Revenue growth has trended into negative territory, with the latest period showing a 4.5% increase that fails to offset the broader multi-quarter deceleration observed since late 2023.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 | Jun'95 |
|---|
| Sales/Revenue | 7.54B | 7.46B | 7.97B | 8.23B | 7.32B | 4.71B | 3.12B | 5.4B | 3.41B | 2.44B | 1.87B | 2.07B | 3.11B | 886.01M | 63.88M | 61M | 116.32M | 242.26M | 194.94M | 146.66M | 95.67M | 37.23M | 22.58M | 8.01M | 12.88M | 3.58M | 1.72M | 2.2M | 1.8M | 1.4M | 1.4M |
| Revenue Growth % | -2.52% | -6.39% | -3.13% | 12.43% | 55.45% | 50.73% | -42.15% | 58.37% | 39.61% | 30.99% | -9.74% | -33.52% | 250.79% | 1287% | 4.73% | -47.56% | -51.99% | 24.27% | 32.92% | 53.3% | 156.99% | 64.89% | 181.74% | -37.77% | 260.1% | 108.19% | -21.92% | 22.22% | 28.57% | 0% | 75% |
| Cost of Goods Sold | 6.07B | 6.11B | 7.23B | 6.96B | 6.48B | 4.43B | 3.04B | 4.89B | 3.06B | 2.1B | 1.67B | 1.81B | 2.95B | 863.05M | 448.02M | 69.88M | 43.67M | 446.92M | 136.69M | 57.49M | 29.73M | 12.56M | 7.64M | 4.81M | 4.88M | 2.45M | 800K | 1.4M | 1.8M | 900K | 900K |
| COGS % of Revenue | - | 81.85% | 90.7% | 84.52% | 88.45% | 94.11% | 97.21% | 90.52% | 89.59% | 85.98% | 89.43% | 87.46% | 94.99% | 97.41% | 701.35% | 114.56% | 37.55% | 184.48% | 70.12% | 39.2% | 31.08% | 33.74% | 33.85% | 60% | 37.9% | 68.57% | 46.58% | 63.64% | 100% | 64.29% | 64.29% |
| Gross Profit | 1.47B | 1.35B | 741.72M | 1.27B | 846M | 277.37M | 87.14M | 511.81M | 354.97M | 342.45M | 197.09M | 259.05M | 155.66M | 22.97M | -384.14M | -8.88M | 72.64M | -204.66M | 58.25M | 89.17M | 65.93M | 24.67M | 14.93M | 3.21M | 8M | 1.12M | 917.65K | 800K | 0 | 500K | 500K |
| Gross Margin % | 19.5% | 18.15% | 9.3% | 15.48% | 11.55% | 5.89% | 2.79% | 9.48% | 10.41% | 14.02% | 10.57% | 12.54% | 5.01% | 2.59% | -601.35% | -14.56% | 62.45% | -84.48% | 29.88% | 60.8% | 68.92% | 66.26% | 66.15% | 40% | 62.1% | 31.43% | 53.42% | 36.36% | - | 35.71% | 35.71% |
| Gross Profit Growth % | - | 82.66% | -41.78% | 50.59% | 205% | 218.32% | -82.97% | 44.18% | 3.66% | 73.75% | -23.92% | 66.43% | 577.77% | 105.98% | -4224% | -112.23% | 135.49% | -451.37% | -34.68% | 35.25% | 167.3% | 65.18% | 365.93% | -59.92% | 611.39% | 22.49% | 14.71% | - | -100% | 0% | -16.67% |
| Operating Expenses | 793.72M | 816.07M | 694.09M | 594.01M | 408.1M | 284.99M | 405.13M | 363.83M | 215.28M | 202.02M | 248.35M | 217.46M | 180.88M | 70.37M | 69.08M | 85.14M | 86.63M | 202.71M | 188.19M | 90.83M | 40.06M | 20.19M | 11.58M | 6.67M | 5.52M | 3.2M | 3.8M | 1.8M | 2.4M | 3.4M | 3.9M |
| OpEx % of Revenue | - | 10.93% | 8.7% | 7.22% | 5.57% | 6.05% | 12.96% | 6.74% | 6.31% | 8.27% | 13.32% | 10.52% | 5.82% | 7.94% | 108.15% | 139.57% | 74.47% | 83.68% | 96.54% | 61.93% | 41.88% | 54.23% | 51.29% | 83.23% | 42.87% | 89.57% | 221.23% | 81.82% | 133.33% | 242.86% | 278.57% |
| Selling, General & Admin | 239.11M | 98.45M | 108.84M | 91.45M | 62.4M | 48.1M | 41.29M | 46.22M | 47.43M | 46.08M | 42.07M | 44.27M | 173.5M | 48.74M | 28.12M | 41.13M | 41.02M | 53.61M | 49.62M | 35.7M | 16.93M | 8.05M | 5.37M | 3.38M | 2.99M | 2.31M | 3.6M | 1.5M | 2M | 2.5M | 3.3M |
| SG&A % of Revenue | - | 1.32% | 1.36% | 1.11% | 0.85% | 1.02% | 1.32% | 0.86% | 1.39% | 1.89% | 2.26% | 2.14% | 5.58% | 5.5% | 44.03% | 67.43% | 35.27% | 22.13% | 25.45% | 24.34% | 17.7% | 21.62% | 23.77% | 42.21% | 23.2% | 64.74% | 209.59% | 68.18% | 111.11% | 178.57% | 235.71% |
| Research & Development | 0 | 0 | 0 | 11.4M | 9M | 9.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.14% | 0.12% | 0.2% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 717.62M | 585.25M | 491.17M | 336.7M | 227.31M | 363.85M | 317.6M | 225.6M | 202.41M | 174.66M | 153.27M | 153.21M | 43.2M | 40.96M | 50.41M | 61.26M | 145.86M | 119.84M | 70.82M | 30.3M | 12.75M | 8.07M | 4.77M | 3.33M | 888K | 200K | 300K | 400K | 900K | 600K |
| Operating Income | 617.93M | 538.76M | 47.63M | 680.01M | 437.9M | -7.62M | -318M | 147.98M | 81.94M | 93.96M | -19.65M | 61.51M | -37.53M | -47.41M | -453.23M | -94.02M | -29.64M | -436.73M | -111.21M | -17.34M | 18.71M | 3.87M | 1.5M | -4.94M | 1.68M | -2.08M | -2.88M | -1M | -2.4M | -2.9M | -3.4M |
| Operating Margin % | 8.19% | 7.22% | 0.6% | 8.26% | 5.98% | -0.16% | -10.18% | 2.74% | 2.4% | 3.85% | -1.05% | 2.98% | -1.21% | -5.35% | -709.5% | -154.14% | -25.48% | -180.27% | -57.05% | -11.82% | 19.56% | 10.39% | 6.62% | -61.7% | 13.03% | -58.14% | -167.81% | -45.45% | -133.33% | -207.14% | -242.86% |
| Operating Income Growth % | - | 1031.18% | -93% | 55.29% | 5847.51% | 97.6% | -314.89% | 80.59% | -12.79% | 578.2% | -131.94% | 263.9% | 20.83% | 89.54% | -382.06% | -217.19% | 93.21% | -292.69% | -541.45% | -192.67% | 383.81% | 158.66% | 130.24% | -394.64% | 180.71% | 27.87% | -188.23% | 58.33% | 17.24% | 14.71% | 24.44% |
| EBITDA | 760.13M | 683.08M | 179.22M | 799.84M | 537.67M | 86.62M | -227.96M | 234.1M | 134.58M | 139.95M | 11.97M | 81.43M | -22.64M | -41.42M | -408.8M | -1.95M | 101.78M | -323.47M | -25.79M | 67.46M | 42.73M | 13.78M | 7.68M | -1.01M | 4.72M | -725K | -2.68M | -700K | -2M | -2M | -2.8M |
| EBITDA Margin % | 10.08% | 9.15% | 2.25% | 9.72% | 7.34% | 1.84% | -7.3% | 4.33% | 3.95% | 5.73% | 0.64% | 3.94% | -0.73% | -4.68% | -639.95% | -3.19% | 87.5% | -133.52% | -13.23% | 46% | 44.66% | 37.02% | 34.04% | -12.67% | 36.63% | -20.27% | -156.16% | -31.82% | -111.11% | -142.86% | -200% |
| EBITDA Growth % | 381.53% | 281.15% | -77.59% | 48.76% | 520.71% | 138% | -197.38% | 73.95% | -3.83% | 1069.37% | -85.3% | 459.76% | 45.36% | 89.87% | -20885.57% | -101.91% | 131.47% | -1154.28% | -138.23% | 57.87% | 210.06% | 79.35% | 857.04% | -121.52% | 750.62% | 72.97% | -283.19% | 65% | 0% | 28.57% | 34.88% |
| D&A (Non-Cash Add-back) | 142.2M | 144.32M | 131.59M | 119.83M | 99.77M | 94.24M | 90.04M | 86.12M | 52.64M | 45.99M | 31.62M | 19.92M | 14.9M | 5.98M | 44.43M | 92.07M | 131.42M | 113.26M | 85.42M | 84.8M | 24.02M | 9.91M | 6.19M | 3.93M | 3.04M | 1.35M | 200K | 300K | 400K | 900K | 600K |
| EBIT | 639.09M | 560.25M | 43.77M | 685.76M | 433.19M | -13.78M | -359.58M | 45.96M | 79.53M | 102.93M | -25.24M | -36.54M | -29.5M | -58.6M | -453.23M | -94.02M | -29.64M | -407.38M | -110.82M | 8.26M | 18.71M | 3.87M | 3.35M | -3.46M | 2.48M | -2.08M | -2.88M | -1M | -2.4M | -2.9M | -3.4M |
| Net Interest Income | -60.53M | -82.38M | -82.79M | -72.45M | -68.29M | -66.49M | -70.22M | -74.84M | -39.77M | -31.63M | -28.51M | -20.16M | -18M | -13.29M | -32.32M | -30.17M | -43.6M | -35.36M | -27.2M | -26.89M | -7.96M | -1.76M | 0 | -1.32M | -1.86M | 0 | 0 | 0 | 0 | -400K | -500K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.08M | 2.45M | 10.13M | 2.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 44.6M | 82.38M | 82.79M | 72.45M | 68.29M | 66.49M | 70.22M | 74.84M | 39.77M | 31.63M | 28.51M | 20.16M | 18M | 13.29M | 32.32M | 37.25M | 55.03M | 41.42M | 29.28M | 26.89M | 7.96M | 1.76M | 0 | 1.32M | 1.86M | 0 | 0 | 0 | 0 | 400K | 500K |
| Other Income/Expense | -44.27M | -60.89M | -86.65M | -66.7M | -73M | -72.66M | -111.81M | -176.86M | -42.18M | -22.66M | -34.1M | -118.21M | -9.96M | -31.77M | -34.3M | -10.11M | -87.23M | -11.72M | -28.89M | -16.29M | -7.43M | 0 | -1.5M | -2.81M | -1.07M | -23K | -100K | 0 | 0 | 0 | -100K |
| Pretax Income | 573.66M | 477.87M | -39.02M | 613.31M | 364.9M | -80.28M | -429.81M | -28.88M | 39.76M | 71.3M | -53.75M | -56.7M | -47.5M | -79.17M | -487.53M | -104.13M | -116.87M | -452.17M | -140.1M | -21.23M | 11.28M | 3.13M | -2.19M | -7.75M | 610K | -2.1M | -2.98M | 0 | 0 | 0 | -3.5M |
| Pretax Margin % | 7.6% | 6.4% | -0.49% | 7.45% | 4.98% | -1.7% | -13.75% | -0.53% | 1.17% | 2.92% | -2.88% | -2.74% | -1.53% | -8.94% | -763.2% | -170.72% | -100.48% | -186.65% | -71.87% | -14.47% | 11.79% | 8.41% | -9.7% | -96.74% | 4.74% | -58.78% | -173.63% | - | - | - | -250% |
| Income Tax | 130.02M | 110.78M | -5.7M | -115.34M | 710K | 1.02M | -20.72M | -69.69M | 333K | -1.32M | -7.91M | -16.79M | -455K | 0 | -4.33M | 543K | 215K | -11.72M | 5.01M | -12.62M | -3.33M | -1.19M | 2.1M | 2.79M | 2.13M | 1.29M | 117.66K | 0 | 100K | 400K | 200K |
| Effective Tax Rate % | 22.66% | 23.18% | 14.6% | -18.81% | 0.19% | -1.27% | 4.82% | 241.31% | 0.84% | -1.85% | 14.72% | 29.61% | 0.96% | 0% | 0.89% | -0.52% | -0.18% | 2.59% | -3.58% | 59.47% | -29.49% | -37.99% | -95.71% | -35.98% | 349.34% | -61.27% | -3.95% | - | - | - | -5.71% |
| Net Income | 454.24M | 369.39M | -33.32M | 728.64M | 364.19M | -81.3M | -409.09M | 40.81M | 39.43M | 72.62M | -45.84M | -39.91M | -47.04M | -79.17M | -470.11M | -182.33M | -328.78M | -456.06M | -147.19M | 435K | 15.05M | 5.06M | 1.26M | -6.25M | 345K | -3.37M | -3M | -1M | -2.5M | -3.3M | -3.6M |
| Net Margin % | 6.02% | 4.95% | -0.42% | 8.85% | 4.97% | -1.73% | -13.09% | 0.76% | 1.16% | 2.97% | -2.46% | -1.93% | -1.51% | -8.94% | -735.93% | -298.92% | -282.66% | -188.25% | -75.5% | 0.3% | 15.73% | 13.58% | 5.57% | -78.04% | 2.68% | -94.16% | -174.66% | -45.45% | -138.89% | -235.71% | -257.14% |
| Net Income Growth % | 857.43% | 1208.55% | -104.57% | 100.07% | 547.97% | 80.13% | -1102.44% | 3.51% | -45.71% | 258.44% | -14.84% | 15.16% | 40.58% | 83.16% | -157.83% | 44.54% | 27.91% | -209.85% | -33936.09% | -97.11% | 197.67% | 302.23% | 120.1% | -1912.46% | 110.25% | -12.23% | -200% | 60% | 24.24% | 8.33% | 20% |
| Net Income (Continuing) | 443.64M | 367.09M | -33.32M | 728.64M | 364.19M | -81.3M | -409.09M | 40.81M | 39.43M | 72.62M | -45.84M | -39.91M | -47.04M | -79.17M | -483.2M | -121.86M | -117.08M | -440.45M | -145.11M | -10.7M | 14.6M | 2.3M | -241K | -6.16M | 0 | -3.37M | -3M | -1M | 0 | 0 | -4.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.18M | 0 | 0 | 0 | -10.3M | 0 | 2.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 35.54M | 40.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.85M | 8.54M | 29.1M | 27.3M | 27.39M | 273K | 245K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.15 | 7.16 | -0.59 | 11.94 | 6.08 | -1.40 | -7.68 | 0.80 | 0.86 | 1.57 | -1.08 | -1.05 | -1.44 | -2.50 | -155.39 | -63.20 | -148.52 | -455.11 | -228.91 | 0.95 | 34.32 | 16.21 | 4.77 | -46.71 | 2.86 | -43.85 | -48.62 | -17.78 | -47.39 | -76.48 | -112.44 |
| EPS Growth % | 892.92% | 1313.56% | -104.94% | 96.38% | 534.29% | 81.77% | -1060% | -6.98% | -45.22% | 245.37% | -2.86% | 27.08% | 42.4% | 98.39% | -145.87% | 57.45% | 67.37% | -98.82% | -24195.79% | -97.23% | 111.72% | 239.83% | 110.21% | -1733.22% | 106.52% | 9.81% | -173.45% | 62.48% | 38.04% | 31.98% | 63.03% |
| EPS (Basic) | - | 7.28 | -0.59 | 12.14 | 6.12 | -1.40 | -7.68 | 0.80 | 0.86 | 1.58 | -1.08 | -1.05 | -1.44 | -2.50 | -155.39 | -63.20 | -148.52 | -455.11 | -228.91 | 0.95 | 35.27 | 18.11 | 4.77 | -46.71 | 2.86 | -43.85 | -48.62 | -17.78 | -47.39 | -76.48 | -112.44 |
| Diluted Shares Outstanding | 49.63M | 50.9M | 56.77M | 61.01M | 59.88M | 58.27M | 53.3M | 55.59M | 45.76M | 45.58M | 42.35M | 38.02M | 32.74M | 19.74M | 3.02M | 2.88M | 2.21M | 1M | 643K | 456.31K | 438.54K | 311.98K | 263.71K | 133.86K | 120.63K | 76.78K | 61.7K | 56.24K | 52.75K | 43.15K | 32.02K |
| Basic Shares Outstanding | 48.4M | 50.9M | 56.77M | 60.03M | 59.54M | 58.27M | 53.3M | 50.35M | 45.73M | 45.54M | 42.35M | 38.02M | 32.74M | 19.74M | 3.02M | 2.88M | 2.21M | 1M | 643K | 456.31K | 426.68K | 279.14K | 263.71K | 133.86K | 120.63K | 76.78K | 61.7K | 56.24K | 52.75K | 43.15K | 32.02K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Refining margin volatility
As indicated by the most recent quarterly filings, PARR's revenue growth has trended into negative territory, with the latest period showing a 4.5% increase that fails to offset the broader multi-quarter deceleration observed since the peak revenue levels reported in late 2023.
The shift from double-digit growth in early 2024 to recent stagnation suggests that the company is struggling to maintain volume momentum in its core refining segments. Investors should monitor whether this deceleration is a function of planned maintenance cycles or a more permanent softening in regional fuel demand across its Hawaii and Rockies markets.
Based on the provided financial data, gross margins have exhibited extreme sensitivity, fluctuating from a low of 6.5% in 2024Q4 to a high of 27.8% in 2025Q3, highlighting the inherent instability of the company's refining-heavy business model in the current commodity price environment.
The wide variance in gross margins suggests that PARR lacks the pricing power to fully insulate itself from feedstock cost spikes. This volatility implies that profitability is largely dictated by external crack spreads rather than internal operational efficiencies, warranting caution regarding the sustainability of peak margin periods.
According to the income statement, operating income has demonstrated significant swings, turning negative in early 2025 before recovering, which suggests that the company's fixed cost structure provides little protection during periods of compressed gross profit margins.
The inability to maintain positive operating margins during periods of lower gross profit indicates that the company's overhead and refinery maintenance costs are relatively rigid. This lack of operating leverage may lead to outsized earnings declines whenever refining spreads narrow, making the bottom line highly susceptible to market cycles.
As reported in financial statements, the company's net income has experienced extreme volatility, including a swing from a $262.6 million profit in 2025Q3 to a $30.4 million loss in 2025Q1, suggesting that reported EPS may not reflect normalized operational performance.
The presence of significant quarterly fluctuations in net income, coupled with historical stock-based compensation charges, suggests that investors should focus on adjusted metrics to gauge true performance. The lack of consistency in bottom-line results implies that non-operating items or inventory accounting adjustments may be masking the underlying cash-generating capability of the business.
Data from recent filings suggests that the company's reliance on the Kapolei refinery creates a concentrated risk profile, as the 18.15% average gross margin remains vulnerable to both regional regulatory shifts and the potential for extended unplanned operational outages.
Short-sellers may focus on the company's exposure to Hawaii's aggressive decarbonization mandates, which could threaten the long-term economic viability of its primary asset. The current valuation may be failing to account for the potential for these assets to become stranded, which would fundamentally impair the company's future earnings power.
Quick answers to the most common questions about buying PARR stock.
For fiscal year 2025, Par Pacific Holdings, Inc. (PARR) reported total revenue of $7.46B. This represents a 533089.3% increase compared to $1.4M in 1994.
Par Pacific Holdings, Inc. (PARR) is profitable, generating $369.4M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
Par Pacific Holdings, Inc. (PARR) reported an operating income of $538.8M, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Par Pacific Holdings, Inc. (PARR) generated $1.35B in gross profit for the year, representing a gross profit margin of 18.1%. This demonstrates the company's core pricing power and production efficiency.