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Sep 30, 2025
PBF Energy Q3 2025 Earnings Report
PBF Energy reported third quarter 2025 results, including a return to income from operations and net income, driven by insurance recoveries and improved product cracks, despite ongoing challenges at the Martinez refinery.
Key Takeaways
PBF Energy Inc. reported a significant turnaround in the third quarter of 2025, achieving net income of $171.7 million and income from operations of $285.9 million, compared to losses in the prior year. This improvement was largely due to substantial gains from insurance recoveries related to the Martinez refinery fire and the sale of terminal assets, alongside favorable market conditions in some regions. However, the company still faced pressures from narrow light-heavy differentials and ongoing limited operations at the Martinez refinery.
PBF Energy reported a net income of $171.7 million and diluted EPS of $1.45 for Q3 2025, a significant improvement from a net loss of $289.1 million and $(2.49) EPS in Q3 2024.
Income from operations reached $285.9 million in Q3 2025, reversing a loss of $386.3 million in the same period last year, primarily due to $250.0 million in insurance recoveries and a $94.0 million gain on terminal asset sales.
Adjusted fully-converted net loss, excluding special items, was $(60.3) million, or $(0.52) per share, indicating underlying operational challenges despite the reported net income.
The Martinez refinery continues to operate under limited capacity, with full restoration planned by year-end 2025, and the company expects rebuilding costs to be largely covered by insurance.
Revenue by Segment
Forward Guidance
PBF Energy anticipates continued volatility in the near term but maintains a favorable long-term outlook due to tight global supply and demand balances. The company is focused on conservative balance sheet management, debt reduction, and achieving significant savings through its Refining Business Improvement (RBI) initiative.
Positive Outlook
- Expects to generate over $230 million in annualized, run-rate sustainable operating, capital, turnaround, and corporate expense savings by year-end 2025, and over $350 million by year-end 2026.
- On track to meet or exceed RBI initiative targets, indicating improved efficiency and reliability.
- Anticipates incremental supply of heavy barrels entering the market, which should benefit the company's system.
- Global supply and demand balances are expected to remain tight, contributing to a constructive macro environment.
- Martinez refinery is planned to restore full operations by year-end 2025, which should increase throughput.
Challenges Ahead
- Near-term volatility is expected in the cyclical, commodity-dependent business.
- Narrow light-heavy differentials continue to pressure capture rates overall.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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