Q3 25 EPS
$-0.52
BEAT +30.95%
Est. $-0.75
Q3 25 Revenue
$7.65B
BEAT +2.40%
Est. $7.47B
vs S&P Since Q3 25
+40.8%
BEATING MARKET
PBF +51.3% vs S&P +10.6%
Market Reaction
Did PBF Beat Earnings? Q3 2025 Results
PBF Energy delivered a narrower-than-expected loss in Q3 2025, posting an adjusted loss of $0.52 per share against a consensus estimate of $0.75, a beat of roughly 30.95%, while revenue of $7.65 billion edged 2.40% above expectations, even as the top… Read more PBF Energy delivered a narrower-than-expected loss in Q3 2025, posting an adjusted loss of $0.52 per share against a consensus estimate of $0.75, a beat of roughly 30.95%, while revenue of $7.65 billion edged 2.40% above expectations, even as the top line fell 8.7% year-over-year amid constrained operations. The single biggest driver shaping the quarter was the ongoing fallout from the February 2025 Martinez refinery fire: a $250 million net insurance recovery gain helped swing GAAP operating income to $285.90 million from a loss in the year-ago period, though excluding special items the company recorded an operating loss of $27.10 million. Crude throughput slipped to 871,000 barrels per day from 935,600 a year earlier, reflecting both the Martinez constraints and a major Torrance turnaround, while the stock surged more than 13% following the print as investors welcomed the reaffirmed dividend and production outlook. Management guided Q4 throughput at 860,000–910,000 bpd and remains on track to fully restart Martinez by year-end 2025, contingent on regulatory permitting, with its Refinery Business Improvement initiative targeting more than $350 million in annualized savings by end of 2026.
Key Takeaways
- • Seasonally higher product crack spreads across multiple regions
- • Insurance recoveries of $250 million related to Martinez refinery fire
- • Gain on sale of terminal assets of $94 million
- • Narrow light-heavy crude differentials continued to pressure capture rates
- • Major turnaround completed at Torrance refinery during Q3
- • Martinez refinery operating at limited capacity following February 2025 fire
PBF YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PBF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our refineries operated largely to plan in the third quarter and many of our regions benefitted from seasonally higher product cracks. In addition to the ongoing work to safely restore Martinez to full operations by year-end, we completed a major turnaround at Torrance during the third quarter.”
— Matt Lucey, Q3 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% |