Par Pacific (PARR) Q4 2025 earnings summary

Executive summary

• Achieved full-year Adjusted EBITDA of $634 million and Adjusted net income of $7.56 per share, reflecting substantial profit and operational progress in 2025.

• Net income for 2025 was $369.4 million, reversing prior year losses; Q4 net income was $77.7 million.

• Repurchased 6.5 million shares in 2025, reducing share count by 10%.

• Advanced strategic initiatives, including Montana turnaround, Hawaii renewables, and cost reduction.

• Strengthened balance sheet and improved liquidity by 49% to $915 million.

Financial highlights

• Fourth quarter Adjusted EBITDA was $113 million; Adjusted net income was $60 million, or $1.17 per share.

• Full-year Adjusted EBITDA reached $634 million; Adjusted net income was $390 million, or $7.56 per share.

• Revenues for Q4 2025 were $1.81 billion; full-year revenues were $7.46 billion.

• System-wide refining capture was 93% for Q4 and 94% for the year.

• Total liquidity at year-end was $915 million; gross term debt at $640 million.

Outlook and guidance

• Entering 2026 with focus on expanding earnings power, improving mid-cycle earnings, and disciplined capital allocation.

• Board authorized a new $250 million share repurchase program with no end date.

• Q1 throughput guidance: Hawaii 85,000–89,000 bpd, Washington 24,000–28,000 bpd, Wyoming 13,000–16,000 bpd, Montana 52,000–56,000 bpd; system-wide midpoint 182,000 bpd.

• Combined refining index for Q1 to date is $6.70/bbl, with February improving by $2/bbl over January.

• Hawaii renewable fuels project progressing toward startup.