PBF Energy
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PBF Energy (PBF) investor relations material

PBF Energy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Martinez refinery reconstruction is nearly complete, with full operations expected in early March 2026, positioning the company to benefit from a tighter California product market and improved crude supply dynamics.

  • Q4 2025 results showed sequential improvement, with income from operations of $128.0 million, reversing a prior year loss, and adjusted net income of $0.49 per share.

  • Achieved $230 million in annualized run rate savings from the RBI program, with $350 million targeted by year-end 2026.

  • Net income for Q4 2025 was $79.1 million ($0.66 per share), compared to a net loss of $292.6 million in Q4 2024.

  • Quarterly dividend of $0.275 per share declared; $126 million paid in dividends in 2025.

Financial highlights

  • Adjusted net income for Q4 was $0.49 per share; Adjusted EBITDA reached $258 million, excluding special items.

  • Q4 included a $394 million gain from insurance recoveries related to the Martinez fire, bringing total 2025 insurance recoveries to $894 million.

  • Revenues for Q4 2025 were $7,139.5 million; full year 2025 revenues were $29,332.3 million.

  • Cash and cash equivalents at year-end 2025 were $528 million; net debt was $1.6 billion.

  • EBITDA for Q4 2025 was $277.5 million.

Outlook and guidance

  • 2026 market outlook is positive, supported by tight refining balances, demand growth, and favorable crude supply, especially with Venezuelan barrels entering the market.

  • RBI program generated over $230 million in run-rate cost improvements in 2025, with $350 million targeted by year-end 2026.

  • Q1 CapEx and working capital outflows anticipated due to Martinez restart and seasonal inventory patterns.

  • Planned major maintenance and turnarounds across the refining system in 2026, including Torrance (Q1) and Martinez (Q2).

  • Renewable diesel production expected at 16,000–18,000 bpd in Q1 2026.

Martinez fire: What is the net financial impact?
RBI program: What is the 2026 cost savings target?
PBF's strategy for constrained global refining?
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Frequently asked questions

PBF Energy Inc is an independent petroleum refiner and supplier of transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products. The company operates refining assets and logistics infrastructure across the United States. It is headquartered in Parsippany, New Jersey, and its shares are listed on the NYSE.

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