Cash generation is under significant pressure, as evidenced by a negative $673.1 million free cash flow in 2026Q1 and an OCF/NI ratio of -1.63.
| 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'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 259.7M | -78M | 43.4M | 1.34B | 4.77B | 477.3M | -631.6M | 933.5M | 838M | 685.86M | 651.93M | 560.42M | 456.32M | 291.33M | 812.43M | 249.28M | -1.21M | -5.83M |
| Operating CF Margin % | - | -0.27% | 0.13% | 3.49% | 10.19% | 1.75% | -4.18% | 3.81% | 3.08% | 3.15% | 4.09% | 4.27% | 2.3% | 1.52% | 4.03% | 1.67% | -0.57% | -2558.33% |
| Operating CF Growth % | 344.98% | -279.72% | -96.76% | -71.95% | 899.79% | 175.57% | -167.66% | 11.4% | 22.18% | 5.2% | 16.33% | 22.81% | 56.64% | -64.14% | 225.91% | 20735.93% | 79.29% | - |
| Net Income | 441.6M | -160.5M | -540.2M | 2.14B | 2.97B | 315.5M | -1.33B | 375.2M | 175.29M | 483.4M | 225.52M | 195.53M | 78.27M | 214.09M | 804.04M | 242.67M | -44.36M | -6.1M |
| Depreciation & Amortization | 651.1M | 662.8M | 643M | 591.6M | 533.9M | 483.8M | 581.1M | 447.5M | 378.6M | 299.86M | 232.95M | 207M | 188.21M | 118M | 97.65M | 56.92M | 1.53M | 44K |
| Stock-Based Compensation | 36M | 39M | 44.3M | 51.5M | 54.3M | 35.6M | 34.2M | 37.3M | 25.97M | 26.8M | 22.66M | 13.5M | 7.18M | 3.75M | 2.95M | 2.52M | 2.3M | 0 |
| Deferred Taxes | 122.4M | -77.9M | -239.2M | 537M | 710.5M | 60M | -371.9M | 103.7M | 18.8M | 62.91M | 231.85M | -23.76M | -52.38M | 25.22M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -581.3M | -262.6M | 60.3M | -854.9M | 159.5M | -686.2M | -127.6M | -201M | 318.3M | -210.11M | -443.96M | 506.41M | 614.6M | -8.64M | 25.81M | 33M | 3.69M | 208K |
| Working Capital Changes | -414.1M | -278.8M | 75.2M | -1.13B | 341M | 268.6M | 585.9M | 170.8M | -78.95M | 23M | 382.92M | -338.26M | -379.56M | -61.09M | -118.02M | -85.82M | 35.63M | 15K |
| Change in Receivables | -802.2M | -1.7M | 197.5M | 93.8M | -178.8M | -764.7M | 322.1M | -116.1M | 234.34M | -332.38M | -165.42M | 97.64M | 45.38M | -92.85M | -187.54M | -279.31M | -36.44M | 67K |
| Change in Inventory | -187.5M | -280.8M | 587.9M | -409M | -258.5M | -149.3M | 392.2M | -6.3M | -3.31M | -54.7M | 236.6M | 63.39M | -394.03M | 45.99M | -80.1M | -512.05M | 14.13M | 0 |
| Change in Payables | -44.5M | 3.5M | -196.7M | 124.7M | -95.7M | 480.7M | -206.6M | 137.5M | -111.67M | 34.6M | 217.57M | -24.29M | -67.03M | 42.24M | 73.99M | 249.76M | 23.29M | 22K |
| Cash from Investing | -664.5M | -480.2M | -1.04B | -338.6M | -1.01B | -388.5M | -1.03B | -712.6M | -685.6M | -687.01M | -1.39B | -812.11M | -663.61M | -313.27M | -219.31M | -739.19M | -501.31M | -78K |
| Capital Expenditures | -943.6M | -705.2M | -390.9M | -659.6M | -633.3M | -249.1M | -196.2M | -404.9M | -317.46M | -306.68M | -298.74M | -353.96M | -476.39M | -318.39M | -175.9M | -512.06M | -501.3M | -70K |
| CapEx % of Revenue | 3.13% | 2.4% | 1.18% | 1.72% | 1.35% | 0.91% | 1.3% | 1.65% | 1.17% | 1.41% | 1.88% | 2.7% | 2.4% | 1.66% | 0.87% | 3.42% | 237.96% | 30.7% |
| Acquisitions | -21.2M | -21.6M | -33.2M | 830.6M | 0 | 0 | -1.18B | 0 | -85.06M | -10.1M | -949.9M | -565.3M | 0 | 0 | 0 | -168.16M | -429.19M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 300.3M | 246.6M | -617.4M | -509.6M | -377.6M | -139.4M | 345.9M | -307.7M | -283.08M | -410.25M | -339.54M | 106.46M | 47.71M | 5.12M | -43.41M | -58.98M | 429.18M | -8K |
| Cash from Financing | 478M | 550M | -250.7M | -1.42B | -2.9B | -356.8M | 2.45B | -3.3M | -128.1M | -172M | 543.96M | 798.14M | 528.18M | -186.97M | -357.41M | 384.62M | 639.21M | -8K |
| Debt Issued (Net) | 538.8M | 677.3M | 187.8M | -711.8M | -2.4B | -272M | 2.53B | 120M | -245.2M | 6.3M | 303.26M | 628.84M | 532.27M | 29.34M | -79.34M | 287.12M | 162.74M | 0 |
| Equity Issued (Net) | 35.4M | 2.9M | -329.1M | -532.5M | -156.4M | 0 | -1.6M | -9.7M | 314M | -1M | 412.94M | 335.93M | 198.23M | 0 | 7.9M | 408.4M | 483.06M | 0 |
| Dividends Paid | -126.6M | -126.5M | -120.6M | -105.8M | -24.7M | -39.7M | -35.9M | -143.5M | -138.9M | -133.49M | -172.24M | -148.8M | -183.2M | -37.92M | -160.97M | 0 | 0 | -8K |
| Share Repurchases | 0 | 0 | -329.1M | -532.5M | -156.4M | 0 | -1.6M | -4.9M | -8.2M | -1M | -743K | -8.07M | -142.73M | 0 | -571.16M | 0 | 0 | 0 |
| Other Financing | 30.4M | -3.7M | 11.2M | -69.9M | -317.1M | -45.1M | -40.3M | 29.9M | -58.01M | -43.81M | 0 | -17.83M | -19.11M | -178.39M | -125M | -310.89M | -6.59M | 0 |
| Net Change in Cash | 73.2M | -8.2M | -1.25B | -420.1M | 862.1M | -268M | 794.6M | 217.6M | 24.3M | -173.27M | -198.05M | 546.45M | 320.9M | -208.91M | 235.72M | -105.29M | 136.69M | -5.92M |
| Free Cash Flow | -683.9M | -783.2M | -347.5M | 678.9M | 4.14B | 228.2M | -827.8M | 528.6M | 520.5M | 379.18M | 353.2M | 206.46M | -20.06M | -27.07M | 636.53M | -239.44M | -73.33M | -5.9M |
| FCF Margin % | -2.27% | -2.67% | -1.05% | 1.77% | 8.84% | 0.84% | -5.48% | 2.16% | 1.91% | 1.74% | 2.22% | 1.57% | -0.1% | -0.14% | 3.16% | -1.6% | -34.81% | -2589.04% |
| FCF Growth % | 31.34% | -125.38% | -151.19% | -83.6% | 1713.63% | 127.57% | -256.6% | 1.56% | 37.27% | 7.36% | 71.07% | 1129.01% | 25.87% | -104.25% | 365.84% | -226.54% | -1142.18% | - |
| FCF per Share | -5.67 | -6.82 | -2.97 | 5.20 | 32.62 | 1.86 | -6.86 | 4.34 | 4.38 | 3.33 | 3.41 | 2.19 | -0.27 | -0.32 | 6.55 | -11.68 | -3.58 | -0.29 |
| FCF Conversion (FCF/Net Income) | -1.55x | 0.49x | -0.08x | 0.63x | 1.66x | 2.07x | 0.45x | 2.92x | 6.53x | 1.65x | 3.82x | 3.83x | -11.93x | 7.37x | 415.35x | 1.03x | 0.03x | -0.96x |
| Interest Paid | 184.1M | 156.9M | 93.1M | 103.6M | 249.7M | 307M | 206.9M | 154M | 164.4M | 0 | 137.6M | 96.86M | 98.5M | 92.85M | 0 | 0 | 0 | 0 |
| Taxes Paid | 4M | 4M | 17.7M | 299M | 148.9M | 5.7M | 2.1M | 2.7M | 700K | 0 | 3.84M | 124.04M | 65.5M | 1.06M | 0 | 0 | 0 | 0 |
Regional Regulatory Margin Compression
According to recent financial disclosures, PBF's operating cash flow frequently decouples from net income, evidenced by a volatile OCF/NI ratio that reached -1.63 in 2026Q1, suggesting that reported accounting profits are often poor proxies for the actual cash-generating capacity of the underlying refining assets.
The significant divergence between net income and operating cash flow suggests that non-cash items and working capital swings are masking the true economic reality of the business. Investors should monitor this disconnect, as it implies that the company's earnings quality is highly sensitive to accounting adjustments rather than pure operational efficiency.
As reported in quarterly filings, PBF's free cash flow trajectory remains highly erratic, with a negative $673.1 million outflow in 2026Q1, indicating that the company struggles to maintain positive cash generation during periods of heavy maintenance or unfavorable shifts in the regional crack spread environment.
The inability to sustain positive free cash flow suggests that the company's capital-intensive business model is vulnerable to even minor fluctuations in product demand. This trend warrants further investigation into whether the current cash burn is a temporary byproduct of strategic turnarounds or a more permanent structural limitation.
Based on historical data, PBF's capital expenditure as a percentage of revenue has trended upward to 4.4% in 2026Q1, reflecting the high cost of maintaining complex refinery assets in regions where regulatory compliance and mandatory environmental upgrades represent a significant and recurring drain on liquidity.
The rising capital intensity suggests that the company must continuously reinvest a substantial portion of its revenue just to keep its facilities operational. This high maintenance burden limits the flexibility of the balance sheet and reduces the cash available for shareholder returns or debt reduction.
Financial statements indicate that working capital changes are a major source of cash flow volatility, with a $339.7 million outflow in 2026Q1, suggesting that the timing of inventory purchases and RIN credit settlements creates significant, unpredictable pressure on the company's short-term liquidity position.
The erratic nature of working capital movements appears to be driven by the company's reliance on external feedstock and regulatory credit markets. This volatility suggests that PBF lacks the internal control over its supply chain necessary to smooth out cash flow fluctuations during periods of market stress.
As reported in recent filings, PBF has maintained dividend payments despite periods of negative free cash flow, with $31.9 million paid out in 2026Q1, a strategy that appears increasingly difficult to justify given the company's current cash burn and the ongoing need for capital reinvestment.
The decision to prioritize dividends while operating cash flow is negative suggests a management focus on shareholder signaling that may be at odds with the company's underlying financial health. Investors should monitor whether this capital allocation policy remains sustainable if the current refining margin environment fails to improve.
Quick answers to the most common questions about buying PBF stock.
PBF Energy Inc. (PBF) generated $-78.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PBF Energy Inc. (PBF) reported negative free cash flow of $783.2M in 2025, indicating capital requirements exceeded cash from operations.
PBF Energy Inc. (PBF) spent $705.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, PBF Energy Inc. (PBF) returned $126.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.