Par Pacific Holdings (PARR) FY2025 results: revenue $7.5 billion, down 6.4% on the year
Par Pacific Holdings, Inc. (PARR) reported revenue of $7.5 billion for fiscal 2025, the year ended 31 December 2025, down 6.4% on the year before. Net income was $369 million, and diluted earnings per share $7.16. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$7.5 billion
-6.4% on the year
FY2018FY2025
Operating margin
7.2%
0.6% a year earlier
FY2018FY2025
Net income
$369 million
FY2018FY2025
Diluted EPS
$7.16
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Full-year net income turned positive: Full-year net income attributable to stockholders was $369.4 million, or $7.16 per diluted share, compared with a net loss of $(33.3) million in 2024.
Adjusted EBITDA reached $633.5 million: Full-year Adjusted EBITDA was $633.5 million. Fourth quarter Adjusted EBITDA was $113.1 million, compared with $10.9 million a year earlier.
Refining operating income lifted by SRE: Refining operating income for 2025 was $487.0 million, including a $199.5 million SRE impact. Refining Adjusted EBITDA was $519.2 million, against $139.2 million.
Refining swung to fourth-quarter profit: Refining operating income was $89.7 million in the fourth quarter, compared with an operating loss of $(65.4) million a year earlier. Refining Adjusted EBITDA was $87.6 million.
Full-year operating cash flow reported: Full-year net cash from operations was $445.3 million, including working capital outflows and turnaround spending. Before those items it was $567.8 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
445
83.8
579
+431.6%
Capital expenditure
149
136
82.3
+9.8%
Free cash flow
296
-51.8
497
Free cash flow margin
4.0%
-0.6%
6.0%
Cash from investing
-143
-134
-659
Cash from financing
-330
-37.0
-136
Depreciation and amortisation
144
132
120
+9.7%
Share-based compensation
16.6
25.7
11.6
-35.4%
Buybacks
125
142
67.8
-12.1%
Diluted shares, weighted
52m
57m
61m
-9.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,512
1,191
1,335
+26.9%
Redeemable equity
41.0
0.0
n/a
Debt
803
1,113
651
-27.9%
Operating lease liabilities
312
362
283
-13.7%
Finance lease liabilities
12.0
11.7
12.4
+2.7%
Other liabilities
1,154
1,151
1,583
+0.2%
Total liabilities and equity
3,834
3,829
3,864
+0.1%
Goodwill
127
129
129
-1.5%
Intangible assets
9.5
9.5
10.9
-0.4%
Cash and equivalents
164
192
279
-14.5%
Receivables
313
398
367
-21.5%
Inventory
1,229
1,089
1,160
+12.8%
Other assets
1,991
2,011
1,917
-1.0%
Total assets
3,834
3,829
3,864
+0.1%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.