PBF Energy (NYSE: PBF) reported Q3 2026 revenue of $12.13 billion, up about 59% from $7.65 billion a year earlier, while GAAP diluted EPS increased to $12.54 from $1.45. The main driver was a substantial improvement in refining economics: non-GAAP gross refining margin per barrel rose to $34.56 from $9.00, while crude and feedstock throughput increased 6.1% to 923,800 barrels per day. PBF also ended September 30 with $426 million of net cash after reducing net debt by more than $1.2 billion during the quarter.
Core Financial Results
Operating income reached $2.10 billion, compared with $285.9 million in Q3 2025. The underlying comparison was even stronger because the prior-year GAAP result included a $250.0 million insurance recovery gain and a $94.0 million terminal asset sale gain; excluding special items, PBF moved from a $27.1 million operating loss to $2.11 billion of operating income.
Q3 2026 special items produced a net after-tax charge of $28.9 million, or $0.24 per share, primarily related to debt extinguishment and the Refinery Business Improvement initiative. Adjusted fully converted net income excluding special items was $1.57 billion, compared with a $60.3 million loss a year earlier.
| Metric | Q3 2026 | Q3 2025 | YoY Change |
|---|---|---|---|
| Revenue | $12,132.8 million | $7,651.1 million | Up 58.6% |
| Consolidated gross margin | $2,170.7 million | $39.2 million | Up $2,131.5 million |
| GAAP operating income | $2,100.9 million | $285.9 million | Up $1,815.0 million |
| Net income attributable to PBF | $1,529.3 million | $170.1 million | Up $1,359.2 million |
| GAAP diluted EPS | $12.54 | $1.45 | Up $11.09 |
| Adjusted fully converted net income, excluding special items | $1,568.6 million | $(60.3) million | Swing to profit |
| Adjusted fully converted EPS, excluding special items | $12.78 | $(0.52) | Swing to profit |
| Adjusted EBITDA | $2,301.4 million | $152.8 million | Up $2,148.6 million |
Adjusted fully converted results are non-GAAP measures that assume all PBF Energy Company LLC Series A units and dilutive securities are exchanged for Class A common shares.
Business and Segment Performance
The Refining segment generated $2.12 billion of operating income, up from $232.3 million, and accounted for the overall earnings expansion. Logistics operating income declined to $52.5 million from $149.2 million; the prior-year comparison included the gain from the terminal asset sale.
Regional volumes were mixed, but non-GAAP gross refining margin per barrel increased across every refining system. The West Coast delivered the largest volume improvement following the Martinez refinery’s return to full operations in May 2026.
| Refining System | Throughput, Thousand bpd Q3 2026 (Q3 2025) | Gross Refining Margin/Barrel Q3 2026 (Q3 2025) | Operating Expense/Barrel Q3 2026 (Q3 2025) |
|---|---|---|---|
| East Coast | 293.8 (307.8) | $33.54 ($8.14) | $5.93 ($4.98) |
| Mid-Continent | 156.4 (141.5) | $36.86 ($11.03) | $6.40 ($6.33) |
| Gulf Coast | 180.5 (187.7) | $27.61 ($10.18) | $7.16 ($5.21) |
| West Coast | 293.1 (234.0) | $38.64 ($7.96) | $10.41 ($12.81) |
West Coast throughput rose about 25% year over year, while operating expense per barrel declined. St. Bernard Renewables, PBF’s 50%-owned joint venture, averaged 19,156 barrels per day of renewable diesel production during the quarter.
Wider Crack Spreads and Martinez Recovery Drove the Earnings Swing
Refining benchmarks were substantially higher than a year earlier. The Dated Brent New York Harbor 2-1-1 crack spread increased to $64.77 per barrel from $25.82, while the WTI Chicago 4-3-1 spread rose to $54.64 from $22.01. The West Coast Los Angeles benchmark increased to $71.45 from $29.34.
These market conditions lifted PBF’s refining margin, while Martinez’s return increased available West Coast capacity. The combination of higher per-barrel economics and greater system throughput explains why profit increased much faster than revenue and why adjusted results improved even after removing special items.
Profitability, Cash Flow, and Balance Sheet
Cash and cash equivalents reached $2.54 billion at September 30, up from $527.9 million at the end of 2025. Total debt was $2.12 billion, leaving PBF with $425.9 million of net cash, compared with $1.62 billion of net debt at year-end.
For the first nine months of 2026—not the third quarter alone—operating cash flow was $3.14 billion, compared with a $444.6 million outflow in the prior-year period. Investing activities used $707.8 million over the same period.
During Q3, PBF issued $550 million of 0% exchangeable notes due in 2032 and redeemed $500 million of 7.875% senior notes due in 2030. After quarter-end, it used cash to repay the remaining $800 million of 9.875% senior notes due in 2030. Net interest expense had already fallen to $27.2 million in Q3 from $50.3 million a year earlier.
PBF also raised its quarterly dividend by 18% to $0.325 per share. The dividend is payable on November 24, 2026, to shareholders of record on November 12.
Guidance
PBF maintained its 2026 capital spending range even after moving planned Chalmette and Toledo turnarounds from Q4 2026 into 2027. The guidance includes advance material purchases for those rescheduled projects but excludes capital associated with the Martinez rebuild.
| Metric | Latest Outlook | Change or Context |
|---|---|---|
| 2026 capital expenditures | $825 million-$875 million | Maintained; excludes Martinez rebuild |
| Q4 total throughput | 925,000-985,000 bpd | Current quarterly range |
| Q4 East Coast throughput | 300,000-320,000 bpd | Current quarterly range |
| Q4 Mid-Continent throughput | 155,000-165,000 bpd | Current quarterly range |
| Q4 Gulf Coast throughput | 180,000-190,000 bpd | Current quarterly range |
| Q4 West Coast throughput | 290,000-310,000 bpd | Current quarterly range |
| Q4 renewable diesel production | 18,000-20,000 bpd | Versus 19,156 bpd in Q3 |
| RBI run-rate cost improvements | More than $350 million by year-end 2026 | Up from more than $230 million generated in 2025 |
The Martinez and Paulsboro turnarounds began in September and were completed in October. Throughput expectations remain subject to maintenance timing, operating conditions, and market factors.
Recent Insider Transactions
The six-month insider summary provided with the data shows 2.20 million shares categorized as purchases and 7.64 million as sales, resulting in net sales of 5.43 million shares. Nine of the latest ten reported transactions were sales, while one was a derivative exercise or conversion; the supplied transaction records report values rather than share counts.
| Date | Insider | Role | Transaction | Ownership | Reported Value |
|---|---|---|---|---|---|
| Oct. 8, 2026 | Control Empresarial de Capitales | Greater than 10% owner | Sale | Direct | $14,965,434 |
| Oct. 5, 2026 | Control Empresarial de Capitales | Greater than 10% owner | Sale | Direct | $10,095,096 |
| Oct. 1, 2026 | Control Empresarial de Capitales | Greater than 10% owner | Sale | Direct | $8,200,000 |
| Sept. 11, 2026 | Control Empresarial de Capitales | Greater than 10% owner | Sale | Direct | $12,089,970 |
| Sept. 10, 2026 | Control Empresarial de Capitales | Greater than 10% owner | Sale | Indirect | $24,830,814 |
| Aug. 19, 2026 | Thomas J. Nimbley | Director | Sale | Direct | $25,376,697 |
| Aug. 19, 2026 | Thomas J. Nimbley | Director | Derivative exercise/conversion | Direct | $2,291,574 |
| Aug. 17, 2026 | Control Empresarial de Capitales | Greater than 10% owner | Sale | Direct | $8,974,308 |
| Aug. 14, 2026 | Thomas J. Nimbley | Director | Sale | Direct | $12,344,541 |
| Aug. 14, 2026 | Matthew C. Lucey | CEO | Sale | Direct | $10,463,754 |
These records describe the transactions but do not establish the reasons behind them or the insiders’ views on PBF’s outlook.
Risks Investors Should Watch
- Refining margin normalization: Q3 earnings benefited from crack spreads that were substantially above prior-year levels. A reversal would directly pressure gross refining margin, operating income, and cash generation.
- Maintenance and operating execution: The company shifted the Chalmette and Toledo turnarounds into 2027. Future results will depend on executing those projects while maintaining refinery reliability and targeted throughput.
- Higher renewable fuel compliance costs: PBF’s effective RIN basket price rose to $14.36 from $6.38. Continued increases could offset part of the benefit from stronger refining margins.
- Martinez insurance settlement: Insurers have paid $1.25 billion related to the Martinez claim, but the timing and amount of additional payments depend on covered costs and calculated losses. PBF expects to finalize the process before year-end 2026.
- Post-quarter liquidity: The September balance sheet showed $2.54 billion in cash, but PBF subsequently used cash to repay $800 million of debt. The redemption lowers financing costs while also reducing the quarter-end liquidity balance.
Summary
PBF Energy’s Q3 2026 improvement was driven primarily by much wider refining margins and higher throughput, particularly on the West Coast after Martinez returned to full operations. Those factors produced a major increase in adjusted earnings, operating cash flow, and balance-sheet strength. The next points to monitor are the durability of refining spreads, execution against Q4 throughput guidance, progress toward RBI savings, the revised turnaround schedule, and completion of the Martinez insurance process.
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