PBF Energy Inc. (PBF) Income Statement

The 2024 quarters showed revenue of $8.4B to $8.7B alongside widening operating losses, which points to refining spreads compressing well below operating costs during that stretch. The 2026 acceleration appears driven primarily by price recovery in refined products rather than sustained volume growth, which the reported figures alone cannot confirm. Investors should monitor whether the 2026Q2 and 2026Q3 revenue levels persist, since sustainability depends heavily on crack spreads that are outside the company's control.

The range of gross margins across the ten quarters is wide, which is typical of merchant refiners with limited downstream integration to smooth commodity exposure. Peer comparison shows PBF's current 17.9% gross margin well above Valero, Marathon, and Phillips 66 on a trailing basis, but this may reflect a favorable cyclical window rather than durable pricing power. The lack of a consistent margin floor warrants further investigation into hedging and feedstock advantages.

SG&A stayed in a relatively narrow band of roughly $65M to $149M per quarter, so nearly all operating income variability comes from gross profit movements. This pattern suggests high operating leverage, where incremental gross profit flows disproportionately to the bottom line on the upside and erodes quickly on the downside. The small SG&A base relative to revenue implies overhead is not the main driver of earnings volatility.