PBF Energy
Independent refiner producing transportation fuels across four US regions.
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Profile
Runs six US refineries that turn crude and other feedstocks into gasoline, diesel, jet fuel, heating oil, lubricants, petrochemicals and asphalt, supported by pipelines, terminals and storage. Earnings depend mainly on refining margins, crude-price differentials and reliable plant operation.
Processes crude oil and other feedstocks at six refineries spanning the East Coast, Mid-Continent, Gulf Coast and West Coast. The Refining segment makes gasoline, diesel, jet fuel, heating oil, lubricants, petrochemicals and asphalt; the Logistics segment uses terminals, pipelines and storage primarily to support those plants.
A high-complexity fleet can handle crude ranging from light sweet to heavy sour, while coastal sites, pipelines and marine terminals connect supply with regional fuel markets. A half-owned renewable diesel facility co-located at Chalmette adds renewable diesel production.
Profitability depends on refining margins, crude-grade price differentials, reliable plant operation and distribution access. Federal renewable-fuel mandates can require purchases of compliance credits, and refinery, pipeline and terminal operations depend on environmental, safety and operating permits.
Company facts
Key statistics
Year to date +150% · Average volume (30d) 3.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Goldman Sachs | Reiterate | Neutral | $71 | $81 | |
| Aug 4, 2026 | Mizuho Securities | Target | $57 | $65 | ||
| Aug 4, 2026 | UBS | Reiterate | Buy | $42 | $84 | |
| Jul 23, 2026 | Goldman Sachs | Reiterate | Neutral | $49 | $71 | |
| Jul 14, 2026 | Mizuho Securities | Target | $48 | $57 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $4.15 | $6.22 | +49.9% | $9.61B | $11.68B | +21.6% | +15.39% |
| Apr 30, 2026Q1 FY26 | −$0.79 | −$0.88 | −11.4% | $7.32B | $7.90B | +7.9% | −0.83% |
| Feb 12, 2026Q4 FY25 | −$0.15 | $0.49 | +426.7% | $7.11B | $7.14B | +0.4% | +2.58% |
| Oct 30, 2025Q3 FY25 | −$0.69 | −$0.52 | +24.6% | $7.27B | $7.65B | +5.3% | −1.16% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.07B | $7.48B | $7.65B | $7.14B | $7.90B | $11.68B | |
| Gross profit | −$420.2M | −$58.0M | $39.2M | −$132.0M | $483.5M | $1.15B | |
| Operating income | −$511.2M | $43.0M | $285.9M | $128.0M | $393.9M | $1.27B | |
| Net income | −$401.8M | −$5.2M | $170.1M | $78.4M | $198.3M | $906.4M | |
| Diluted EPS | −$3.53 | −$0.05 | $1.45 | $0.66 | $1.65 | $7.54 | |
| Gross margin | -5.9% | -0.8% | 0.5% | -1.8% | 6.1% | 9.8% | |
| Operating margin | -7.2% | 0.6% | 3.7% | 1.8% | 5.0% | 10.9% |
Fiscal years (4-quarter sums)FY21 $27.25B · FY22 $46.83B · FY23 $38.32B · FY24 $33.12B · FY25 $29.33B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $894.1M · Total debt $2.52B · Total assets $14.72B · Shareholders' equity $6.41B
Dividends
Raised for 3 straight years — most recently to $0.275 from $0.25 in Nov 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 28 | $0.275 | |
| May 14, 2026 | May 14 | May 29 | $0.275 | |
| Feb 25, 2026 | Feb 25 | Mar 11 | $0.275 | |
| Nov 14, 2025 | Nov 14 | Nov 26 | $0.275 | |
| Aug 14, 2025 | Aug 14 | Aug 28 | $0.275 | |
| May 15, 2025 | May 15 | May 29 | $0.275 | |
| Feb 27, 2025 | Feb 27 | Mar 14 | $0.275 | |
| Nov 13, 2024 | Nov 13 | Nov 27 | $0.275 | raised from $0.25 |
Ownership
Shares outstanding 118.54M · Float 100.11M · 84.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Carlos Slim Helu | 20.34M | 17.30% | 13G | Mar 26, 2026 |
| Control Empresarial de Capitales S.A. de C.V. · 10 percent owner, other: Add'l Rep. Persons-see Ex.99-1 | 14.29M | 12.05% | Form 4 | Aug 19, 2026 |
| BlackRock, Inc. | 13.31M | 11.23% | 13F | Aug 7, 2026 |
| Goldman Sachs Group Inc | 6.13M | 5.17% | 13F | Aug 14, 2026 |
| State Street Corp | 5.51M | 4.65% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Thomas J. Nimbley | director | −116,008 | $73.73 |
| Aug 18, 2026 | Thomas J. Nimbley | director | −125,000 | $74.55 |
| Aug 17, 2026 | Thomas J. Nimbley | director | −100,000 | $75.05 |
| Aug 17, 2026 | Empresarial de Capitales S.A. de C.V. Control | 10 percent owner, other: Add'l Rep. Persons-see Ex.99-1 | −120,000 | $74.79 |
| Aug 14, 2026 | Trecia M. Canty | officer: SVP and General Counsel | −75,000 | $74.10 |
Peers
- Valero Energy
Pure-play US independent leader at 3.2M bpd; PADD 1, 3, and 5 overlap with PBF
- Marathon Petroleum
Largest US refiner by capacity; 13 refineries across PADD 2, 3, and 5
- Phillips 66
Downstream giant spanning refining, chemicals, midstream, and renewable fuels
- HF Sinclair
678k-bpd inland refiner spanning Mid-Continent, Rockies, and Pacific Northwest
- Delek US
Four inland PADD 3 refineries, 302k bpd, WTI-linked crude, DK/Alon fuel brands
- CVR Energy
Mid-Continent refiner, ~207k bpd; fertilizer JV and Icahn majority control
- Par Pacific
Pacific Basin independent; niche PADD 5 footprint, limited California overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| PBF Energy | $71.90 | +0.93% | $8.45B | 6.3 | 3.8 | 0.2 | +56.2% |
| Valero Energy | $352.97 | +0.19% | $101.45B | 14.6 | 8.3 | 0.8 | +48.8% |
| Marathon Petroleum | $369.35 | +0.10% | $107.68B | 12.7 | 7.5 | 0.7 | +54.9% |
| Phillips 66 | $244.72 | +0.27% | $97.83B | 13.9 | 8.8 | 0.6 | +55.9% |
| HF Sinclair | $100.35 | +0.64% | $17.73B | 9.5 | 7.3 | 0.6 | +53.2% |
| Delek US | $72.40 | +0.15% | $4.43B | 20.3 | 6.7 | 0.4 | +47.8% |
| CVR Energy | $41.90 | +0.38% | $4.20B | 60.5 | 16.8 | 0.5 | +55.5% |
| Par Pacific | $79.00 | +0.22% | $3.95B | 4.6 | 5.1 | 0.5 | +56.8% |
| Median | 13.9 | 7.5 | 0.6 | +54.9% |