Short answer
PAR PACIFIC HOLDINGS, INC. (PARR) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $7.5B (−6.4% year over year) and net income of $369M.
- Top risk flagged: Regulatory risk from RINs financing agreement with Citi, borrowing limit $450 million combined with Inventory Intermediation Agreement
FY2025 key financial metrics · XBRL
- Revenue
- $7.5B
- −6.4% YoY
- Net income
- $369M
- +1208.5% YoY
- Operating margin
- 7.2%
- +6.6 pp YoY
- EPS (diluted)
- $7.16
- +1313.6% YoY
- ROE
- 24.4%
- +27.2 pp YoY
- Operating cash flow
- $445M
- +431.6% YoY
Source: XBRL data from the PAR PACIFIC HOLDINGS, INC. (PARR) FY2025 10-K on SEC EDGAR. USD.
PAR PACIFIC HOLDINGS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Integrated energy company with refining, retail, and logistics operations focused on western U.S. fuels
- New emphasis: 46% equity stake in Laramie Energy, natural gas development and production in Colorado counties
- Strategic positioning: Expanded footprint in natural gas sector via equity investment beyond existing refining and retail segments
- Capacity metric: Four refineries with combined crude throughput capacity of 219 Mbpd across Hawaii, Wyoming, Washington, Montana
- Geographic reach: Operations span Hawaii, Northwest, Rocky Mountain regions with multi-modal logistics network including SPM and rail terminals
Management Discussion & Analysis
- Recorded gain $199.5M in Net Income in 2025 from Small Refinery Exemptions, with Adjusted EBITDA gain of $202.6M
- Wyoming refinery idle 66 days in 2025, impacting operational comparability to 2024
- Formed Hawaii Renewables JV in 2025, received $83M distribution, Alohi contributed $100M; facility operations expected H1 2026
- Brent crude averaged $68.19/barrel in 2025 vs $79.86/barrel in 2024; US retail gasoline $3.10/gal vs $3.30/gal prior year
- Inflation improved; interest rates fell to 3.50-3.75% in Dec 2025 from 4.25-4.50% in Dec 2024
- Geopolitical conflicts and tariffs driving crude price volatility, increased costs, and trade uncertainty affecting business risks
Risk Factors
- Regulatory risk from RINs financing agreement with Citi, borrowing limit $450 million combined with Inventory Intermediation Agreement
- Geopolitical risk in Hawaii Renewables joint venture, Alohi invested $100 million cash for minority interest
- Supply chain risk in renewables feedstock financing under Wells Fargo Renewables Intermediation Agreement starting October 2025
- Market disruption risk from Hawaii Renewables JV construction funded with $17 million retained capital
- Financial risk from amended Term Loan Credit Agreement margin reduction by 50 basis points as of December 17, 2025
Generated from the filing text; verify against the original. How to read a 10-K
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