PBF Energy (PBF) Q3 2026 Earnings
Adjusted figure excludes special items: $28.0 million pre-tax loss on extinguishment of debt and $11.0 million of RBI initiative costs (net after-tax charge of $28.9 million, or $0.24 per share). GAAP diluted EPS was $12.54.
How Did PBF Stock React to Q3 2026 Earnings?
Did PBF Beat Earnings? Q3 2026 Results
Yes. PBF Energy reported Q3 2026 earnings of $12.78 a share on Oct 29, 2026, beating the $11.02 consensus estimate by 16.0%. Revenue was $12.1B against a $10.8B estimate.
PBF Energy Inc. delivered a blowout third quarter for fiscal 2026, posting adjusted EPS of $12.78 against a Wall Street consensus of $11.02, a beat of nearly 16% that extended the company's streak of consensus-beating quarters to six consecutive periods. Revenue surged 58.6% year over year to $12.13 billion, topping estimates of $10.78 billion by 12.60%, as a dramatic widening in benchmark crack spreads drove refining margins sharply higher; gross refining margin excluding special items climbed to $34.56 per barrel from just $9.00 a year ago. The West Coast system was a particular standout, with throughput at Torrance and Martinez rising to 293.1 thousand barrels per day after Martinez returned to full operations in May 2026, while the broader refining segment generated $2.12 billion in operating income. Balance-sheet strengthening was equally notable, with net cash reaching $426.00 million after the company redeemed high-coupon senior notes and raised its quarterly dividend 18% to $0.33 per share. Looking ahead, PBF guided fourth-quarter throughput of 925,000 to 985,000 barrels per day and expects its cost-improvement program to exceed $350 million in run-rate savings by year-end 2026.
- Sharply higher crack spreads: Dated Brent (NYH) 2-1-1 at $64.77/bbl vs $25.82; LLS (Gulf Coast) 2-1-1 at $69.06 vs $24.41; ANS (West Coast-SF) 3-2-1 at $73.33 vs $30.59
- Gross refining margin excluding special items of $34.56/bbl vs $9.00/bbl a year ago
- Crude and feedstocks throughput of 923.8 thousand bpd vs 871.0 thousand bpd
- West Coast throughput of 293.1 thousand bpd vs 234.0 thousand bpd after Martinez returned to full operations in May 2026
- Wider heavy crude differentials: Dated Brent less Maya at $19.16 vs $8.15; WTI less WCS at $19.63 vs $12.54
- Equity income from SBR of $62.4 million vs a $19.7 million loss a year ago
- Special items: $28.0 million loss on extinguishment of debt and $11.0 million RBI costs
“The current environment provides PBF with an opportunity to further improve our through-the-cycle performance and enhance long-term value. By investing in our assets, strengthening the balance sheet and maintaining a disciplined approach to capital allocation, we are positioning PBF for success across market cycles. During the third quarter, while refining fundamentals remained exceptionally strong, we continued to execute on these priorities, including further reducing net debt by more than $1.2 billion.”
PBF Energy CEO, on the earnings call
What Is PBF Energy's Outlook?
PBF expects fourth-quarter 2026 throughput of 925,000 to 985,000 bpd: - East Coast: 300,000–320,000 bpd - Mid-continent: 155,000–165,000 bpd - Gulf Coast: 180,000–190,000 bpd - West Coast: 290,000–310,000 bpd 2026 capital expenditure guidance remains $825–$875 million, excluding the Martinez rebuild. It includes advance material purchases for the Chalmette and Toledo turnarounds deferred to 2027. The RBI program is expected to deliver more than $350 million of run-rate cost improvements by year-end 2026, up from more than $230 million in 2025, with efforts continuing beyond current goals. St. Bernard Renewables is expected to produce 18,000–20,000 bpd of renewable diesel in the fourth quarter. PBF expects to finalize the Martinez insurance claim before year-end 2026.
PBF YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $12.1B | $7.7B | +58.6% |
| Gross Profit | $2.2B | $39.2M | +5,437.5% |
| Operating Income | $2.1B | $285.9M | +634.8% |
| Net Income | $1.5B | $170.1M | +799.1% |
PBF Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.