EarningsQ2 2026 Earnings Report
MX:PBF Q2 2026 EPS Results
Actual EPS$105.63
Consensus EPS$70.46
Beat/MissBeat by +$35.17
One Year Ago EPS-$17.49
MX:PBF Q2 2026 Revenue Results
Actual Revenue$198.33B
Expected Revenue$163.13B
Beat/MissBeat by +$35.20B
YoY Revenue Growth+56.23%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:PBF Upcoming Earnings
PBF Energy's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PBF Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial trajectory: exceptional Q2 cash generation and EBITDA, substantial deleveraging, full restart of Martinez and all refineries running, meaningful RBI efficiency gains (20% gas reduction and ~$60M/yr procurement savings), plus favorable macro tailwinds from global supply disruptions supporting elevated refining margins. Notable negatives include a few operational incidents (Chalmette, Toledo), an ongoing Martinez insurance claim and residual rebuild costs, regulatory/RINs-related cost and market uncertainty, and the incremental debt tied to the Torrance hydrogen purchase. Overall, the positives (material earnings, cash flow, balance sheet improvement, operational recovery and structural margin tailwinds) outweigh the operational and regulatory risks.Company Guidance
Strong Earnings and Cash Generation
Q2 adjusted net income of $6.22 per share and adjusted EBITDA of $1.24 billion; cash from operations of $1.6 billion (including a ~$430 million working capital benefit).
Material Deleveraging and Liquidity Build
Net debt reduced by over 62% during the quarter (aggregate gross debt reduction > $1 billion); ended Q2 with ~$894 million cash and ~ $855 million net debt (net debt-to-cap 15%); management expects ~ $1.5 billion cash by end of July and potential net-cash position in coming quarters.
Insurance Recoveries Related to Martinez
Recognized a $250 million insurance gain in Q2, bringing total insurance recoveries to $1.25 billion net of deductibles; management expects at least one more similar payment in the near term.
All Refineries Operating & Operational Recovery
All refineries currently operating; Martinez fire-affected units safely restarted in May and producing full product slate; Torrance hydrogen plants repurchase agreement to improve reliability.
Refining Business Tailwinds from Global Supply Dislocations
Company highlights favorable market dynamics from Middle East/Eastern Europe disruptions: ~5 million barrels/day of refining capacity offline, product inventories drawn down, and global refining utilization down ~10% YoY — all supporting elevated refining margins.
Refining Business Improvement (RBI) Progress
Implemented energy-efficiency program reducing purchased natural gas by 20% per barrel (price-adjusted vs 2024 baseline); turnaround execution markedly improved; strategic procurement renegotiations expected to save ~$60 million/year.
Renewable Diesel Contribution
Investment in SBR generated net income of $27.5 million (~$40 million EBITDA) with SBR producing ~15,100 barrels/day of renewable diesel; renewable diesel margins robust due to strong distillate margins and elevated RIN pricing.
Capital Spending Discipline
Q2 consolidated CapEx of $189 million (excludes ~$56 million Martinez rebuild spend); 2026 total CapEx guidance reduced by ~$75 million (midpoint guidance now ~$850 million).
MX:PBF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed