What is Par Pacific's operating income?

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

Par Pacific (PARR) Financials

$82.08 +4.30 (+5.52%)

Closing price 08/13/2026 03:59 PM Eastern

Extended Trading

$82.12 +0.04 (+0.05%)

As of 05:08 AM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	289	-3.75	19	7.49	-56	-30	59	263	78	54	462
Consolidated Net Income / (Loss)	289	-3.75	19	7.49	-56	-30	59	263	75	46	463
Net Income / (Loss) Continuing Operations	289	-3.75	19	7.49	-56	-30	59	263	75	46	463
Total Pre-Tax Income	167	-6.38	25	14	-72	-37	76	345	93	58	607
Total Operating Income	175	9.52	49	36	-47	-16	97	359	99	65	635
Total Gross Profit	384	233	247	239	154	186	300	559	310	265	853
Total Revenue	2,184	1,981	2,017	2,144	1,832	1,745	1,893	2,013	1,813	1,824	2,969
Operating Revenue	2,184	1,981	2,017	2,144	1,832	1,745	1,893	2,013	1,813	1,824	2,969
Total Cost of Revenue	1,800	1,747	1,770	1,905	1,678	1,559	1,593	1,454	1,503	1,559	2,116
Operating Cost of Revenue	1,800	1,747	1,770	1,905	1,678	1,559	1,593	1,454	1,503	1,559	2,116
Total Operating Expenses	208	224	199	202	201	201	203	201	211	200	218
Selling, General & Admin Expense	181	195	167	169	161	168	172	164	181	167	185
Depreciation Expense	32	33	32	32	35	37	35	36	37	34	36
Other Operating Expenses / (Income)	-4.64	-4.12	-0.67	1.00	4.66	-3.53	-3.84	-1.83	-11	-1.99	-3.50
Restructuring Charge	0.27	0.24	-0.15	-0.02	0.03	0.00	0.00	1.97	2.36	0.06	0.00
Total Other Income / (Expense), net	-8.05	-16	-23	-22	-25	-22	-20	-13	-5.78	-6.83	-28
Interest Expense	22	18	22	23	21	22	22	21	18	16	26
Interest & Investment Income	14	4.56	-1.36	-0.34	-3.16	0.73	1.86	8.20	13	9.18	-1.67
Other Income / (Expense), net	-0.35	-2.58	-0.12	1.25	-0.42	-0.37	-0.16	-0.11	-0.02	-0.01	-0.17
Income Tax Expense	-122	-2.63	6.67	6.46	-16	-6.89	17	83	18	12	144
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	-	-	-8.30	0.81
Basic Earnings per Share	$4.83	($0.06)	$0.33	$0.13	($0.99)	($0.57)	$1.18	$5.29	$1.38	$1.12	$9.53
Weighted Average Basic Shares Outstanding	60.04M	58.99M	57.24M	55.73M	56.78M	53.76M	50.37M	49.63M	50.74M	48.40M	48.51M
Diluted Earnings per Share	$4.76	($0.06)	$0.32	$0.13	($0.98)	($0.57)	$1.17	$5.16	$1.40	$1.10	$9.35
Weighted Average Diluted Shares Outstanding	61.01M	58.99M	58.05M	56.22M	56.78M	53.76M	50.84M	50.90M	51.59M	49.63M	49.44M
Weighted Average Basic & Diluted Shares Outstanding	59.58M	57.94M	56.33M	55.95M	54.75M	51.58M	50.81M	50.29M	49.00M	50.14M	50.10M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-86	-51	-49	3.32	8.95	-58	35	-10	5.06	8.06	20
Net Cash From Operating Activities	-2.29	25	-4.68	78	-15	-1.40	134	219	94	-41	283
Net Cash From Continuing Operating Activities	-2.29	25	-4.68	78	-15	-1.40	134	219	94	-41	283
Net Income / (Loss) Continuing Operations	289	-3.75	19	7.49	-56	-30	59	263	75	46	463
Consolidated Net Income / (Loss)	289	-3.75	19	7.49	-56	-30	59	263	75	46	463
Depreciation Expense	32	33	32	32	35	37	35	36	37	34	36
Amortization Expense	1.76	1.41	1.36	1.43	1.54	1.52	1.56	1.65	2.14	2.19	2.07
Non-Cash Adjustments To Reconcile Net Income	-108	77	-56	-74	-42	10	-51	76	-113	117	-106
Changes in Operating Assets and Liabilities, net	-218	-82	-0.33	112	46	-19	88	-157	92	-240	-113
Net Cash From Investing Activities	-27	-23	-35	-28	-48	-41	-46	-32	-24	-43	-40
Net Cash From Continuing Investing Activities	-27	-23	-35	-28	-48	-41	-46	-32	-24	-43	-40
Purchase of Property, Plant & Equipment	-29	-23	-37	-28	-48	-41	-48	-32	-28	-43	-40
Net Cash From Financing Activities	-57	-54	-8.61	-47	72	-16	-52	-197	-65	92	-223
Net Cash From Continuing Financing Activities	-57	-54	-8.61	-47	72	-16	-52	-197	-65	92	-223
Repayment of Debt	-462	-546	-1,088	-1,197	-1,236	-1,389	-1,930	-1,861	-1,174	-1,309	-2,314
Repurchase of Common Equity	-36	-34	-69	-23	-15	-51	-30	-16	-28	-37	-0.36
Issuance of Debt	549	527	1,330	1,339	1,322	1,424	1,882	1,708	1,007	1,452	2,088
Other Financing Activities, net	-108	-	-182	-165	1.51	0.00	-	-27	30	-15	3.33
Cash Interest Paid	19	16	11	21	20	19	18	18	25	13	9.24
Cash Income Taxes Paid	3.91	3.16	7.70	0.52	0.65	0.03	0.01	0.09	-4.61	0.01	17

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	3,327	3,610	3,889	3,772	3,937	3,853	3,753	3,896	4,077	4,210	4,534
Total Current Assets	1,949	1,893	2,178	1,859	1,976	1,767	1,624	1,720	1,982	2,151	2,454
Cash & Equivalents	661	191	347	228	180	183	134	169	159	172	185
Restricted Cash	4.00	4.01	18	0.34	0.34	0.35	0.35	0.35	0.35	0.35	1.85
Accounts Receivable	278	402	527	448	486	430	384	387	349	482	514
Inventories, net	930	1,241	1,227	1,133	1,258	1,072	1,060	1,041	1,351	1,362	1,441
Prepaid Expenses	76	55	57	48	52	82	46	123	122	135	312
Plant, Property, & Equipment, net	832	1,090	1,089	1,105	1,115	1,134	1,163	1,176	1,185	1,208	1,227
Plant, Property & Equipment, gross	1,238	1,517	1,544	1,608	1,642	1,686	1,764	1,799	1,831	1,895	1,934
Accumulated Depreciation	406	427	456	504	527	552	601	624	646	687	707
Total Noncurrent Assets	547	626	622	809	846	952	966	1,000	910	850	852
Long-Term Investments	-	84	83	107	104	106	107	110	120	147	152
Goodwill	129	129	129	129	129	129	129	129	129	127	127
Intangible Assets	13	12	12	10	10	9.76	9.28	9.03	8.79	9.74	9.95
Other Noncurrent Operating Assets	405	400	398	562	602	707	720	751	652	566	563
Total Liabilities & Shareholders' Equity	3,327	3,610	3,889	3,772	3,937	3,853	3,753	3,896	4,077	4,210	4,534
Total Liabilities	2,439	2,691	2,817	2,460	2,671	2,599	2,641	2,747	2,681	2,658	2,515
Total Current Liabilities	1,572	1,770	1,940	1,448	1,211	1,046	1,042	1,208	1,309	1,325	1,334
Short-Term Debt	3.75	4.35	4.29	4.23	4.17	4.13	4.77	4.73	5.03	4.90	1.05
Accounts Payable	188	351	520	436	549	465	411	439	448	578	539
Accrued Expenses	410	513	452	239	285	285	294	435	475	337	483
Current Deferred & Payable Income Tax Liabilities	32	48	50	37	52	51	33	50	43	17	38
Other Current Liabilities	938	853	913	732	321	241	300	279	337	387	272
Total Noncurrent Liabilities	867	921	878	1,013	1,460	1,554	1,599	1,539	1,372	1,333	1,181
Long-Term Debt	531	575	533	635	1,055	1,040	1,149	1,108	962	943	738
Other Noncurrent Operating Liabilities	337	346	345	377	406	514	450	432	410	391	443
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	36	37
Total Equity & Noncontrolling Interests	888	919	1,071	1,311	1,266	1,254	1,112	1,148	1,396	1,516	1,982
Total Preferred & Common Equity	888	919	1,071	1,311	1,266	1,254	1,112	1,148	1,396	1,516	1,982
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	888	919	1,071	1,311	1,266	1,254	1,112	1,148	1,396	1,516	1,982
Common Stock	843	847	854	874	876	879	887	893	894	936	941
Retained Earnings	37	65	209	430	381	367	214	246	492	568	1,030
Accumulated Other Comprehensive Income / (Loss)	8.12	8.11	8.10	8.12	8.07	8.01	10	10	10	12	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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	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	50,144,277.00
DEI Adjusted Shares Outstanding	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	50,144,277.00
DEI Earnings Per Adjusted Shares Outstanding	4.78	-0.06	0.32	0.13	-1.00	-0.56	1.15	5.17	1.55	1.11	9.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.71%	17.54%	13.09%	-16.88%	-16.09%	-11.90%	-6.15%	-6.11%	-1.04%	4.51%	56.80%
EBITDA Growth	63.14%	-85.69%	8.29%	-69.59%	-105.24%	-46.44%	61.99%	458.31%	1,363.53%	364.22%	406.44%
EBIT Growth	72.26%	-97.35%	3.64%	-80.85%	-127.08%	-332.70%	99.10%	851.09%	309.44%	504.46%	556.73%
NOPAT Growth	200.68%	-97.45%	-17.89%	-89.80%	-110.84%	-265.80%	110.35%	1,294.25%	343.55%	566.72%	542.22%
Net Income Growth	241.51%	-101.58%	-37.90%	-95.63%	-119.25%	-710.45%	219.03%	3,408.30%	235.37%	251.81%	678.58%
EPS Growth	235.21%	-101.54%	-34.69%	-95.34%	-120.59%	-850.00%	265.63%	3,869.23%	242.86%	292.98%	699.15%
Operating Cash Flow Growth	-102.74%	-81.72%	-102.70%	-70.84%	-575.67%	-105.50%	2,956.67%	179.48%	706.49%	-2,809.72%	111.54%
Free Cash Flow Firm Growth	-504.81%	-1,273.64%	-38.53%	-153.97%	31.81%	50.63%	117.15%	123.81%	108.34%	75.27%	-65.86%
Invested Capital Growth	145.00%	113.35%	67.37%	73.18%	25.43%	25.34%	-2.91%	3.75%	2.15%	7.68%	22.11%
Revenue Q/Q Growth	-15.35%	-9.28%	1.85%	6.27%	-14.54%	-4.76%	8.50%	6.31%	-9.92%	0.58%	62.79%
EBITDA Q/Q Growth	-10.61%	-80.35%	100.02%	-13.45%	-115.40%	300.92%	504.97%	198.29%	-65.15%	-26.18%	559.99%
EBIT Q/Q Growth	-11.12%	-96.03%	599.19%	-22.33%	-225.73%	65.92%	698.24%	271.03%	-72.31%	-34.19%	871.37%
NOPAT Q/Q Growth	58.17%	-97.80%	437.88%	-45.41%	-268.09%	66.40%	782.39%	261.81%	-70.64%	-35.62%	838.99%
Net Income Q/Q Growth	68.79%	-101.30%	596.88%	-59.83%	-843.99%	45.42%	295.59%	341.69%	-71.29%	-38.79%	903.10%
EPS Q/Q Growth	70.61%	-101.26%	633.33%	-59.38%	-853.85%	41.84%	305.26%	341.03%	-72.87%	-21.43%	750.00%
Operating Cash Flow Q/Q Growth	-100.85%	1,211.01%	-118.39%	1,778.51%	-119.71%	90.95%	9,648.11%	64.22%	-57.24%	-143.40%	794.15%
Free Cash Flow Firm Q/Q Growth	-98.06%	-31.66%	7.75%	-5.57%	46.82%	4.68%	132.05%	46.57%	-81.37%	-382.53%	144.24%
Invested Capital Q/Q Growth	38.39%	0.62%	26.33%	-1.56%	0.23%	0.55%	-2.14%	5.19%	-1.31%	6.00%	10.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.57%	11.78%	12.26%	11.14%	8.40%	10.64%	15.84%	27.78%	17.09%	14.54%	28.72%
EBITDA Margin	9.56%	2.07%	4.07%	3.31%	-0.60%	1.26%	7.02%	19.69%	7.62%	5.59%	22.67%
Operating Margin	8.03%	0.48%	2.41%	1.70%	-2.56%	-0.90%	5.11%	17.81%	5.47%	3.58%	21.37%
EBIT Margin	8.01%	0.35%	2.40%	1.76%	-2.59%	-0.93%	5.10%	17.81%	5.47%	3.58%	21.37%
Profit (Net Income) Margin	13.25%	-0.19%	0.92%	0.35%	-3.04%	-1.74%	3.14%	13.05%	4.16%	2.53%	15.59%
Tax Burden Percent	172.99%	58.77%	73.65%	53.68%	77.48%	81.51%	77.88%	76.05%	80.65%	78.90%	76.27%
Interest Burden Percent	95.60%	-91.97%	52.16%	37.01%	151.72%	230.97%	79.04%	96.35%	94.20%	89.56%	95.68%
Effective Tax Rate	-72.99%	0.00%	26.35%	46.32%	0.00%	0.00%	22.12%	23.95%	19.35%	21.10%	23.73%
Return on Invested Capital (ROIC)	101.17%	2.42%	9.55%	4.79%	-7.91%	-2.69%	15.07%	49.54%	16.20%	10.14%	63.86%
ROIC Less NNEP Spread (ROIC-NNEP)	91.23%	-9.64%	6.35%	1.93%	-12.09%	-5.87%	13.09%	48.15%	15.49%	9.44%	60.45%
Return on Net Nonoperating Assets (RNNOA)	12.91%	-0.76%	3.12%	0.70%	-5.22%	-2.95%	8.72%	26.20%	7.49%	5.46%	23.52%
Return on Equity (ROE)	114.08%	1.66%	12.67%	5.49%	-13.13%	-5.64%	23.79%	75.74%	23.68%	15.60%	87.39%
Cash Return on Invested Capital (CROIC)	-12.57%	-24.68%	-15.72%	-27.04%	-20.72%	-21.63%	5.40%	10.81%	18.21%	15.41%	20.46%
Operating Return on Assets (OROA)	18.46%	0.84%	5.58%	3.78%	-5.36%	-1.90%	9.92%	33.61%	10.66%	6.78%	43.69%
Return on Assets (ROA)	30.53%	-0.45%	2.14%	0.75%	-6.30%	-3.58%	6.11%	24.63%	8.10%	4.79%	31.89%
Return on Common Equity (ROCE)	114.08%	1.66%	12.67%	5.49%	-13.13%	-5.64%	23.79%	75.74%	23.33%	15.40%	86.38%
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)	303	6.66	36	20	-33	-11	75	273	80	52	484
NOPAT Margin	13.89%	0.34%	1.78%	0.91%	-1.79%	-0.63%	3.98%	13.55%	4.42%	2.83%	16.30%
Net Nonoperating Expense Percent (NNEP)	9.94%	12.06%	3.20%	2.86%	4.18%	3.18%	1.98%	1.39%	0.70%	0.70%	3.41%
Return On Investment Capital (ROIC_SIMPLE)	15.27%	0.34%	1.54%	0.85%	-1.43%	-0.49%	3.33%	11.54%	3.46%	2.09%	17.78%
Cost of Revenue to Revenue	82.43%	88.22%	87.74%	88.86%	91.60%	89.36%	84.16%	72.22%	82.91%	85.46%	71.28%
SG&A Expenses to Revenue	8.28%	9.85%	8.29%	7.90%	8.81%	9.65%	9.10%	8.16%	9.99%	9.18%	6.24%
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	9.54%	11.30%	9.85%	9.44%	10.97%	11.54%	10.73%	9.97%	11.62%	10.96%	7.35%
Earnings before Interest and Taxes (EBIT)	175	6.94	49	38	-47	-16	97	358	99	65	634
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	209	41	82	71	-11	22	133	396	138	102	673
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	1.68	1.16	0.79	0.77	0.70	1.19	1.29	1.17	2.03	1.42
Price to Tangible Book Value (P/TBV)	1.84	1.88	1.30	0.89	0.87	0.80	1.35	1.43	1.29	2.23	1.52
Price to Revenue (P/Rev)	0.27	0.26	0.17	0.12	0.12	0.10	0.18	0.24	0.24	0.41	0.33
Price to Earnings (P/E)	3.02	4.53	3.08	3.18	0.00	0.00	0.00	7.63	4.78	6.76	3.28
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	33.11%	22.06%	32.51%	31.44%	0.00%	0.00%	0.00%	13.11%	20.90%	14.80%	30.47%
Enterprise Value to Invested Capital (EV/IC)	1.54	1.56	1.10	0.87	0.86	0.84	1.11	1.19	1.12	1.71	1.34
Enterprise Value to Revenue (EV/Rev)	0.30	0.29	0.26	0.21	0.22	0.22	0.29	0.33	0.31	0.49	0.38
Enterprise Value to EBITDA (EV/EBITDA)	3.07	4.49	3.96	4.34	9.50	10.32	10.24	4.60	3.35	4.85	2.48
Enterprise Value to EBIT (EV/EBIT)	3.63	5.90	5.24	6.51	38.00	74.68	31.11	6.35	4.30	6.03	2.81
Enterprise Value to NOPAT (EV/NOPAT)	3.06	4.44	3.96	4.15	52.16	108.29	44.63	8.39	5.59	7.79	3.66
Enterprise Value to Operating Cash Flow (EV/OCF)	4.26	5.40	7.78	18.01	20.76	29.73	11.28	7.40	5.19	9.20	5.85
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	20.25	11.25	6.24	11.53	7.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.49	0.84	0.83	0.93	1.04	0.97	0.69	0.52	0.61	0.37
Long-Term Debt to Equity	0.48	0.48	0.83	0.83	0.93	1.03	0.96	0.69	0.51	0.61	0.37
Financial Leverage	0.14	0.08	0.49	0.36	0.43	0.50	0.67	0.54	0.48	0.58	0.39
Leverage Ratio	3.61	3.23	3.45	3.33	3.04	3.11	3.24	2.99	2.79	2.99	2.66
Compound Leverage Factor	3.45	-2.97	1.80	1.23	4.62	7.17	2.56	2.88	2.63	2.68	2.55
Debt to Total Capital	32.77%	32.78%	45.55%	45.42%	48.30%	50.92%	49.21%	40.92%	34.09%	37.92%	26.80%
Short-Term Debt to Total Capital	0.21%	0.22%	0.18%	0.18%	0.21%	0.21%	0.21%	0.21%	0.21%	0.20%	0.04%
Long-Term Debt to Total Capital	32.55%	32.56%	45.37%	45.24%	48.09%	50.71%	49.00%	40.71%	33.88%	37.72%	26.76%
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%	1.74%	1.42%	1.33%
Common Equity to Total Capital	67.23%	67.22%	54.45%	54.58%	51.70%	49.08%	50.79%	59.08%	64.17%	60.66%	71.87%
Debt to EBITDA	0.81	1.14	1.87	2.59	6.08	7.03	5.18	1.79	1.16	1.23	0.56
Net Debt to EBITDA	0.34	0.54	1.37	1.87	4.49	5.56	3.87	1.27	0.73	0.82	0.31
Long-Term Debt to EBITDA	0.80	1.14	1.87	2.58	6.05	7.00	5.15	1.78	1.16	1.23	0.56
Debt to NOPAT	0.81	1.13	1.87	2.48	33.38	73.78	22.56	3.26	1.94	1.98	0.83
Net Debt to NOPAT	0.33	0.54	1.37	1.80	24.65	58.36	16.88	2.32	1.22	1.31	0.45
Long-Term Debt to NOPAT	0.80	1.12	1.87	2.47	33.24	73.48	22.46	3.25	1.93	1.97	0.83
Altman Z-Score	3.12	3.10	2.96	2.78	2.57	2.49	2.58	2.90	2.90	2.96	3.65
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.49%	1.33%	1.16%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	1.28	1.63	1.69	1.62	1.56	1.42	1.51	1.61	1.62	1.84
Quick Ratio	0.42	0.47	0.55	0.59	0.54	0.50	0.46	0.39	0.43	0.49	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-647	-851	-785	-829	-441	-420	135	197	37	-104	46
Operating Cash Flow to CapEx	-8.39%	112.37%	-12.69%	277.03%	-32.44%	-3.42%	291.23%	679.80%	395.31%	-94.51%	711.56%
Free Cash Flow to Firm to Interest Expense	-29.43	-47.61	-35.94	-35.43	-20.66	-19.22	6.09	9.28	2.01	-6.50	1.79
Operating Cash Flow to Interest Expense	-0.10	1.42	-0.21	3.35	-0.72	-0.06	6.04	10.31	5.13	-2.54	10.98
Operating Cash Flow Less CapEx to Interest Expense	-1.35	0.16	-1.90	2.14	-2.96	-1.93	3.97	8.80	3.83	-5.24	9.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.30	2.40	2.32	2.15	2.07	2.06	1.94	1.89	1.95	1.89	2.04
Accounts Receivable Turnover	26.55	23.49	19.72	17.40	20.84	18.59	17.45	19.22	21.00	17.43	19.13
Inventory Turnover	6.21	7.08	5.99	6.28	6.31	6.31	5.86	5.19	5.27	5.05	5.34
Fixed Asset Turnover	8.51	8.81	7.95	7.49	7.07	6.82	6.65	6.45	6.34	6.36	7.17
Accounts Payable Turnover	25.20	23.38	16.64	14.67	17.15	16.33	13.64	13.78	15.70	12.36	13.56
Days Sales Outstanding (DSO)	13.75	15.54	18.51	20.98	17.52	19.64	20.92	18.99	17.38	20.95	19.08
Days Inventory Outstanding (DIO)	58.78	51.59	60.89	58.10	57.82	57.89	62.31	70.37	69.24	72.34	68.32
Days Payable Outstanding (DPO)	14.48	15.61	21.93	24.88	21.28	22.36	26.76	26.49	23.25	29.54	26.92
Cash Conversion Cycle (CCC)	58.04	51.52	57.47	54.20	54.05	55.17	56.47	62.87	63.37	63.75	60.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,605	1,615	2,040	2,009	2,013	2,024	1,981	2,084	2,056	2,180	2,419
Invested Capital Turnover	7.28	7.19	5.38	5.26	4.41	4.25	3.79	3.66	3.67	3.59	3.92
Increase / (Decrease) in Invested Capital	950	858	821	849	408	409	-59	75	43	155	438
Enterprise Value (EV)	2,470	2,512	2,237	1,746	1,739	1,693	2,201	2,488	2,312	3,734	3,249
Market Capitalization	2,200	2,208	1,463	991	917	781	1,368	1,800	1,767	3,070	2,812
Book Value per Share	$22.07	$22.01	$21.85	$22.26	$21.29	$20.31	$22.27	$27.47	$30.06	$30.93	$39.53
Tangible Book Value per Share	$19.76	$19.67	$19.44	$19.79	$18.81	$17.78	$19.58	$24.76	$27.34	$28.14	$36.80
Total Capital	1,986	1,951	2,325	2,298	2,304	2,265	2,261	2,363	2,355	2,499	2,758
Total Debt	651	640	1,059	1,044	1,113	1,154	1,112	967	803	948	739
Total Long-Term Debt	647	635	1,055	1,040	1,108	1,149	1,108	962	798	943	738
Net Debt	270	304	775	755	822	913	833	688	504	628	400
Capital Expenditures (CapEx)	27	23	37	28	48	41	46	32	24	43	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	190	186	589	542	489	452	348	519	510	659	935
Debt-free Net Working Capital (DFNWC)	469	415	769	726	681	586	517	679	675	831	1,122
Net Working Capital (NWC)	465	411	765	722	676	582	512	674	670	826	1,121
Net Nonoperating Expense (NNE)	14	10	17	12	23	19	16	10	4.66	5.39	21
Net Nonoperating Obligations (NNO)	270	304	775	755	822	913	833	688	504	628	400
Total Depreciation and Amortization (D&A)	34	34	34	33	36	38	36	38	39	37	39
Debt-free, Cash-free Net Working Capital to Revenue	2.30%	2.19%	6.73%	6.51%	6.13%	5.84%	4.57%	6.94%	6.84%	8.73%	10.85%
Debt-free Net Working Capital to Revenue	5.70%	4.87%	8.78%	8.72%	8.54%	7.58%	6.79%	9.07%	9.04%	11.02%	13.01%
Net Working Capital to Revenue	5.65%	4.82%	8.74%	8.67%	8.48%	7.52%	6.73%	9.00%	8.98%	10.95%	13.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.83	($0.06)	$0.33	$0.13	($0.99)	($0.57)	$1.18	$5.29	$1.38	$1.12	$9.53
Adjusted Weighted Average Basic Shares Outstanding	60.04M	58.99M	57.24M	55.73M	56.78M	53.76M	50.37M	49.63M	50.74M	48.40M	48.51M
Adjusted Diluted Earnings per Share	$4.76	($0.06)	$0.32	$0.13	($0.98)	($0.57)	$1.17	$5.16	$1.40	$1.10	$9.35
Adjusted Weighted Average Diluted Shares Outstanding	61.01M	58.99M	58.05M	56.22M	56.78M	53.76M	50.84M	50.90M	51.59M	49.63M	49.44M
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	59.58M	57.94M	56.33M	55.95M	54.75M	51.58M	50.81M	50.29M	49.00M	50.14M	50.10M
Normalized Net Operating Profit after Tax (NOPAT)	123	6.87	36	20	-33	-11	74	274	82	52	484
Normalized NOPAT Margin	5.63%	0.35%	1.77%	0.91%	-1.79%	-0.63%	3.93%	13.62%	4.52%	2.83%	16.30%
Pre Tax Income Margin	7.66%	-0.32%	1.25%	0.65%	-3.92%	-2.14%	4.03%	17.16%	5.16%	3.21%	20.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.96	0.39	2.22	1.61	-2.22	-0.74	4.37	16.85	5.43	4.08	24.66
NOPAT to Interest Expense	13.80	0.37	1.64	0.84	-1.54	-0.50	3.41	12.82	4.38	3.22	18.81
EBIT Less CapEx to Interest Expense	6.72	-0.88	0.53	0.40	-4.45	-2.61	2.29	15.33	4.13	1.39	23.11
NOPAT Less CapEx to Interest Expense	12.56	-0.89	-0.05	-0.38	-3.77	-2.38	1.33	11.30	3.08	0.53	17.27
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	9.31%	20.40%	34.93%	52.07%	-426.07%	-265.07%	-623.01%	47.70%	34.01%	24.90%	9.57%

Financials Breakdown Chart

Key Financial Trends

Par Pacific’s Q1 2026 results show a sharp improvement from the losses reported in early 2025, but earnings and cash flow remain highly sensitive to refining margins and working-capital swings. Revenue increased to $1.82 billion from $1.75 billion in Q1 2025 and was broadly stable with Q4 2025. Gross profit rose to $265.2 million from $185.7 million a year earlier, while operating income reached $65.3 million compared with a $15.8 million operating loss in Q1 2025. Net income attributable to common shareholders was $54.5 million, or $1.12 per basic share, versus a $30.4 million loss, or negative $0.57 per share, in the year-ago quarter.

The longer-term trend is mixed. Par Pacific generated strong earnings in 2022 and 2023, including $237.9 million of net income in Q1 2023, but profitability weakened materially during 2024 and early 2025 before recovering in the second half of 2025 and Q1 2026. Q3 2025 was an unusually strong quarter, with $262.6 million of net income, so Q1 2026 earnings should be viewed as a recovery from recent weakness rather than a return to the peak profitability levels seen in 2022-23.

Liquidity has improved from Q1 2025, with cash and equivalents rising to $172.2 million from $133.7 million. Total assets increased to $4.21 billion, and total common equity grew to $1.52 billion from $1.11 billion a year earlier. However, Q1 operating cash flow was negative $40.7 million because a $240.2 million working-capital use more than offset net income and noncash adjustments. The company also issued $1.45 billion of debt and repaid $1.31 billion, indicating substantial refinancing activity rather than simple debt reduction.

Q1 2026 revenue increased approximately 4.5% year over year, while gross profit expanded by approximately 42.8%.
Operating profitability recovered strongly, with a $65.3 million operating profit compared with a $15.8 million operating loss in Q1 2025.
Net income attributable to common shareholders improved to $54.5 million, and basic EPS increased to $1.12 from negative $0.57.
Cash and equivalents increased approximately 28.7% from Q1 2025, while total common equity increased approximately 36.3%.
Total reported debt, including short-term and long-term debt, was approximately $947.6 million at March 31, 2026, down from approximately $1.15 billion at March 31, 2025.
The current ratio was approximately 1.6, suggesting current assets exceeded current liabilities, although inventory represented roughly 63% of current assets and may be exposed to commodity-price movements.
Capital spending was $43.1 million in Q1 2026, higher than $40.9 million in Q1 2025 and $27.5 million in Q4 2025, indicating continued investment in the company’s operating assets.
Operating cash flow turned negative at $40.7 million in Q1 2026, compared with positive cash flow of $93.8 million in Q4 2025 and $219.4 million in Q3 2025.
Working capital consumed $240.2 million of cash in Q1 2026, driven in part by higher accounts receivable and inventory balances; inventory reached $1.36 billion versus $1.06 billion in Q1 2025.
Debt refinancing remained substantial, with $1.45 billion of new borrowings and $1.31 billion of repayments in Q1 2026, while interest expense was still $16.0 million for the quarter.

08/14/26 05:48 AM 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 8/5/2026 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

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Quarterly Cash Flow Statements for Par Pacific

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Quarterly Metrics And Ratios for Par Pacific

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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?

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

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