Q1 26 EPS
$-0.88
BEAT +1.70%
Est. $-0.90
Q1 26 Revenue
$7.90B
BEAT +5.24%
Est. $7.51B
vs S&P Since Q1 26
+35.5%
BEATING MARKET
PBF +43.1% vs S&P +7.6%
Market Reaction
Did PBF Beat Earnings? Q1 2026 Results
PBF Energy Inc. Posted a narrower-than-feared loss in Q1 2026, beating Wall Street expectations on both the top and bottom lines to extend its EPS consensus beat streak to four consecutive quarters. The independent refiner reported an adjusted loss o… Read more PBF Energy Inc. Posted a narrower-than-feared loss in Q1 2026, beating Wall Street expectations on both the top and bottom lines to extend its EPS consensus beat streak to four consecutive quarters. The independent refiner reported an adjusted loss of $0.88 per share, edging past the $-0.90 consensus estimate by 1.70%, while revenue of $7.90 billion topped expectations by 5.24% and rose 11.9% from a year ago. The single most consequential driver of the quarter was the ongoing recovery of the Martinez refinery, which contributed $106.50 million in insurance recovery gains and a $313.00 million LCM inventory reserve reversal, helping swing GAAP income from operations to $299.60 million from a loss of $511.20 million a year prior. System-wide throughput climbed to 844,200 barrels per day from 730,400 a year ago, and refining margins excluding special items improved to $9.53 per barrel. Looking ahead, management guided Q2 throughput of 850,000 to 910,000 barrels per day, with Martinez expected to reach full planned rates in early May.
Key Takeaways
- • Martinez refinery restart progressing with key units restarted and full rates expected in early May
- • Higher system-wide throughput of 844,200 bpd vs 730,400 bpd year-over-year
- • Improved crack spreads across all regions compared to Q1 2025
- • Refining operating expense per barrel declined to $8.70 from $10.74 year-over-year
- • Gross refining margin excluding special items improved to $9.53/bbl from $5.96/bbl
- • $313.0 million LCM inventory reserve reversal boosted GAAP results
- • $106.5 million in insurance recovery gains from Martinez refinery fire
- • RBI program contributing to lower cost structure
- • Completed significant turnaround at Torrance refinery
PBF YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PBF Revenue by Segment
With YoY comparisons, source: SEC Filings
“Following a year of extensive work and exhaustive efforts by all involved, our Martinez refinery is returning to full operations at a time when the markets are calling for products from all available sources. The team at Martinez conducted repairs as expeditiously as possible and, more importantly, safely.”
— Matt Lucey, Q1 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $4.12 | $6.22 | +51.10% | $11.68B | +19.05% |
| 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% |