and a full value‑chain presence from refining to retail. Its push into renewable fuels and digital modernization suggests a credible attempt to adapt to the energy transition. Overall, this is an asset‑rich, regionally entrenched refiner with growing exposure to renewables, meaningful upside in strong markets, and notable exposure to industry cycles, regulatory change, and project‑execution risk.

NEWS

November 4, 2025 · 4:15 PM UTC

Par Pacific Holdings Reports Third Quarter 2025 Results

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October 21, 2025 · 4:15 PM UTC

Par Pacific Announces Closing of Hawaii Renewables Joint Venture

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October 13, 2025 · 4:15 PM UTC

Par Pacific Announces Third Quarter 2025 Earnings Release and Conference Call Schedule

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