Loading...
•
Dec 31, 2025
PBF Energy Q4 2025 Earnings Report
PBF Energy reported an increase in income from operations and net income for the fourth quarter of 2025 compared to the same period in 2024, with the Martinez refinery restart on schedule.
Key Takeaways
PBF Energy Inc. reported a significant turnaround in its financial performance for the fourth quarter of 2025, moving from a loss in operations and net income in 2024 to a positive income. The company's income from operations, excluding special items, was $99.4 million, a substantial improvement from a loss of $427.9 million in the prior year. Net income attributable to PBF Energy Inc. was $78.4 million, or $0.66 per share, compared to a net loss of $289.3 million, or $(2.54) per share, in Q4 2024. This improvement was supported by gains on insurance recoveries and a LIFO decrement, partially offset by other expenses.
Fourth quarter 2025 income from operations was $128.0 million, a significant improvement from a loss of $383.2 million in Q4 2024.
Net income attributable to PBF Energy Inc. was $78.4 million ($0.66 per share) in Q4 2025, compared to a net loss of $289.3 million ($(2.54) per share) in Q4 2024.
Adjusted fully-converted net income, excluding special items, was $57.8 million ($0.49 per share) in Q4 2025, a positive shift from a loss of $324.5 million ($(2.82) per share) in Q4 2024.
The Martinez refinery restart is on schedule, with construction activities expected to be complete by February 16, 2026, and the Catalytic Cracking Unit start-up by the first week of March.
Revenue by Segment
Forward Guidance
PBF Energy is committed to running its assets safely and reliably, finalizing the Martinez refinery restoration, and progressing its RBI program to improve efficiency and reliability. The company expects to achieve significant run-rate cost improvements and will invest in extensive maintenance and turnarounds in 2026.
Positive Outlook
- Martinez refinery restoration is in its final stages, with full operational capability expected soon.
- RBI program generated over $230 million in run-rate cost improvements in 2025, fully realizable in 2026.
- Additional efficiency and reliability measures are expected to achieve $350 million in run-rate cost improvements by year-end 2026.
- Global refining capacity remains constrained, with demand growth outpacing new additions, positioning PBF favorably.
- The company's highly-complex, predominantly coastal refining system is well-positioned for the next market cycle.
Challenges Ahead
- Oil markets remain dynamic, posing potential challenges.
- Extensive maintenance and multiple turnarounds are planned for 2026, which may impact operations.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...