Par Pacific Holdings (PARR) Q3 FY2026 earnings: revenue $3.1 billion, up 51.6% on the year

Par Pacific Holdings, Inc. (PARR) reported revenue of $3.1 billion for Q3 FY2026, the quarter ended 30 September 2026, up 51.6% on the same quarter a year earlier. Net income was $353 million, up 34.5% on the year, and diluted earnings per share $7.11. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$3.1 billion

+51.6% on the year · +2.8% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

15.5%

17.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

$353 million

+34.5% on the year · -23.5% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$7.11

+37.8% on the year · -24.0% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new.

Net income up on prior-year quarter: Net income attributable to Par Pacific stockholders was $353.3 million, or $7.11 per diluted share, against $262.6 million, or $5.16 per diluted share, a year earlier.
Adjusted diluted EPS reached $10.70: Adjusted Net Income attributable to Par Pacific stockholders was $531.5 million, or $10.70 per diluted share, compared with $302.6 million and $5.95 per diluted share in the third quarter of 2025.
Adjusted EBITDA up year on year: Adjusted EBITDA was $646.0 million, compared to $372.5 million in the third quarter of 2025. The company included the SRE impact in this figure.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	3,052	2,969	2,013	+2.8%	+51.6%
Cost of revenue	2,337	2,116	1,454	+10.4%	+60.8%
Gross profit	715	853	559	-16.1%	+27.9%
Gross margin	23.4%	28.7%	27.8%
Operating income	472	635	359	-25.6%	+31.7%
Operating margin	15.5%	21.4%	17.8%
Interest expense	7.0	14.3	21.3	-51.2%	-67.2%
Pre-tax income	465	607	345	-23.4%	+34.6%
Income tax	110	144	82.7	-23.7%	+33.0%
Effective tax rate	23.7%	23.7%	23.9%
Net income	353	462	263	-23.5%	+34.5%
Net margin	11.6%	15.6%	13.0%
Diluted EPS	$7.11	$9.35	$5.16	-24.0%	+37.8%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	839	283	219	+196.9%	+282.4%
Capital expenditure	37.4	39.7	32.3	-5.8%	+15.9%
Free cash flow	801	243	187	+230.0%	+328.4%
Free cash flow margin	26.3%	8.2%	9.3%
Cash from investing	-37.4	-39.7	-32.3
Cash from financing	-255	-223	-197
Depreciation and amortisation	39.0	36.5	36.3	+7.0%	+7.5%
Share-based compensation	4.1	4.4	3.7	-6.0%	+10.2%
Buybacks	10.3	0.4	16.4	+2,772.1%	-37.3%
Diluted shares, weighted	50m	49m	51m	+0.5%	-2.4%
Shares outstanding at period end	50m	50m	50m	-0.0%	-0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,330	1,982	1,396	+17.5%	+66.9%
Redeemable equity	38.5	36.6	n/a	+5.2%
Debt	496	739	967	-32.9%	-48.7%
Operating lease liabilities	252	272	338	-7.3%	-25.6%
Finance lease liabilities	10.3	10.8	11.3	-5.2%	-9.1%
Other liabilities	2,058	1,493	1,364	+37.8%	+50.9%
Total liabilities and equity	5,185	4,534	4,077	+14.4%	+27.2%
Goodwill	127	127	129	0.0%	-1.5%
Intangible assets	9.7	9.9	8.8	-2.7%	+10.2%
Cash and equivalents	731	185	159	+295.2%	+359.6%
Receivables	611	514	349	+18.8%	+75.0%
Inventory	1,555	1,441	1,351	+7.9%	+15.1%
Other assets	2,151	2,256	2,079	-4.7%	+3.5%
Total assets	5,185	4,534	4,077	+14.4%	+27.2%

Questions

What was Par Pacific Holdings' revenue in Q3 FY2026?

Par Pacific Holdings (PARR) reported revenue of $3.1 billion for Q3 FY2026, the quarter ended 30 September 2026, up 51.6% on the same quarter a year earlier.

How much did Par Pacific Holdings earn in Q3 FY2026?

Net income for Q3 FY2026 was $353 million, up 34.5% on the year, and diluted earnings per share $7.11.

When did Par Pacific Holdings report Q3 FY2026 results?

Par Pacific Holdings filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,294	1,350	2,106	2,056	1,809	1,685	1,784	2,579	2,184	1,981	2,017	2,144	1,832	1,745	1,893	2,013	1,813	1,824	2,969	3,052
Cost of revenue	1,154	1,350	1,809	1,643	1,574	1,289	1,575	2,174	1,800	1,747	1,770	1,905	1,678	1,559	1,593	1,454	1,503	1,559	2,116	2,337
Gross profit	140	0.0	297	414	235	396	209	405	384	233	247	239	154	186	300	559	310	265	853	715
Gross margin	11%	0%	14%	20%	13%	24%	12%	16%	18%	12%	12%	11%	8%	11%	16%	28%	17%	15%	29%	23%
Operating income	23.8	-121	174	284	101	261	46.4	197	175	9.5	48.6	36.4	-47.0	-15.8	96.8	359	99.3	65.3	635	472
Operating margin	2%	-9%	8%	14%	6%	16%	3%	8%	8%	0%	2%	2%	-3%	-1%	5%	18%	5%	4%	21%	15%
Interest expense	15.8	16.4	18.2	16.9	16.9	16.2	14.9	20.8	20.5	17.9	20.4	23.4	21.1	21.8	22.1	21.3	17.2	15.9	14.3	7.0
Pre-tax income	7.9	-137	150	267	84.7	238	31.9	176	167	-6.4	25.3	13.9	-71.9	-37.3	76.3	345	93.5	58.5	607	465
Tax rate	-2%	n/a	1%	0%	-0%	0%	6%	3%	-73%	n/a	26%	46%	n/a	n/a	22%	24%	19%	21%	24%	24%
Net income	8.1	-137	149	267	84.7	238	30.0	171	289	-3.8	18.6	7.5	-55.7	-30.4	59.5	263	77.7	54.5	462	353
Net margin	1%	-10%	7%	13%	5%	14%	2%	7%	13%	-0%	1%	0%	-3%	-2%	3%	13%	4%	3%	16%	12%
Diluted EPS	$0.22	-$2.31	$2.50	$4.47	$1.42	$3.90	$0.49	$2.79	$4.76	-$0.06	$0.32	$0.13	-$0.98	-$0.57	$1.17	$5.16	$1.40	$1.10	$9.35	$7.11
Operating cash flow	-82.2	-7.7	35.3	341	83.6	139	173	269	-2.3	25.4	-4.7	78.5	-15.5	-1.4	134	219	93.8	-40.7	283	839
Capital expenditure	8.5	16.3	12.7	9.0	15.0	13.2	17.5	23.0	28.6	22.6	36.9	28.3	47.7	40.9	48.1	32.3	27.5	43.1	39.7	37.4
Free cash flow	-90.7	-24.0	22.7	332	68.6	126	156	246	-30.8	2.8	-41.6	50.2	-63.1	-42.3	85.5	187	66.3	-83.8	243	801
Buybacks	0.8	6.4	0.1	0.8	0.5	2.6	2.6	27.0	35.6	34.1	69.4	23.2	15.3	51.1	29.7	16.4	27.6	36.7	0.4	10.3
Shares outstanding	60m	60m	60m	60m	61m	61m	61m	60m	60m	58m	56m	56m	55m	52m	51m	50m	49m	50m	50m	50m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.