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PBF

PBF Energy Inc.

PBF

PBF Energy Inc. • NYSE
$34.48 ▲ 2.13% (+0.72)
Market Cap $3.99 B
52w High $41.48
52w Low $13.62
Dividend Yield 1.10%
P/E -7.51
Volume 765.74K
Outstanding Shares 115.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.651B ▲ $-246.7M ▼ $170.1M ▲ 2.223% ▲ $1.47 ▲ $445.4M ▲
Q2-2025 $7.475B ▲ $-101M ▼ $-5.2M ▲ -0.07% ▲ $-0.046 ▲ $209.6M ▲
Q1-2025 $7.066B ▼ $91M ▲ $-401.8M ▼ -5.686% ▼ $-3.46 ▼ $-335.7M ▼
Q4-2024 $7.351B ▼ $74.7M ▼ $-289.3M ▼ -3.935% ▼ $-2.54 ▼ $-164.4M ▲
Q3-2024 $8.382B $98.1M $-285.9M -3.411% $-2.51 $-220.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $482M ▼ $13.041B ▲ $7.676B ▼ $5.234B ▲
Q2-2025 $590.7M ▲ $12.98B ▼ $7.764B ▼ $5.087B ▼
Q1-2025 $468.6M ▼ $13.028B ▲ $7.783B ▲ $5.115B ▼
Q4-2024 $536.1M ▼ $12.703B ▼ $7.025B ▼ $5.544B ▼
Q3-2024 $976.7M $13.131B $7.111B $5.882B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $171.7M ▲ $25.7M ▼ $-88.1M ▲ $-46.3M ▼ $-108.7M ▼ $-122.8M ▼
Q2-2025 $-5.4M ▲ $191.1M ▲ $-153.8M ▲ $84.8M ▼ $122.1M ▲ $35M ▲
Q1-2025 $-405.9M ▲ $-661.4M ▼ $-217.5M ▲ $811.4M ▲ $-67.5M ▲ $-772.4M ▼
Q4-2024 $-540.2M ▼ $-329.7M ▼ $-236.5M ▼ $125.6M ▲ $-440.6M ▼ $-425.7M ▼
Q3-2024 $-289.1M $-68M $-187.4M $-135.4M $-390.5M $-169.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Logistics Group
Logistics Group
 $0 ▲$90.00M ▲$100.00M ▲$100.00M ▲
Prior to elimination
Prior to elimination
 $0 ▲$7.15Bn ▲$7.56Bn ▲$7.74Bn ▲
Refining Group
Refining Group
 $7.34Bn ▲$7.06Bn ▼$7.47Bn ▲$7.64Bn ▲

Five-Year Company Overview

Income Statement

Income Statement PBF’s income statement tells a story of big swings. The company went from deep losses during the pandemic, to very strong profits in 2022 and 2023 when refining margins were unusually favorable, and then back to a loss in the most recent year as conditions cooled. Revenue stayed high but stepped down from the 2022 peak, which is normal as fuel prices and refining margins come off their highs. The more important signal is that gross profit and operating profit actually turned negative in the latest year, showing that feedstock and operating costs squeezed margins quite a bit. Overall, earnings have been highly cyclical: excellent in the two post‑pandemic boom years, but not yet stable across a full cycle. The most recent loss suggests profitability can still be quite sensitive to market conditions and operational issues.

Balance Sheet

Balance Sheet Over the last few years, PBF’s balance sheet has clearly improved from a stressed position to a more solid one. The company has significantly reduced its debt load compared with the early 2020 period, which lowers financial risk and interest burden. Equity has grown meaningfully thanks to the strong profits in 2022 and 2023, giving the company a thicker capital cushion than it had going into the pandemic. Cash on hand, however, has come down from earlier highs, leaving the company with less immediate liquidity than in its strongest years. Assets overall have grown modestly, reflecting continued investment but not an aggressive expansion. In short: stronger and less leveraged than before, but with a somewhat thinner cash buffer after a weak year.

Cash Flow

Cash Flow Cash generation has mirrored earnings volatility. During the pandemic, cash from operations was weak or negative. As refining conditions improved, operating cash flow turned strongly positive, particularly in 2022 and to a lesser degree in 2023. In the most recent year, operating cash flow fell back to roughly break‑even, reflecting the return to an accounting loss and tighter margins. Free cash flow followed the same pattern: very strong in the best year, healthy but lower the next, and slightly negative most recently as the company continued to spend on capital projects despite weaker cash inflows. Capital spending has been disciplined rather than aggressive, but in a low‑cash year it still weighs on free cash flow. This underscores the refiners’ reality: cash generation can be excellent in good years but cannot be taken for granted across the cycle.

Competitive Edge

Competitive Edge PBF’s competitive strength rests heavily on the quality, flexibility, and location of its refineries, plus its supporting logistics network. Its plants are relatively complex, allowing PBF to process a wide mix of crude types, including lower‑cost, heavier grades, and still produce high‑value products. That flexibility helps margins when crude price relationships shift. The refineries are spread across major U.S. regions—East Coast, Gulf Coast, Mid‑Continent, and West Coast—giving access to multiple crude sources and end markets, and reducing reliance on any single region. The company’s integrated terminals, pipelines, and storage add another layer of advantage by lowering transportation costs and improving supply reliability. On the other hand, refining remains a tough, commodity‑like, cyclical business, subject to swings in crack spreads, environmental rules, and operational events such as the Martinez fire. PBF’s assets provide a moat relative to weaker competitors, but not immunity from industry cycles.

Innovation and R&D

Innovation and R&D PBF’s “R&D” is less about labs and patents and more about repurposing assets, improving processes, and stepping into lower‑carbon fuels. The flagship move is its renewable diesel venture in Louisiana, which uses advanced technology to turn waste oils into renewable diesel. This gives PBF exposure to growing demand for cleaner fuels and leverages existing refining infrastructure. The company is also exploring sustainable aviation fuel, which could become a key growth market if regulations and airline demand continue to build. Operationally, PBF is running a structured efficiency program aimed at cutting costs and improving reliability. This kind of continuous improvement can be a quiet but powerful driver of better margins over time. The company is also involved in a regional clean hydrogen hub, which is more of a long‑term option on the emerging hydrogen economy. Overall, innovation is targeted and pragmatic, focused on near‑adjacent areas to its core refining capabilities. The upside is meaningful, but execution, policy support, and project economics remain important uncertainties.

Summary

PBF has transformed from a highly stressed refiner during the pandemic into a leaner, less leveraged company that briefly enjoyed exceptional profits in 2022 and 2023. Those boom conditions did not last: the latest year swung back to a loss, with margins squeezed and cash generation roughly flat. This underlines how cyclical and volatile refining remains. On the positive side, earlier strong years were used to reduce debt and build equity, leaving the company financially sturdier than before. Its refining system is complex, geographically diversified, and supported by logistics assets, which together provide a tangible competitive edge versus less sophisticated peers. Strategically, PBF is trying to straddle the present and future of energy: continuing to run high‑complexity oil refineries while adding renewable diesel, exploring sustainable aviation fuel, and participating in clean hydrogen initiatives. Its internal cost‑saving and reliability programs are another lever to improve resilience. Key things to watch going forward include: how quickly refining margins normalize or recover; whether PBF can sustain positive free cash flow through the cycle; progress and returns on the renewable diesel and other low‑carbon projects; and how effectively it manages operational and regulatory risks that are inherent to the refining industry.

NEWS

November 6, 2025 · 4:30 PM UTC

PBF Energy to Participate in Industry Conferences

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October 30, 2025 · 6:30 AM UTC

PBF Energy Announces Third Quarter 2025 Results and Declares Dividend of $0.275 per Share

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September 30, 2025 · 4:30 PM UTC

PBF Energy Announces Closing of Terminal Assets Sale

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September 22, 2025 · 12:30 PM UTC

PBF Energy to Release Third Quarter 2025 Earnings Results

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