PBF 10-Q: Q3 EPS $12.54, $2.94B Refining Margin, Net Cash of $426M
PBF has more than doubled off its 52-week low of $25.62.
Summary
PBF's 10-Q backs up the $12.54 Q3 EPS with a $2,937.5 million refining margin, $426 million of net cash after debt paydowns, and a revolver upsized to $4.0 billion.
Key Events · Earnings and Guidance · PBF
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Q3 Earnings Surge Confirmed
Net income attributable to PBF of $1,529.3 million, or $12.54 per diluted share, on revenue of $12,132.8 million versus $7,651.1 million a year earlier.
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Refining Margin Nearly Quadruples
Gross refining margin was $2,937.5 million, or $34.56 per barrel, versus $721.1 million, or $9.00 per barrel, in Q3 2025.
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RFS Costs Triple
RFS compliance costs rose to $522.8 million in the quarter from $169.0 million a year earlier after the EPA finalized 2026-2027 requirements.
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Net Cash After Debt Paydowns
$2,544.3 million of cash against $2,118.4 million of total debt left $426 million of net cash at September 30, 2026.
Analysis · PBF · Energy & Transportation
The 10-Q confirms the blowout quarter already reported in this morning's 8-K but fills in the mechanics. Gross refining margin reached $2,937.5 million ($34.56 per barrel) versus $721.1 million ($9.00 per barrel) a year earlier, driven by crack spreads roughly 140-180% wider across every region. The offset is RFS compliance cost, which tripled to $522.8 million in the quarter from $169.0 million, so the headline margin overstates what flowed through. Balance sheet work is the other story: $2,544.3 million of cash against $2,118.4 million of debt leaves $426 million net cash, and the $800 million of 9.875% notes were redeemed on October 26 at 106.67% for about $853.4 million, a $70.4 million fourth-quarter charge. The revolver was also extended to 2031 and upsized to $4.0 billion, and 2026 capex guidance was trimmed to $825.0-$875.0 million with Chalmette and Toledo turnarounds pushed into 2027.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 38.8% of the 970 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, PBF was trading at $74.55 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8.7B. The 52-week trading range was $25.62 to $92.46. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.