Loading financials from SEC filings…
Oil & gas E&P · Energy · Fiscal year ends Dec 31
Par Pacific reported revenue of $7.5B in the fiscal year ended Dec 2025, down 6.4% from the year before. Operating income was $539M, an operating margin of 7.2%, and net income was $369M. Operating cash flow of $445M less capital expenditure of $149M left free cash flow of $296M. Net debt was $639M.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,710 | 7,322 | 8,232 | 7,974 | 7,465 |
| Cost of revenue | 4,338 | 6,376 | 6,838 | 7,101 | 6,110 |
| Gross profit | 372 | 946 | 1,394 | 873 | 1,355 |
| Operating income | −7.6 | 438 | 680 | 47.6 | 539 |
| Interest expense | 66.5 | 68.3 | 72.5 | 82.8 | 82.4 |
| Pre-tax income | −80.3 | 365 | 613 | −39.0 | 478 |
| Income tax | 1.0 | 0.7 | −115 | −5.7 | 111 |
| Net income | −81.3 | 364 | 729 | −33.3 | 369 |
| Diluted EPS | −1.40 | 6.08 | 11.94 | −0.59 | 7.16 |
| Diluted shares | 58.3 | 59.9 | 61.0 | 56.8 | 51.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 112 | 491 | 279 | 192 | 164 |
| Receivables | 195 | 253 | 367 | 398 | 313 |
| Inventory | 790 | 1,042 | 1,160 | 1,089 | 1,229 |
| Current assets | 1,130 | 1,882 | 1,989 | 1,772 | 1,776 |
| Net PP&E | 857 | 836 | 1,099 | 1,156 | 1,198 |
| Goodwill | 127 | 129 | 129 | 129 | 127 |
| Total assets | 2,570 | 3,281 | 3,864 | 3,829 | 3,834 |
| Payables | 155 | 151 | 391 | 437 | 342 |
| Deferred revenue | 10.1 | 11.5 | 15.2 | 16.2 | 6.7 |
| Current liabilities | 1,356 | 1,794 | 1,525 | 1,096 | 1,106 |
| Short-term debt | 10.8 | 11.0 | 4.3 | 4.9 | 4.9 |
| Long-term debt | 554 | 495 | 647 | 1,108 | 798 |
| Total liabilities | 2,305 | 2,636 | 2,529 | 2,638 | 2,281 |
| Shareholders' equity | 266 | 645 | 1,335 | 1,191 | 1,512 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −27.6 | 453 | 579 | 83.8 | 445 |
| Capital expenditure | 29.5 | 53.0 | 82.3 | 136 | 149 |
| Free cash flow | −57.2 | 400 | 497 | −51.8 | 296 |
| Depreciation & amortisation | 94.2 | 99.8 | 120 | 132 | 144 |
| Stock-based compensation | 8.2 | 9.4 | 11.6 | 25.7 | 16.6 |
| Acquisitions | 0.0 | 35.5 | 595 | 0.0 | 0.0 |
| Share buybacks | 2.1 | 7.8 | 67.8 | 142 | 125 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 55.4% | 12.4% | −3.1% | −6.4% |
| Operating income growth (YoY) | – | – | 55.3% | −93.0% | 1031.2% |
| EPS growth (YoY) | – | – | 96.4% | −104.9% | – |
| Gross margin | 7.9% | 12.9% | 16.9% | 11.0% | 18.1% |
| Operating margin | −0.2% | 6.0% | 8.3% | 0.6% | 7.2% |
| Net margin | −1.7% | 5.0% | 8.9% | −0.4% | 4.9% |
| Return on equityBlank when equity is negative | −30.6% | 56.5% | 54.6% | −2.8% | 24.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.6% | 29.5% | 29.1% | 1.7% | 19.8% |
| Free cash flow margin | −1.2% | 5.5% | 6.0% | −0.6% | 4.0% |
| Cash conversion (CFO ÷ net income) | 0.34x | 1.24x | 0.79x | −2.51x | 1.21x |
| Receivable days | 15 | 13 | 16 | 18 | 15 |
| Inventory days | 66 | 60 | 62 | 56 | 73 |
| Payable days | 13 | 9 | 21 | 22 | 20 |
| Interest cover | −0.11x | 6.41x | 9.39x | 0.58x | 6.54x |
| Debt ÷ equity | 2.12x | 0.78x | 0.49x | 0.93x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 452 | 14.6 | 372 | 921 | 639 |
| Current ratio | 0.83x | 1.05x | 1.30x | 1.62x | 1.61x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.