PBF Energy Reports 56% Revenue Growth to $11.7 Billion in Latest Quarter

PBF Energy Inc. reported significant financial improvements in its latest quarterly results, with revenues reaching $11.7 billion for the three months ended June 30, 2026, a 56% increase from $7.5 billion in the same period last year. The company achieved a net income of $915 million, or $7.66 per share, compared to a net loss of $5.4 million, or $(0.05) per share, in the prior year. For the first half of 2026, revenues totaled $19.6 billion, up 35.2% from $14.5 billion in the first half of 2025, with net income of $1.1 billion compared to a loss of $411.3 million in the previous year.

The substantial revenue growth was attributed to higher hydrocarbon commodity prices and increased throughput volumes across PBF's refineries, particularly following the restart of operations at the Martinez refinery after a fire incident in early 2025. The company reported a gross refining margin of $1.9 billion for the second quarter, significantly up from $640 million in the same quarter of 2025. This increase was driven by favorable crack spreads and improved crude oil differentials, despite rising Renewable Fuel Standard (RFS) compliance costs, which reached $331.3 million in the latest quarter.

PBF Energy's operational metrics also showed improvement, with total throughput averaging approximately 893,500 barrels per day (bpd) in the second quarter of 2026, compared to 845,800 bpd in the same quarter of 2025. The company’s refining segment benefited from increased production and sales, with total barrels sold exceeding throughput rates, reflecting inventory sales and external purchases. The company’s logistics segment, while not a significant revenue driver, continues to support refining operations.

Strategically, PBF Energy has made notable moves, including the issuance of $500 million in 7.25% senior unsecured notes due in 2034, which were used to redeem existing debt. The company also announced plans to acquire two hydrogen production plants from Air Products and Chemicals, expected to close in the second half of 2026. This acquisition aligns with PBF's ongoing efforts to enhance its operational capabilities and reduce reliance on external suppliers.

Looking ahead, PBF Energy anticipates continued operational improvements and revenue growth, driven by favorable market conditions and strategic initiatives. The company remains focused on managing its capital expenditures, which are projected to be between $825 million and $875 million for the year, excluding costs related to the Martinez refinery rebuild. PBF Energy's liquidity position is strong, with over $3.5 billion available, including cash and borrowing capacity, positioning the company well for future investments and operational needs.