Q2 25 EPS
$-1.03
BEAT +15.08%
Est. $-1.21
Q2 25 Revenue
$7.48B
BEAT +13.10%
Est. $6.61B
vs S&P Since Q2 25
+115.1%
BEATING MARKET
PBF +134.0% vs S&P +18.9%
Market Reaction
Did PBF Beat Earnings? Q2 2025 Results
PBF Energy posted a narrower-than-expected loss for Q2 2025, beating a gloomy Wall Street consensus even as the Martinez refinery fire continued to weigh heavily on results. The company reported an adjusted loss of $1.03 per diluted share, clearing t… Read more PBF Energy posted a narrower-than-expected loss for Q2 2025, beating a gloomy Wall Street consensus even as the Martinez refinery fire continued to weigh heavily on results. The company reported an adjusted loss of $1.03 per diluted share, clearing the $1.21 consensus estimate by 15.08%, while revenue of $7.48 billion topped the $6.61 billion forecast by 13.10%, though sales still fell 14.4% year-over-year from $8.74 billion, reflecting lower crude prices and sharply reduced West Coast throughput, which dropped to 203,500 bpd from 296,700 bpd a year earlier. The headline beat was cushioned by $189 million in insurance recoveries tied to the February Martinez fire; stripped of special items, the operating loss actually widened to $110 million from $72.50 million in Q2 2024. Despite the better-than-feared print, shares slipped in pre-market trading on lingering concerns about compressed margins and rising debt, which climbed to $2.39 billion from $1.46 billion at year-end. Management is targeting over $200 million in annualized cost savings by year-end 2025, with full Martinez operations expected to resume on a similar timeline.
Key Takeaways
- • Seasonally higher margin environment benefited non-Martinez refining operations
- • Insurance recoveries of $189 million gain on Martinez fire claims boosted GAAP results
- • Narrow light-heavy crude differentials pressured feedstock economics
- • Martinez refinery partial operations restored during Q2 at reduced capacity
- • Lower crude oil prices reduced revenue year-over-year
- • Gross refining margin excluding special items of $8.38 per barrel vs $8.12 per barrel in Q2 2024
PBF YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PBF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Performance improved across all PBF's regions in the second quarter. We successfully restored partial operations at Martinez and expect to run at reduced capacity until repairs can be completed. The rest of our system ran as expected and benefited from the seasonally higher margin environment.”
— Matt Lucey, Q2 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% |