NYSE: PBF
PBF Energy Inc.CIK 0001534504 · SIC 2911 · Petroleum Refining
We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the… About this business →
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PBF Energy issues $500M in 7.25% senior notes to refinance 2028 debt at higher rate
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PBF Energy subsidiary prices $500M senior notes at 7.25% due 2034
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PBF Energy launches $500M notes offering to refinance 2028 debt at par
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PBF Energy reports Q1 2026 earnings results
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PBF Energy shareholders approve executive pay, equity plan amendment at annual meeting
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PBF: revenue $7.90B, net income $198.3M. PBF Energy returns to profit as Martinez refinery restarts, but faces tariff uncertainty
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Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(unaudited, in millions, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | 11,678.3 | 7,475.3 | 19,582.6 | 14,541.7 |
| Cost and expenses: | ||||
| Cost of products and other | 9,701.9 | 6,743.7 | 16,483.8 | 13,330.8 |
| Operating expenses (excluding depreciation and amortization expense as reflected below) | 670.1 | 631.7 | 1,359.0 | 1,363.5 |
| Depreciation and amortization expense | 159.5 | 157.9 | 314.5 | 325.6 |
| Cost of sales | 10,531.5 | 7,533.3 | 18,157.3 | 15,019.9 |
| General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 148.6 | 80.3 | 238.2 | 150.7 |
| Depreciation and amortization expense | 3.6 | 3.6 | 7.4 | 7.2 |
| Gain on insurance recoveries, net | (250.0) | (189.0) | (356.5) | (189.0) |
| Equity (income) loss in investee | (27.5) | 4.3 | (35.8) | 21.3 |
| (Gain) loss on sale of assets | — | (0.2) | 0.3 | (0.2) |
| Total cost and expenses | 10,406.2 | 7,432.3 | 18,010.9 | 15,009.9 |
| Income (loss) from operations | 1,272.1 | 43.0 | 1,571.7 | (468.2) |
| Other income (expense): | ||||
| Interest expense (net of interest income of $8.0, $4.1, $11.5 and $8.6, respectively) | (42.0) | (53.8) | (84.1) | (90.7) |
| Loss on extinguishment of debt | (2.2) | — | (2.2) | — |
| Other non-service components of net periodic benefit cost | 1.3 | 0.3 | 2.3 | 0.6 |
| Income (loss) before income taxes | 1,229.2 | (10.5) | 1,487.7 | (558.3) |
| Income tax expense (benefit) | 314.2 | (5.1) | 372.5 | (147.0) |
| Net income (loss) | 915.0 | (5.4) | 1,115.2 | (411.3) |
| Less: net income (loss) attributable to noncontrolling interest | 8.6 | (0.2) | 10.5 | (4.3) |
| Net income (loss) attributable to PBF Energy Inc. stockholders | 906.4 | (5.2) | 1,104.7 | (407.0) |
| Weighted-average shares of Class A common stock outstanding | ||||
| Basic | 118,367,104 | 113,852,406 | 117,784,098 | 113,803,619 |
| Diluted | 121,066,763 | 114,715,186 | 120,603,759 | 114,666,399 |
| Net income (loss) available to Class A common stock per share: | ||||
| Basic | 7.66 | (0.05) | 9.38 | (3.58) |
| Diluted | 7.54 | (0.05) | 9.22 | (3.58) |
Condensed Consolidated Balance Sheets (Unaudited)
(unaudited, in millions, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 894.1 | 527.9 |
| Accounts receivable | 1,839.2 | 1,166.7 |
| Inventories | 2,893.9 | 2,563.1 |
| Prepaid and other current assets | 205.2 | 194.1 |
| Total current assets | 5,832.4 | 4,451.8 |
| Property, plant, and equipment (net of accumulated depreciation of $2,528.5 and $2,393.1, respectively) | 5,741.8 | 5,517.8 |
| Equity method investment in SBR | 859.6 | 826.3 |
| Lease right of use assets | 763.8 | 759.7 |
| Deferred charges and other assets, net | 1,521.1 | 1,464.3 |
| Total assets | 14,718.7 | 13,019.9 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 788.6 | 801.2 |
| Accrued expenses | 3,398.9 | 2,662.9 |
| Deferred revenue | 21.3 | 20.8 |
| Current operating lease liabilities | 175.3 | 184.4 |
| Total current liabilities | 4,384.1 | 3,669.3 |
| Long-term debt | 1,749.1 | 2,148.3 |
| Payable pursuant to Tax Receivable Agreement | 168.2 | 168.2 |
| Deferred tax liabilities | 1,040.5 | 763.6 |
| Long-term operating lease liabilities | 558.7 | 543.0 |
| Long-term financing lease liabilities | 19.3 | 25.8 |
| Other long-term liabilities | 253.4 | 251.8 |
| Total liabilities | 8,173.3 | 7,570.0 |
| Commitments and contingencies (Note 6) | ||
| Equity: | ||
| PBF Energy Inc. equity | ||
| Class A common stock, $0.001 par value, 1,000,000,000 shares authorized, 118,516,190 shares outstanding at June 30, 2026, 116,937,076 shares outstanding at December 31, 2025 | 0.1 | 0.1 |
| Class B common stock, $0.001 par value, 1,000,000 shares authorized, 11 shares outstanding at June 30, 2026, 12 shares outstanding at December 31, 2025 | — | — |
| Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Treasury stock, at cost, 32,248,584 shares outstanding at June 30, 2026 and 32,042,692 shares outstanding at December 31, 2025 | (1,247.7) | (1,237.6) |
| Additional paid in capital | 3,453.7 | 3,397.3 |
| Retained earnings | 4,189.9 | 3,149.9 |
| Accumulated other comprehensive income | 11.0 | 9.8 |
| Total PBF Energy Inc. equity | 6,407.0 | 5,319.5 |
| Noncontrolling interest | 138.4 | 130.4 |
| Total equity | 6,545.4 | 5,449.9 |
| Total liabilities and equity | 14,718.7 | 13,019.9 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(unaudited, in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 1,115.2 | (411.3) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 331.3 | 341.5 |
| Stock-based compensation expense | 17.4 | 21.4 |
| Deferred income taxes | 276.9 | (147.8) |
| Non-cash lower of cost or market inventory adjustment | (313.0) | — |
| Loss on extinguishment of debt | 2.2 | — |
| Pension and other post-retirement benefit costs | 26.8 | 26.2 |
| Gain on insurance recoveries, net | (356.5) | (189.0) |
| Insurance proceeds | 111.3 | 118.0 |
| (Income) loss from equity method investment | (35.8) | 21.3 |
| Loss (gain) on sale of assets | 0.3 | (0.2) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (672.5) | 39.9 |
| Inventories | (17.8) | (174.6) |
| Prepaid and other current assets | (11.2) | (32.7) |
| Accounts payable | 46.7 | 194.1 |
| Accrued expenses | 766.4 | (126.7) |
| Deferred revenue | 0.5 | 5.8 |
| Payment related to Tax Receivable Agreement | — | (125.4) |
| Other assets and liabilities | (23.1) | (30.8) |
| Net cash provided by (used in) operating activities | 1,265.1 | (470.3) |
| Cash flows from investing activities: | ||
| Expenditures for property, plant, and equipment | (476.5) | (267.1) |
| Expenditures for deferred turnaround costs | (242.4) | (198.1) |
| Expenditures for other assets | (34.9) | (39.8) |
| Equity method investment return of capital | 2.5 | 1.7 |
| Insurance proceeds | 245.2 | 132.0 |
| Net cash used in investing activities | (506.1) | (371.3) |
| Cash flows from financing activities: | ||
| Dividend payments | (63.7) | (62.6) |
| Distributions to PBF Energy Company LLC members other than PBF Energy | (2.5) | (0.5) |
| Proceeds from 2034 7.25% Senior Notes | 500.0 | — |
| Redemption of 2028 6.00% Senior Notes | (801.6) | — |
| Proceeds from 2030 9.875% Senior Notes | — | 788.5 |
| Proceeds from revolver borrowings | 1,100.0 | 2,350.0 |
| Repayments of revolver borrowings | (1,200.0) | (2,200.0) |
| Payments on financing leases | (6.0) | (5.7) |
| Proceeds from insurance premium financing | 141.8 | 100.7 |
| Payments of insurance premium financing | (84.3) | (56.8) |
| Transactions in connection with stock-based compensation plans, net | 31.4 | (4.7) |
| Deferred financing costs and other, net | (7.9) | (12.7) |
| Net cash (used in) provided by financing activities | (392.8) | 896.2 |
| Net change in cash and cash equivalents | 366.2 | 54.6 |
| Cash and cash equivalents, beginning of period | 527.9 | 536.1 |
| Cash and cash equivalents, end of period | 894.1 | 590.7 |
| Supplemental cash flow disclosures | ||
| Non-cash activities: | ||
| Accrued and unpaid capital expenditures | 71.6 | 77.2 |
| Assets acquired or remeasured under operating and financing leases | 164.0 | 79.3 |
| Cash paid during the period for: | ||
| Interest (net of capitalized interest of $31.4 and $11.5 in 2026 and 2025, respectively) | 90.9 | 60.6 |
| Income taxes | 4.4 | 2.4 |
Amounts as printed on the EDGAR/iXBRL face — (unaudited, in millions, except share and per share data); (unaudited, in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About PBF Energy Inc.
Source: Item 1 (Business) from the 10-K filed February 12, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
Overview and Corporate Structure
We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico and are able to ship products to other international destinations. We own and operate six domestic oil refineries and related assets and own a 50% interest in the Renewable Diesel Facility through our SBR equity method investment. Our refineries have a combined processing capacity, known as throughput, of approximately 1,000,000 bpd, and a weighted-average Nelson Complexity Index of 12.8 based on current operating conditions. The complexity and throughput capacity of our refineries are subject to change dependent upon configuration changes we make to respond to market conditions, as well as a result of investments made to improve our facilities and maintain compliance with environmental and governmental regulations. We operate in two reportable business segments: Refining and Logistics. Our six oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and represent the Refining segment. PBFX operates certain logistical assets such as crude oil and refined products terminals, pipelines, and storage facilities, which represent the Logistics segment.
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PBF Energy is a holding company whose primary asset is a controlling equity interest in PBF LLC. We are the sole managing member of PBF LLC and operate and control all of the business and affairs of PBF LLC. We consolidate the financial results of PBF LLC and its subsidiaries and record a noncontrolling interest in our consolidated financial statements representing the economic interests of the members of PBF LLC other than PBF Energy (as defined below). PBF LLC is a holding company for the companies that directly or indirectly own and operate our business. PBF Holding is a wholly-owned subsidiary of PBF LLC and is the parent company for our refining operations. PBFX is an indirect wholly-owned subsidiary of PBF LLC that owns and operates logistics assets that support our refining operations.
As of December 31, 2025, PBF Energy held 116,958,307 PBF LLC Series C Units and our current and former executive officers and directors and certain employees and others held 862,780 PBF LLC Series A Units (we refer to all of the holders of the PBF LLC Series A Units as “the members of PBF LLC other than PBF Energy”). As a result, the holders of PBF Energy’s issued and outstanding shares of its Class A common stock have approximately 99.3% of the voting power in PBF Energy, and the members of PBF LLC through their holdings of Class B common stock have approximately 0.7% of the voting power in PBF Energy.
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The following map details the locations of our refineries (each as defined below):
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Refining
Our six refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. Each refinery is briefly described in the table below:
RefineryRegion
Nelson Complexity Index (1)
Throughput Capacity (in bpd) (1)
PADD
Crude Processed (2)
Source (2)
Delaware CityEast Coast 13.6180,0001light sweet through heavy sourwater, rail
PaulsboroEast Coast
9.1 (3)
155,000 (3)
1light sweet through heavy sourwater
ToledoMid-Continent11.0180,0002light sweetpipeline, truck, rail
ChalmetteGulf Coast13.0185,0003light sweet through heavy sourwater, pipeline
TorranceWest Coast13.8166,0005medium and heavypipeline, water, truck
MartinezWest Coast16.1157,0005medium and heavywater
________
(1) Reflects operating conditions at each refinery as of the date of this filing. Changes in complexity and throughput capacity reflect the result of current market conditions, in addition to investments made to improve our facilities and maintain compliance with environmental and governmental regulations. Configurations at each of our refineries are evaluated periodically and updated accordingly.
(2) Reflects the typical crude and feedstocks and related sources utilized under normal operating conditions and prevailing market environments.
(3) At full operating capacity and prevailing market environments, our Nelson Complexity Index and throughput capacity for the Paulsboro refinery would be 13.1 and 180,000, respectively. As a result of the reconfiguration of our East Coast refineries in 2020, and subsequent restart of several idled processing units at the Paulsboro refinery in 2022, our Nelson Complexity Index and throughput capacity were adjusted.
Logistics
PBFX, an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, owns or leases, operates, develops and acquires crude oil and refined products terminals, pipelines, storage facilities and similar logistics assets. PBFX engages in the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates from sources located throughout the United States and Canada for PBF Energy in support of its refineries, as well as for third-party customers. The majority of PBFX’s revenues are derived from long-term, fee-based commercial agreements with PBF Holding, which include minimum volume commitments, for receiving, handling, storing and transferring crude oil, refined products and natural gas. PBF Energy also has agreements with PBFX that establish fees for certain general and administrative services and operational and maintenance services provided by PBF Holding to PBFX. These transactions, other than those with third parties, are eliminated by us in consolidation.
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