PBF Energy Q2 2026: $6.22 EPS Crushes Estimates by 51%
As seen on the 24/7 Wall St. homepage on July 30, 2026.
PBF Energy swung to $906 million in net income on record crack spreads and the restart of its Martinez refinery, delivering a 51% EPS beat that extended a five-quarter run of topping estimates. The independent refiner's transformation is stark: from Q2 2025's loss to this quarter's $6.22 EPS as gross refining margins nearly tripled and Dated Brent crack spreads hit $43.48 per barrel versus $22.24 a year ago.
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PBF Energy posted $906 million in net income for Q2 2026, with earnings per share of $6.22 coming in 51% above the consensus estimate of $4.12. Revenue of $11.68 billion also topped expectations by roughly 19%, compared to an estimate of $9.81 billion. The results mark a dramatic reversal from the same quarter a year ago, when PBF reported a loss of $1.03 per share.
The turnaround was driven by a near-tripling of gross refining margins and a sharp jump in Dated Brent crack spreads, which reached $43.48 per barrel versus $22.24 in Q2 2025. The restart of the Martinez refinery added further production capacity, helping the company capitalize on the favorable margin environment. It was the sixth consecutive quarter in which PBF beat analyst EPS estimates, extending a streak that began even during the string of losses stretching from Q3 2024 through early 2026.
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The arc of that recovery is visible in the earnings history: PBF reported losses as deep as $3.09 per share as recently as Q1 2025, then narrowed those losses through the back half of 2025 before swinging to a $0.49 profit in Q4 2025 and now posting this quarter's $6.22. Investors will be watching whether crack spreads can hold at elevated levels and whether the Martinez refinery continues to contribute at scale in the quarters ahead.
Mentioned: PBF