PBF Holding Co LLC
PBF Holding Company LLC reported Q3 2026 net income of $1.906B, a dramatic reversal from $102.7M in Q3 2025. Revenues surged 58.7% YoY to $12.128B, with gasoline and distillates contributing $10.835B. The nine-month period shows net income of $3.270B versus a $536.2M loss in the prior year, with Adjusted EBITDA of $3.284B.
- Net income of $1.906B in Q3 2026 vs. $102.7M in Q3 2025, an 18.6x increase.
- Revenues rose 58.7% YoY to $12.128B, driven by gasoline and distillates at $10.835B.
- Consolidated gross margin swung from -$17.6M to +$2.117B year-over-year.
- Adjusted EBITDA reached $2.139B in Q3 2026 vs. $91.5M in the prior-year quarter.
- Cash and cash equivalents jumped to $2.511B at Sept 30, 2026 from $503.0M at year-end 2025.
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A near-19x explosion in quarterly net income and a 5x cash build to $2.5B signal one of the most dramatic refining margin cycles in recent memory, tempered by unresolved operational incidents.
PBF Holding's margin explosion mirrors the broader refining sector's windfall from elevated crack spreads and favorable crude differentials in 2026, though the Chalmette fire and Martinez recovery costs highlight persistent operational risks across the independent refining space.
The May 8, 2026 fire at the Chalmette refinery poses ongoing operational disruption risk, including potential property damage, reduced throughput, and regulatory investigations. The filing also flags geopolitical conflicts, RINs/cap-and-trade cost volatility, and California crude production restrictions as material threats.