Q1 25 EPS
$-3.09
BEAT +6.16%
Est. $-3.29
Q1 25 Revenue
$7.07B
BEAT +7.03%
Est. $6.60B
vs S&P Since Q1 25
+176.0%
BEATING MARKET
PBF +210.6% vs S&P +34.6%
Market Reaction
Did PBF Beat Earnings? Q1 2025 Results
PBF Energy delivered a bruising first quarter, posting an adjusted loss of $3.09 per share that nonetheless edged past the Wall Street consensus of -$3.29 by 6.16%, while revenue of $7.07 billion topped estimates by 7.03%, though that top-line figure… Read more PBF Energy delivered a bruising first quarter, posting an adjusted loss of $3.09 per share that nonetheless edged past the Wall Street consensus of -$3.29 by 6.16%, while revenue of $7.07 billion topped estimates by 7.03%, though that top-line figure still represented an 18.3% decline from a year ago as the company absorbed the full weight of a February 1 fire at its Martinez, California refinery. The blaze was the defining event of the quarter, slashing West Coast throughput to 173,000 bpd from 301,600 bpd and inflating regional operating expenses to $22.17 per barrel, helping drive a system-wide GAAP operating loss of $511.20 million versus operating income of $145.10 million in Q1 2024. Gross refining margin collapsed to $5.96 per barrel from $11.73 as crack spreads deteriorated broadly. PBF has secured an initial $250 million insurance payment and is running Martinez in a limited 85,000–105,000 bpd configuration, targeting a full Q4 restart, while its Business Improvement initiative aims to deliver more than $200 million in annualized cost savings by year-end.
Key Takeaways
- • Martinez refinery fire on February 1, 2025 caused significant damage and extended downtime, reducing West Coast throughput to 173,000 bpd from 301,600 bpd
- • Compressed crack spreads across all regions: Dated Brent NYH 2-1-1 fell to $16.89/bbl from $21.05/bbl
- • Planned maintenance activity within PBF's refining system
- • Policy volatility and macroeconomic uncertainty
- • System-wide throughput declined to 730,400 bpd from 897,400 bpd year-over-year
- • Gross refining margin excluding special items fell to $5.96/bbl from $11.73/bbl
- • Refining operating expense per barrel rose to $10.74 from $8.02 due to fixed costs spread over lower volumes
- • Higher RIN costs with effective RIN basket price increasing to $4.75 from $3.69
- • Higher natural gas costs at $3.87/MMBTU versus $2.10/MMBTU
PBF YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
PBF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Policy volatility, macroeconomic uncertainty, the Martinez incident and planned maintenance within PBF's refining system created a very challenging first quarter environment. On February 1, 2025, during preparations for a turnaround, a fire occurred at the Martinez refinery which caused significant damage and resulted in extended downtime. Since the event, we have restored partial operations and are working to restore full operations. We expect that PBF's insurance program will largely reimburse the company, subject to our deductible and retentions, for the capital costs to restore the Martinez refinery to full operations.”
— Matt Lucey, Q1 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |