PBF Energy Inc.

pbfenergy.com

What Do They Do?

Refines crude oil and other feedstocks into transportation fuels, heating oil and other petroleum products for customers in the United States and abroad.

How Do They Make Money?

Most revenue comes from selling refined products at spot-market or contract prices, with customers generally paying within two months of invoicing; some pay before delivery. Logistics brings in fees for terminal, storage and pipeline services, based on minimum commitments or volumes handled.

FY2025 revenue by reportable segment revenue

Segment	Share	How money arrives
Refining Sold outright	100% FY2022: 100%	Sold outright
Logistics Mix	1.3% FY2022: 0.8%	Mix
Total revenue prior to eliminations	101% FY2022: 101%

Who Are Their Customers?

The company sells refined products to a diverse customer base, mostly through short-term contracts or spot-market sales; some clean products are covered by purchase arrangements.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 13% from one customer

Do Revenues Turn Into Profits?

No. It lost $158.5M in FY2025.

Operating income, FY2025

0% of revenue

▼ −92% (Loss) vs FY2024 (−$699M, −2%)

Net income, FY2025

−1% of revenue

▼ −70% (Loss) vs FY2024 (−$533.8M, −2%)

Free cash flow, FY2025

−3% of revenue

▲ +125% (Loss) vs FY2024 (−$347.5M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +56%; vs $7.5B in Q2 FY2025
Net income: ▲ Now profitable; vs −$5.2M in Q2 FY2025

Prior to elimination share of revenue vs 101.2% in Q2 FY2025

Flat. Revenue was $29.3B in FY2025, about the same as the $27.3B of FY2021.

Revenue over time

Refining Logistics Total revenue prior to eliminations

$50B$25B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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