Par Pacific (PARR) Financials

$58.93 +0.10 (+0.17%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$58.98 +0.06 (+0.10%)

As of 05/22/2026 07:43 PM Eastern

Annual Income Statements for Par Pacific

This table shows Par Pacific's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-40	-46	73	39	41	-409	-81	364	729	-33	369
Consolidated Net Income / (Loss)	-40	-46	73	39	41	-409	-81	364	729	-33	367
Net Income / (Loss) Continuing Operations	-40	-46	73	39	41	-409	-81	364	729	-33	367
Total Pre-Tax Income	-57	-54	71	40	-29	-430	-80	365	613	-39	478
Total Operating Income	62	-20	94	82	148	-318	-7.62	438	680	48	539
Total Gross Profit	279	229	388	408	598	177	372	946	1,394	873	1,355
Total Revenue	2,066	1,865	2,443	3,411	5,402	3,125	4,710	7,322	8,232	7,974	7,465
Operating Revenue	2,066	1,865	2,443	3,411	5,402	3,125	4,710	7,322	8,232	7,974	7,465
Total Cost of Revenue	1,787	1,636	2,055	3,003	4,804	2,948	4,338	6,376	6,838	7,101	6,110
Operating Cost of Revenue	1,787	1,636	2,055	3,003	4,804	2,948	4,338	6,376	6,838	7,101	6,110
Total Operating Expenses	217	248	294	326	450	495	379	508	714	826	816
Selling, General & Admin Expense	186	211	248	263	359	319	338	396	577	693	686
Depreciation Expense	20	32	46	53	86	90	94	100	120	132	144
Other Operating Expenses / (Income)	-	-	-	-	-	-	9.59	9.00	-0.51	0.87	-19
Restructuring Charge	2.01	5.29	0.40	10	4.70	0.61	0.09	3.66	17	0.10	4.34
Total Other Income / (Expense), net	-118	-34	-23	-42	-177	-112	-73	-73	-67	-87	-61
Interest Expense	40	29	40	44	86	70	75	74	92	84	84
Interest & Investment Income	-56	-22	18	9.46	-90	-47	0.00	0.00	25	-0.30	23
Other Income / (Expense), net	-22	17	-0.76	-7.65	-0.68	5.32	1.98	0.61	-0.05	-1.87	-0.67
Income Tax Expense	-17	-7.91	-1.32	0.33	-70	-21	1.02	0.71	-115	-5.70	111
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	0.00	-2.30
Basic Earnings per Share	($1.06)	($1.08)	$1.58	$0.85	$0.80	($7.68)	($1.40)	$6.12	$12.14	($0.59)	$7.28
Weighted Average Basic Shares Outstanding	37.68M	42.35M	45.54M	45.73M	50.35M	53.30M	58.27M	59.54M	60.04M	56.78M	50.74M
Diluted Earnings per Share	($1.06)	($1.08)	$1.57	$0.85	$0.80	($7.68)	($1.40)	$6.08	$11.94	($0.59)	$7.16
Weighted Average Diluted Shares Outstanding	37.68M	42.35M	45.58M	45.76M	50.47M	53.30M	58.27M	59.88M	61.01M	56.78M	51.59M
Weighted Average Basic & Diluted Shares Outstanding	37.70M	42.40M	46M	46.40M	53.38M	54.01M	59.81M	60.67M	59.58M	54.75M	49.00M

This table shows Par Pacific's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	171	289	-3.75	19	7.49	-56	-30	59	263	78	54
Consolidated Net Income / (Loss)	171	289	-3.75	19	7.49	-56	-30	59	263	75	46
Net Income / (Loss) Continuing Operations	171	289	-3.75	19	7.49	-56	-30	59	263	75	46
Total Pre-Tax Income	176	167	-6.38	25	14	-72	-37	76	345	93	58
Total Operating Income	197	175	9.52	49	36	-47	-16	97	359	99	65
Total Gross Profit	405	384	233	247	239	154	186	300	559	310	265
Total Revenue	2,579	2,184	1,981	2,017	2,144	1,832	1,745	1,893	2,013	1,813	1,824
Operating Revenue	2,579	2,184	1,981	2,017	2,144	1,832	1,745	1,893	2,013	1,813	1,824
Total Cost of Revenue	2,174	1,800	1,747	1,770	1,905	1,678	1,559	1,593	1,454	1,503	1,559
Operating Cost of Revenue	2,174	1,800	1,747	1,770	1,905	1,678	1,559	1,593	1,454	1,503	1,559
Total Operating Expenses	208	208	224	199	202	201	201	203	201	211	200
Selling, General & Admin Expense	169	181	195	167	169	161	168	172	164	181	167
Depreciation Expense	35	32	33	32	32	35	37	35	36	37	34
Other Operating Expenses / (Income)	-0.81	-4.64	-4.12	-0.67	1.00	4.66	-3.53	-2.62	-1.83	-11	-1.99
Restructuring Charge	4.67	0.27	0.24	-0.15	-0.02	0.03	0.00	0.00	1.97	2.36	0.06
Total Other Income / (Expense), net	-21	-8.05	-16	-23	-22	-25	-22	-20	-13	-5.78	-6.83
Interest Expense	21	22	18	22	23	21	22	22	21	18	16
Interest & Investment Income	0.00	14	4.56	-1.36	-0.34	-3.16	0.73	1.86	8.20	13	9.18
Other Income / (Expense), net	-0.04	-0.35	-2.58	-0.12	1.25	-0.42	-0.37	-0.16	-0.11	-0.02	-0.01
Income Tax Expense	4.60	-122	-2.63	6.67	6.46	-16	-6.89	17	83	18	12
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	0.00	-	-	-	-8.30
Basic Earnings per Share	$2.85	$4.83	($0.06)	$0.33	$0.13	($0.99)	($0.57)	$1.18	$5.29	$1.38	$1.12
Weighted Average Basic Shares Outstanding	60.22M	60.04M	58.99M	57.24M	55.73M	56.78M	53.76M	50.37M	49.63M	50.74M	48.40M
Diluted Earnings per Share	$2.79	$4.76	($0.06)	$0.32	$0.13	($0.98)	($0.57)	$1.17	$5.16	$1.40	$1.10
Weighted Average Diluted Shares Outstanding	61.40M	61.01M	58.99M	58.05M	56.22M	56.78M	53.76M	50.84M	50.90M	51.59M	49.63M
Weighted Average Basic & Diluted Shares Outstanding	60.50M	59.58M	57.94M	56.33M	55.95M	54.75M	51.58M	50.81M	50.29M	49.00M	50.14M

This table details how cash moves in and out of Par Pacific's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	79	-120	70	-43	53	-58	46	379	-215	-87	-28
Net Cash From Operating Activities	132	-23	106	91	106	-37	-28	453	579	84	445
Net Cash From Continuing Operating Activities	132	-23	106	91	106	-37	-28	453	579	84	445
Net Income / (Loss) Continuing Operations	-40	-46	73	39	41	-409	-81	364	729	-33	367
Consolidated Net Income / (Loss)	-40	-46	73	39	41	-409	-81	364	729	-33	367
Depreciation Expense	20	32	46	53	86	90	94	100	120	132	144
Amortization Expense	12	18	7.28	7.13	9.12	6.90	5.66	4.22	4.65	5.74	6.87
Non-Cash Adjustments To Reconcile Net Income	102	5.62	145	-18	220	-44	187	89	-93	-22	-77
Changes in Operating Assets and Liabilities, net	37	-33	-164	9.45	-251	319	-233	-104	-181	1.89	4.29
Net Cash From Investing Activities	-114	-286	-32	-176	-353	-63	75	-87	-659	-134	-143
Net Cash From Continuing Investing Activities	-114	-286	-32	-176	-353	-63	75	-87	-659	-134	-143
Purchase of Property, Plant & Equipment	-22	-25	-32	-48	-84	-64	-30	-53	-82	-136	-149
Acquisitions	-92	-264	0.00	-74	-273	0.00	0.00	-36	-595	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	-	0.86	0.06	104	1.26	1.32	0.06	6.09
Sale and/or Maturity of Investments	0.00	2.77	-	-	-	-	0.00	0.00	17	1.49	0.00
Net Cash From Financing Activities	60	190	-4.75	42	300	43	-1.09	13	-136	-37	-330
Net Cash From Continuing Financing Activities	60	190	-4.75	42	300	43	-1.09	13	-136	-37	-330
Repayment of Debt	-236	-210	-615	-120	-219	-207	-334	-370	-1,435	-4,236	-6,354
Repurchase of Common Equity	-	-	-	-	-	-1.16	-2.15	-7.83	-68	-142	-125
Issuance of Debt	208	355	617	119	511	250	187	385	1,463	4,518	6,021
Issuance of Common Equity	76	49	0.00	19	0.00	0.00	87	-	0.00	0.00	100
Other Financing Activities, net	12	-3.95	-6.63	24	8.17	-	61	6.44	-95	-178	28
Cash Interest Paid	6.89	13	24	28	58	54	65	63	77	68	80
Cash Income Taxes Paid	-0.40	-0.59	1.48	0.05	0.14	-0.19	0.80	0.05	6.10	12	-4.49

This table details how cash moves in and out of Par Pacific's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	171	-86	-51	-49	3.32	8.95	-58	35	-10	5.06	8.06
Net Cash From Operating Activities	269	-2.29	25	-4.68	78	-15	-1.40	134	219	94	-41
Net Cash From Continuing Operating Activities	269	-2.29	25	-4.68	78	-15	-1.40	134	219	94	-41
Net Income / (Loss) Continuing Operations	171	289	-3.75	19	7.49	-56	-30	59	263	75	46
Consolidated Net Income / (Loss)	171	289	-3.75	19	7.49	-56	-30	59	263	75	46
Depreciation Expense	35	32	33	32	32	35	37	35	36	37	34
Amortization Expense	1.27	1.76	1.41	1.36	1.43	1.54	1.52	1.56	1.65	2.14	2.19
Non-Cash Adjustments To Reconcile Net Income	79	-108	77	-56	-74	-42	10	-51	76	-113	117
Changes in Operating Assets and Liabilities, net	-18	-218	-82	-0.33	112	46	-19	88	-157	92	-240
Net Cash From Investing Activities	-5.73	-27	-23	-35	-28	-48	-41	-46	-32	-24	-43
Net Cash From Continuing Investing Activities	-5.73	-27	-23	-35	-28	-48	-41	-46	-32	-24	-43
Purchase of Property, Plant & Equipment	-23	-29	-23	-37	-28	-48	-41	-48	-32	-28	-43
Sale of Property, Plant & Equipment	-	1.27	0.01	0.05	-	0.00	0.01	2.26	0.01	3.81	0.00
Net Cash From Financing Activities	-93	-57	-54	-8.61	-47	72	-16	-52	-197	-65	92
Net Cash From Continuing Financing Activities	-93	-57	-54	-8.61	-47	72	-16	-52	-197	-65	92
Repayment of Debt	-254	-462	-546	-1,088	-1,197	-1,236	-1,389	-1,930	-1,861	-1,174	-1,309
Repurchase of Common Equity	-27	-36	-34	-69	-23	-15	-51	-30	-16	-28	-37
Issuance of Debt	150	549	527	1,330	1,339	1,322	1,424	1,882	1,708	1,007	1,452
Other Financing Activities, net	38	-108	-	-182	-165	1.51	0.00	-	-27	30	-15
Cash Interest Paid	20	19	16	11	21	20	19	18	18	25	13
Cash Income Taxes Paid	-0.62	3.91	3.16	7.70	0.52	0.65	0.03	0.01	0.09	-4.61	0.01

This table presents Par Pacific's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	892	1,145	1,347	1,461	2,701	2,134	2,570	3,281	3,864	3,829	3,834
Total Current Assets	532	403	604	587	1,032	636	1,130	1,882	1,989	1,772	1,776
Cash & Equivalents	168	48	118	75	126	68	112	491	279	192	164
Restricted Cash	0.75	1.25	-	-	2.41	2.00	4.00	4.00	0.34	0.35	0.35
Accounts Receivable	68	102	122	160	229	112	195	253	367	398	313
Inventories, net	219	198	345	322	616	430	790	1,042	1,160	1,089	1,229
Prepaid Expenses	75	53	17	28	59	25	29	92	182	93	70
Plant, Property, & Equipment, net	195	451	450	538	962	933	857	836	1,099	1,156	1,198
Plant, Property & Equipment, gross	222	501	530	650	1,147	1,184	1,180	1,225	1,578	1,731	1,863
Accumulated Depreciation	27	50	80	112	185	251	324	389	478	575	665
Total Noncurrent Assets	165	291	295	337	706	565	584	563	775	901	860
Long-Term Investments	76	109	127	137	47	-	-	0.00	102	99	134
Goodwill	41	106	107	153	196	128	127	129	129	129	127
Intangible Assets	34	30	27	24	22	19	16	14	11	9.52	9.48
Other Noncurrent Operating Assets	13	47	34	23	442	418	440	420	533	663	588
Total Liabilities & Shareholders' Equity	892	1,145	1,347	1,461	2,701	2,134	2,570	3,281	3,864	3,829	3,834
Total Liabilities	552	777	900	948	2,052	1,888	2,305	2,636	2,529	2,638	2,281
Total Current Liabilities	365	383	471	507	1,034	879	1,356	1,794	1,525	1,096	1,106
Short-Term Debt	31	20	0.00	0.03	12	60	11	11	4.26	4.89	4.93
Accounts Payable	27	65	53	55	162	107	155	151	391	437	342
Accrued Expenses	69	35	27	55	85	204	370	640	422	344	467
Current Deferred & Payable Income Tax Liabilities	-	13	18	17	31	27	29	32	40	36	32
Other Current Liabilities	238	225	364	374	736	481	791	959	667	274	261
Total Noncurrent Liabilities	187	394	429	441	1,018	1,009	949	842	1,004	1,542	1,175
Long-Term Debt	154	350	385	393	600	649	554	495	647	1,108	798
Other Noncurrent Operating Liabilities	31	42	43	42	418	360	395	347	357	434	377
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	0.00	41
Total Equity & Noncontrolling Interests	341	369	448	512	648	246	266	645	1,335	1,191	1,512
Total Preferred & Common Equity	341	369	448	512	648	246	266	645	1,335	1,191	1,512
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	341	369	448	512	648	246	266	645	1,335	1,191	1,512
Common Stock	516	588	594	618	716	727	822	837	861	885	958
Retained Earnings	-175	-221	-148	-109	-68	-477	-559	-201	466	296	541
Accumulated Other Comprehensive Income / (Loss)	0.00	2.20	2.14	2.67	0.58	-3.74	2.50	8.13	8.17	10	12

This table presents Par Pacific's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,107	3,327	3,610	3,889	3,772	3,937	3,853	3,753	3,896	4,077	4,210
Total Current Assets	1,739	1,949	1,893	2,178	1,859	1,976	1,767	1,624	1,720	1,982	2,151
Cash & Equivalents	409	661	191	347	228	180	183	134	169	159	172
Restricted Cash	4.00	4.00	4.01	18	0.34	0.34	0.35	0.35	0.35	0.35	0.35
Accounts Receivable	288	278	402	527	448	486	430	384	387	349	482
Inventories, net	915	930	1,241	1,227	1,133	1,258	1,072	1,060	1,041	1,351	1,362
Prepaid Expenses	123	76	55	57	48	52	82	46	123	122	135
Plant, Property, & Equipment, net	832	832	1,090	1,089	1,105	1,115	1,134	1,163	1,176	1,185	1,208
Plant, Property & Equipment, gross	1,207	1,238	1,517	1,544	1,608	1,642	1,686	1,764	1,799	1,831	1,895
Accumulated Depreciation	375	406	427	456	504	527	552	601	624	646	687
Total Noncurrent Assets	537	547	626	622	809	846	952	966	1,000	910	850
Long-Term Investments	-	-	84	83	107	104	106	107	110	120	147
Goodwill	127	129	129	129	129	129	129	129	129	129	127
Intangible Assets	14	13	12	12	10	10	9.76	9.28	9.03	8.79	9.74
Other Noncurrent Operating Assets	395	405	400	398	562	602	707	720	751	652	566
Total Liabilities & Shareholders' Equity	3,107	3,327	3,610	3,889	3,772	3,937	3,853	3,753	3,896	4,077	4,210
Total Liabilities	2,560	2,439	2,691	2,817	2,460	2,671	2,599	2,641	2,747	2,681	2,658
Total Current Liabilities	1,722	1,572	1,770	1,940	1,448	1,211	1,046	1,042	1,208	1,309	1,325
Short-Term Debt	11	3.75	4.35	4.29	4.23	4.17	4.13	4.77	4.73	5.03	4.90
Accounts Payable	201	188	351	520	436	549	465	411	439	448	578
Accrued Expenses	562	410	513	452	239	285	285	294	435	475	337
Current Deferred & Payable Income Tax Liabilities	36	32	48	50	37	52	51	33	50	43	17
Other Current Liabilities	912	938	853	913	732	321	241	300	279	337	387
Total Noncurrent Liabilities	839	867	921	878	1,013	1,460	1,554	1,599	1,539	1,372	1,333
Long-Term Debt	497	531	575	533	635	1,055	1,040	1,149	1,108	962	943
Other Noncurrent Operating Liabilities	342	337	346	345	377	406	514	450	432	410	391
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	36
Total Equity & Noncontrolling Interests	547	888	919	1,071	1,311	1,266	1,254	1,112	1,148	1,396	1,516
Total Preferred & Common Equity	547	888	919	1,071	1,311	1,266	1,254	1,112	1,148	1,396	1,516
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	547	888	919	1,071	1,311	1,266	1,254	1,112	1,148	1,396	1,516
Common Stock	830	843	847	854	874	876	879	887	893	894	936
Retained Earnings	-285	37	65	209	430	381	367	214	246	492	568
Accumulated Other Comprehensive Income / (Loss)	2.50	8.12	8.11	8.10	8.12	8.07	8.01	10	10	10	12

This table displays calculated financial ratios and metrics derived from Par Pacific's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	60,317,690.00	60,499,678.00	55,952,124.00	50,291,043.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	60,317,690.00	60,499,678.00	55,952,124.00	50,291,043.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	6.04	12.04	-0.60	7.35
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-33.52%	-9.74%	30.99%	39.61%	58.37%	-42.15%	50.73%	55.45%	12.43%	-3.13%	-6.39%
EBITDA Growth	3,356.31%	-34.41%	212.43%	-8.47%	80.92%	-188.95%	143.69%	475.51%	48.28%	-77.24%	276.48%
EBIT Growth	227.97%	-107.31%	3,358.67%	-20.29%	98.28%	-312.28%	98.20%	7,876.49%	55.06%	-93.27%	1,075.93%
NOPAT Growth	263.90%	-131.94%	795.78%	-15.09%	27.48%	-314.89%	97.60%	8,294.76%	84.85%	-95.87%	1,141.35%
Net Income Growth	15.16%	-14.84%	258.44%	-45.71%	3.51%	-1,102.44%	80.13%	547.97%	100.07%	-104.57%	1,201.64%
EPS Growth	26.39%	-1.89%	245.37%	-45.86%	-5.88%	-1,060.00%	81.77%	534.29%	96.38%	-104.94%	1,313.56%
Operating Cash Flow Growth	342.40%	-117.67%	555.19%	-14.90%	16.56%	-135.23%	25.78%	1,738.57%	27.96%	-85.53%	431.58%
Free Cash Flow Firm Growth	84.09%	-3,248.78%	128.81%	-132.94%	-843.44%	92.08%	840.20%	200.23%	-128.64%	-163.85%	198.88%
Invested Capital Growth	22.84%	106.72%	0.85%	18.89%	55.12%	-18.46%	-19.28%	-8.25%	145.00%	25.43%	2.15%
Revenue Q/Q Growth	-11.36%	6.86%	4.26%	6.76%	10.65%	-17.95%	13.99%	7.57%	4.77%	-4.22%	-0.25%
EBITDA Q/Q Growth	-38.69%	399.82%	-6.84%	2.13%	22.43%	-384.04%	289.83%	17.04%	11.16%	-54.53%	27.59%
EBIT Q/Q Growth	-54.33%	93.09%	-5.57%	0.85%	33.28%	-125.04%	96.07%	21.59%	12.10%	-82.93%	37.45%
NOPAT Q/Q Growth	-73.12%	64.20%	1.00%	-7.08%	35.94%	-120.32%	94.76%	21.36%	35.13%	-92.07%	39.61%
Net Income Q/Q Growth	-168.12%	63.73%	7.90%	-11.49%	111.93%	-69.23%	63.26%	26.65%	39.04%	-110.69%	55.55%
EPS Q/Q Growth	-160.57%	66.46%	3.97%	-13.27%	128.57%	-72.20%	65.77%	24.59%	38.84%	-111.46%	49.79%
Operating Cash Flow Q/Q Growth	-20.47%	56.06%	-13.65%	71.22%	-23.10%	-212.94%	0.00%	57.79%	-12.91%	-13.59%	32.51%
Free Cash Flow Firm Q/Q Growth	-111.61%	-5.76%	5.16%	-401.67%	14.71%	-724.86%	-32.38%	48.70%	-278.36%	12.51%	67.52%
Invested Capital Q/Q Growth	-3.23%	5.88%	5.16%	7.14%	2.40%	-7.97%	16.11%	2.11%	38.39%	0.23%	-1.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	13.50%	12.26%	15.90%	11.95%	11.07%	5.67%	7.89%	12.92%	16.93%	10.95%	18.15%
EBITDA Margin	3.46%	2.51%	6.00%	3.93%	4.49%	-6.90%	2.00%	7.41%	9.77%	2.30%	9.23%
Operating Margin	2.98%	-1.05%	3.85%	2.40%	2.74%	-10.18%	-0.16%	5.98%	8.26%	0.60%	7.22%
EBIT Margin	1.89%	-0.15%	3.81%	2.18%	2.73%	-10.01%	-0.12%	5.99%	8.26%	0.57%	7.21%
Profit (Net Income) Margin	-1.93%	-2.46%	2.97%	1.16%	0.76%	-13.09%	-1.73%	4.97%	8.85%	-0.42%	4.92%
Tax Burden Percent	70.39%	85.28%	101.85%	99.16%	-141.31%	95.18%	101.27%	99.81%	118.81%	85.40%	76.82%
Interest Burden Percent	-144.98%	1,879.27%	76.51%	53.52%	-19.61%	137.46%	1,423.59%	83.21%	90.20%	-85.27%	88.81%
Effective Tax Rate	0.00%	0.00%	-1.85%	0.84%	0.00%	0.00%	0.00%	0.19%	-18.81%	0.00%	23.18%
Return on Invested Capital (ROIC)	16.83%	-3.18%	16.34%	12.62%	11.61%	-22.61%	-0.67%	63.84%	71.49%	1.84%	20.34%
ROIC Less NNEP Spread (ROIC-NNEP)	154.02%	-44.34%	3.33%	-12.92%	-8.52%	-57.30%	-14.65%	32.09%	14.94%	-10.37%	13.28%
Return on Net Nonoperating Assets (RNNOA)	-29.44%	-9.74%	1.45%	-4.41%	-4.58%	-68.86%	-31.09%	16.18%	2.11%	-4.48%	6.42%
Return on Equity (ROE)	-12.61%	-12.92%	17.79%	8.21%	7.03%	-91.47%	-31.76%	80.02%	73.60%	-2.64%	26.76%
Cash Return on Invested Capital (CROIC)	-3.67%	-72.77%	15.49%	-4.64%	-31.60%	-2.27%	20.67%	72.44%	-12.57%	-20.72%	18.21%
Operating Return on Assets (OROA)	4.81%	-0.28%	7.48%	5.29%	7.08%	-12.94%	-0.24%	14.99%	19.03%	1.19%	14.04%
Return on Assets (ROA)	-4.90%	-4.50%	5.83%	2.81%	1.96%	-16.92%	-3.46%	12.45%	20.40%	-0.87%	9.58%
Return on Common Equity (ROCE)	-12.61%	-12.92%	17.79%	8.21%	7.03%	-91.47%	-31.76%	80.02%	73.60%	-2.64%	26.36%
Return on Equity Simple (ROE_SIMPLE)	-11.72%	-12.42%	16.22%	7.70%	6.30%	-166.11%	-30.60%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	43	-14	96	81	104	-223	-5.33	437	808	33	414
NOPAT Margin	2.08%	-0.74%	3.92%	2.38%	1.92%	-7.12%	-0.11%	5.97%	9.81%	0.42%	5.54%
Net Nonoperating Expense Percent (NNEP)	-137.19%	41.17%	13.01%	25.54%	20.13%	34.70%	13.98%	31.75%	56.55%	12.21%	7.06%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	38.00%	40.67%	1.45%	17.88%
Cost of Revenue to Revenue	86.50%	87.74%	84.10%	88.05%	88.93%	94.33%	92.11%	87.08%	83.07%	89.05%	81.85%
SG&A Expenses to Revenue	9.00%	11.34%	10.16%	7.70%	6.65%	10.20%	7.38%	5.40%	7.01%	8.69%	9.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.52%	13.32%	12.05%	9.55%	8.33%	15.85%	8.05%	6.94%	8.67%	10.35%	10.93%
Earnings before Interest and Taxes (EBIT)	39	-2.86	93	74	147	-313	-5.64	439	680	46	538
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	71	47	146	134	243	-216	94	543	804	183	689
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.58	1.67	1.96	1.27	1.81	3.03	3.62	2.18	1.65	0.77	1.17
Price to Tangible Book Value (P/TBV)	3.32	2.64	2.80	1.94	2.72	7.50	7.86	2.80	1.84	0.87	1.29
Price to Revenue (P/Rev)	0.43	0.33	0.36	0.19	0.22	0.24	0.20	0.19	0.27	0.12	0.24
Price to Earnings (P/E)	0.00	0.00	12.10	16.46	28.74	0.00	0.00	3.85	3.02	0.00	4.78
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	8.26%	6.08%	3.48%	0.00%	0.00%	25.97%	33.11%	0.00%	20.90%
Enterprise Value to Invested Capital (EV/IC)	2.91	1.42	1.73	1.20	1.48	1.56	1.97	2.16	1.54	0.86	1.12
Enterprise Value to Revenue (EV/Rev)	0.40	0.45	0.42	0.25	0.30	0.44	0.30	0.19	0.30	0.22	0.31
Enterprise Value to EBITDA (EV/EBITDA)	11.48	17.71	6.96	6.23	6.64	0.00	14.95	2.60	3.07	9.50	3.35
Enterprise Value to EBIT (EV/EBIT)	20.98	0.00	10.94	11.25	10.93	0.00	0.00	3.22	3.63	38.00	4.30
Enterprise Value to NOPAT (EV/NOPAT)	19.06	0.00	10.65	10.29	15.54	0.00	0.00	3.23	3.06	52.16	5.59
Enterprise Value to Operating Cash Flow (EV/OCF)	6.20	0.00	9.57	9.22	15.24	0.00	0.00	3.12	4.26	20.76	5.19
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	11.24	0.00	0.00	0.00	8.53	2.85	0.00	0.00	6.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.55	1.01	0.86	0.78	0.94	2.88	2.12	0.78	0.49	0.93	0.52
Long-Term Debt to Equity	0.46	0.95	0.86	0.78	0.93	2.63	2.08	0.77	0.48	0.93	0.51
Financial Leverage	-0.19	0.22	0.43	0.34	0.54	1.20	2.12	0.50	0.14	0.43	0.48
Leverage Ratio	2.57	2.87	3.05	2.93	3.59	5.40	9.19	6.43	3.61	3.04	2.79
Compound Leverage Factor	-3.73	53.97	2.34	1.57	-0.70	7.43	130.80	5.35	3.25	-2.60	2.48
Debt to Total Capital	35.35%	50.22%	46.30%	43.77%	48.56%	74.21%	68.00%	43.96%	32.77%	48.30%	34.09%
Short-Term Debt to Total Capital	5.86%	2.74%	0.00%	0.00%	0.98%	6.28%	1.31%	0.95%	0.21%	0.21%	0.21%
Long-Term Debt to Total Capital	29.49%	47.48%	46.30%	43.76%	47.58%	67.93%	66.69%	43.00%	32.55%	48.09%	33.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.74%
Common Equity to Total Capital	64.65%	49.78%	53.70%	56.23%	51.44%	25.79%	32.00%	56.04%	67.23%	51.70%	64.17%
Debt to EBITDA	2.61	7.94	2.64	2.97	2.52	-3.28	5.99	0.93	0.81	6.08	1.16
Net Debt to EBITDA	-0.82	4.57	0.96	1.40	1.80	-2.96	4.76	0.02	0.34	4.49	0.73
Long-Term Debt to EBITDA	2.17	7.51	2.64	2.97	2.47	-3.01	5.87	0.91	0.80	6.05	1.16
Debt to NOPAT	4.33	-27.06	4.03	4.91	5.91	-3.18	-105.86	1.16	0.81	33.38	1.94
Net Debt to NOPAT	-1.36	-15.58	1.47	2.30	4.21	-2.87	-84.06	0.02	0.33	24.65	1.22
Long-Term Debt to NOPAT	3.61	-25.58	4.03	4.91	5.79	-2.91	-103.82	1.13	0.80	33.24	1.93
Altman Z-Score	3.37	1.85	2.59	2.87	2.49	0.77	1.67	2.94	3.55	2.65	3.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.46	1.05	1.28	1.16	1.00	0.72	0.83	1.05	1.30	1.62	1.61
Quick Ratio	0.65	0.39	0.51	0.46	0.34	0.20	0.23	0.41	0.42	0.54	0.43
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.40	-315	91	-30	-282	-22	165	496	-142	-375	371
Operating Cash Flow to CapEx	592.34%	-94.20%	335.82%	187.08%	127.18%	-58.64%	0.00%	874.40%	715.40%	61.84%	311.90%
Free Cash Flow to Firm to Interest Expense	-0.24	-11.05	2.25	-0.68	-3.26	-0.32	2.21	6.74	-1.55	-4.44	4.44
Operating Cash Flow to Interest Expense	3.32	-0.82	2.64	2.06	1.22	-0.53	-0.37	6.15	6.32	0.99	5.33
Operating Cash Flow Less CapEx to Interest Expense	2.76	-1.69	1.86	0.96	0.26	-1.43	0.63	5.45	5.44	-0.61	3.62
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.54	1.83	1.96	2.43	2.60	1.29	2.00	2.50	2.30	2.07	1.95
Accounts Receivable Turnover	22.92	21.85	21.79	24.18	27.77	18.36	30.71	32.69	26.55	20.84	21.00
Inventory Turnover	7.72	7.83	7.56	9.00	10.24	5.64	7.11	6.96	6.21	6.31	5.27
Fixed Asset Turnover	13.41	5.77	5.42	6.90	7.20	3.30	5.26	8.65	8.51	7.07	6.34
Accounts Payable Turnover	59.09	35.34	34.90	55.96	44.23	21.89	33.18	41.68	25.20	17.15	15.70
Days Sales Outstanding (DSO)	15.92	16.71	16.75	15.10	13.15	19.88	11.89	11.17	13.75	17.52	17.38
Days Inventory Outstanding (DIO)	47.30	46.59	48.29	40.56	35.63	64.74	51.33	52.45	58.78	57.82	69.24
Days Payable Outstanding (DPO)	6.18	10.33	10.46	6.52	8.25	16.68	11.00	8.76	14.48	21.28	23.25
Cash Conversion Cycle (CCC)	57.05	52.97	54.58	49.14	40.53	67.95	52.21	54.86	58.04	54.05	63.37
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	282	583	588	699	1,085	885	714	655	1,605	2,013	2,056
Invested Capital Turnover	8.07	4.31	4.17	5.30	6.05	3.17	5.89	10.70	7.28	4.41	3.67
Increase / (Decrease) in Invested Capital	52	301	4.98	111	385	-200	-171	-59	950	408	43
Enterprise Value (EV)	821	830	1,019	836	1,610	1,383	1,409	1,413	2,470	1,739	2,312
Market Capitalization	879	616	879	649	1,173	745	961	1,402	2,200	917	1,767
Book Value per Share	$9.08	$8.11	$9.78	$11.17	$12.67	$4.56	$4.41	$10.69	$22.07	$21.29	$30.06
Tangible Book Value per Share	$7.06	$5.13	$6.86	$7.30	$8.42	$1.84	$2.03	$8.32	$19.76	$18.81	$27.34
Total Capital	527	741	834	911	1,260	955	830	1,150	1,986	2,304	2,355
Total Debt	186	372	386	399	612	709	565	506	651	1,113	803
Total Long-Term Debt	155	352	386	399	600	649	554	495	647	1,108	798
Net Debt	-58	214	141	187	437	638	448	11	270	822	504
Capital Expenditures (CapEx)	22	25	32	48	83	63	-75	52	81	135	143
Debt-free, Cash-free Net Working Capital (DFCFNWC)	29	-8.39	14	4.35	-118	-253	-331	-396	190	489	510
Debt-free Net Working Capital (DFNWC)	198	41	133	79	10	-182	-215	99	469	681	675
Net Working Capital (NWC)	167	20	133	79	-2.15	-242	-226	88	465	676	670
Net Nonoperating Expense (NNE)	83	32	23	42	63	186	76	73	79	67	47
Net Nonoperating Obligations (NNO)	-58	214	141	187	437	638	448	11	270	822	504
Total Depreciation and Amortization (D&A)	32	50	53	60	95	97	100	104	124	137	151
Debt-free, Cash-free Net Working Capital to Revenue	1.41%	-0.45%	0.58%	0.13%	-2.19%	-8.08%	-7.03%	-5.41%	2.30%	6.13%	6.84%
Debt-free Net Working Capital to Revenue	9.56%	2.18%	5.43%	2.33%	0.19%	-5.83%	-4.56%	1.35%	5.70%	8.54%	9.04%
Net Working Capital to Revenue	8.07%	1.09%	5.43%	2.33%	-0.04%	-7.75%	-4.79%	1.20%	5.65%	8.48%	8.98%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.06)	($1.08)	$1.58	$0.85	$0.80	($7.68)	($1.40)	$6.12	$12.14	($0.59)	$7.28
Adjusted Weighted Average Basic Shares Outstanding	37.68M	42.35M	45.54M	45.73M	50.35M	53.30M	58.27M	59.54M	60.04M	56.78M	50.74M
Adjusted Diluted Earnings per Share	($1.06)	($1.08)	$1.57	$0.85	$0.80	($7.68)	($1.40)	$6.08	$11.94	($0.59)	$7.16
Adjusted Weighted Average Diluted Shares Outstanding	37.68M	42.35M	45.58M	45.76M	50.47M	53.30M	58.27M	59.88M	61.01M	56.78M	51.59M
Adjusted Basic & Diluted Earnings per Share	($1.06)	($1.08)	$1.58	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.70M	42.40M	46M	46.40M	0.00	54.01M	59.81M	60.67M	59.58M	54.75M	49.00M
Normalized Net Operating Profit after Tax (NOPAT)	51	-10	66	91	107	-162	-49	441	488	33	417
Normalized NOPAT Margin	2.48%	-0.54%	2.70%	2.68%	1.98%	-5.19%	-1.05%	6.02%	5.93%	0.42%	5.59%
Pre Tax Income Margin	-2.74%	-2.88%	2.92%	1.17%	-0.53%	-13.75%	-1.70%	4.98%	7.45%	-0.49%	6.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.98	-0.10	2.31	1.69	1.70	-4.45	-0.08	5.96	7.42	0.54	6.44
NOPAT to Interest Expense	1.08	-0.48	2.38	1.85	1.20	-3.17	-0.07	5.94	8.82	0.39	4.95
EBIT Less CapEx to Interest Expense	0.42	-0.97	1.53	0.59	0.74	-5.36	0.92	5.25	6.54	-1.06	4.73
NOPAT Less CapEx to Interest Expense	0.52	-1.35	1.59	0.75	0.24	-4.07	0.93	5.23	7.93	-1.21	3.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.15%	9.31%	-426.07%	34.01%

This table displays calculated financial ratios and metrics derived from Par Pacific's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	61,067,032.00	60,499,678.00	59,575,453.00	57,937,921.00	56,330,868.00	55,952,124.00	54,747,885.00	51,578,861.00	50,814,687.00	50,291,043.00	49,003,370.00
DEI Adjusted Shares Outstanding	61,067,032.00	60,499,678.00	59,575,453.00	57,937,921.00	56,330,868.00	55,952,124.00	54,747,885.00	51,578,861.00	50,814,687.00	50,291,043.00	49,003,370.00
DEI Earnings Per Adjusted Shares Outstanding	2.81	4.78	-0.06	0.32	0.13	-1.00	-0.56	1.15	5.17	1.55	1.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.44%	20.71%	17.54%	13.09%	-16.88%	-16.09%	-11.90%	-6.15%	-6.11%	-1.04%	4.51%
EBITDA Growth	-24.75%	63.14%	-85.69%	8.29%	-69.59%	-105.24%	-46.44%	61.99%	458.31%	1,363.53%	364.22%
EBIT Growth	-30.69%	72.26%	-97.35%	3.64%	-80.85%	-127.08%	-332.70%	99.10%	851.09%	309.44%	504.46%
NOPAT Growth	-32.51%	200.68%	-97.45%	-17.89%	-89.80%	-110.84%	-265.80%	110.35%	1,294.25%	343.55%	566.72%
Net Income Growth	-35.89%	241.51%	-101.58%	-37.90%	-95.63%	-119.25%	-710.45%	219.03%	3,408.30%	235.37%	251.81%
EPS Growth	-37.58%	235.21%	-101.54%	-34.69%	-95.34%	-120.59%	-850.00%	265.63%	3,869.23%	242.86%	292.98%
Operating Cash Flow Growth	-21.15%	-102.74%	-81.72%	-102.70%	-70.84%	-575.67%	-105.50%	2,956.67%	179.48%	706.49%	-2,809.72%
Free Cash Flow Firm Growth	-226.80%	-504.81%	-1,273.64%	-38.53%	-153.97%	31.81%	50.63%	117.15%	123.81%	108.34%	75.27%
Invested Capital Growth	80.77%	145.00%	113.35%	67.37%	73.18%	25.43%	25.34%	-2.91%	3.75%	2.15%	7.68%
Revenue Q/Q Growth	44.59%	-15.35%	-9.28%	1.85%	6.27%	-14.54%	-4.76%	8.50%	6.31%	-9.92%	0.58%
EBITDA Q/Q Growth	208.16%	-10.61%	-80.35%	100.02%	-13.45%	-115.40%	300.92%	504.97%	198.29%	-65.15%	-26.18%
EBIT Q/Q Growth	320.47%	-11.12%	-96.03%	599.19%	-22.33%	-225.73%	65.92%	698.24%	271.03%	-72.31%	-34.19%
NOPAT Q/Q Growth	339.44%	58.17%	-97.80%	437.88%	-45.41%	-268.09%	66.40%	782.39%	261.81%	-70.64%	-35.62%
Net Income Q/Q Growth	471.14%	68.79%	-101.30%	596.88%	-59.83%	-843.99%	45.42%	295.59%	341.69%	-71.29%	-38.79%
EPS Q/Q Growth	469.39%	70.61%	-101.26%	633.33%	-59.38%	-853.85%	41.84%	305.26%	341.03%	-72.87%	-21.43%
Operating Cash Flow Q/Q Growth	55.48%	-100.85%	1,211.01%	-118.39%	1,778.51%	-119.71%	90.95%	9,648.11%	64.22%	-57.24%	-143.40%
Free Cash Flow Firm Q/Q Growth	42.42%	-98.06%	-31.66%	7.75%	-5.57%	46.82%	4.68%	132.05%	46.57%	-81.37%	-382.53%
Invested Capital Q/Q Growth	-4.86%	38.39%	0.62%	26.33%	-1.56%	0.23%	0.55%	-2.14%	5.19%	-1.31%	6.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.70%	17.57%	11.78%	12.26%	11.14%	8.40%	10.64%	15.84%	27.78%	17.09%	14.54%
EBITDA Margin	9.05%	9.56%	2.07%	4.07%	3.31%	-0.60%	1.26%	7.02%	19.69%	7.62%	5.59%
Operating Margin	7.63%	8.03%	0.48%	2.41%	1.70%	-2.56%	-0.90%	5.11%	17.81%	5.47%	3.58%
EBIT Margin	7.63%	8.01%	0.35%	2.40%	1.76%	-2.59%	-0.93%	5.10%	17.81%	5.47%	3.58%
Profit (Net Income) Margin	6.65%	13.25%	-0.19%	0.92%	0.35%	-3.04%	-1.74%	3.14%	13.05%	4.16%	2.53%
Tax Burden Percent	97.39%	172.99%	58.77%	73.65%	53.68%	77.48%	81.51%	77.88%	76.05%	80.65%	78.90%
Interest Burden Percent	89.42%	95.60%	-91.97%	52.16%	37.01%	151.72%	230.97%	79.04%	96.35%	94.20%	89.56%
Effective Tax Rate	2.61%	-72.99%	0.00%	26.35%	46.32%	0.00%	0.00%	22.12%	23.95%	19.35%	21.10%
Return on Invested Capital (ROIC)	64.84%	101.17%	2.42%	9.55%	4.79%	-7.91%	-2.69%	15.07%	49.54%	16.20%	10.14%
ROIC Less NNEP Spread (ROIC-NNEP)	42.68%	91.23%	-9.64%	6.35%	1.93%	-12.09%	-5.87%	13.09%	48.15%	15.49%	9.44%
Return on Net Nonoperating Assets (RNNOA)	4.83%	12.91%	-0.76%	3.12%	0.70%	-5.22%	-2.95%	8.72%	26.20%	7.49%	5.46%
Return on Equity (ROE)	69.68%	114.08%	1.66%	12.67%	5.49%	-13.13%	-5.64%	23.79%	75.74%	23.68%	15.60%
Cash Return on Invested Capital (CROIC)	8.84%	-12.57%	-24.68%	-15.72%	-27.04%	-20.72%	-21.63%	5.40%	10.81%	18.21%	15.41%
Operating Return on Assets (OROA)	17.14%	18.46%	0.84%	5.58%	3.78%	-5.36%	-1.90%	9.92%	33.61%	10.66%	6.78%
Return on Assets (ROA)	14.93%	30.53%	-0.45%	2.14%	0.75%	-6.30%	-3.58%	6.11%	24.63%	8.10%	4.79%
Return on Common Equity (ROCE)	69.68%	114.08%	1.66%	12.67%	5.49%	-13.13%	-5.64%	23.79%	75.74%	23.33%	15.40%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	192	303	6.66	36	20	-33	-11	75	273	80	52
NOPAT Margin	7.43%	13.89%	0.34%	1.78%	0.91%	-1.79%	-0.63%	3.98%	13.55%	4.42%	2.83%
Net Nonoperating Expense Percent (NNEP)	22.17%	9.94%	12.06%	3.20%	2.86%	4.18%	3.18%	1.98%	1.39%	0.70%	0.70%
Return On Investment Capital (ROIC_SIMPLE)	11.92%	15.27%	0.34%	1.54%	0.85%	-1.43%	-0.49%	3.33%	11.54%	3.46%	2.09%
Cost of Revenue to Revenue	84.30%	82.43%	88.22%	87.74%	88.86%	91.60%	89.36%	84.16%	72.22%	82.91%	85.46%
SG&A Expenses to Revenue	6.55%	8.28%	9.85%	8.29%	7.90%	8.81%	9.65%	9.10%	8.16%	9.99%	9.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.07%	9.54%	11.30%	9.85%	9.44%	10.97%	11.54%	10.73%	9.97%	11.62%	10.96%
Earnings before Interest and Taxes (EBIT)	197	175	6.94	49	38	-47	-16	97	358	99	65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	233	209	41	82	71	-11	22	133	396	138	102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.05	1.65	1.68	1.16	0.79	0.77	0.70	1.19	1.29	1.17	2.03
Price to Tangible Book Value (P/TBV)	2.36	1.84	1.88	1.30	0.89	0.87	0.80	1.35	1.43	1.29	2.23
Price to Revenue (P/Rev)	0.28	0.27	0.26	0.17	0.12	0.12	0.10	0.18	0.24	0.24	0.41
Price to Earnings (P/E)	4.19	3.02	4.53	3.08	3.18	0.00	0.00	0.00	7.63	4.78	6.76
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	23.88%	33.11%	22.06%	32.51%	31.44%	0.00%	0.00%	0.00%	13.11%	20.90%	14.80%
Enterprise Value to Invested Capital (EV/IC)	1.97	1.54	1.56	1.10	0.87	0.86	0.84	1.11	1.19	1.12	1.71
Enterprise Value to Revenue (EV/Rev)	0.29	0.30	0.29	0.26	0.21	0.22	0.22	0.29	0.33	0.31	0.49
Enterprise Value to EBITDA (EV/EBITDA)	3.16	3.07	4.49	3.96	4.34	9.50	10.32	10.24	4.60	3.35	4.85
Enterprise Value to EBIT (EV/EBIT)	3.76	3.63	5.90	5.24	6.51	38.00	74.68	31.11	6.35	4.30	6.03
Enterprise Value to NOPAT (EV/NOPAT)	3.82	3.06	4.44	3.96	4.15	52.16	108.29	44.63	8.39	5.59	7.79
Enterprise Value to Operating Cash Flow (EV/OCF)	3.43	4.26	5.40	7.78	18.01	20.76	29.73	11.28	7.40	5.19	9.20
Enterprise Value to Free Cash Flow (EV/FCFF)	28.67	0.00	0.00	0.00	0.00	0.00	0.00	20.25	11.25	6.24	11.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.49	0.49	0.84	0.83	0.93	1.04	0.97	0.69	0.52	0.61
Long-Term Debt to Equity	0.50	0.48	0.48	0.83	0.83	0.93	1.03	0.96	0.69	0.51	0.61
Financial Leverage	0.11	0.14	0.08	0.49	0.36	0.43	0.50	0.67	0.54	0.48	0.58
Leverage Ratio	4.32	3.61	3.23	3.45	3.33	3.04	3.11	3.24	2.99	2.79	2.99
Compound Leverage Factor	3.87	3.45	-2.97	1.80	1.23	4.62	7.17	2.56	2.88	2.63	2.68
Debt to Total Capital	33.39%	32.77%	32.78%	45.55%	45.42%	48.30%	50.92%	49.21%	40.92%	34.09%	37.92%
Short-Term Debt to Total Capital	0.27%	0.21%	0.22%	0.18%	0.18%	0.21%	0.21%	0.21%	0.21%	0.21%	0.20%
Long-Term Debt to Total Capital	33.12%	32.55%	32.56%	45.37%	45.24%	48.09%	50.71%	49.00%	40.71%	33.88%	37.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.74%	1.42%
Common Equity to Total Capital	66.61%	67.23%	67.22%	54.45%	54.58%	51.70%	49.08%	50.79%	59.08%	64.17%	60.66%
Debt to EBITDA	0.74	0.81	1.14	1.87	2.59	6.08	7.03	5.18	1.79	1.16	1.23
Net Debt to EBITDA	0.12	0.34	0.54	1.37	1.87	4.49	5.56	3.87	1.27	0.73	0.82
Long-Term Debt to EBITDA	0.74	0.80	1.14	1.87	2.58	6.05	7.00	5.15	1.78	1.16	1.23
Debt to NOPAT	0.90	0.81	1.13	1.87	2.48	33.38	73.78	22.56	3.26	1.94	1.98
Net Debt to NOPAT	0.15	0.33	0.54	1.37	1.80	24.65	58.36	16.88	2.32	1.22	1.31
Long-Term Debt to NOPAT	0.89	0.80	1.12	1.87	2.47	33.24	73.48	22.46	3.25	1.93	1.97
Altman Z-Score	2.80	3.12	3.10	2.96	2.78	2.57	2.49	2.58	2.90	2.90	2.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.49%	1.33%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	1.30	1.28	1.63	1.69	1.62	1.56	1.42	1.51	1.61	1.62
Quick Ratio	0.45	0.42	0.47	0.55	0.59	0.54	0.50	0.46	0.39	0.43	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-327	-647	-851	-785	-829	-441	-420	135	197	37	-104
Operating Cash Flow to CapEx	1,171.02%	-8.39%	112.37%	-12.69%	277.03%	-32.44%	-3.42%	291.23%	679.80%	395.31%	-94.51%
Free Cash Flow to Firm to Interest Expense	-15.69	-29.43	-47.61	-35.94	-35.43	-20.66	-19.22	6.09	9.28	2.01	-6.50
Operating Cash Flow to Interest Expense	12.93	-0.10	1.42	-0.21	3.35	-0.72	-0.06	6.04	10.31	5.13	-2.54
Operating Cash Flow Less CapEx to Interest Expense	11.83	-1.35	0.16	-1.90	2.14	-2.96	-1.93	3.97	8.80	3.83	-5.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.25	2.30	2.40	2.32	2.15	2.07	2.06	1.94	1.89	1.95	1.89
Accounts Receivable Turnover	19.28	26.55	23.49	19.72	17.40	20.84	18.59	17.45	19.22	21.00	17.43
Inventory Turnover	6.17	6.21	7.08	5.99	6.28	6.31	6.31	5.86	5.19	5.27	5.05
Fixed Asset Turnover	8.18	8.51	8.81	7.95	7.49	7.07	6.82	6.65	6.45	6.34	6.36
Accounts Payable Turnover	18.35	25.20	23.38	16.64	14.67	17.15	16.33	13.64	13.78	15.70	12.36
Days Sales Outstanding (DSO)	18.93	13.75	15.54	18.51	20.98	17.52	19.64	20.92	18.99	17.38	20.95
Days Inventory Outstanding (DIO)	59.12	58.78	51.59	60.89	58.10	57.82	57.89	62.31	70.37	69.24	72.34
Days Payable Outstanding (DPO)	19.89	14.48	15.61	21.93	24.88	21.28	22.36	26.76	26.49	23.25	29.54
Cash Conversion Cycle (CCC)	58.16	58.04	51.52	57.47	54.20	54.05	55.17	56.47	62.87	63.37	63.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,160	1,605	1,615	2,040	2,009	2,013	2,024	1,981	2,084	2,056	2,180
Invested Capital Turnover	8.72	7.28	7.19	5.38	5.26	4.41	4.25	3.79	3.66	3.67	3.59
Increase / (Decrease) in Invested Capital	518	950	858	821	849	408	409	-59	75	43	155
Enterprise Value (EV)	2,283	2,470	2,512	2,237	1,746	1,739	1,693	2,201	2,488	2,312	3,734
Market Capitalization	2,195	2,200	2,208	1,463	991	917	781	1,368	1,800	1,767	3,070
Book Value per Share	$17.54	$22.07	$22.01	$21.85	$22.26	$21.29	$20.31	$22.27	$27.47	$30.06	$30.93
Tangible Book Value per Share	$15.24	$19.76	$19.67	$19.44	$19.79	$18.81	$17.78	$19.58	$24.76	$27.34	$28.14
Total Capital	1,608	1,986	1,951	2,325	2,298	2,304	2,265	2,261	2,363	2,355	2,499
Total Debt	537	651	640	1,059	1,044	1,113	1,154	1,112	967	803	948
Total Long-Term Debt	533	647	635	1,055	1,040	1,108	1,149	1,108	962	798	943
Net Debt	89	270	304	775	755	822	913	833	688	504	628
Capital Expenditures (CapEx)	23	27	23	37	28	48	41	46	32	24	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-123	190	186	589	542	489	452	348	519	510	659
Debt-free Net Working Capital (DFNWC)	242	469	415	769	726	681	586	517	679	675	831
Net Working Capital (NWC)	238	465	411	765	722	676	582	512	674	670	826
Net Nonoperating Expense (NNE)	20	14	10	17	12	23	19	16	10	4.66	5.39
Net Nonoperating Obligations (NNO)	89	270	304	775	755	822	913	833	688	504	628
Total Depreciation and Amortization (D&A)	37	34	34	34	33	36	38	36	38	39	37
Debt-free, Cash-free Net Working Capital to Revenue	-1.57%	2.30%	2.19%	6.73%	6.51%	6.13%	5.84%	4.57%	6.94%	6.84%	8.73%
Debt-free Net Working Capital to Revenue	3.09%	5.70%	4.87%	8.78%	8.72%	8.54%	7.58%	6.79%	9.07%	9.04%	11.02%
Net Working Capital to Revenue	3.03%	5.65%	4.82%	8.74%	8.67%	8.48%	7.52%	6.73%	9.00%	8.98%	10.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.85	$4.83	($0.06)	$0.33	$0.13	($0.99)	($0.57)	$1.18	$5.29	$1.38	$1.12
Adjusted Weighted Average Basic Shares Outstanding	60.22M	60.04M	58.99M	57.24M	55.73M	56.78M	53.76M	50.37M	49.63M	50.74M	48.40M
Adjusted Diluted Earnings per Share	$2.79	$4.76	($0.06)	$0.32	$0.13	($0.98)	($0.57)	$1.17	$5.16	$1.40	$1.10
Adjusted Weighted Average Diluted Shares Outstanding	61.40M	61.01M	58.99M	58.05M	56.22M	56.78M	53.76M	50.84M	50.90M	51.59M	49.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.50M	59.58M	57.94M	56.33M	55.95M	54.75M	51.58M	50.81M	50.29M	49.00M	50.14M
Normalized Net Operating Profit after Tax (NOPAT)	196	123	6.87	36	20	-33	-11	74	274	82	52
Normalized NOPAT Margin	7.61%	5.63%	0.35%	1.77%	0.91%	-1.79%	-0.63%	3.93%	13.62%	4.52%	2.83%
Pre Tax Income Margin	6.82%	7.66%	-0.32%	1.25%	0.65%	-3.92%	-2.14%	4.03%	17.16%	5.16%	3.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.46	7.96	0.39	2.22	1.61	-2.22	-0.74	4.37	16.85	5.43	4.08
NOPAT to Interest Expense	9.21	13.80	0.37	1.64	0.84	-1.54	-0.50	3.41	12.82	4.38	3.22
EBIT Less CapEx to Interest Expense	8.35	6.72	-0.88	0.53	0.40	-4.45	-2.61	2.29	15.33	4.13	1.39
NOPAT Less CapEx to Interest Expense	8.11	12.56	-0.89	-0.05	-0.38	-3.77	-2.38	1.33	11.30	3.08	0.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	6.24%	9.31%	20.40%	34.93%	52.07%	-426.07%	-265.07%	-623.01%	47.70%	34.01%	24.90%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from PAR PACIFIC HOLDINGS, INC. (PARR) using the latest four years of quarterly cash flow, income statement, and balance sheet data provided. The bullets below focus on notable trends and what they could mean for retail investors.

Net income from continuing operations turned positive in Q1 2026, reaching $46.15 million, up from a $30.40 million loss in Q1 2025 (clear year‑over‑year improvement).
In Q3 2025, net income from continuing operations was strong at $262.63 million on revenue of about $2.01 billion, signaling a peak quarter of profitability within the period reviewed.
Q3 2025 generated meaningful free cash flow (roughly $187 million): operating cash flow of $219.36 million and capital expenditures of $32.28 million, indicating solid cash generation after capex in that quarter.
Debt financing provided liquidity in multiple quarters, notably a large debt issuance of about $1.7078 billion in Q3 2025 and another $1.452 billion in Q1 2026, enhancing near‑term liquidity and financial flexibility.
Revenue generally runs around $1.8–$2.0 billion per quarter, showing scale in the business, though quarterly margins and cash flow can vary meaningfully by period.
Balance sheet remains leverageful but within a typical range for a downstream/refining operator: total liabilities around $2.5–$2.9 billion and total equity often around $1.0–$1.6 billion over the period analyzed.
Operating cash flow has been positive in several quarters (e.g., Q2 2025 and Q3 2025) but has shown variability, reflecting working capital fluctuations that can affect quarterly cash generation.
Q1 2026 cash flow from operating activities turned negative (−$40.7 million), driven by a large negative swing in net changes in operating assets and liabilities (−$240.2 million) and other working capital movements.
Gross margin weakened in Q1 2026 (about 3.6%: gross profit $65.3 million on revenue $1.82 billion) versus much stronger margins in peak quarters (e.g., Q3 2025 gross margin near 28%), indicating margin pressure in that period.
Investing cash outflows remained sizable and a recurring headwind to near‑term liquidity (e.g., Q1 2026 investing outflow of about $43.07 million; investing cash flows were also meaningful in other quarters), limiting free cash flow in several periods.

05/25/26 02:35 PM ETAI Generated. May Contain Errors.

Par Pacific Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Par Pacific's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Par Pacific's net income appears to be on an upward trend, with a most recent value of $367.09 million in 2025, falling from -$39.91 million in 2015. The previous period was -$33.32 million in 2024. Check out Par Pacific's forecast to explore projected trends and price targets.

Par Pacific's total operating income in 2025 was $538.76 million, based on the following breakdown:

Total Gross Profit: $1.35 billion
Total Operating Expenses: $816.07 million

Over the last 10 years, Par Pacific's total revenue changed from $2.07 billion in 2015 to $7.46 billion in 2025, a change of 261.3%.

Par Pacific's total liabilities were at $2.28 billion at the end of 2025, a 13.5% decrease from 2024, and a 313.5% increase since 2015.

In the past 10 years, Par Pacific's cash and equivalents has ranged from $47.77 million in 2016 to $490.93 million in 2022, and is currently $164.11 million as of their latest financial filing in 2025.

Over the last 10 years, Par Pacific's book value per share changed from 9.08 in 2015 to 30.06 in 2025, a change of 231.2%.

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Financial statements for NYSE:PARR last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Par Pacific (PARR) Financials

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Par Pacific (PARR) Financials

Annual Income Statements for Par Pacific

Quarterly Income Statements for Par Pacific

Annual Cash Flow Statements for Par Pacific

Quarterly Cash Flow Statements for Par Pacific

Annual Balance Sheets for Par Pacific

Quarterly Balance Sheets for Par Pacific

Annual Metrics And Ratios for Par Pacific

Quarterly Metrics And Ratios for Par Pacific

Financials Breakdown Chart

Key Financial Trends

Par Pacific Financials - Frequently Asked Questions

When does Par Pacific's financial year end?

How has Par Pacific's net income changed over the last 10 years?

What is Par Pacific's operating income?

How has Par Pacific's revenue changed over the last 10 years?

How much debt does Par Pacific have?

How much cash does Par Pacific have?

How has Par Pacific's book value per share changed over the last 10 years?

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