PBF Energy
PBF · NYSEPetroleum Refining · Fiscal year ends Dec 31
PBF Energy reported revenue of $29.3B in the fiscal year ended Dec 2025, down 11.4% from the year before. Operating income was −$54M, an operating margin of −0.2%, and net income was −$159M. Operating cash flow of −$78M less capital expenditure of $705M left free cash flow of −$783M. Net debt was $1.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $27.3B | $46.8B | $38.3B | $33.1B | $29.3B |
| Cost of revenue | $26.4B | $42.2B | $35.9B | $33.5B | $29.9B |
| Gross profit | $887M | $4.7B | $2.4B | −$372M | −$571M |
| Operating income | $597M | $4.2B | $3B | −$699M | −$54M |
| Interest expense | $318M | $246M | $64M | $72M | $182M |
| Pre-tax income | $328M | $3.6B | $2.9B | −$769M | −$235M |
| Income tax | $12M | $585M | $724M | −$228M | −$74M |
| Net income | $231M | $2.9B | $2.1B | −$534M | −$159M |
| Diluted EPS | 1.90 | 22.84 | 16.52 | −4.60 | −1.39 |
| Diluted shares | 123M | 127M | 131M | 117M | 115M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $2.2B | $1.8B | $536M | $528M |
| Inventory | $2.5B | $2.8B | $3.2B | $2.6B | $2.6B |
| Current assets | $5.2B | $6.5B | $6.6B | $4.5B | $4.5B |
| Net PP&E | $4.9B | $5.4B | $5B | $5.1B | $5.5B |
| Total assets | $11.6B | $13.5B | $14.4B | $12.7B | $13B |
| Payables | $912M | $855M | $959M | $736M | $801M |
| Deferred revenue | $43M | $41M | $64M | $44M | $21M |
| Current liabilities | $3.8B | $5.2B | $4.2B | $3.6B | $3.7B |
| Long-term debt | $4.3B | $1.4B | $1.2B | $1.5B | $2.1B |
| Total liabilities | $9.1B | $8.5B | $7.8B | $7B | $7.6B |
| Shareholders' equity | $1.9B | $4.9B | $6.5B | $5.5B | $5.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $477M | $4.8B | $1.3B | $43M | −$78M |
| Capital expenditure | $249M | $633M | $660M | $391M | $705M |
| Free cash flow | $228M | $4.1B | $679M | −$348M | −$783M |
| Depreciation & amortisation | $221M | $262M | $314M | $358M | $372M |
| Stock-based compensation | $36M | $54M | $52M | $44M | $39M |
| Share buybacks | $0 | $156M | $533M | $329M | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 71.8% | −18.2% | −13.6% | −11.4% |
| Operating income growth (YoY) | – | 595.4% | −28.9% | −123.7% | – |
| EPS growth (YoY) | – | 1102.1% | −27.7% | −127.8% | – |
| Gross margin | 3.3% | 10.0% | 6.3% | −1.1% | −1.9% |
| Operating margin | 2.2% | 8.9% | 7.7% | −2.1% | −0.2% |
| Net margin | 0.8% | 6.1% | 5.6% | −1.6% | −0.5% |
| Return on equityBlank when equity is negative | 12.0% | 58.4% | 33.0% | −9.6% | −3.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.6% | 49.7% | 29.0% | −7.7% | −0.6% |
| Free cash flow margin | 0.8% | 8.8% | 1.8% | −1.0% | −2.7% |
| Cash conversion (CFO ÷ net income) | 2.07x | 1.66x | 0.63x | −0.08x | 0.49x |
| Inventory days | 35 | 24 | 32 | 28 | 31 |
| Payable days | 13 | 7 | 10 | 8 | 10 |
| Interest cover | 1.88x | 16.9x | 46.3x | −9.71x | −0.30x |
| Debt ÷ equity | 2.23x | 0.29x | 0.19x | 0.26x | 0.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3B | −$769M | −$538M | $921M | $1.6B |
| Current ratio | 1.38x | 1.26x | 1.56x | 1.25x | 1.21x |
Recent filings
More in Petroleum Refining
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.