Q2 26 EPS
$6.22
BEAT +51.10%
Est. $4.12
Q2 26 Revenue
$11.68B
BEAT +19.05%
Est. $9.81B
vs S&P Since Q2 26
-7.4%
TRAILING MARKET
PBF -3.2% vs S&P +4.3%
Market Reaction
Did PBF Beat Earnings? Q2 2026 Results
PBF Energy Inc. Delivered a blowout second quarter for fiscal 2026, posting adjusted EPS of $6.22 against a Wall Street consensus of $4.12, a 51.10% beat that extended the independent refiner's winning streak to five consecutive quarters of topping e… Read more PBF Energy Inc. Delivered a blowout second quarter for fiscal 2026, posting adjusted EPS of $6.22 against a Wall Street consensus of $4.12, a 51.10% beat that extended the independent refiner's winning streak to five consecutive quarters of topping estimates. Revenue surged 56.2% year-over-year to $11.68 billion, well ahead of the $9.81 billion consensus by 19.05%, as a sharp recovery in refining margins and the successful restart of the Martinez refinery following a lengthy post-fire rebuild drove the company's transformation from a year-ago quarterly loss into GAAP net income of $906.40 million. Crack spreads widened dramatically, with the Dated Brent NYH 2-1-1 spread reaching $43.48 per barrel versus $22.24 in Q2 2025, while gross refining margin nearly tripled to $23.40 per barrel. PBF also slashed net debt by more than 62% during the quarter to roughly $855.00 million. Looking ahead, management guided Q3 throughput to 900,000 to 960,000 barrels per day and expects its cost-improvement initiative to exceed $350 million in run-rate savings by year-end, even as a major shareholder trimmed a modest position near the stock's 52-week high.
Key Takeaways
- • Significantly wider crack spreads across all regions, with Dated Brent (NYH) 2-1-1 at $43.48/bbl vs $22.24 in Q2 2025
- • Martinez refinery returned to full operations in May 2026 after the February 2025 fire
- • Higher throughput of 887,300 bpd vs 839,100 bpd year-over-year
- • Gross refining margin excluding special items of $23.40/bbl vs $8.38/bbl in Q2 2025
- • West Coast crack spreads particularly strong at $58.27/bbl vs $36.07/bbl
- • $250 million fifth insurance installment received for Martinez fire, totaling $1.25 billion to date
- • RBI program delivering over $230 million of run-rate cost improvements
PBF Forward Guidance & Outlook
PBF sees tight global supply-demand balances supporting strong refining fundamentals. The RBI program is expected to generate more than $350 million of run-rate cost improvements by year-end 2026, up from over $230 million in 2025. Capital expenditure guidance for 2026 was reduced to $825–$875 million (excluding Martinez rebuild capital) after deferring planned turnarounds at Chalmette and Toledo to 2027. The Martinez hydrocracker complex turnaround was moved to end of Q3 2026. Q3 2026 total throughput is expected at 900,000–960,000 barrels per day. Renewable diesel production at SBR is expected to average 18,000–20,000 barrels per day in Q3. The company expects to finalize the Martinez fire insurance claim process in the second half of 2026.
PBF YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
PBF Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are in a cyclical business with a volatile and ever-changing environment. During the second quarter, PBF delivered significant equity value through our net debt reduction of over $1.4 billion. We will continue to apply a rigorous capital allocation process including investing in our refineries to capitalize on market opportunities and strengthening our balance sheet to ensure we are maximizing value for our investors. The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances. PBF, with its coastal complexity, is ideally positioned to capture these opportunities and generate significant value for our investors.”
— Matt Lucey, Q2 2026 Earnings Press Release
PBF Earnings Trends
PBF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PBF EPS Trend
Earnings per share: estimate vs actual
PBF Revenue Trend
Quarterly revenue: estimate vs actual
PBF Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $4.12 | $6.22 | +51.10% | $11.68B | +19.05% |
| Q1 26 BEAT | $-0.90 | $-0.88 | +1.70% | $7.90B | +5.24% |
| Q4 25 BEAT FY | $-0.11 | $0.49 | +549.95% | $7.14B | +0.81% |
| FY Full Year | $-4.69 | $-4.13 | +11.92% | $29.33B | +0.03% |
| Q3 25 BEAT | $-0.75 | $-0.52 | +30.95% | $7.65B | +2.40% |
| Q2 25 BEAT | $-1.21 | $-1.03 | +15.08% | $7.48B | +13.10% |
| Q1 25 BEAT | $-3.29 | $-3.09 | +6.16% | $7.07B | +7.03% |