Par Pacific Holdings (PARR) Announces Third Quarter 2025 Earnings Results

Par Pacific Holdings, Inc. (PARR) today announced its financial results for the most recent quarter, reporting revenue of $2.01 billion, which exceeded analysts’ expectations by $252.1 million. The company also met its earnings per share estimate, delivering a solid performance in a competitive market. With these results, Par Pacific continues to demonstrate its resilience and growth potential in the energy sector.

Key Highlights

• Net Income: $262.6 million, or $5.16 per diluted share, for Q3 2025, compared to $7.5 million, or $0.13 per diluted share, in Q3 2024.
• Adjusted Net Income: $302.6 million, or $5.95 per diluted share, including a small refinery exemption (SRE) impact of $195.9 million.
• Adjusted EBITDA: $372.5 million for Q3 2025, significantly up from $51.4 million in Q3 2024.
• Refining Segment: Operating income of $340.8 million, with an Adjusted Gross Margin of $450.3 million.
• Hawaii Renewables Joint Venture: Closed in October 2025, generating $100 million in cash proceeds.
• Stock Repurchase: $16.4 million of common stock repurchased during the quarter.
• Liquidity: Total liquidity increased by approximately 14% to $735.2 million as of September 30, 2025.

Summary

Par Pacific Holdings, Inc. reported exceptional financial results for the third quarter of 2025, driven by strong refining operations and a significant contribution from its retail and logistics segments. The company achieved a net income of $262.6 million, a substantial increase from the previous year, largely attributed to a small refinery exemption that added approximately $200 million to its adjusted net income. “Record combined retail and logistics contribution and strong refining operations led to exceptional third quarter financial results for the core business,” stated Will Monteleone, President and CEO. The company also closed a joint venture in Hawaii, further enhancing its financial position.

The refining segment showed remarkable performance with an operating income of $340.8 million and an adjusted gross margin of $450.3 million. The company reported strong throughput across its refineries, with notable increases in adjusted gross margins per barrel in all regions. Par Pacific’s liquidity position remains robust, allowing it to pursue growth opportunities and continue its stock repurchase program. The management expressed confidence in the company’s outlook, emphasizing its ability to capitalize on accretive growth opportunities moving forward.

Par Pacific Holdings, Inc. (PARR) has experienced a remarkable surge in its stock price, with a staggering 181.46% increase over the past six months and an impressive 156.19% rise over the past year. This bullish trend is particularly noteworthy given the company’s current price-to-earnings ratio of -134.63, indicating that it is not yet profitable, as reflected by its negative net profit margin of -0.32%. Despite these challenges, PARR has shown resilience with a revenue growth rate of 1.89% over the past two years, suggesting a potential for recovery and expansion. However, the significant decline in free cash flow, with a two-year CAGR of -78.99%, raises concerns about the company’s liquidity and operational efficiency. Investors may be cautiously optimistic, as the return on invested capital stands at a modest 2.72%, hinting at the need for improved capital management. As the stock continues to gain momentum, stakeholders will be keenly watching how Par Pacific navigates its financial hurdles while capitalizing on its recent price appreciation.

Par Pacific Holdings, Inc. owns and operates energy and infrastructure businesses. The company operates through three segments: Refining, Retail, and Logistics. The Refining segment owns and operates three refineries that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, distillate, asphalt, low sulfur fuel oil, and other associated refined products primarily for consumption in Hawaii, Pacific Northwest, Wyoming, and South Dakota. The Retail segment operates 119 fuel retail outlets, which sell merchandise, such as soft drinks, prepared foods, and other sundries in Hawaii under the Hele, 76, and nomnom brands; and gasoline, diesel, and retail merchandise in Washington and Idaho under the Cenex, nomnom, and Zip Trip brand names. The Logistics segment owns and operates terminals, pipelines, a single point mooring, and trucking operations to distribute refined products throughout the island of Oahu, Maui, Hawaii, Molokai, and Kauai. It also leases marine vessels; owns and operates a crude oil pipeline gathering system, a refined products pipeline, storage facilities, and loading racks in Wyoming; and a jet fuel storage facility and pipeline that serves Ellsworth Air Force Base in South Dakota. In addition, this segment owns and operates a marine terminal, a unit train-capable rail loading terminal, storage facilities, a truck rack, and a proprietary pipeline that serves Joint Base Lewis McChord. The company was formerly known as Par Petroleum Corporation and changed its name to Par Pacific Holdings, Inc. in October 2015. Par Pacific Holdings, Inc. was incorporated in 1984 and is headquartered in Houston, Texas.