Par Pacific Holdings Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Par Pacific Holdings Inc reported revenue of $7.5B (-6.4% year on year) and net income of $369.4M (+1208.5% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues | $7.5B | $8.0B | $8.2B | $7.3B |
| Cost of revenues (excluding depreciation) | $6.1B | $7.1B | $6.8B | $6.4B |
| Operating expense (excluding depreciation) | $587.7M | $584.3M | $485.6M | $342.2M |
| Depreciation and amortization | $144.3M | $131.6M | $119.8M | $99.8M |
| General and administrative expense (excluding depreciation) | $98.5M | $108.8M | $91.4M | $62.4M |
| Equity earnings from refining and logistics investments | ($26.3M) | ($11.9M) | ($11.8M) | — |
| Acquisition and integration costs | $4.3M | $100.0K | $17.5M | $3.7M |
| Par West redevelopment and other costs | $14.8M | $12.5M | $11.4M | — |
| Other operating loss (gain), net | ($7.2M) | — | — | — |
| Total operating expenses | $6.9B | $7.9B | $7.6B | $6.9B |
| Operating income | $538.8M | $47.6M | $680.0M | $437.9M |
| Interest expense and financing costs, net | ($82.4M) | ($82.8M) | ($72.5M) | ($68.3M) |
| Debt extinguishment and commitment costs | ($1.1M) | ($1.7M) | ($19.2M) | ($5.3M) |
| Other expense, net | ($665.0K) | ($1.9M) | ($53.0K) | $613.0K |
| Equity earnings (losses) from Laramie Energy, LLC | $23.3M | ($296.0K) | $25.0M | $0 |
| Total other expense, net | ($60.9M) | ($86.6M) | ($66.7M) | ($73.0M) |
| Income (loss) before income taxes | $477.9M | ($39.0M) | $613.3M | $364.9M |
| Income tax benefit (expense) | ($110.8M) | $5.7M | $115.3M | ($710.0K) |
| Net income (loss) | $367.1M | — | — | — |
| Net loss attributable to noncontrolling interest | ($2.3M) | — | — | — |
| Net income (loss) attributable to Par Pacific stockholders | $369.4M | ($33.3M) | $728.6M | $364.2M |
| Basic (in dollars per share) | $7.28 | -$0.59 | $12.14 | $6.12 |
| Diluted (in dollars per share) | $7.16 | -$0.59 | $11.94 | $6.08 |
| Basic (in shares) | 50.7M | 56.8M | 60.0M | 59.5M |
| Diluted (in shares) | 51.6M | 56.8M | 61.0M | 59.9M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenues | $3.0B | $1.8B | $2.0B | $1.9B |
| Cost of revenues (excluding depreciation) | $2.1B | $1.6B | $1.5B | $1.6B |
| Operating expense (excluding depreciation) | $157.1M | $142.5M | $140.0M | $148.7M |
| Depreciation and amortization | $36.5M | $34.5M | $36.3M | $34.7M |
| General and administrative expense (excluding depreciation) | $28.0M | $24.9M | $24.2M | $23.6M |
| Equity earnings from refining and logistics investments | ($7.5M) | ($5.8M) | ($6.4M) | ($7.3M) |
| Acquisition and integration costs | $0 | $64.0K | $2.0M | $0 |
| Par West redevelopment and other costs | $3.7M | $3.0M | $4.5M | $4.7M |
| Other operating loss (gain), net | $296.0K | ($851.0K) | — | — |
| Total operating expenses | $2.3B | $1.8B | $1.7B | $1.8B |
| Operating income | $634.6M | $65.3M | $358.5M | $96.8M |
| Interest expense and financing costs, net | ($14.3M) | ($15.9M) | ($21.3M) | ($22.1M) |
| Debt extinguishment and commitment costs | ($11.5M) | ($62.0K) | $0 | $0 |
| Other expense, net | ($171.0K) | ($14.0K) | ($109.0K) | ($163.0K) |
| Equity earnings (losses) from Laramie Energy, LLC | ($1.7M) | $9.2M | $8.2M | $1.9M |
| Total other expense, net | ($27.6M) | ($6.8M) | ($13.2M) | ($20.4M) |
| Income before income taxes | $607.0M | $58.5M | $345.3M | $76.3M |
| Income tax expense | ($144.0M) | ($12.3M) | ($82.7M) | ($16.9M) |
| Net income | $462.9M | $46.2M | — | — |
| Net income (loss) attributable to noncontrolling interest | $810.0K | ($8.3M) | — | — |
| Net income attributable to Par Pacific stockholders | $462.1M | $54.5M | $262.6M | $59.5M |
| Basic (in dollars per share) | $9.53 | $1.12 | $5.29 | $1.18 |
| Diluted (in dollars per share) | $9.35 | $1.10 | $5.16 | $1.17 |
| Basic (in shares) | 48.5M | 48.4M | 49.6M | 50.4M |
| Diluted (in shares) | 49.4M | 49.6M | 50.9M | 50.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $164.1M | $191.9M | $279.1M | $490.9M |
| Restricted cash | $351.0K | $346.0K | $339.0K | $4.0M |
| Total cash, cash equivalents, and restricted cash | $164.5M | $192.3M | $279.4M | $494.9M |
| 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 | $367.2M | $252.9M |
| Inventories | $1.2B | $1.1B | $1.2B | $1.0B |
| Prepaid and other current assets | $70.2M | $92.5M | $182.4M | $92.0M |
| Total current assets | $1.8B | $1.8B | $2.0B | $1.9B |
| Property, plant, and equipment | $1.9B | $1.7B | $1.6B | $1.2B |
| Less accumulated depreciation and amortization | ($665.2M) | ($574.7M) | ($478.4M) | ($388.7M) |
| Property, plant, and equipment, net | $1.2B | $1.2B | $1.1B | $835.8M |
| Operating lease right-of-use (“ROU”) assets | $391.4M | $428.1M | $346.5M | $350.8M |
| Refining and logistics equity investments and Investment in Laramie Energy, LLC | $134.5M | $98.8M | $101.8M | — |
| Intangible assets, net | $9.5M | $9.5M | $10.9M | $13.6M |
| Goodwill | $127.3M | $129.3M | $129.3M | $129.3M |
| Other long-term assets | $197.0M | $235.1M | $186.7M | $69.3M |
| Total assets | $3.8B | $3.8B | $3.9B | $3.3B |
| Current maturities of long-term debt | $4.9M | $4.9M | $4.3M | $11.0M |
| Obligations under inventory financing agreements | $161.5M | $194.2M | $594.4M | $893.1M |
| Accounts payable | $341.6M | $436.8M | $391.3M | $151.4M |
| Accrued taxes | $31.6M | $36.0M | $40.1M | $32.1M |
| Operating lease liabilities | $99.6M | $80.2M | $72.8M | $66.1M |
| Other accrued liabilities | $467.0M | $344.2M | $421.8M | $640.5M |
| Total current liabilities | $1.1B | $1.1B | $1.5B | $1.8B |
| Long-term debt, net of current maturities | $797.9M | $1.1B | $646.6M | $494.6M |
| Finance lease liabilities | $12.0M | $11.7M | $12.4M | $6.3M |
| Operating lease liabilities | $312.4M | $362.1M | $282.5M | $292.7M |
| Other liabilities | $52.6M | $59.9M | $62.4M | $48.4M |
| Total liabilities | $2.3B | $2.6B | $2.5B | $2.6B |
| Noncontrolling interest | $41.0M | — | — | — |
| Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued | 0 | 0 | 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 | 597.0K | 604.0K |
| Additional paid-in capital | $957.9M | $884.5M | $860.8M | $836.5M |
| Accumulated earnings | $541.4M | $295.8M | $465.9M | ($200.7M) |
| Accumulated other comprehensive income | $11.7M | $10.4M | $8.2M | $8.1M |
| Total stockholders’ equity | $1.5B | $1.2B | $1.3B | $644.5M |
| Total liabilities, noncontrolling interest, and stockholders’ equity | $3.8B | $3.8B | $3.9B | $3.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $185.0M | $172.2M | $159.1M | $169.2M |
| Restricted cash | $1.9M | $352.0K | $350.0K | $349.0K |
| Trade accounts receivable, net of allowances of $0.6 million and $0.4 million at June 30, 2026, and December 31, 2025, respectively | $514.4M | $481.5M | $349.1M | $386.5M |
| Inventories | $1.4B | $1.4B | $1.4B | $1.0B |
| Prepaid and other current assets | $311.9M | $134.9M | $122.2M | $122.5M |
| Total current assets | $2.5B | $2.2B | $2.0B | $1.7B |
| Property, plant, and equipment | $1.9B | $1.9B | $1.8B | $1.8B |
| Less accumulated depreciation and amortization | ($707.1M) | ($686.6M) | ($646.2M) | ($623.7M) |
| Property, plant, and equipment, net | $1.2B | $1.2B | $1.2B | $1.2B |
| Operating lease right-of-use (“ROU”) assets | $361.2M | $374.3M | $415.4M | $435.2M |
| Refining and logistics equity investments and Investment in Laramie Energy, LLC | $152.4M | $146.6M | $120.0M | $110.4M |
| Intangible assets, net | $9.9M | $9.7M | $8.8M | $9.0M |
| Goodwill | $127.3M | $127.3M | $129.3M | $129.3M |
| Other long-term assets | $201.5M | $192.2M | $236.2M | $315.8M |
| Total assets | $4.5B | $4.2B | $4.1B | $3.9B |
| Current maturities of long-term debt | $1.0M | $4.9M | $5.0M | $4.7M |
| Obligations under inventory financing agreements | $162.3M | $287.3M | $240.7M | $186.1M |
| Accounts payable | $539.5M | $578.2M | $447.6M | $438.7M |
| Accrued taxes | $37.6M | $17.0M | $43.2M | $49.6M |
| Operating lease liabilities | $110.0M | $100.2M | $96.5M | $93.3M |
| Other accrued liabilities | $483.2M | $337.2M | $475.4M | $435.2M |
| Total current liabilities | $1.3B | $1.3B | $1.3B | $1.2B |
| Long-term debt, net of current maturities | $738.1M | $942.7M | $962.1M | $1.1B |
| Finance lease liabilities | $10.8M | $11.4M | $11.3M | $10.9M |
| Operating lease liabilities | $271.7M | $295.2M | $338.4M | $360.0M |
| Other liabilities | $160.6M | $84.0M | $60.2M | $60.8M |
| Total liabilities | $2.5B | $2.7B | $2.7B | $2.7B |
| Noncontrolling interest | $36.6M | $35.5M | — | — |
| Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued | 0 | 0 | 0 | 0 |
| Common stock, $0.01 par value; 500,000,000 shares authorized at June 30, 2026, and December 31, 2025, 49,274,156 shares and 49,685,138 shares issued at June 30, 2026, and December 31, 2025, respectively | 493.0K | 493.0K | 502.0K | 507.0K |
| Additional paid-in capital | $940.7M | $935.9M | $893.7M | $892.2M |
| Accumulated earnings | $1.0B | $567.8M | $491.7M | $245.6M |
| Accumulated other comprehensive income | $11.5M | $11.6M | $10.1M | $10.2M |
| Total stockholders’ equity | $2.0B | $1.5B | $1.4B | $1.1B |
| Total liabilities, noncontrolling interest, and stockholders’ equity | $4.5B | $4.2B | $4.1B | $3.9B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $367.1M | ($33.3M) | $728.6M | $364.2M |
| Depreciation and amortization | $144.3M | $131.6M | $119.8M | $99.8M |
| Debt extinguishment and commitment costs | $1.1M | $1.7M | $19.2M | $5.3M |
| Non-cash interest expense | $6.9M | $5.7M | $4.6M | $4.2M |
| Non-cash lower of cost and net realizable value adjustment | $568.0K | $2.3M | $0 | ($463.0K) |
| Deferred taxes | $100.4M | ($2.6M) | ($126.3M) | $274.0K |
| Other operating loss (gain), net | ($7.2M) | — | — | — |
| Stock-based compensation | $16.6M | $25.7M | $11.6M | $9.4M |
| Unrealized (gain) loss on derivative contracts | ($26.3M) | $42.5M | ($49.7M) | $9.3M |
| Equity (earnings) losses from Laramie Energy, LLC | ($23.3M) | $296.0K | ($25.0M) | $0 |
| 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) | ($57.4M) |
| Prepaid and other assets | $37.8M | $55.9M | ($82.0M) | ($35.4M) |
| Inventories | ($144.1M) | $62.9M | $180.2M | ($254.4M) |
| Deferred turnaround expenditures | ($101.2M) | ($73.5M) | ($5.9M) | ($29.6M) |
| Obligations under inventory financing agreements | ($59.9M) | ($53.5M) | ($91.6M) | $74.7M |
| Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities | $60.2M | ($57.3M) | $15.4M | $262.9M |
| Net cash provided by operating activities | $445.3M | $83.8M | $579.2M | $452.6M |
| Acquisitions of businesses, net of cash acquired | $0 | $0 | ($595.4M) | ($35.5M) |
| Capital expenditures | ($148.9M) | ($135.5M) | ($82.3M) | ($53.0M) |
| Proceeds from sale of assets and other | $6.1M | $61.0K | $1.3M | $1.3M |
| Return of capital from Laramie Energy, LLC and Return of capital from refining and logistics investments | $0 | $1.5M | $17.3M | — |
| Net cash used in investing activities | ($142.8M) | ($134.0M) | ($659.0M) | ($87.3M) |
| Proceeds from borrowings | $6.0B | $4.5B | $1.5B | $384.9M |
| Repayments of borrowings | ($6.4B) | ($4.1B) | ($1.3B) | ($446.9M) |
| Net borrowings (repayments) of deferred payment arrangements and receivable advances | $0 | ($165.5M) | — | — |
| Payment of deferred loan costs | ($2.3M) | ($9.6M) | ($14.4M) | — |
| Purchase of common stock for retirement | ($124.8M) | ($142.0M) | ($67.8M) | ($7.8M) |
| Exercise of stock options | $613.0K | $1.5M | $17.1M | — |
| Issuance of subsidiary units | $100.0M | — | — | — |
| Proceeds from inventory financing agreements | $55.4M | $203.1M | — | — |
| 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) | ($3.5M) |
| Other financing activities, net | $2.4M | $2.3M | $1.6M | $6.0M |
| Net cash used in financing activities | ($330.4M) | ($37.0M) | ($135.6M) | $13.4M |
| Net decrease in cash, cash equivalents, and restricted cash | ($27.8M) | ($87.2M) | ($215.5M) | $378.7M |
| Cash, cash equivalents, and restricted cash at beginning of period | $192.3M | $279.4M | $494.9M | $116.2M |
| Cash, cash equivalents, and restricted cash at end of period | $164.5M | $192.3M | $279.4M | $494.9M |
| Interest | ($80.5M) | ($67.8M) | ($77.4M) | ($63.3M) |
| Taxes | $4.5M | ($12.0M) | ($6.1M) | ($51.0K) |
| Accrued capital expenditures | $27.7M | $33.3M | $13.2M | $5.4M |
| ROU assets obtained in exchange for new finance lease liabilities | $2.9M | $2.3M | $7.9M | $594.0K |
| ROU assets obtained in exchange for new operating lease liabilities | $57.4M | $166.0M | $72.2M | $64.6M |
| ROU assets terminated in exchange for release from operating lease liabilities | $1.3M | $41.0K | $1.4M | $32.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net Income | $509.1M | $46.2M | $291.7M | $29.1M |
| Depreciation and amortization | $70.9M | $34.5M | $107.6M | $71.3M |
| Debt extinguishment and commitment costs | $11.5M | $0 | $25.0K | $25.0K |
| Non-cash interest expense | $4.3M | $2.2M | $4.7M | $3.1M |
| Non-cash lower of cost and net realizable value adjustment | $8.3M | ($785.0K) | ($531.0K) | ($2.3M) |
| Deferred taxes | $133.0M | $10.6M | $81.3M | $8.6M |
| Other operating loss (gain), net | $1.1M | $851.0K | — | — |
| Stock-based compensation | $8.2M | $3.9M | $11.8M | $8.0M |
| Unrealized (gain) loss on derivative contracts | $48.0M | $76.9M | ($41.4M) | ($37.5M) |
| Equity earnings from Laramie Energy, LLC | ($7.5M) | ($9.2M) | ($10.8M) | ($2.6M) |
| Equity earnings from refining and logistics investments | ($13.3M) | ($5.8M) | ($21.2M) | ($14.8M) |
| Dividends received from refining and logistics investments | $2.8M | $2.8M | $10.8M | $5.8M |
| Trade accounts receivable | ($206.6M) | ($168.8M) | $48.9M | $11.4M |
| Prepaid and other assets | ($255.5M) | ($88.4M) | ($4.3M) | ($4.2M) |
| Inventories | ($222.5M) | ($132.6M) | ($265.0M) | $46.6M |
| Deferred turnaround expenditures | ($37.4M) | ($17.9M) | ($100.0M) | ($100.5M) |
| Obligations under inventory financing agreements | $815.0K | $125.8M | $46.5M | ($33.2M) |
| Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities | $186.7M | $79.2M | $192.7M | $144.6M |
| Net cash provided by operating activities | $241.9M | ($40.7M) | $351.5M | $132.2M |
| Capital expenditures | ($82.8M) | ($43.1M) | ($121.3M) | ($89.1M) |
| Proceeds from sale of assets and other | $0 | $0 | $2.3M | $2.3M |
| Net cash used in investing activities | ($82.8M) | ($43.1M) | ($119.1M) | ($86.8M) |
| Proceeds from borrowings | $3.5B | $1.5B | $5.0B | $3.3B |
| Repayments of borrowings | ($3.6B) | ($1.3B) | ($5.2B) | ($3.3B) |
| Payment of deferred loan costs | ($16.2M) | $0 | ($389.0K) | ($47.0K) |
| Purchase of common stock for retirement | ($37.1M) | ($36.7M) | ($97.3M) | ($80.8M) |
| Proceeds from exercise of stock options | $2.0M | $3.5M | — | — |
| Exercise of stock options | ($18.2M) | ($18.2M) | ($2.1M) | — |
| Proceeds from inventory financing agreements | $4.9M | — | $28.2M | $25.1M |
| Payments for debt extinguishment and commitment costs | ($64.0K) | ($62.0K) | ($25.0K) | ($25.0K) |
| Other financing activities, net | $1.3M | $2.0K | $1.3M | $1.3M |
| Net cash used in financing activities | ($131.2M) | $91.8M | ($265.3M) | ($68.1M) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $27.9M | $8.1M | ($32.9M) | ($22.7M) |
| Cash, cash equivalents, and restricted cash at beginning of period | $164.5M | $164.5M | $192.3M | $192.3M |
| Cash, cash equivalents, and restricted cash at end of period | $192.3M | $172.5M | $159.4M | $169.5M |
| Cash and cash equivalents | $185.0M | — | — | — |
| Restricted cash included in current assets | $1.9M | — | — | — |
| Restricted cash included in other long-term assets | $5.5M | — | — | — |
| Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Total | $192.3M | — | — | — |
| Interest | ($21.8M) | ($12.5M) | ($55.7M) | ($37.9M) |
| Taxes | ($16.8M) | ($13.0K) | ($124.0K) | ($39.0K) |
| Accrued capital expenditures | $23.3M | $19.2M | $16.3M | $16.3M |
| ROU assets obtained in exchange for new finance lease liabilities | $0 | $0 | $1.5M | $471.0K |
| ROU assets obtained in exchange for new operating lease liabilities | $24.2M | $6.9M | $55.9M | $52.6M |
| ROU assets terminated in exchange for release from operating lease liabilities | $4.3M | $168.0K | $23.0K | $23.0K |
Par Pacific Holdings Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.