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PBF Energy

PBF Energy (PBF) Q1 2026 Earnings

Reported Apr 30, 2026 at 6:41 AM ET · SEC Source

Q1 26 EPS

$-0.88

BEAT +1.70%

Est. $-0.90

Q1 26 Revenue

$7.90B

BEAT +5.24%

Est. $7.51B

vs S&P Since Q1 26

+19.0%

BEATING MARKET

PBF +23.6% vs S&P +4.6%

Market Reaction

Did PBF Beat Earnings? Q1 2026 Results

PBF Energy Inc. Posted a narrower-than-feared loss in Q1 2026, beating Wall Street expectations on both the top and bottom lines to extend its EPS consensus beat streak to four consecutive quarters. The independent refiner reported an adjusted loss o… Read more PBF Energy Inc. Posted a narrower-than-feared loss in Q1 2026, beating Wall Street expectations on both the top and bottom lines to extend its EPS consensus beat streak to four consecutive quarters. The independent refiner reported an adjusted loss of $0.88 per share, edging past the $-0.90 consensus estimate by 1.70%, while revenue of $7.90 billion topped expectations by 5.24% and rose 11.9% from a year ago. The single most consequential driver of the quarter was the ongoing recovery of the Martinez refinery, which contributed $106.50 million in insurance recovery gains and a $313.00 million LCM inventory reserve reversal, helping swing GAAP income from operations to $299.60 million from a loss of $511.20 million a year prior. System-wide throughput climbed to 844,200 barrels per day from 730,400 a year ago, and refining margins excluding special items improved to $9.53 per barrel. Looking ahead, management guided Q2 throughput of 850,000 to 910,000 barrels per day, with Martinez expected to reach full planned rates in early May.

Key Takeaways

  • • Martinez refinery restart progressing with key units restarted and full rates expected in early May
  • • Higher system-wide throughput of 844,200 bpd vs 730,400 bpd year-over-year
  • • Improved crack spreads across all regions compared to Q1 2025
  • • Refining operating expense per barrel declined to $8.70 from $10.74 year-over-year
  • • Gross refining margin excluding special items improved to $9.53/bbl from $5.96/bbl
  • • $313.0 million LCM inventory reserve reversal boosted GAAP results
  • • $106.5 million in insurance recovery gains from Martinez refinery fire
  • • RBI program contributing to lower cost structure
  • • Completed significant turnaround at Torrance refinery

PBF Forward Guidance & Outlook

PBF expects the Martinez refinery to reach full planned rates in early May 2026. The RBI program generated over $230 million of run-rate cost improvements in 2025 and is expected to grow to more than $350 million by year-end 2026. Q2 2026 total throughput is expected to range from 850,000 to 910,000 barrels per day. SBR renewable diesel production for Q2 is expected to average approximately 15,000 to 16,000 bpd. Management noted that commodity markets and refining environment were historically turbulent in Q1 and expects near-term volatility to persist, but believes underlying refining fundamentals remain strong with tight global supply-demand balances. Insurance proceeds are expected to largely cover fire-related restoration costs (subject to $30 million deductible/retentions) and business interruption losses.

24/7 Wall St

PBF YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

PBF Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Following a year of extensive work and exhaustive efforts by all involved, our Martinez refinery is returning to full operations at a time when the markets are calling for products from all available sources. The team at Martinez conducted repairs as expeditiously as possible and, more importantly, safely.”

— Matt Lucey, Q1 2026 Earnings Press Release

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