Par Pacific (PARR) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 profits with full-year Adjusted EBITDA of $634 million and Adjusted net income of $7.56 per share, reversing prior year losses.

• Successfully executed major turnaround activities, including Montana and Wyoming, advanced Hawaii renewables, and delivered on cost reduction commitments.

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

• Strengthened the balance sheet, improved liquidity by 49% to $915 million, and entered 2026 focused on expanding earnings power and disciplined capital allocation.

Financial highlights

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

• Net income for 2025 was $369.4 million, compared to a net loss of $(33.3) million in 2024.

• Q4 2025 Adjusted EBITDA was $113 million; Adjusted net income was $60 million, or $1.17 per share.

• Retail and logistics segments delivered record annual Adjusted EBITDA of $86 million and $126 million, respectively.

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

Outlook and guidance

• 2026 priorities include improving Rocky Mountain asset earnings, executing Hawaii turnaround, optimizing renewables, and maintaining disciplined capital allocation.

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

• Q1 2026 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 averaged $6.70/bbl, with February improving by $2/bbl over January.

• Laramie Energy has 73% of 2026 production hedged at $3.46/MMBtu.