Companies /Energy

PBF Energy Inc - Class A

NYSE: PBF Oil & Gas Refining & Marketing
$68.59
▼ $1.14 (−1.63%) today
Markets closed · 7:46am ET

Q3 2025 Earnings

Reported Oct 30, 2025, 6:43am ET · SEC source
$-0.52
Beat +30.95%
EPS · est. $-0.75
$7.7B
Beat +2.40%
Revenue · est. $7.5B
−0.3%
Trailing market
PBF vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0+3%Oct 30Oct 31report 6:43am ETearnings−0.7%−4.7%
−6%−3%0+3%Oct 30Oct 31earnings−0.7%−4.7%
PBF −4.7%S&P 500 −0.7%
−6%−3%0+3%Oct 30Oct 31report 6:43am ETearnings−0.9%−4.7%
−6%−3%0+3%Oct 30Oct 31earnings−0.9%−4.7%
PBF −4.7%NASDAQ −0.9%
0+5%+10%Oct 29Nov 7report 6:43am ETearnings−2.5%+8.5%
0+5%+10%Oct 29Nov 7earnings−2.5%+8.5%
PBF +8.5%S&P 500 −2.5%
−5%0+5%+10%Oct 29Nov 7report 6:43am ETearnings−3.8%+8.5%
−5%0+5%+10%Oct 29Nov 7earnings−3.8%+8.5%
PBF +8.5%NASDAQ −3.8%
+1.35%
Day of report
−1.16%
Next session
+6.57%
One week
−0.06%
30 days

S&P 500 over the same 30 days: +0.25%.

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 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

“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.”

PBF Energy CEO, on the earnings call

Forward Guidance & Outlook

PBF expects full-year 2025 capital expenditures of $750–$775 million, excluding Martinez rebuild costs. Q4 2025 total throughput is expected at 860,000–910,000 bpd (East Coast 320,000–340,000; Mid-Continent 140,000–150,000; Gulf Coast 170,000–180,000; West Coast 230,000–240,000). Martinez refinery full restart is planned by year-end 2025, subject to regulatory permitting and equipment availability, with limited operations at 85,000–105,000 bpd in the interim. SBR Q4 renewable diesel production expected at 16,000–18,000 bpd. The RBI initiative targets >$230 million annualized run-rate savings by year-end 2025 and >$350 million by year-end 2026, and is on track to meet or exceed targets. Management views global supply/demand balances as tight and the macro environment as constructive. Priority remains conservative balance sheet management and debt reduction.

PBF YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$3.0B$6.0B$9.0B$8.4B$7.7BRevenue$18.4M$39.2MGross Profit$104.3M$285.9MOperating Income$66.0M$171.7MNet Income
$0$3.0B$6.0B$9.0BRevenueGross ProfitOperating IncomeNet Income

PBF Revenue by Segment

Refining$7.6B
Logistics$97.5M

Figures from SEC filings and company reports. Not investment advice.