PARR

MKT CAP:$3B

Par Pacific Holdings, Inc.

Market Cap

$3B

Energy·Oil & Gas Refining & Marketing·🇺🇸 United States·NYSE

Energy·Oil & Gas Refining & Marketing·🇺🇸·NYSE

Stock Price

$56.09+$20.27 (+56.59%)

Apr 17, 2026

Company Details

Par Pacific Holdings, Inc. owns and operates energy and infrastructure businesses. The company operates through three segments: Refining, Retail, and Logistics. The Refining segment owns and operates three refineries that produces ultra-low...

CEO

William Monteleone

IPO Date

Sep 5, 2012

Website

www.parpacific.com

Key Metrics TTM

Revenue

$7.5B

-6.4% YoY

Net Income

$369M

EPS (Diluted)

$7.29

Free Cash Flow

$323M

Revenue / Share

$146.66

Gross Margin

18.1%

Operating Margin

7.2%

Net Margin

4.9%

FCF Margin

4.3%

P/S

0.4x

P/E

8.6x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 25, 2026

$7.5B-6.4%EPS $7.16

Q4 2025

Feb 25, 2026

$1.8B-1.0%EPS $1.53

Q3 2025

Nov 5, 2025

$2.0B-6.1%EPS $5.16

Q2 2025

Aug 6, 2025

$1.9B-6.1%EPS $1.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.4B	-$24M	-$121M
Q2 22	$2.1B	$272M	$174M
Q3 22	$2.1B	$389M	$284M
Q4 22	$1.8B	$209M	$101M
Q1 23	$1.7B	$372M	$261M
Q2 23	$1.8B	$181M	$46M
Q3 23	$2.6B	$370M	$197M
Q4 23	$2.2B	$352M	$175M
Q1 24	$2.0B	$201M	$10M
Q2 24	$2.0B	$215M	$49M
Q3 24	$2.1B	$207M	$36M
Q4 24	$1.8B	$119M	-$47M
Q1 25	$1.7B	$149M	-$16M
Q2 25	$1.9B	$265M	$97M
Q3 25	$2.0B	$559M	$359M
Q4 25	$1.8B	$381M	$99M

Valuation

Quarter	P/S	P/E
Q1 22	0.6x	—
Q2 22	0.5x	31.3x
Q3 22	0.5x	11.1x
Q4 22	0.4x	8.8x
Q1 23	0.4x	4.3x
Q2 23	0.4x	5.1x
Q3 23	0.4x	6.1x
Q4 23	0.4x	4.4x
Q1 24	0.4x	6.6x
Q2 24	0.4x	6.7x
Q3 24	0.4x	10.2x
Q4 24	0.4x	—
Q1 25	0.4x	—
Q2 25	0.4x	—
Q3 25	0.4x	13.5x
Q4 25	0.4x	8.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$8M	-$24M
Q2 22	$35M	$23M
Q3 22	$341M	$332M
Q4 22	$84M	$69M
Q1 23	$139M	$126M
Q2 23	$173M	$156M
Q3 23	$269M	$246M
Q4 23	-$2M	-$31M
Q1 24	$25M	$3M
Q2 24	-$5M	-$42M
Q3 24	$78M	$50M
Q4 24	-$15M	-$63M
Q1 25	-$1M	-$42M
Q2 25	$134M	$85M
Q3 25	$140M	$107M
Q4 25	$200M	$173M

Capital Expenditures

Quarter	CapEx
Q1 22	$16M
Q2 22	$13M
Q3 22	$9M
Q4 22	$15M
Q1 23	$13M
Q2 23	$18M
Q3 23	$23M
Q4 23	$29M
Q1 24	$23M
Q2 24	$37M
Q3 24	$28M
Q4 24	$48M
Q1 25	$41M
Q2 25	$48M
Q3 25	$32M
Q4 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+51.9%	+57.6%
Q2 22	+73.0%	+48.4%
Q3 22	+56.9%	+46.1%
Q4 22	+39.8%	+34.5%
Q1 23	+24.8%	-3.2%
Q2 23	-15.3%	-10.1%
Q3 23	+25.4%	+34.4%
Q4 23	+20.7%	+17.6%
Q1 24	+17.5%	+38.5%
Q2 24	+13.1%	+13.3%
Q3 24	-16.9%	-11.5%
Q4 24	-16.1%	-6.4%
Q1 25	-11.9%	-10.7%
Q2 25	-6.1%	-8.7%
Q3 25	-6.1%	-21.5%
Q4 25	-1.0%	-8.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	0.3%
Q2 22	$2M	0.1%
Q3 22	$2M	0.1%
Q4 22	$2M	0.1%
Q1 23	$2M	0.1%
Q2 23	$4M	0.2%
Q3 23	$3M	0.1%
Q4 23	$3M	0.1%
Q1 24	$16M	0.8%
Q2 24	$3M	0.2%
Q3 24	$3M	0.1%
Q4 24	$3M	0.2%
Q1 25	$4M	0.2%
Q2 25	$4M	0.2%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	—	$16M	—
Q2 22	$1M	$15M	—
Q3 22	$3M	$16M	—
Q4 22	—	$15M	—
Q1 23	$3M	$19M	—
Q2 23	$3M	$23M	—
Q3 23	$3M	$24M	—
Q4 23	$3M	$25M	—
Q1 24	$2M	$42M	—
Q2 24	$3M	$23M	—
Q3 24	$4M	$22M	—
Q4 24	—	$22M	—
Q1 25	—	$24M	—
Q2 25	—	$24M	—
Q3 25	—	$24M	$140M
Q4 25	—	$26M	—

Revenue Segments

Quarter	Fuel Revenue	Other Revenue
Q1 25	$1.6B	$109M
Q2 25	$1.8B	$59M
Q3 25	$1.9B	$69M
Q4 25	$1.7B	$74M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$141M	$0	$141M
Q2 22	$186M	$0	$186M
Q3 22	$409M	$0	$409M
Q4 22	$491M	$0	$491M
Q1 23	$661M	$0	$661M
Q2 23	$191M	$0	$191M
Q3 23	$347M	$0	$347M
Q4 23	$279M	$0	$279M
Q1 24	$228M	$0	$228M
Q2 24	$180M	$0	$180M
Q3 24	$183M	$0	$183M
Q4 24	$192M	$0	$192M
Q1 25	$134M	$0	$134M
Q2 25	$169M	$0	$169M
Q3 25	$159M	$0	$159M
Q4 25	$164M	$0	$164M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	59M	-0.7%	+9.5%
Q2 22	60M	+0.4%	+0.5%
Q3 22	60M	+0.3%	+0.1%
Q4 22	60M	+0.9%	+0.9%
Q1 23	61M	+1.1%	+2.8%
Q2 23	61M	-0.1%	+2.3%
Q3 23	61M	+0.7%	+2.6%
Q4 23	61M	-1.3%	+0.4%
Q1 24	59M	-2.7%	-3.4%
Q2 24	58M	-1.6%	-4.8%
Q3 24	56M	-3.1%	-8.4%
Q4 24	55M	-1.7%	-8.8%
Q1 25	54M	-2.7%	-8.9%
Q2 25	51M	-5.4%	-12.4%
Q3 25	51M	+0.1%	-9.5%
Q4 25	51M	0.0%	-7.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1M	1K
Q2 22	$2M	1K
Q3 22	$2M	1K
Q4 22	$1M	1K
Q1 23	$1M	1K
Q2 23	$1M	1K
Q3 23	$2M	1K
Q4 23	$1M	2K
Q1 24	$1M	2K
Q2 24	$1M	2K
Q3 24	$1M	2K
Q4 24	$1M	2K
Q1 25	$976.5K	2K
Q2 25	$1M	2K
Q3 25	$1M	2K
Q4 25	$1M	2K

Revenue / Employee