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PBF Energy (PBF) Q3 2026 Earnings Report
PBF Q3 2026 EPS Results
- Actual EPS
- $12.78
- Consensus EPS
- $11.12
- Beat/Miss
- Beat by +$1.66
- One Year Ago EPS
- -$0.52
PBF Q3 2026 Revenue Results
- Actual Revenue
- $12.13B
- Expected Revenue
- $10.60B
- Beat/Miss
- Beat by +$1.54B
- YoY Revenue Growth
- +58.58%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
PBF Upcoming Earnings
PBF Energy's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
PBF Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Highlights significantly outweighed the lowlights, with record-level adjusted earnings, substantial net debt reduction, an 18% dividend increase, strong operating execution, improving cost and energy efficiency, and favorable refining and renewable diesel market conditions. The main challenges were market volatility, global product supply disruptions, a heavier 2027 turnaround schedule, special-item charges, and modestly delayed operating expense savings.
Company Guidance
For the fourth quarter, PBF expects total throughput of 925 thousand to 985 thousand barrels/day and SBR production of 18 thousand to 20 thousand barrels/day; RBI run rate cost improvements are expected to grow to more than $350 million by year-end 2026, 2026 capital expenditures remain $825 million to $875 million excluding capital related to the Martinez rebuild, and 2026 interest expense is expected to be within guidance. The company expects refinancing and debt pay down to reduce interest expense by at least $130 million in 2027, projects using a substantial majority of its NOLs in 2026, and said an effective tax rate approximately 26% can be used for modeling purposes. In 2027, PBF plans to increase Chalmette jet fuel capability to 20 thousand barrels/day and expects the Paul project to increase gasoline yield and blending capability by about 10 thousand barrels/day; 2027 will be heavier turnaround schedule than most years, while 2028 is gonna be a lighter turnaround year.
- Strong Third-Quarter EarningsExcluding special items, PBF reported adjusted net income of $12.78 per share and adjusted EBITDA of approximately $2.3 billion for the third quarter. Results were primarily supported by strong product markets driven by tight supply and relatively firm demand.
- Significant Balance Sheet ImprovementPBF reduced net debt by more than $1.2 billion during the quarter and by more than $2 billion during the year. The company ended the quarter with approximately $2.5 billion of cash, approximately $2.1 billion of total debt, and $426 million of net cash.
- Lower Debt and Future Interest ExpensePBF issued $550 million of 0% exchangeable notes due 2032 and fully redeemed its $500 million of 7/8 senior notes due 2030. Subsequent to quarter end, it also redeemed the outstanding $800 million of 9 7/8 senior notes due 2030. Gross debt is now approximately $1.4 billion, inclusive of the Air Products promissory note, and management expects the year's refinancing and debt paydown to reduce 2027 interest expense by at least $130 million.
- Dividend IncreasePBF increased its quarterly dividend by 18%. Management said the dividend increase was intended to be competitive and sustainable through all markets.
- Operational Execution and ThroughputSystem throughput averaged approximately 924 thousand barrels per day in the third quarter, in line with guidance. The Martinez hydrocracker and Paul crude unit turnarounds were completed as planned, within budget, and within industry benchmark targets. With the turnarounds complete, management said PBF has a clear operational runway for the remainder of 2026.
- Strong Fourth-Quarter Throughput OutlookPBF expects fourth-quarter total throughput of 925 thousand to 985 thousand barrels per day. Management said the market is strongly incentivizing maximum runs because the world is in desperate need of refined products.
- Refining Market Tightness Benefits PBFThe New York Harbor 2-1-1 crack spread averaged nearly $65 per barrel in the third quarter versus about $26 per barrel a year ago. More than 5 million barrels per day of global capacity is offline and global inventories are roughly 500 million barrels below prewar levels. Management said the product market remains short and believes refining has entered a new higher cycle characterized by higher volatility and a bias toward wider crude differentials.
- Crude Slate and Differential AdvantagesPBF said widening light-heavy crude differentials and growing production of heavy crude are tailwinds for its complex system. The company is maximizing California crude through its M70 pipeline and expects to benefit across its Gulf Coast and East Coast operations from Latin American heavy crude discounts and wider differentials.
- Coastal Refining Position and Demand ResilienceManagement said PBF's complex coastal refining system is well positioned because of shorter transit times, domestic natural gas availability, crude slate flexibility, and proximity to production. West Coast demand has remained resilient over the last 12 months, with wholesale volumes increasing somewhat.
- Improved Reliability at TorrancePBF completed the acquisition of the two hydrogen plants servicing its Torrance refinery from Air Products. Management expects ownership to improve integration of operations, maintenance, and turnarounds, with the primary expected benefit being increased refinery utilization. The transaction did not change overall cash flows.
- Refining Business Improvement Program ProgressThe refining business improvement program generated more than $230 million of run-rate cost improvements included in the 2026 plans, with management expecting that figure to grow to more than $350 million by year-end 2026.
- Capital and Energy Efficiency SavingsRBI-driven 2026 capital reductions are tracking at approximately $88 million versus a $70 million commitment, including approximately $54 million from turnarounds. Natural gas intensity across the system is down approximately 11% year to date, Toledo improved overall energy intensity by 10%-15%, and strategic sourcing identified approximately $55 million per year of savings across three waves of contract renewals.
- Yield Improvement ProjectsPBF completed the first phase of a Chalmette jet fuel project, upgrading high sulfur diesel to produce approximately 10 thousand barrels per day of jet fuel. The company plans to increase that capability to 20 thousand barrels per day in 2027. At Paul, a planned project is expected to increase gasoline yield and blending capability by about 10 thousand barrels per day. Management emphasized that these are yield improvement projects rather than capacity expansions.
- Strong Renewable Diesel ContributionPBF recorded $62 million of equity income from its investment in SBR, representing approximately $72 million of EBITDA, as the renewable business benefited from strong margins and higher credit prices. SBR produced approximately 19.2 thousand barrels per day of renewable diesel in the third quarter, at the upper end of guidance, and PBF received its first SBR dividend distribution of approximately $20 million.
- Renewable Diesel OutlookSBR is expected to produce 18 thousand to 20 thousand barrels per day of renewable diesel in the fourth quarter. Management said the business benefited from strong margins, a tightening HOBO spread, high RIN prices, and a third-quarter feedstock slate that was more weighted toward lower-CI feedstocks.
- Strong Cash Generation and Capital DisciplineCash from operations was approximately $1.9 billion in the quarter, including a $56 million working capital tailwind. Consolidated capital expenditures were $177 million for the quarter, excluding approximately $8 million related to the Martinez rebuild and $46.5 million associated with the Air Products asset purchase. Full-year 2026 capital expenditure guidance remains $825 million to $875 million, excluding Martinez rebuild capital.
- Freight Exposure MitigationApproximately half of PBF's fleet is on time charter, which management said has insulated the company from massive freight-rate gyrations. PBF also benefits from shorter crude transit distances and Atlantic Basin crude availability relative to Asian refiners.
- Insurance Recovery ProgressTotal recoveries to date from the Martinez insurance claim are $1.25 billion net of deductibles and retention. PBF is working with its insurance group to finalize the claims process before year end, with a final payment expected to be in a similar range to the recent precedent.
PBF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 7.89- | 0.49 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 11.1212.78 | -0.52 | 2557.69% (+13.30) | |
| Jul 30, 2026 | 2026 (Q2) | 4.156.22 | -1.03 | 703.88% (+7.25) | |
| Apr 30, 2026 | 2026 (Q1) | -0.80-0.88 | -3.09 | 71.52% (+2.21) | |
| Feb 12, 2026 | 2025 (Q4) | -0.100.49 | -2.82 | 117.38% (+3.31) | |
| Oct 30, 2025 | 2025 (Q3) | -0.75-0.52 | -1.5 | 65.33% (+0.98) | |
| Jul 31, 2025 | 2025 (Q2) | -1.26-1.03 | -0.54 | -90.74% (-0.49) | |
| May 01, 2025 | 2025 (Q1) | -3.30-3.09 | 0.85 | -463.53% (-3.94) | |
| Feb 13, 2025 | 2024 (Q4) | -2.81-2.82 | -0.41 | -587.80% (-2.41) | |
| Oct 31, 2024 | 2024 (Q3) | -1.41-1.50 | 6.61 | -122.69% (-8.11) |
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
