PBF Adjusted Earnings Surge to $12.78 a Share, Beating Third-Quarter Estimates
Key Facts
PBF Energy beat analysts’ expectations in the third quarter of 2026, reporting adjusted earnings of $12.78 a share, compared with a consensus estimate of $11.10, while revenue reached $12.13 billion, against forecasts of $10.38 billion. Results came as refining margins improved sharply, rising to $34.56 per barrel of throughput, excluding special items, from $9 in the same period of 2025. Reuters-attributed coverage of the results cited the surge in refining margins as the driver of strong performance. Average crude oil and feedstock throughput also rose to 923,800 barrels per day, compared with 871,000 barrels per day a year earlier. The company’s shares closed at $75.54 on October 29 and rose 1.5% after the results were announced.
Revenue reflected an expansion in activity year over year, increasing 58% to $12.13 billion from $7.65 billion in the third quarter of 2025. That exceeded analysts’ estimate of $10.38 billion, alongside adjusted earnings that beat expectations. Fully diluted adjusted net income was $1.57 billion, following an adjusted loss of $60.3 million in the same period a year earlier. On a per-share basis, the company moved from an adjusted loss of $0.52 to adjusted profit of $12.78. The comparison highlights a significant turnaround in the company’s results between the two periods, alongside wider refining margins and higher throughput volumes.
Gross refining margin, excluding special items, more than tripled to $34.56 per barrel of throughput, compared with $9 in the third quarter of 2025. The higher margin was accompanied by an increase in average crude oil and feedstock throughput to 923,800 barrels per day from 871,000 barrels per day a year earlier. The figures show improved returns per barrel alongside a rise in the volume processed through the refining system. Chief Executive Matt Lucey said refining fundamentals remained “exceptionally strong” during the quarter. He added that the company continued to execute its priorities, including reducing net debt by more than $1.2 billion during the period.
PBF ended the third quarter with about $2.5 billion in cash, against total debt of $2.1 billion, recording net cash of $426 million. This followed a reduction in net debt of more than $1.2 billion during the quarter, according to Lucey. The chief executive said the current environment allows the company to improve performance through the cycle and enhance long-term value, while refining fundamentals remain strong. The company also raised its quarterly dividend 18% to $0.325 a share. It set November 24, 2026, as the dividend payment date, according to Reuters-attributed coverage of the results.
The company expects total throughput in the fourth quarter of 2026 to range from 925,000 to 985,000 barrels per day across its refining system. The range follows an average of 923,800 barrels per day in the third quarter, while the average in the same period of 2025 was 871,000 barrels per day. On financing, PBF expects refinancing and debt repayments during 2026 to reduce interest expense by at least $130 million in 2027. This reflects management’s expected impact of financing steps and debt repayment on future expenses, according to the earnings call transcript. The stock closed at $75.54 on October 29, 2026.