Revenue oscillated between roughly $1.7B and $3.1B over the ten-quarter window with gross margin ranging from 6.5% to 28.7%, suggesting earnings depend heavily on refining spread timing rather than steady operating performance.
Par Pacific Holdings, Inc. (PARR) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 9.66B | 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 % | 29.06% | -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 | 7.55B | 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 | 2.11B | 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 % | 21.84% | 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 | 768.14M | 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 | 105.89M | 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 | 3M | 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 | 1.34B | 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 % | 13.89% | 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 | 1.49B | 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 % | 15.41% | 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 % | 178.14% | 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) | 146.68M | 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 | 1.29B | 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 | -8.19M | -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 | 8.19M | 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 | -117.62M | -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 | 1.22B | 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 % | 12.67% | 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 | 284.43M | 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 % | 23.24% | 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 | 947.59M | 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 % | 9.81% | 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 % | 301.53% | 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) | 939.43M | 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 | 38.53M | 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) | 19.08 | 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 % | 301.89% | 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) | - | 7.16 | -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 | 49.67M | 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 | 48.56M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Volatile crack spread earnings
Metrics are mathematically derived from official filings.
Revenue Swings Mask Underlying Volatility
Based on reported quarterly figures, PARR's revenue has oscillated between roughly $1.7B and $3.1B over the ten-quarter window, with the latest quarter showing 51.6% year-over-year growth that appears driven by refining margin capture rather than sustained volume expansion. Investors should monitor how durable this step-up proves to be.
The sequence suggests revenue is primarily a function of product pricing and throughput timing rather than a steady compounding trend. The sharp Q3 2026 jump, following a Q2 2026 spike, is more consistent with favorable crack spreads and the completion of turnaround maintenance than with structural demand growth. Whether the top-line can hold these levels depends on whether the margin environment persists beyond the current window.
Gross Margin Tracks Refining Spreads
Gross margin ranged from roughly 6.5% to 28.7% across the reported quarters, with the Q2 2026 peak of 28.7% indicating how sharply refining spreads can compress or expand PARR's realized economics. This cyclicality appears structural to a high-variable-cost crude feedstock model.
The wide quarterly band implies limited insulation from crude and product price dynamics, consistent with a Hawaii-centric refiner exposed to import logistics and local pricing. Operating margins compressing to negative territory in early 2025 suggest fixed costs absorb a meaningful share of gross profit when spreads narrow. Investors may wish to treat peak-quarter margins with caution when extrapolating earnings power.
Operating Leverage Concentrated in Peak Quarters
Operating income moved from a loss of roughly $15.8M in Q1 2025 to $634.6M in Q2 2026, indicating that incremental gross profit flows through to operating results disproportionately when margins are elevated. SG&A remained comparatively flat near $21M to $28M per quarter.
Because SG&A is largely stable while gross profit fluctuates by several hundred million dollars, operating income appears highly geared to refining spreads. This pattern suggests the business captures outsized upside in favorable markets but carries correspondingly thin cushions in weak periods. The apparent efficiency of overhead spending is notable, though the R&D line is effectively non-applicable for this business model.
EPS Beat Depends on Margin Timing
Reported EPS of $9.35 in Q2 2026 compared with the earlier quarterly run-rate near $1.10 to $1.53 suggests earnings quality is heavily dependent on a concentrated margin window, with stock-based compensation of $8.2M appearing immaterial to the result.
The magnitude of the earnings swing relative to revenue implies that headline net income is sensitive to inventory accounting and product pricing timing, including potential LIFO and RIN effects that cannot be fully isolated from the provided data. Analysts should avoid annualizing a single quarter without adjusting for these items. Net margin reaching 15.6% in the peak quarter contrasts sharply with 0.3% to 5.5% in the surrounding periods.
Peak Margins May Not Persist
The strongest challenge to the bullish narrative is that Q2 and Q3 2026 margins of 21.4% and 15.5% operating margin may represent a transitory crack-spread window rather than a durable reset, particularly given a reported 6.4% trailing revenue contraction.
Short-side analysis would likely point to the fact that the trailing revenue decline and the historical pattern of swift reversals, such as the Q1 2025 operating loss, suggest mean reversion risk. Reliance on a narrow set of favorable quarters could overstate normalized earnings power. Whether the Hawaii asset base can sustain elevated spreads without external tailwinds remains an open question that warrants further investigation.