PBF Energy Inc. filed an 8-K earnings release on October 29, 2026, reporting third quarter 2026 financial results and announcing a quarterly dividend increase to $0.325 per share.

Key Highlights

  • Income from operations: Third quarter 2026 income from operations was $2,100.9 million, compared to $285.9 million in the third quarter of 2025, according to the filing.
  • Net income: The company reported third quarter 2026 net income of $1,543.3 million, or $12.54 per share attributable to PBF Energy Inc., versus $171.7 million, or $1.45 per share, in the prior-year quarter.
  • Dividend increase: The quarterly dividend was raised 18% to $0.325 per share of Class A common stock, payable November 24, 2026, to shareholders of record on November 12, 2026.
  • Balance sheet: Quarter-end cash was approximately $2.5 billion and total debt was approximately $2.1 billion, resulting in approximately $426 million of net cash.
  • Net debt reduction: The company disclosed a net debt reduction of approximately 150% during the third quarter, including a reduction of more than $1.2 billion in net debt.
  • Insurance proceeds: PBF's insurers have paid, on an unallocated basis, $1.25 billion in insurance proceeds to date related to the Martinez refinery fire claim.
  • RBI program: The Refinery Business Improvement initiative generated in excess of $230 million of run-rate cost improvements in 2025, with that total expected to grow to more than $350 million by year-end 2026.

PBF Energy Reports Sharp Earnings Recovery and Debt Reduction in Third Quarter 2026

PBF Energy Inc. (NYSE:PBF), headquartered in Parsippany, N.J., disclosed third quarter 2026 results that showed a significant improvement from the year-ago period. According to the filing, income from operations reached $2,100.9 million, compared to $285.9 million in the third quarter of 2025. Excluding special items, income from operations was $2,111.9 million, versus a loss from operations of $27.1 million in the third quarter of 2025. Adjusted fully-converted net income, excluding special items, was $1,568.6 million, or $12.78 per share on a fully-exchanged, fully-diluted basis.

The filing identified non-cash special items that decreased net income by a net, after-tax charge of $28.9 million, or $0.24 per share, primarily consisting of a loss on extinguishment of debt related to the redemption of the 2030 7.875% Senior Notes and the write-off of a portion of unamortized deferred financing costs in connection with refinancing activities, as well as costs related to PBF's Refinery Business Improvement initiative. During the quarter, the company issued $550 million of 0% Exchangeable Notes due 2032 and used the proceeds and cash on hand to fully redeem the $500 million of 7.875% Senior Unsecured Notes due 2030. Subsequent to quarter-end, the filing disclosed that PBF called and fully repaid the balance of the $800 million 9.875% Senior Unsecured Notes due 2030 using cash on hand.

On the operational side, the Martinez refinery returned to full operations in May 2026, according to the filing, with the company expecting fire-related restoration costs to be largely covered by insurance, subject to a deductible and retentions totaling $30 million. St. Bernard Renewables LLC averaged approximately 19,156 barrels per day of renewable diesel production in the third quarter. For the fourth quarter, PBF provided total throughput guidance of 925,000 to 985,000 barrels per day across all regions and renewable diesel production guidance of approximately 18,000 to 20,000 barrels per day. The company also noted that planned fourth quarter turnarounds at Chalmette and Toledo were moved to 2027, while 2026 capital expenditure guidance remained $825-$875 million, excluding Martinez rebuild costs.

What Was Disclosed

PBF Energy reported its third quarter 2026 earnings, including net income of $1,543.3 million, a quarterly dividend increase to $0.325 per share, a net debt reduction of approximately 150%, and updated operational and capital guidance for the remainder of 2026.