Short answer
PBF Energy Inc. (PBF) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $29.3B (−11.4% year over year) and net income of −$159M.
- Top risk flagged: Cybersecurity risk governance with CIO appointed June 1, 2024, bringing 30 years industry experience
FY2025 key financial metrics · XBRL
- Revenue
- $29.3B
- −11.4% YoY
- Net income
- −$159M
- +70.3% YoY
- Operating margin
- -0.2%
- +1.9 pp YoY
- EPS (diluted)
- −$1.39
- +69.8% YoY
- ROE
- -3.0%
- +6.6 pp YoY
- Operating cash flow
- −$78M
- −279.7% YoY
Source: XBRL data from the PBF Energy Inc. (PBF) FY2025 10-K on SEC EDGAR. USD.
PBF Energy Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Refining and marketing petroleum products through integrated operations
- New emphasis on equity method investment in St. Bernard Renewables LLC, highlighting enhanced focus on renewable fuels segment
- Strategic credit facility amendments in 2023 and senior notes issuance in 2025 with 9.875% coupon due 2030, reflecting capital structure optimization
- Property, plant, and equipment increased to $5.52B in 2025 from $5.07B in 2024, indicating significant capital investment
- Introduction of a Clawback Policy effective October 2, 2023, marking new compensation risk management controls
Management Discussion & Analysis
- No full-year 2025 revenue or net income figures provided, but notable 2025 gains: $832.5M gain on Martinez refinery insurance recoveries; $94.0M gain on terminal asset sales
- Martinez refinery fire significantly reduced 2025 throughput; operating expenses of $163.7M recorded related to fire
- Share repurchases paused in 2025 after $329.1M spent in 2024 and $532.5M in 2023 under $1.75B repurchase authorization
- RINs costs $680.1M in 2025 vs $515.3M in 2024 and $762.3M in 2023 due to ethanol-linked RIN price volatility and production changes
- Senior notes issued $800M in March 2025 (9.875%) and $500M in 2023 (7.875%), $100M Revolving Credit Facility borrowings at 2025 year-end
- Management highlights risks: Martinez fire recovery timing, regulatory and geopolitical uncertainties, inflation, crude supply volatility, and environmental regulations impacting operations and capital spending
Risk Factors
- Cybersecurity risk governance with CIO appointed June 1, 2024, bringing 30 years industry experience
- Audit Committee oversight of cybersecurity disclosures and risk management guidelines quarterly and annually
- Internal Audit team conducts enterprise-wide cybersecurity risk assessments, reporting at least annually to Audit Committee
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