PBF Energy Inc. PBF
We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico and are able to ship products to other international destinations. We own and operate six domestic oil refineries and related assets and own a 50% interest in the Renewable Diesel Facility through our SBR equity method investment. Our refineries have a combined processing capacity, known as throughput, of approximately 1,000,000 bpd, and a weighted-average Nelson Complexity Index of 12.8 based on current operating conditions. The complexity and throughput capacity of our refineries are subject to change dependent upon configuration changes we make to respond to market conditions, as well as a result of investments made to improve our facilities and maintain compliance with environmental and governmental regulations. We operate in two reportable business segments: Refining and Logistics. Our six oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and represent the Refining segment. PBFX operates certain logistical assets such as crude oil and refined products terminals, pipelines, and storage facilities, which represent the Logistics segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.33B | $33.12B | $38.32B | $46.83B | $27.25B | $15.12B | $24.51B | $27.19B | $21.79B | $15.92B |
| Cost of revenue | $29.90B | $33.49B | $35.93B | $42.15B | $26.37B | $16.75B | $23.60B | $26.58B | $20.83B | $15.24B |
| Gross profit | -$571.0M | -$372.2M | $2.40B | $4.68B | $887.2M | -$1.63B | $913.1M | $602.6M | $960.6M | $683.0M |
| SG&A | $332.3M | $260.4M | $362.5M | $468.7M | $247.3M | $248.5M | $284.0M | $277.0M | $214.5M | $166.3M |
| Total operating expenses | $29.39B | $33.81B | $35.37B | $42.68B | $26.66B | $16.53B | $23.86B | $26.83B | $1.68B | $1.42B |
| Operating income | -$54.3M | -$699.0M | $2.95B | $4.15B | $597.2M | -$1.42B | $649.0M | $358.1M | $731.6M | $499.5M |
| Interest expense | $181.6M | $72.0M | $63.8M | $246.0M | $317.5M | $258.2M | $159.6M | $169.9M | — | — |
| Pre-tax income | -$234.6M | -$768.6M | $2.89B | $3.56B | $327.6M | -$1.33B | $479.5M | $208.8M | $799.0M | $363.2M |
| Income tax | $74.1M | $228.4M | $723.8M | $584.8M | $12.1M | $2.1M | $104.3M | $33.5M | $315.6M | $137.7M |
| Net income | -$158.5M | -$533.8M | $2.14B | $2.88B | $231.0M | -$1.39B | $319.4M | $128.3M | $415.6M | $170.8M |
| EPS, basic | -1.39 | -4.59 | 17.13 | 23.47 | 1.92 | -11.64 | 2.66 | 1.11 | 3.78 | 1.74 |
| EPS, diluted | -1.39 | -4.60 | 16.52 | 22.84 | 1.90 | -11.64 | 2.64 | 1.10 | 3.73 | 1.74 |
| Shares, diluted (wtd. avg.) | $114.9M | $117.1M | $130.5M | $126.9M | $122.6M | $120.7M | $121.9M | $118.8M | $113.9M | $103.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $527.9M | $536.1M | $1.78B | $2.20B | $1.34B | $1.61B | $814.9M | $597.3M | $573.0M | $746.3M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $40.0M |
| Inventory | $2.56B | $2.60B | $3.18B | $2.76B | $2.51B | $1.69B | $2.12B | $1.87B | $2.21B | $1.86B |
| Total current assets | $4.45B | $4.54B | $6.60B | $6.55B | $5.20B | $3.87B | $3.82B | $3.24B | $3.80B | $3.41B |
| Property, plant and equipment | $5.52B | $5.07B | $4.98B | $5.36B | $4.90B | $4.84B | $4.02B | $3.82B | $3.48B | $3.33B |
| Other intangibles | — | $8.1M | $8.6M | $9.1M | $9.6M | $10.1M | $24.3M | $25.6M | $537.0K | $577.0K |
| Total assets | $13.02B | $12.70B | $14.39B | $13.55B | $11.64B | $10.50B | $9.13B | $8.01B | $8.12B | $7.62B |
| Accounts payable | $801.2M | $735.6M | $959.0M | $854.6M | $911.7M | $407.0M | $601.4M | $488.4M | $578.6M | $535.9M |
| Total current liabilities | $3.67B | $3.63B | $4.22B | $5.20B | $3.76B | $2.45B | $2.51B | $2.13B | $2.42B | $2.06B |
| Long-term debt | $2.15B | $1.46B | $1.25B | $1.43B | $4.30B | $4.65B | $2.06B | $1.93B | $2.18B | $2.11B |
| Total liabilities | $7.57B | $7.02B | $7.76B | $8.49B | $9.11B | $8.30B | $5.55B | $4.76B | $5.22B | $5.05B |
| Retained earnings | $3.15B | $3.44B | $4.09B | $2.06B | -$796.1M | -$1.03B | $401.2M | $225.8M | $236.8M | -$44.9M |
| Total equity | $5.32B | $5.54B | $6.63B | $5.06B | $2.53B | $2.20B | $3.59B | $3.25B | $2.90B | $2.57B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$78.0M | $43.4M | $1.34B | $4.77B | $477.3M | -$631.6M | $933.5M | $838.0M | $685.7M | $651.9M |
| Depreciation and amortisation | $371.6M | $358.3M | $314.4M | $262.0M | $221.1M | $325.9M | $258.1M | $378.6M | $207.6M | $144.0M |
| Stock-based compensation | $39.0M | $44.3M | $51.5M | $54.3M | $35.6M | $34.2M | $37.3M | $26.0M | $26.8M | $22.7M |
| Capital expenditure | $705.2M | $390.9M | $659.6M | $633.3M | $249.1M | $196.2M | $404.9M | $317.5M | $306.7M | $298.7M |
| Investing cash flow | -$480.2M | -$1.04B | -$338.6M | -$1.01B | -$388.5M | -$1.03B | -$712.6M | -$685.6M | -$687.0M | -$1.39B |
| Financing cash flow | $550.0M | -$249.3M | -$1.42B | -$2.90B | -$356.8M | $2.45B | -$3.3M | -$128.1M | -$172.0M | $544.0M |
| Dividends paid | — | — | — | — | — | — | $143.5M | $139.0M | $131.7M | $117.5M |
| Buybacks | $0 | $329.1M | $532.5M | $156.4M | $0 | $1.6M | $4.9M | $8.2M | $1.0M | $743.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001534504-26-000010.
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