Par Pacific Holdings (PARR) FY2024 results: revenue $8.0 billion, down 3.1% on the year

Par Pacific Holdings, Inc. (PARR) reported revenue of $8.0 billion for fiscal 2024, the year ended 31 December 2024, down 3.1% on the year before. Net income was -$33 million, and diluted earnings per share $-0.59. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$8.0 billion

-3.1% on the year

FY2017FY2024

Operating margin

0.6%

8.3% a year earlier

FY2017FY2024

Net income

-$33 million

FY2017FY2024

Diluted EPS

-$0.59

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	7,974	8,232	7,322	-3.1%
Cost of revenue	7,101	6,838	6,376	+3.8%
Gross profit	873	1,394	946	-37.3%
Gross margin	11.0%	16.9%	12.9%
Operating income	47.6	680	438	-93.0%
Operating margin	0.6%	8.3%	6.0%
Interest expense	82.8	72.5	68.3	+14.3%
Pre-tax income	-39.0	613	365
Income tax	-5.7	-115	0.7
Effective tax rate	n/a	-18.8%	0.2%
Net income	-33.3	729	364
Net margin	-0.4%	8.9%	5.0%
Diluted EPS	-$0.59	$11.94	$6.08

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	83.8	579	453	-85.5%
Capital expenditure	136	82.3	53.0	+64.7%
Free cash flow	-51.8	497	400
Free cash flow margin	-0.6%	6.0%	5.5%
Cash from investing	-134	-659	-87.3
Cash from financing	-37.0	-136	13.4
Depreciation and amortisation	132	120	99.8	+9.8%
Share-based compensation	25.7	11.6	9.4	+121.0%
Buybacks	142	67.8	7.8	+109.3%
Diluted shares, weighted	57m	61m	60m	-6.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,191	1,335	645	-10.8%
Redeemable equity	0.0	n/a	n/a
Debt	1,113	651	506	+71.0%
Operating lease liabilities	362	283	293	+28.2%
Finance lease liabilities	11.7	12.4	6.3	-6.0%
Other liabilities	1,151	1,583	1,832	-27.3%
Total liabilities and equity	3,829	3,864	3,281	-0.9%
Goodwill	129	129	129	0.0%
Intangible assets	9.5	10.9	13.6	-12.8%
Cash and equivalents	192	279	491	-31.2%
Receivables	398	367	253	+8.4%
Inventory	1,089	1,160	1,042	-6.1%
Other assets	2,011	1,917	1,352	+4.9%
Total assets	3,829	3,864	3,281	-0.9%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.