Revenue growth remains highly erratic, with gross margins oscillating from a low of -5.9% in 2025Q1 to a recovery of 6.1% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 30.17B | 29.33B | 33.12B | 38.32B | 46.83B | 27.25B | 15.12B | 24.51B | 27.19B | 21.79B | 15.92B | 13.12B | 19.83B | 19.15B | 20.14B | 14.96B | 210.67M | 228K |
| Revenue Growth % | -4.33% | -11.42% | -13.59% | -18.16% | 71.83% | 80.3% | -38.32% | -9.85% | 24.78% | 36.85% | 21.31% | -33.81% | 3.53% | -4.9% | 34.61% | 7001.28% | 92299.56% | - |
| Cost of Goods Sold | 29.84B | 29.9B | 33.49B | 35.93B | 42.15B | 26.37B | 16.75B | 23.6B | 26.58B | 20.83B | 15.24B | 12.57B | 19.35B | 18.62B | 19.01B | 14.51B | 229.11M | 0 |
| COGS % of Revenue | - | 101.95% | 101.12% | 93.74% | 90.01% | 96.74% | 110.78% | 96.27% | 97.78% | 95.59% | 95.71% | 95.81% | 97.61% | 97.2% | 94.38% | 97.02% | 108.75% | - |
| Gross Profit | 332.7M | -571M | -372.2M | 2.4B | 4.68B | 887.2M | -1.63B | 913.1M | 602.6M | 960.6M | 682.99M | 550.06M | 473.81M | 535.49M | 1.13B | 446.34M | -18.44M | 228K |
| Gross Margin % | 1.1% | -1.95% | -1.12% | 6.26% | 9.99% | 3.26% | -10.78% | 3.73% | 2.22% | 4.41% | 4.29% | 4.19% | 2.39% | 2.8% | 5.62% | 2.98% | -8.75% | 100% |
| Gross Profit Growth % | - | -53.41% | -115.52% | -48.73% | 427.34% | 154.44% | -278.48% | 51.53% | -37.27% | 40.65% | 24.17% | 16.09% | -11.52% | -52.64% | 153.34% | 2520.52% | -8187.72% | - |
| Operating Expenses | -518.1M | -516.7M | 326.8M | -552.9M | 525.4M | 290M | -212.9M | 264.1M | 244.5M | 229M | 183.53M | 189.95M | 326.15M | 207.09M | 210.35M | 140.65M | 23.31M | -5.88M |
| OpEx % of Revenue | - | -1.76% | 0.99% | -1.44% | 1.12% | 1.06% | -1.41% | 1.08% | 0.9% | 1.05% | 1.15% | 1.45% | 1.64% | 1.08% | 1.04% | 0.94% | 11.07% | -2579.82% |
| Selling, General & Admin | 351.5M | 332.3M | 260.4M | 362.5M | 468.7M | 247.3M | 248.5M | 284M | 277M | 214.5M | 166.32M | 181.27M | 146.66M | 95.79M | 120.44M | 86.18M | 15.86M | 6.29M |
| SG&A % of Revenue | - | 1.13% | 0.79% | 0.95% | 1% | 0.91% | 1.64% | 1.16% | 1.02% | 0.98% | 1.04% | 1.38% | 0.74% | 0.5% | 0.6% | 0.58% | 7.53% | 2760.53% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -3M | -849M | 66.4M | -915.4M | 56.7M | 42.7M | -461.4M | -19.9M | -32.5M | 14.5M | 17.21M | 8.68M | 179.49M | 111.3M | 89.91M | 54.47M | 7.45M | -12.18M |
| Operating Income | 850.8M | -54.3M | -699M | 2.95B | 4.15B | 597.2M | -1.42B | 649M | 358.12M | 731.6M | 499.46M | 360.11M | 147.66M | 328.4M | 920.43M | 305.69M | -41.75M | 6.11M |
| Operating Margin % | 2.82% | -0.19% | -2.11% | 7.7% | 8.87% | 2.19% | -9.37% | 2.65% | 1.32% | 3.36% | 3.14% | 2.74% | 0.74% | 1.71% | 4.57% | 2.04% | -19.82% | 2679.82% |
| Operating Income Growth % | - | 92.23% | -123.68% | -28.93% | 595.45% | 142.15% | -318.31% | 81.22% | -51.05% | 46.48% | 38.7% | 143.87% | -55.04% | -64.32% | 201.1% | 832.16% | -783.34% | - |
| EBITDA | 1.49B | 608.5M | -56M | 3.54B | 4.69B | 1.08B | -835.7M | 1.1B | 736.72M | 1.03B | 732.41M | 567.12M | 335.87M | 446.4M | 1.02B | 362.61M | -40.22M | 6.15M |
| EBITDA Margin % | 4.93% | 2.07% | -0.17% | 9.24% | 10.01% | 3.97% | -5.53% | 4.47% | 2.71% | 4.73% | 4.6% | 4.32% | 1.69% | 2.33% | 5.06% | 2.42% | -19.09% | 2698.68% |
| EBITDA Growth % | 317.17% | 1186.61% | -101.58% | -24.41% | 333.59% | 229.35% | -176.22% | 48.84% | -28.58% | 40.84% | 29.15% | 68.85% | -24.76% | -56.15% | 180.77% | 1001.52% | -753.7% | - |
| D&A (Non-Cash Add-back) | 638.1M | 662.8M | 643M | 591.6M | 533.9M | 483.8M | 581.1M | 447.5M | 378.6M | 299.9M | 232.95M | 207M | 188.21M | 118M | 97.65M | 56.92M | 1.53M | 43K |
| EBIT | 264.2M | -916.4M | -645.4M | 3.02B | 3.82B | 645.1M | -1.07B | 639.1M | 378.7M | 953.4M | 513.21M | 388.44M | 154.62M | 324.55M | 913.94M | 307.79M | -42.97M | -6.11M |
| Net Interest Income | -186.8M | -181.6M | -72M | -63.8M | -246M | -317.5M | -258.2M | -159.6M | -169.9M | -154.4M | -150.04M | -106.19M | -98.76M | -93.78M | -108.63M | -65.12M | -1.39M | -10K |
| Interest Income | 0 | 0 | 51.2M | 75M | 20.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 186.8M | 181.6M | 123.2M | 138.8M | 266.6M | 317.5M | 258.2M | 159.6M | 169.9M | 154.4M | 150.04M | 106.19M | 98.76M | 93.78M | 108.63M | 65.12M | 1.39M | 10K |
| Other Income/Expense | -279.1M | -180.3M | -69.6M | -65.7M | -595.6M | -269.6M | 85.6M | -169.5M | -149.32M | 67.42M | -136.29M | -77.85M | -91.81M | -97.63M | -115.12M | -63.02M | -2.6M | -12.21M |
| Pretax Income | 571.7M | -234.6M | -768.6M | 2.89B | 3.56B | 327.6M | -1.33B | 479.5M | 208.8M | 799.01M | 363.17M | 282.26M | 55.86M | 230.77M | 805.31M | 242.67M | -44.36M | -6.1M |
| Pretax Margin % | 1.89% | -0.8% | -2.32% | 7.53% | 7.6% | 1.2% | -8.81% | 1.96% | 0.77% | 3.67% | 2.28% | 2.15% | 0.28% | 1.21% | 4% | 1.62% | -21.06% | -2675.44% |
| Income Tax | 126.1M | -74.1M | -228.4M | 723.8M | 584.8M | 12.1M | 2.1M | 104.3M | 33.5M | 315.58M | 137.65M | 86.72M | -22.41M | 16.68M | 1.27M | 0 | 0 | -12.21M |
| Effective Tax Rate % | 22.06% | 31.59% | 29.72% | 25.08% | 16.44% | 3.69% | -0.16% | 21.75% | 16.04% | 39.5% | 37.9% | 30.73% | -40.12% | 7.23% | 0.16% | 0% | 0% | 200.15% |
| Net Income | 441.6M | -158.5M | -533.8M | 2.14B | 2.88B | 231M | -1.39B | 319.4M | 128.3M | 415.6M | 170.81M | 146.4M | -38.24M | 39.54M | 1.96M | 242.67M | -44.36M | 6.1M |
| Net Margin % | 1.46% | -0.54% | -1.61% | 5.59% | 6.14% | 0.85% | -9.21% | 1.3% | 0.47% | 1.91% | 1.07% | 1.12% | -0.19% | 0.21% | 0.01% | 1.62% | -21.06% | 2675.44% |
| Net Income Growth % | 142.37% | 70.31% | -124.94% | -25.59% | 1145.37% | 116.59% | -535.94% | 148.95% | -69.13% | 143.31% | 16.67% | 482.88% | -196.7% | 1921.47% | -99.19% | 647.09% | -827.16% | - |
| Net Income (Continuing) | 445.6M | -160.5M | -540.2M | 2.16B | 2.97B | 315.5M | -1.33B | 375.2M | 175.3M | 483.4M | 225.52M | 195.53M | 78.27M | 214.09M | 804.04M | 242.67M | -44.36M | 6.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 132.1M | 130.4M | 134.4M | 143M | 126.8M | 606.6M | 559.5M | 545.9M | 572.01M | 566.29M | 545.64M | 448.56M | 475.1M | 1.06B | 1.3B | 0 | 0 | 20.66M |
| EPS (Diluted) | 3.66 | -1.39 | -4.60 | 16.52 | 22.84 | 1.90 | -11.64 | 2.64 | 1.10 | 3.73 | 1.74 | 1.65 | -0.51 | 0.46 | 0.08 | 11.84 | -2.16 | 0.30 |
| EPS Growth % | 140.81% | 69.78% | -127.85% | -27.67% | 1102.11% | 116.32% | -540.91% | 140% | -70.51% | 114.37% | 5.45% | 423.53% | -210.87% | 475% | -99.32% | 648.15% | -820% | - |
| EPS (Basic) | - | -1.39 | -4.59 | 17.13 | 23.47 | 1.92 | -11.64 | 2.66 | 1.11 | 3.78 | 1.74 | 1.66 | -0.51 | 1.22 | 0.08 | 11.84 | -2.16 | 0.30 |
| Diluted Shares Outstanding | 120.58M | 114.92M | 117.11M | 130.51M | 126.86M | 122.64M | 120.66M | 121.85M | 118.77M | 113.9M | 103.61M | 94.14M | 74.46M | 85.21M | 97.23M | 20.5M | 20.5M | 20.5M |
| Basic Shares Outstanding | 117.19M | 114.03M | 116.25M | 124.95M | 122.6M | 120.24M | 119.62M | 119.89M | 115.19M | 109.78M | 98.33M | 88.11M | 74.46M | 32.49M | 23.57M | 20.5M | 20.5M | 20.5M |
| Dividend Payout Ratio | - | - | - | 4.94% | 0.86% | 17.19% | - | 44.93% | 147.54% | 43.67% | 100.84% | 101.64% | - | 494.85% | 8229.29% | - | - | 0.13% |
Regional Regulatory Margin Compression
As indicated by the most recent quarterly data, PBF's revenue growth has exhibited significant volatility, with a notable 11.9% increase in 2026Q1 following a prolonged period of double-digit declines, suggesting that the company's top-line performance remains highly sensitive to fluctuating regional crack spreads and product demand.
The recent return to positive revenue growth in 2026Q1 marks a potential departure from the consistent contraction observed throughout 2024 and early 2025. Investors should monitor whether this recovery is driven by sustainable volume increases or merely reflects temporary price spikes in the Atlantic Basin and West Coast markets.
Based on reported financial statements, PBF's gross margins have struggled with extreme instability, oscillating from a low of -5.9% in 2025Q1 to a positive 6.1% in 2026Q1, highlighting the company's vulnerability to feedstock cost timing and the high fixed-cost burden of its complex refinery assets.
The frequent swings between negative and positive gross margins suggest that PBF lacks the pricing power or operational flexibility of its larger, more integrated peers. This margin profile warrants investigation into the company's inventory accounting practices and the ongoing impact of mandatory environmental compliance costs like RINs.
According to the income statement history, PBF's operating income has demonstrated extreme sensitivity to gross profit fluctuations, with operating margins swinging from -7.2% in 2025Q1 to 5.0% in 2026Q1, indicating that the company's fixed cost base provides little protection during periods of industry-wide margin compression.
The inability to maintain consistent operating profitability suggests that PBF's cost structure is heavily weighted toward fixed expenses that cannot be easily scaled down during downturns. This operational leverage implies that any sustained narrowing of regional crack spreads will likely result in rapid and significant erosion of bottom-line performance.
As reported in recent filings, PBF's persistent reliance on external RIN purchases and its geographic concentration in high-regulatory-risk corridors like California suggest that the company faces structural headwinds that may not be fully captured by current market valuations, potentially masking long-term margin sustainability risks for investors.
Short-sellers may focus on the company's inability to generate consistent profitability despite the complex nature of its assets. The recurring need for major maintenance turnarounds, which often capitalize costs and complicate cash flow visibility, suggests that the true economic cost of maintaining these refineries may be higher than reported.
Quick answers to the most common questions about buying PBF stock.
For fiscal year 2025, PBF Energy Inc. (PBF) reported total revenue of $29.33B. This represents a 12864943.9% increase compared to $0.2M in 2009.
PBF Energy Inc. (PBF) reported a net loss of $158.5M for the fiscal year ending 2025.
PBF Energy Inc. (PBF) reported an operating income of $-54.3M, resulting in an operating profit margin of -0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
PBF Energy Inc. (PBF) generated $-571.0M in gross profit for the year, representing a gross profit margin of -1.9%. This demonstrates the company's core pricing power and production efficiency.