At a glance
PBF Energy Inc is worth $8.89B. Revenue fell 11.4% to $29.33B in fiscal 2025, at a loss; over 5 years it has grown 14.2% a year. It pays a 1.53% dividend yield, raised every year for at least 3 years, and returned $1.39B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +129.4% over the past year with dividends reinvested and +40.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 78.8% in the 2020 crash (S&P 500: 33.7%) and 39.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months and 3 months after the lows.
The business in plain English
PBF Energy is one of the largest independent oil refiners in the United States. Independent means it purchases crude oil rather than producing its own. It owns six refineries: Delaware City, Delaware; Paulsboro, New Jersey; Toledo, Ohio; Chalmette, Louisiana; and Torrance and Martinez, California. Together they can process about 1,000,000 barrels of crude oil per day into gasoline, diesel, jet fuel, heating oil, asphalt, lubricants and petrochemical feedstocks.
Its fuel is unbranded, meaning PBF does not market it under its own gas-station name. Its customers are spread across the Northeast, Midwest, Gulf Coast and West Coast, plus Canada and Mexico. Refining is a margin business. Profit depends on the gap between what PBF pays for crude oil and what it gets for finished products, and that gap swings widely. Revenue was $29.3 billion in fiscal 2025, down 11.4% from the year before.
PBF reports two segments. Refining covers the six plants and is the core of the business. Logistics, run by the subsidiary PBFX, owns terminals, pipelines and storage. Most of its revenue comes from long-term, fee-based contracts with PBF's own refineries, so it largely cancels out in the company's combined results. PBF also owns 50% of a renewable diesel plant through an investment called SBR.
Price history
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PBF +129.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $12.13B, up 58.6% from a year earlier, and net income was $1.53B (+799.1%).
- For fiscal 2025, revenue was $29.33B (-11.4% year over year; +14.2% a year from FY2020 to FY2025) with a -0.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.2% good |
|---|---|
| Operating margin | -0.2% weak |
| Free cash flow margin | -2.7% weak |
| Return on equity (FY2025) | -3% weak |
| Return on assets (FY2025) | -1.2% weak |
| Net cash (cash minus debt) | $425.9M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $15.12B | $-1.39B | $-827.8M |
| FY2021 | $27.25B | $231.0M | $228.2M |
| FY2022 | $46.83B | $2.88B | $4.14B |
| FY2023 | $38.32B | $2.14B | $678.9M |
| FY2024 | $33.12B | $-533.8M | $-347.5M |
| FY2025 | $29.33B | $-158.5M | $-783.2M |
Valuation snapshot
| Market value | $8.89B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.53% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PBF price data to Oct 28, 2026 | +175.3% | +129.4% | +20.5% | +40.1% | +16.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +175.3% |
| 2025 | +6.8% |
| 2024 | -38.0% |
| 2023 | +10.0% |
| 2022 | +217.1% |
| 2021 | +82.7% |
| 2020 | -77.1% |
| 2019 | +0.2% |
| 2018 | -4.9% |
| 2017 | +33.6% |
| 2016 | -20.6% |
| 2015 | +43.6% |
| 2014 | -11.4% |
| 2013 | +12.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 78.1% over that stretch · deepest drop along the way 78.8%, back to its old high 24.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 189.7% over that stretch · deepest drop along the way 39.6%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 25 sales ($189.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Thomas J. Nimbley Director | sell | $17.6M |
| Sep 10, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $13.7M |
| Aug 14, 2026 | Thomas J. Nimbley Director | sell | $12.3M |
| Aug 13, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $12.2M |
| Sep 11, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $12.1M |
Who owns it
Large shareholders (13G filings)
| Carlos Slim Helu | 14.3% | Jun 30, 2026 |
| BlackRock, Inc. | 10.3% | Sep 30, 2026 |
| STATE STREET CORPORATION | 4.9% | Mar 31, 2025 |
| Dimensional Fund Advisors LP | 4.8% | Jun 30, 2025 |
| THE GOLDMAN SACHS GROUP, INC. | 4.5% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 2.7% | Dec 31, 2025 |
ETFs with the most weight in PBF
| RFV Invesco S&P MidCap 400® Pure Value ETF | 1.86% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 1.18% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.64% |
| CVY Invesco Zacks Multi-Asset Income ETF | 0.49% |
| SYLD Cambria Shareholder Yield ETF | 0.34% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.3% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.22% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.2% |
What could go wrong
- Fires and shutdowns at its refineries. A fire on February 1, 2025 fully shut the Martinez, California refinery until April 2025. As of its February 12, 2026 annual report, agencies including the EPA were investigating, and possible penalties were unknown.
- Thin margins that swing with oil prices. PBF earns the spread between crude oil costs and fuel prices. When that spread narrows, profits can vanish quickly. Fiscal 2025 revenue of $29.3 billion produced a net loss of $158.5 million.
- Costly renewable fuel credits. Federal rules require refiners to blend renewable fuels or purchase credits called RINs (Renewable Identification Numbers). PBF says the cost of meeting these rules is significant and RIN prices have been volatile, which can hurt profits.
- Debt and heavy spending needs. Refineries need costly upkeep. Free cash flow (operating cash minus capital spending) was negative $783.2 million in fiscal 2025. As of June 30, 2026, debt was $1.75 billion against $894.1 million of cash.
- Dividend depends on a holding-company structure. PBF Energy's only material asset is its stake in PBF LLC, so dividends depend on cash passed up from its subsidiaries. The company warns that it cannot promise to keep paying dividends.
- Climate rules and political scrutiny. Stricter greenhouse gas and environmental rules could force more spending. Policymakers have also asked whether refiners' record profits were a "windfall," and some have passed laws that could reduce profitability.
Recent events
- Executive or board change
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
PBF pays a dividend, but its record is short and uneven. The company paid nothing in fiscal 2021. Since then, dividends per share rose from $0.19 in fiscal 2022 to $1.09 in fiscal 2025, three increases in a row. The yield was 1.53% as of October 28, 2026. In fiscal 2025 PBF paid $125.6 million in dividends despite a net loss of $158.5 million and negative free cash flow (cash left after capital spending). Neither earnings nor cash flow covered the payout. Buybacks totaled about $1.02 billion from fiscal 2021 to 2025, with none in fiscal 2025.
The shares swing hard. In the 2020 COVID crash they fell 78.8% and took about 25 months to recover. In the 2022 bear market they rose 189.7% while the broad market fell. Even so, they dropped 39.6% that summer before recovering in about three months. Any single stock, PBF included, carries more risk than a diversified fund.
Questions investors ask
How does PBF Energy make money?
PBF Energy makes money by refining crude oil into fuels worth more than the oil and the cost of processing it. It runs six US refineries in Delaware, New Jersey, Ohio, Louisiana and California, which together can process about 1,000,000 barrels per day. Its products include gasoline, diesel, jet fuel, heating oil and asphalt. A logistics arm, PBFX, earns fees for handling and storing crude oil and fuel, mostly for PBF's own refineries.
Does PBF Energy pay a dividend?
Yes. PBF paid $1.09 per share in fiscal 2025, its third increase in a row, and the yield was 1.53% as of October 28, 2026. The record has a gap, though: the company paid no dividend in fiscal 2021. In fiscal 2025 it paid $125.6 million in dividends while reporting a net loss, so earnings did not cover the payout. PBF's annual report warns that it cannot promise future dividends.
What happened at PBF's Martinez refinery?
A fire broke out at the Martinez, California refinery on February 1, 2025, early in a planned maintenance shutdown. The plant was fully shut until April 2025, when some undamaged units restarted. In its annual report filed February 12, 2026, PBF expected construction to finish by February 16, 2026, followed by a step-by-step restart. During 2025 it received $893.5 million in insurance proceeds after deductibles. At that time, investigations by agencies including the EPA were still open, and possible penalties could not be estimated.
Is PBF Energy profitable?
Not in its latest full year, and its results swing widely. PBF lost $158.5 million in fiscal 2025 on revenue of $29.3 billion, after losing $533.8 million in fiscal 2024. Those losses followed big profits of $2.88 billion in fiscal 2022 and $2.14 billion in fiscal 2023. Results improved in the quarter ended June 30, 2026. Net income was $906.4 million, and revenue of $11.68 billion was up 56.2% from a year earlier.
How volatile is PBF Energy stock?
Very volatile. Refining profits rise and fall with fuel margins, and the share price has followed: down 77.1% in 2020, up 217.1% in 2022, down 38% in 2024, and up 175.3% in 2026 through October 28. Volatility, a measure of how widely the price moves, was 64.8% over the year to October 28, 2026. The deepest drop in about 14 years of price history was 91.5%. Over the 10 years to that date, the stock still gained about 16.1% a year.