PARR on NYSE
PAR PACIFIC HOLDINGS, INC.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
7.2%Operating margin3
4.9%Net margin3
-6.4%Revenue growth, 20253
24.4%Return on equity3
0.53×Debt to equity3
$296.5MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Fuel Revenue brought in 96% of the revenue PAR PACIFIC HOLDINGS, INC. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fuel Revenue | $8.0B | $7.6B | $7.2B |
| Other Revenue | $270.4M | $345.4M | $311.0M |
Business segments
Refining brought in 89% of the revenue PAR PACIFIC HOLDINGS, INC. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Refining | $8.0B | $7.7B | $7.2B |
| Retail | $592.5M | $584.8M | $576.7M |
| Logistics | $260.8M | $299.5M | $298.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs94¢$7.0B
- Income tax1¢$110.8M
- Profit5¢$369.4M
Out of $7.5B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending33¢$148.9M
- Share buybacks28¢$124.8M
- Kept or used elsewhere39¢$171.6M
Out of $445.3M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $7.5B | $8.0B | $8.2B |
| Cost of revenues (excluding depreciation) | $6.1B | $7.1B | $6.8B |
| Operating expense (excluding depreciation) | $587.7M | $584.3M | $485.6M |
| Depreciation and amortization | $144.3M | $131.6M | $119.8M |
| General and administrative expense (excluding depreciation) | $98.5M | $108.8M | $91.4M |
| Equity earnings from refining and logistics investments | -$26.3M | -$11.9M | -$11.8M |
| Acquisition and integration costs | $4.3M | $100.0K | $17.5M |
| Par West redevelopment and other costs | $14.8M | $12.5M | $11.4M |
| Other operating loss (gain), net | -$7.2M | $222.0K | -$59.0K |
| Total operating expenses | $6.9B | $7.9B | $7.6B |
| Operating income | $538.8M | $47.6M | $680.0M |
| Interest expense and financing costs, net | -$82.4M | -$82.8M | -$72.5M |
| Debt extinguishment and commitment costs | -$1.1M | -$1.7M | -$19.2M |
| Other expense, net | -$665.0K | -$1.9M | -$53.0K |
| Equity earnings (losses) from Laramie Energy, LLC | $23.3M | -$296.0K | $25.0M |
| Total other expense, net | -$60.9M | -$86.6M | -$66.7M |
| Income (loss) before income taxes | $477.9M | -$39.0M | $613.3M |
| Income tax benefit (expense) | -$110.8M | $5.7M | $115.3M |
| Net income (loss) | $367.1M | -$33.3M | $728.6M |
| Net loss attributable to noncontrolling interest | -$2.3M | $0 | $0 |
| Net income (loss) attributable to Par Pacific stockholders | $369.4M | -$33.3M | $728.6M |
| Basic (in dollars per share) | $7.28 | -$0.59 | $12.14 |
| Diluted (in dollars per share) | $7.16 | -$0.59 | $11.94 |
| Basic (in shares) | 50.7M shares | 56.8M shares | 60.0M shares |
| Diluted (in shares) | 51.6M shares | 56.8M shares | 61.0M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $164.1M | $191.9M | |
| Restricted cash | $351.0K | $346.0K | |
| Total cash, cash equivalents, and restricted cash | $164.5M | $192.3M | $279.4M |
| Trade accounts receivable, net of allowances of $0.4 million and $0.4 million at December 31, 2025 and December 31, 2024, respectively | $312.7M | $398.1M | |
| Inventories | $1.2B | $1.1B | |
| Prepaid and other current assets | $70.2M | $92.5M | |
| Total current assets | $1.8B | $1.8B | |
| Property, plant, and equipment | $1.9B | $1.7B | |
| Less accumulated depreciation and amortization | -$665.2M | -$574.7M | |
| Property, plant, and equipment, net | $1.2B | $1.2B | |
| Operating lease right-of-use (ROU) assets | $391.4M | $428.1M | |
| Intangible assets, net | $9.5M | $9.5M | |
| Goodwill | $127.3M | $129.3M | $129.3M |
| Other long-term assets | $197.0M | $235.1M | |
| Total assets | $3.8B | $3.8B | $3.9B |
| Current maturities of long-term debt | $4.9M | $4.9M | |
| Obligations under inventory financing agreements | $161.5M | $194.2M | |
| Accounts payable | $341.6M | $436.8M | |
| Accrued taxes | $31.6M | $36.0M | |
| Operating lease liabilities | $99.6M | $80.2M | |
| Other accrued liabilities | $467.0M | $344.2M | |
| Total current liabilities | $1.1B | $1.1B | |
| Long-term debt, net of current maturities | $797.9M | $1.1B | |
| Finance lease liabilities | $12.0M | $11.7M | |
| Operating lease liabilities | $312.4M | $362.1M | |
| Other liabilities | $52.6M | $59.9M | |
| Total liabilities | $2.3B | $2.6B | |
| Noncontrolling interest | $41.0M | $0 | |
| Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued | $0 | $0 | |
| Common stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024, 49,685,138 shares and 55,265,421 shares issued at December 31, 2025 and December 31, 2024, respectively | $497.0K | $552.0K | |
| Additional paid-in capital | $957.9M | $884.5M | |
| Accumulated earnings | $541.4M | $295.8M | |
| Accumulated other comprehensive income | $11.7M | $10.4M | |
| Total stockholders equity | $1.5B | $1.2B | |
| Total liabilities, noncontrolling interest, and stockholders equity | $3.8B | $3.8B | |
| Allowance for doubtful accounts | $400.0K | $400.0K | |
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 3.0M shares | 3.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | |
| Common stock, shares issued (in shares) | 49.7M shares | 55.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $367.1M | -$33.3M | $728.6M |
| Depreciation and amortization | $144.3M | $131.6M | $119.8M |
| Debt extinguishment and commitment costs | $1.1M | $1.7M | $19.2M |
| Non-cash interest expense | $6.9M | $5.7M | $4.6M |
| Non-cash lower of cost and net realizable value adjustment | $568.0K | $2.3M | $0 |
| Deferred taxes | $100.4M | -$2.6M | -$126.3M |
| Other operating loss (gain), net | -$7.2M | $222.0K | -$59.0K |
| Stock-based compensation | $16.6M | $25.7M | $11.6M |
| Unrealized (gain) loss on derivative contracts | -$26.3M | $42.5M | -$49.7M |
| Equity (earnings) losses from Laramie Energy, LLC | -$23.3M | $296.0K | -$25.0M |
| Equity earnings from refining and logistics investments | -$26.3M | -$11.9M | -$11.8M |
| Dividends received from refining and logistics investments | $13.9M | $13.1M | $4.3M |
| Trade accounts receivable | $84.7M | -$26.0M | -$112.4M |
| Prepaid and other assets | $37.8M | $55.9M | -$82.0M |
| Inventories | -$144.1M | $62.9M | $180.2M |
| Deferred turnaround expenditures | -$101.2M | -$73.5M | -$5.9M |
| Obligations under inventory financing agreements | -$59.9M | -$53.5M | -$91.6M |
| Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities | $60.2M | -$57.3M | $15.4M |
| Net cash provided by operating activities | $445.3M | $83.8M | $579.2M |
| Acquisitions of businesses, net of cash acquired | $0 | $0 | -$595.4M |
| Capital expenditures | -$148.9M | -$135.5M | -$82.3M |
| Proceeds from sale of assets and other | $6.1M | $61.0K | $1.3M |
| Net cash used in investing activities | -$142.8M | -$134.0M | -$659.0M |
| Proceeds from borrowings | $6.0B | $4.5B | $1.5B |
| Repayments of borrowings | -$6.4B | -$4.1B | -$1.3B |
| Net borrowings (repayments) of deferred payment arrangements and receivable advances | $0 | -$165.5M | -$96.0M |
| Payment of deferred loan costs | -$2.3M | -$9.6M | -$14.4M |
| Purchase of common stock for retirement | -$124.8M | -$142.0M | -$67.8M |
| Exercise of stock options | $613.0K | $1.5M | $17.1M |
| Issuance of subsidiary units | $100.0M | $0 | $0 |
| Proceeds from inventory financing agreements | $55.4M | $203.1M | $0 |
| Repayments of inventory financing agreements | -$28.2M | -$382.1M | -$112.6M |
| Payments for debt extinguishment and commitment costs and termination of inventory financing agreements | -$943.0K | -$1.2M | -$8.7M |
| Other financing activities, net | $2.4M | $2.3M | $1.6M |
| Net cash used in financing activities | -$330.4M | -$37.0M | -$135.6M |
| Net decrease in cash, cash equivalents, and restricted cash | -$27.8M | -$87.2M | -$215.5M |
| Interest | -$80.5M | -$67.8M | -$77.4M |
| Taxes | $4.5M | -$12.0M | -$6.1M |
| Accrued capital expenditures | $27.7M | $33.3M | $13.2M |
| ROU assets obtained in exchange for new finance lease liabilities | $2.9M | $2.3M | $7.9M |
| ROU assets obtained in exchange for new operating lease liabilities | $57.4M | $166.0M | $72.2M |
| ROU assets terminated in exchange for release from operating lease liabilities | $1.3M | $41.0K | $1.4M |
Former names
Recent filings
- Oct 6, 20264
- Oct 6, 20264
- Oct 6, 20264
- Oct 6, 20264
- Oct 6, 20264
- Oct 6, 20264
- Oct 6, 20264
- Oct 6, 20264
- Oct 6, 20264
- Sep 30, 20263
- Sep 30, 20264
- Sep 28, 20268-K
- Sep 15, 2026144/A
- Sep 15, 20264
- Sep 14, 2026144
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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