PBF Energy Inc. (NYSE:PBF) gained over 3% in after-hours trading Thursday after reporting fourth-quarter earnings that far exceeded Wall Street expectations.
The refiner posted net income of $78.4 million, or $0.66 per share, for the fourth quarter of 2025 — a sharp beat compared with analyst estimates that had called for a loss of $0.20 per share.
Revenue totaled $7.14 billion, slightly below the $7.17 billion consensus forecast and down 2.9% from $7.35 billion in the same period a year earlier.
Operating performance improved significantly. Fourth-quarter income from operations reached $128.0 million, compared with a loss of $383.2 million in the prior-year quarter. Excluding special items, operating income came in at $99.4 million.
“2025 presented significant challenges and opportunities for PBF,” said Matthew Lucey, PBF’s President and Chief Executive Officer. “While this challenge was being addressed, we were also able to pursue efficiencies across the company, improving our cost structure, and building a stronger operating base for the future.”
The company is nearing completion of restoration efforts at its Martinez, California refinery following a fire in February 2025. Construction work is expected to wrap up by February 16, 2026, with the Catalytic Cracking Unit scheduled to restart in the first week of March.
Insurance proceeds have covered most of the restoration expenses, with $893.5 million in reimbursements received during 2025.
PBF also announced a quarterly dividend of $0.275 per share, payable March 11 to shareholders on record as of February 25.
Its Refinery Business Improvement initiative delivered more than $230 million in annualized cost savings in 2025, with full realization expected in 2026. Management now targets $350 million in run-rate cost reductions by the end of 2026.
The company closed 2025 with approximately $530 million in cash and $1.62 billion in net debt, positioning it to manage ongoing volatility in refining markets.