PBF Energy Announces Third Quarter 2026 Results, Declares Dividend of $0.325 per Share
PBF Energy Inc. (PBF) filed an SEC Form 8-K — Results of Operations and Financial Condition. PBF Energy Announces Third Quarter 2026 Results, Declares Dividend of $0.325 per Share • Third quarter income from operations of $2,100.9 million (excluding special items, third quarter income from operations of $2,111.9 million) • Third quarter ending cash of $2.5 billion, total
How this was made
The 30-second read
Why it matters
The earnings beat and dividend increase provide a fresh catalyst for the stock, likely prompting buying interest.
Market read
The new earnings and dividend data create immediate trading relevance for PBF and may lift peer refiners.
What to watch
Potential regulatory or environmental cost pressures not addressed in the filing.
PBF Energy Announces Third Quarter 2026 Results, Declares Dividend of $0.325 per Share
Third-quarter revenue, operating income, net income, earnings per share, refining margins and throughput were substantially higher than the prior-year quarter, while the company ended the quarter with cash exceeding total debt and increased its quarterly dividend by 18%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $12.13B | – | – |
| Cost of sales, three months ended September 30, 2026GAAP | $9.96B | – | – |
| Consolidated gross margin, three months ended September 30, 2026GAAP | $2.17B | – | – |
| Consolidated gross margin per barrel of throughput, three months ended September 30, 2026GAAP | $ 25.54 | – | – |
| Operating expenses excluding depreciation and amortization expense, three months ended September 30, 2026GAAP | $688M | – | – |
| Depreciation and amortization expense, three months ended September 30, 2026GAAP | $170.6M | – | – |
| Income from operations, three months ended September 30, 2026GAAP | $2.10B | – | – |
| Income from operations excluding special items, three months ended September 30, 2026non-GAAP | $2.11B | – | – |
| Net income, three months ended September 30, 2026GAAP | $1.54B | – | – |
| Net income attributable to PBF Energy Inc. stockholders, three months ended September 30, 2026GAAP | $1.53B | – | – |
| Diluted net income available to Class A common stock per share, three months ended September 30, 2026GAAP | $ 12.54 | – | – |
| Adjusted fully-converted net income excluding special items, three months ended September 30, 2026non-GAAP | $1.57B | – | – |
| Adjusted fully-converted net income excluding special items per fully exchanged, fully diluted share, three months ended September 30, 2026non-GAAP | $ 12.78 | – | – |
| EBITDA, three months ended September 30, 2026non-GAAP | $2.24B | – | – |
| EBITDA excluding special items, three months ended September 30, 2026non-GAAP | $2.28B | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $2.30B | – | – |
| Production, three months ended September 30, 2026other | 936.5 bpd in thousands | – | – |
| Crude oil and feedstocks throughput, three months ended September 30, 2026other | 923.8 bpd in thousands | – | – |
| Total crude oil and feedstocks throughput, three months ended September 30, 2026other | 85.0 millions of barrels | – | – |
| Gross refining margin per barrel of throughput, three months ended September 30, 2026non-GAAP | $ 34.56 | – | – |
| Refining operating expense per barrel of throughput, three months ended September 30, 2026other | $ 7.80 | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $31.72B | – | – |
| Income from operations, nine months ended September 30, 2026GAAP | $3.67B | – | – |
| Net income, nine months ended September 30, 2026GAAP | $2.66B | – | – |
| Diluted net income available to Class A common stock per share, nine months ended September 30, 2026GAAP | $ 21.82 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $3.61B | – | – |
| Cash flows provided by operating activities, nine months ended September 30, 2026GAAP | $3.14B | – | – |
| Cash flows used in investing activities, nine months ended September 30, 2026GAAP | −$707.8M | – | – |
| Capital expenditures, nine months ended September 30, 2026other | $685.1M | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $2.54B | – | – |
| Total debt, September 30, 2026GAAP | $2.12B | – | – |
| Net debt, September 30, 2026non-GAAP | −$425.9M | – | – |
| Net debt to capitalization ratio, September 30, 2026non-GAAP | (6) % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Refining, three months ended September 30, 2026Refining fundamentals remained exceptionally strong, and the Martinez refinery returned to full operations in May 2026. | $12.13B | – | – |
| Logistics, three months ended September 30, 2026The Logistics segment provides rail, truck and marine terminaling, pipeline transportation and storage services through fee-based commercial agreements. | $93.9M | – | – |
Fourth Quarter 2026 and full year 2026 outlook
- Note2026 capital expenditures: $825-$875 million for the year, excluding capital related to the Martinez rebuild.
- NoteFourth Quarter 2026 expected throughput ranges: East Coast 300,000 to 320,000 barrels per day; Mid-continent 155,000 to 165,000 barrels per day; Gulf Coast 180,000 to 190,000 barrels per day; West Coast 290,000 to 310,000 barrels per day; Total 925,000 to 985,000 barrels per day.
- NoteRenewable diesel production for the fourth quarter is expected to average approximately 18,000 to 20,000 barrels per day.
- NoteRBI program run-rate cost improvements are expected to grow to more than $350 million by year-end 2026.
Capital returns
- Quarterly dividend of $0.325 per share of Class A common stock, payable on November 24, 2026, to shareholders of record at the close of business on November 12, 2026.
- The company increased its quarterly dividend by 18% to $0.325 per share.
- Dividends per common share for the three months ended September 30, 2026 were $ 0.275.
What drove it
- Consolidated gross margin per barrel of throughput was $ 25.54, compared with $ 0.49 in the prior-year quarter.
- Gross refining margin per barrel of throughput was $ 34.56, compared with $ 9.00 in the prior-year quarter.
- Third-quarter crude oil and feedstocks throughput was 923.8 bpd in thousands, compared with 871.0 bpd in thousands in the prior-year quarter.
- The Martinez refinery returned to full operations in May 2026.
- SBR averaged approximately 19,156 barrels per day of renewable diesel production in the third quarter.
- PBF stated that its RBI program generated in excess of $230 million of run-rate cost improvements in 2025.
Concerns
- Effective RIN basket price was $ 14.36 in the third quarter of 2026, compared with $ 6.38 in the third quarter of 2025.
- Refining operating expense per barrel of throughput was $ 7.80, compared with $ 7.35 in the prior-year quarter.
- The timing and amount of future Martinez insurance payments depend on actual covered expenditures and calculated losses.
- The company moved planned fourth-quarter turnarounds at Chalmette and Toledo to 2027.
- The company expects insurance coverage to significantly offset downtime-related financial loss after the initial 60-day waiting period, subject to claim finalization.
What to watch
- Finalization of the Martinez refinery insurance claim process, which PBF expects before year-end 2026.
- Execution against fourth-quarter total throughput guidance of 925,000 to 985,000 barrels per day.
- Renewable diesel production against fourth-quarter expectations of approximately 18,000 to 20,000 barrels per day.
- Growth in RBI run-rate cost improvements toward more than $350 million by year-end 2026.
- Capital expenditures against 2026 guidance of $825-$875 million, excluding capital related to the Martinez rebuild.
- The effect of the completed 2030 note redemptions on cost of capital and cash interest expense.
Balance sheet and cash flow
- Cash and cash equivalents were $ 2,544.3 million at September 30, 2026, compared with $ 527.9 million at December 31, 2025.
- Total debt was $ 2,118.4 million at September 30, 2026, compared with $ 2,148.3 million at December 31, 2025.
- Net debt was $ (425.9) million at September 30, 2026, compared with $ 1,620.4 million at December 31, 2025.
- PBF issued $550 million of 0% Exchangeable Notes due 2032 and used the proceeds and cash on hand to fully redeem the $500 million of 7.875% Senior Unsecured Notes due 2030.
- Subsequent to quarter-end, PBF called and fully repaid the balance of the $800 million 9.875% Senior Unsecured Notes due 2030 using cash on hand.
- Cash flows provided by operating activities were $ 3,142.8 million for the nine months ended September 30, 2026.
Analysis
PBF reported a sharp third-quarter earnings improvement. Revenue was $ 12,132.8 million, income from operations was $ 2,100.9 million, and net income attributable to PBF Energy Inc. stockholders was $ 1,529.3 million, compared with $ 7,651.1 million, $ 285.9 million, and $ 170.1 million, respectively, in the prior-year quarter. Diluted earnings per share were $ 12.54, while adjusted fully-converted net income excluding special items per fully exchanged, fully diluted share was $ 12.78.
The operating result reflected materially stronger refining economics and higher activity. Consolidated gross margin per barrel of throughput was $ 25.54 versus $ 0.49 a year earlier, and gross refining margin per barrel of throughput was $ 34.56 versus $ 9.00. Crude oil and feedstocks throughput was 923.8 bpd in thousands versus 871.0 bpd in thousands, while production was 936.5 bpd in thousands versus 876.2 bpd in thousands. The Martinez refinery's return to full operations in May 2026 was an important operational development. Refining operating expense per barrel increased to $ 7.80 from $ 7.35.
Cash generation and balance-sheet actions were prominent. For the nine months ended September 30, 2026, operating cash flow was $ 3,142.8 million and capital expenditures were $ 685.1 million. Quarter-end cash and cash equivalents were $ 2,544.3 million, exceeding total debt of $ 2,118.4 million, with net debt of $ (425.9) million. PBF issued $550 million of 0% Exchangeable Notes due 2032, redeemed $500 million of 7.875% Senior Unsecured Notes due 2030 during the quarter, and subsequently fully repaid the remaining $800 million of 9.875% Senior Unsecured Notes due 2030 using cash on hand.
Management maintained 2026 capital-expenditure guidance of $825-$875 million, excluding capital related to the Martinez rebuild, and provided fourth-quarter throughput guidance of 925,000 to 985,000 barrels per day. The company also expects renewable diesel production of approximately 18,000 to 20,000 barrels per day in the fourth quarter and RBI run-rate cost improvements of more than $350 million by year-end 2026. PBF raised its quarterly dividend by 18% to $0.325 per share. Key outstanding items are execution against throughput and cost targets, the rescheduled 2027 turnarounds, and finalization of the Martinez insurance claim process before year-end 2026.
Management, verbatim
The current environment provides PBF with an opportunity to further improve our through-the-cycle performance and enhance long-term value. By investing in our assets, strengthening the balance sheet and maintaining a disciplined approach to capital allocation, we are positioning PBF for success across market cycles. During the third quarter, while refining fundamentals remained exceptionally strong, we continued to execute on these priorities, including further reducing net debt by more than $1.2 billion.
Matt Lucey, President and CEO
Our focus remains on operating safely, reliably and in an environmentally responsible manner. With our complex, strategically located coastal refining system, PBF is well positioned to capture opportunities across market cycles, supply critical products to our markets and generate significant long-term value for our investors.
Matt Lucey, President and CEO
Not in the filing
stated, not guessed- Prior-quarter comparisons for quarterly financial and operating metrics were not provided.
- Quarterly operating cash flow was not provided.
- Free cash flow was not provided.
- Share repurchases were not provided.
- Revenue, gross-margin, operating-expense and tax-rate guidance were not provided.
- Explicit year-over-year percentage changes for the reported financial and operating metrics were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
PBF Energy filed an 8‑K reporting its Q3 2026 results and dividend declaration.
Ticker impact
PBF Energy reported Q3 2026 income from operations of $2.1 billion and announced a quarterly dividend of $0.325 per share.
likely upward pressure as investors price in higher earnings and dividend increase
Quarterly income jumped from $286 million YoY to $2.1 billion and dividend was raised 18%, indicating improved cash flow and shareholder return.
Market effects
Energy refining sector may see modest uplift as PBF's results highlight strong demand and operational resilience.
U.S. energy stocks could benefit from the positive earnings surprise.
Limited; impact confined to U.S. listed refiners and dividend‑focused investors.
Counterpoint
If higher earnings are driven by temporary price spikes, the rally could be short‑lived.
Key entities
- companyPBF Energy Inc.
U.S. listed refining company (NYSE:PBF).
