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PBF Holding Co LLC cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.8B in Q3 2026 · $2.5B over twelve months

Operating cash flow$1.9B
Capital spending−$117M
Free cash flow+$1.8B
Cash / net income1.0×

Analysis

In Q3 2026, PBF Holding Co LLC generated $1.9B of operating cash flow and spent $117M on capital projects, leaving free cash flow of $1.8B. That is $2.1B more than in Q3 2025 (−$261M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.4B; the largest uses were capital spending ($876M), net borrowing (+) / repaid (−) ($362M), other financing ($272M); besides operations, cash came from other investing ($203M); the cash balance rose by $2.1B.

Operating cash flow was $1.9B against net income of $1.9B — 1.0× profit, roughly in line with earnings. The largest differences: accrued liabilities +$355M, inventory −$321M, receivables −$232M.

Free cash flow

PBF Holding Co LLC: free cash flow by quarterPBF Holding Co LLC: free cash flow by quarter−$484MQ4 2024−$699MQ1 2025−$18.3MQ2 2025−$261MQ3 2025$15.9MQ4 2025−$719MQ1 2026$1.4BQ2 2026$1.8BQ3 2026
Operating cash flow less capital spending.
PBF Holding Co LLC: operating cash flow against capital spendingPBF Holding Co LLC: operating cash flow against capital spendingOperating cash flowCapital spending−$392M$92.1MQ4 2024−$590M$109MQ1 2025$130M$148MQ2 2025−$116M$145MQ3 2025$302M$286MQ4 2025−$371M$348MQ1 2026$1.5B$125MQ2 2026$1.9B$117MQ3 2026
Latest (Q3 2026): Operating cash flow $1.9B, Capital spending $117M.

Capital allocation, year by year

PBF Holding Co LLC: where the cash came from (up) and went (down), by fiscal yearPBF Holding Co LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingFY2021: Operating cash flow $292MFY2021: Net borrowing −$35.6MFY2021: Capital spending −$240M$292MFY2021FY2022: Operating cash flow $4.7BFY2022: Net borrowing −$923MFY2022: Capital spending −$625M$4.7BFY2022FY2023: Operating cash flow $1.5BFY2023: Net borrowing −$680MFY2023: Asset sales $4.4MFY2023: Capital spending −$648M$1.5BFY2023FY2024: Operating cash flow −$137MFY2024: Net borrowing $188MFY2024: Capital spending −$384M$188MFY2024FY2025: Operating cash flow −$274MFY2025: Net borrowing −$111MFY2025: Capital spending −$687MFY2025
Over these 5 years operating cash flow totalled $6.1B; the largest uses were capital spending ($2.6B) and net borrowing ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5B
Debt$1.6B
Net cash$898M

PBF Holding Co LLC funds itself: free cash flow was $2.5B over the last twelve months, and $2.5B of cash and investments stands against $1.6B of debt.

PBF Holding Co LLC: debt maturities by year (FY2025)PBF Holding Co LLC: debt maturities by year (FY2025)$902MYear 3$1.3BYear 5
Principal due in each year as disclosed in the annual report, against $2.5B of cash and investments now.

Where the cash came from and went

PBF Holding Co LLC: sources (+) and uses (−) of cash, Q3 2026PBF Holding Co LLC: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.9BCash drawn (+) / kept (−)−$1.6BCapital spending−$117MOther financing−$112MOther investing−$58.1MNet borrowing (+) / repaid (−)−$3.1M
PBF Holding Co LLC: sources (+) and uses (−) of cash, TTM to Q3 2026PBF Holding Co LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.4BCash drawn (+) / kept (−)−$2.1BCapital spending−$876MNet borrowing (+) / repaid (−)−$362MOther financing−$272MOther investing$203M

From profit to cash

PBF Holding Co LLC: net income to operating cash flow, Q3 2026PBF Holding Co LLC: net income to operating cash flow, Q3 2026Net income$1.9BDepreciation & amortization$166MStock-based pay$7.8MDeferred taxes−$2.3MGains on disposals$700KReceivables−$232MInventory−$321MPayables−$20.0MAccrued liabilities$355MDeferred revenue$10.7MPrepaid and other assets$300KOther operating capital−$28.5MOperating cash flow$1.9B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.9B−$117M−$3.1M−$1.6B$1.8B
Q2 2026$1.5B−$125M−$753M−$375M$1.4B
Q1 2026−$371M−$348M$647M−$1.3M−$719M
Q4 2025$302M−$286M−$250M−$57.8M$15.9M
Q3 2025−$116M−$145M−$2.7M$120M−$261M
Q2 2025$130M−$148M$147M−$122M−$18.3M
Q1 2025−$590M−$109M$786M$72.0M−$699M
Q4 2024−$392M−$92.1M$197M$444M−$484M

PBF Holding Co LLC: income statement and cash flow

PBF Holding Co LLC, Q2 2026: revenue $11.7B (+56% year over year), operating margin 10.2%. The chart follows the revenue to costs, profit and cash.

PBF Holding Co LLC: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.