PBF Energy Inc.

Listed Company

PBFCIK 0001534504NYSELarge AcceleratedPetroleum RefiningDelawareFY ends Dec 31

Period

FY 2025

Revenue

$29.33B

Net Income

$-158.50M

Total Assets

$13.02B

Equity

$5.32B

Shares Out

—

Op. Cash Flow

$-78.00M

Business

PBF Energy Inc. is an independent petroleum refiner and supplier that owns and operates six domestic oil refineries and holds an interest in a co‑located biorefinery, managing its operations through its controlling interest in PBF LLC. It produces and supplies unbranded transportation fuels, diesel, jet fuel, heating oil, petrochemical feedstocks, lubricants, asphalt and renewable diesel. The company operates through two reportable segments—Refining, comprising its refinery operations, and Logistics, comprising terminals, pipelines, storage and related services operated by PBFX. It sells and ships products across the Northeast, Midwest, Gulf Coast and West Coast of the United States, into other U.S. regions, Canada, Mexico and to international destinations using pipelines, marine, truck and rail distribution and commercial offtake and storage agreements.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	29,332	33,115	38,325	46,830	27,253
Cost of products and other	26,627	30,267	32,671	39,049	23,827
Operating expenses (excluding depreciation and amortization expense as reflected below)	2,646	2,606	2,695	2,599	2,086
Depreciation and amortization expense	630	615	560	504	454
Cost of sales	29,903	33,488	35,926	42,152	26,366
General and administrative expenses (excluding depreciation and amortization expense as reflected below)	332	260	363	469	247
Gain on insurance recoveries, net	−833	0	0	—	—
Depreciation and amortization expense	14	13	12	8	13
Change in fair value of contingent consideration, net	0	−3	−46	48	32
Equity loss in investee	62	47	45	0	0
Loss (gain) on formation of SBR equity method investment	0	9	−925	0	0
(Gain) loss on sale of assets	−93	400,000	−1	—	—
Total cost and expenses	29,387	33,814	35,373	42,677	26,656
Income (loss) from operations	−54	−699	2,952	4,153	597
Interest expense (net of interest income of $24.3, $51.2, and $75.0, respectively)	−182	−72	−64	−246	−318
Change in Tax Receivable Agreement liability	0	0	2	−290	−48
Change in fair value of catalyst obligations	0	0	1	−2	9
Loss on extinguishment of debt	0	0	−6	−66	80
Other non-service components of net periodic benefit cost	1	2	700,000	9	8
Income (loss) before income taxes	−235	−769	2,886	3,558	328
Income tax (benefit) expense	−74	−228	724	585	12
Net income (loss)	−161	−540	2,162	2,973	316
Less: net income (loss) attributable to noncontrolling interests	−2	−6	22	96	85
Net income (loss) attributable to PBF Energy Inc. stockholders	−159	−534	2,141	2,877	231
Basic (in shares)	114	116	125	123	120
Diluted (in shares)	115	117	131	127	123
Basic (in usd per share)	−1.39	−4.59	17.13	23.47	1.92
Diluted (in usd per share)	−1.39	−4.6	16.52	22.84	1.9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	528	536	1,784	2,204	1,342
Accounts receivable	1,167	1,165	1,363	1,456	1,278
Inventories	2,563	2,595	3,183	2,764	2,505
Prepaid and other current assets	194	248	268	123	75
Total current assets	4,452	4,544	6,597	6,546	5,199
Property, plant and equipment (net of accumulated depreciation of $2,393.1 and $2,165.6, respectively)	5,518	5,068	4,978	5,361	4,902
Equity method investment in SBR	826	867	881	0	—
Lease right of use assets	760	845	789	679	717
Deferred charges and other assets, net	1,464	1,380	1,143	963	823
Total assets	13,020	12,703	14,388	13,549	11,641
Accounts payable	801	736	959	855	912
Accrued expenses	2,663	2,534	3,020	3,721	2,740
Payable pursuant to Tax Receivable Agreement	0	125	43	0	—
Deferred revenue	21	44	64	41	43
Current operating lease liabilities	184	188	131	61	65
Total current liabilities	3,669	3,626	4,217	5,201	3,760
Long-term debt	2,148	1,457	1,246	1,435	4,296
Payable pursuant to Tax Receivable Agreement	168	168	294	339	48
Deferred tax liabilities	764	836	1,073	535	111
Long-term operating lease liabilities	543	622	609	553	570
Long-term financing lease liabilities	26	35	46	58	71
Other long-term liabilities	252	279	272	373	252
Total liabilities	7,570	7,025	7,757	8,493	9,109
Commitments and contingencies (Note 11)	—	—	—	—	—
Common Stock, Shares, Issued	117	115	—	—	—
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Treasury stock, at cost, 32,042,692 shares outstanding at December 31, 2025 and 31,479,723 shares outstanding at December 31, 2024	−1,238	−1,223	−868	−327	−169
Additional paid in capital	3,397	3,339	3,279	3,202	2,874
Retained earnings	3,150	3,436	4,090	2,056	−796
Accumulated other comprehensive income (loss)	10	−8	−12	−2	17
Total PBF Energy Inc. equity	5,320	5,544	6,488	4,929	1,926
Noncontrolling interest	130	134	143	127	607
Total equity	5,450	5,679	6,631	5,056	2,533
Total liabilities and equity	13,020	12,703	14,388	13,549	11,641

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	663	643	592	534	484
Stock-based compensation expense	39	44	52	54	36
Change in fair value of catalyst obligations	0	0	−1	2	−9
Deferred income taxes	−78	−239	537	420	12
Change in Tax Receivable Agreement liability	0	0	−2	290	48
Non-cash lower of cost or market inventory adjustment	313	0	0	0	−670
Pension and other post-retirement benefit costs	53	52	48	48	51
Insurance proceeds	361	0	0	—	—
Accounts receivable	−2	198	94	−179	−765
Inventories	−281	588	−409	−259	−149
Prepaid and other current assets	54	20	−102	−5	−16
Accounts payable	4	−197	125	−96	481
Accrued expenses	24	−476	−744	881	798
Deferred revenue	−23	−20	24	−2	−5
Payment related to Tax Receivable Agreement	−125	−45	0	0	—
Other assets and liabilities	−54	−37	−115	500,000	−75
Net cash (used in) provided by operating activities	−78	43	1,339	4,772	477
Expenditures for property, plant and equipment	−705	−391	−660	−633	−249
Expenditures for deferred turnaround costs	−380	−577	−474	−312	−118
Expenditures for other assets	−77	−41	−41	−66	−29
Equity method investment - contribution	−25	−35	−15	0	0
Equity method investment - return of capital	3	2	846	0	0
Proceeds from sale of assets	170	0	4	0	7
Insurance proceeds	533	0	0	—	—
Net cash used in investing activities	−480	−1,042	−339	−1,011	−389
Dividend payments	−126	−119	−106	−25	0
Distributions to PBF Energy Company LLC members other than PBF Energy	−900,000	−2	−5	−9	0
Redemption of 2025 7.25% Senior Notes	0	0	−666	—	—
Proceeds from revolver borrowings	3,225	200	0	—	0
Repayments of revolver borrowings	−3,325	0	0	—	0
Redemption of PBFX 2023 Senior Notes	0	0	−525	—	—
Settlements of precious metal catalyst obligations	0	0	−3	−56	−32
Payments on financing leases	−11	−12	−14	−11	−18
Proceeds from insurance premium financing	116	123	13	2	0
Payments of insurance premium financing	−107	−112	0	0	—
Transactions in connection with stock-based compensation plans, net	3	1	38	68	−5
Payments of contingent consideration	0	0	−80	−3	−12
Share repurchases of PBF Energys Class A common stock	0	−329	−533	−156	0
Deferred financing costs and other	−13	−100,000	−36	−31	3
Net cash provided by (used in) financing activities	550	−249	−1,420	−2,899	−357
Net change in cash and cash equivalents	−8	−1,247	−420	862	−268
Accrued and unpaid capital expenditures	220	86	145	166	104
Assets acquired or remeasured under operating and financing leases	156	289	272	55	−107
Contribution of assets to SBR equity method investment	0	−9	−748	0	0
Settlement of affiliate note payable to fund investment in SBR working capital	0	0	−75	0	0
Interest, net of capitalized interest of $30.0, $18.6 and $38.2 in 2025, 2024 and 2023, respectively	157	93	104	250	307
Income taxes	4	18	299	149	6

Filings

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