PBF Energy (PBF) Q2 2026 earnings summary

Executive summary

• The company experienced a transformative Q2 2026, with net income of $915.0 million ($7.54 per share), a sharp turnaround from a prior loss, driven by higher refining margins, increased throughput, and significant insurance recoveries from the Martinez refinery fire.

• Revenues rose 56% year-over-year to $11.7 billion, reflecting higher commodity prices and increased sales volumes across all refineries.

• The Martinez refinery returned to full operations in May 2026 after a fire, with cumulative insurance proceeds of $1.25 billion received to date.

• All refineries are operating well, with ongoing operational improvements and cost reduction initiatives positioning the company to capitalize on favorable market conditions.

• Quarterly dividend declared at $0.275 per share.

Financial highlights

• Adjusted net income was $6.22 per share and adjusted EBITDA reached $1.24 billion for Q2 2026, excluding special items.

• Revenues for Q2 2026 were $11,678.3 million, up from $7,475.3 million in Q2 2025.

• Net debt was reduced by over $1.4 billion, ending the quarter at $855 million, with $894 million in cash.

• Cash from operations was $1.6 billion, including a $430 million working capital benefit.

• RFS compliance costs increased to $331.3 million in Q2 2026 due to new EPA requirements and higher RIN prices.

Outlook and guidance

• Elevated refining margins are expected to persist due to slow rebuilding of product inventories and ongoing global supply disruptions.

• 2026 capital expenditure guidance was reduced to $825–$875 million, excluding Martinez rebuild, reflecting deferred turnarounds.

• Net cash position is anticipated by the end of Q3 or Q4, with continued focus on balance sheet strength and strategic flexibility.

• RBI program expected to deliver over $350 million in run-rate cost improvements by year-end 2026.

• Q3 2026 throughput expected between 900,000 and 960,000 barrels per day.