Par Pacific Holdings, Inc. (NYSE: PARR) reported fourth‑quarter and full‑year 2025 results on February 24, 2026, posting net income attributable to shareholders of $77.7 million, or $1.53 per diluted share, and adjusted net income of $390.1 million, up from a $21.2 million loss in 2024. Adjusted EBITDA for the quarter rose to $113.1 million from $10.9 million a year earlier, while adjusted gross margin reached $214.2 million.
The company’s adjusted earnings per share of $1.17 fell short of the consensus estimate of $1.21, a miss of $0.04 or about 3.3%. The miss was driven by seasonal margin pressure in the refining business and higher operating costs that offset the benefit of a $199.5 million Small Refinery Exemption (SRE) credit. Management noted that the SRE benefit was a one‑time gain that does not recur in future periods.
Revenue for the quarter totaled $1.81 billion, beating the consensus estimate of $1.71 billion by $0.10 billion, or roughly 5.8%. The top‑line gain was largely driven by stronger throughput at the company’s Hawaii refinery and a rebound in demand for refined products in the western United States, offsetting a modest decline in the Montana and Wyoming operations.
The refining segment generated operating income of $487.0 million for the year, including the $199.5 million SRE impact. This operating income reflects a significant improvement over the prior year, driven by higher throughput and lower production costs across the Hawaii, Montana, Wyoming, and Washington refineries. The company’s margin expansion in the refining segment helped offset the EPS miss in the quarter.
Cash on hand was $164.1 million and gross term debt stood at $639.8 million as of December 31, 2025, giving the company a liquidity position of $915 million when combined with its cash reserves. The improved liquidity reflects a combination of higher cash flow from operations and disciplined capital allocation.
Par Pacific repurchased $27.8 million of common stock during the quarter at a weighted average price of $38.49 per share, and the board authorized an additional $250 million of share buybacks in February 2026, underscoring management’s commitment to returning capital to shareholders.
President and CEO William Monteleone said, “2025 was a year of meaningful progress. We navigated challenges, advanced key strategic initiatives, and generated substantial profits along the way.” Chief Financial Officer Shawn Flores added, “With improving market conditions and reduced capital requirements, we are entering 2026 from a position of financial strength with the flexibility to invest in growth, maintain a strong balance sheet and opportunistically repurchase shares.”
The market reacted negatively to the earnings release, with the stock falling in after‑hours and pre‑market trading. The primary driver of the negative reaction was the EPS miss, which disappointed investors who had expected a higher adjusted earnings figure. The revenue beat, while positive, was insufficient to offset the earnings shortfall in the eyes of the market.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.