PBF Energy Q2 Revenue & EPS Surpass Estimates

PBF Energy (PBF) reported second-quarter 2026 revenue of $11.68 billion, up from $7.48 billion in the same quarter last year, alongside earnings per share of $7.54 versus a net loss a year earlier. Income from operations swung to $1,272.1 million from just $43.0 million in Q2 2025, one of the sharpest year-over-year turnarounds among US refiners this earnings season.

The rebound is tied directly to the Martinez refinery's return to full operations in May 2026, following more than a year of construction and repair work after the facility's fire. PBF also collected a fifth insurance installment of $250 million tied to that incident during the quarter, a recovery that continues to support the balance sheet as the refinery ramps back toward normal throughput.

Management used the cash generation to pay down debt, cutting gross debt by more than $1 billion and net debt by more than $1.4 billion in the quarter, while maintaining its $0.275 per share dividend. The company also lowered its 2026 capital expenditure guidance to $825-875 million, excluding Martinez rebuild costs, after pushing planned turnarounds at Chalmette and Toledo out to 2027 and shifting the Martinez hydrocracker turnaround to the end of the third quarter.

The deferred turnaround schedule is worth watching: pushing maintenance into 2027 lowers near-term capex but could mean a heavier maintenance and downtime bill next year. For now, refining crack spreads and the pace of Martinez's throughput recovery look like the more immediate swing factors for PBF's results into the back half of 2026.

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