PBF Energy Q4 Earnings Beat Estimates on Higher Refining Margins

PBF Energy Inc. PBF reported a fourth-quarter 2025 adjusted earnings of 49 cents per share, which beat the Zacks Consensus Estimate of a loss of 15 cents. The bottom line also improved from the year-ago quarter’s loss of $2.82 per share.

Total quarterly revenues declined to $7.14 billion from $7.35 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $6.98 billion.

Strong quarterly earnings were driven by a higher refining margin per barrel of throughput and a decline in total costs and expenses. 

PBF Energy Inc. Price, Consensus and EPS Surprise

PBF Energy Inc. price-consensus-eps-surprise-chart | PBF Energy Inc. Quote

Segmental Performance

During the quarter, PBF Energy reported an operating income of $205.7 million in the Refining segment compared to an operating loss of $362 million a year ago.

The company generated a profit of $52.7 million from the Logistics segment, reflecting an increase from the prior-year quarter’s reported figure of $51.7 million.

Throughput Analysis

Volumes

In the quarter under review, crude oil and feedstock throughput volumes totaled 888.9 thousand barrels per day (bpd), higher than the year-ago figure of 862 thousand bpd. The East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 37.2%, 16.5%, 20.2% and 26.1%, respectively, of the total oil and feedstock throughput volume.

Margins

The company-wide gross refining margin per barrel of throughput, excluding special items, was $11.16, higher than the year-earlier figure of $4.89. The gross refining margin per barrel of throughput was $11.50 for the East Coast, up from $4.42 in the year-ago quarter. The realized refining margin rose to $12.66 per barrel for the Gulf Coast from $2.87 a year ago. The metric was $9.96 per barrel in the Mid-Continent and $10.28 per barrel in the West Coast, compared with $5.85 and $5.94, respectively, a year ago.

Costs & Expenses

Total costs and expenses in the reported quarter were $7 billion, down from $7.7 billion in the year-ago period.

Cost of sales, including operating expenses, cost of products and others, and depreciation and amortization expenses, amounted to $7.3 billion, lower than $7.7 billion a year ago.

Capital Expenditure & Balance Sheet

PBF Energy spent $113.6 million in capital on refining operations and $3.1 million on logistics businesses.

At the end of the fourth quarter, it had cash and cash equivalents of $527.9 million. As of Dec. 31, 2025, PBF had a total debt of $2.15 billion, resulting in a total debt-to-capitalization of 28%.

Outlook

For the first quarter of 2026, PBF Energy anticipates throughput volumes on the East Coast to be between 280,000 bpd and 300,000 bpd. In the Mid-continent region, the figure is estimated to be between 135,000 bpd and 145,000 bpd. The Gulf Coast is expected to report throughput of 175,000-185,000 bpd, while the West Coast is expected to deliver between 220,000 bpd and 240,000 bpd. Renewable diesel production is anticipated to be in the range of 16,000-18,000 bpd for the first quarter. Additionally, the company is working to restore the full operational capability of the Martinez refinery this year.

PBF’s Zacks Rank and Key Picks

PBF currently has a Zacks Rank #4 (Sell).

Some top-ranked stocks from the energy sector are Archrock Inc. AROC, Oceaneering International OII and W&T Offshore WTI. While Archrock sports a Zacks Rank #1 (Strong Buy), Oceaneering and W&T Offshore carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability, and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its production prospects in the future, which is expected to enhance its revenues.

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This article originally published on Zacks Investment Research (zacks.com).

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