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PAR Pacific Holdings (PARR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · PAR Pacific Holdings (PARR) Q3 2026 earnings results →

Q3 2026 Revenue up 52% year over year to $3.1B · 12¢ of every $1 of revenue kept as net profit · operating margin 15.5%

PAR Pacific Holdings made $3.1B in Q3 2026 (+52% Y/Y): Fuel Revenue $2.9B, Other Revenue $117M. Operating margin 15.5%, net earnings $355M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$3.1B
Year over year+52%
Operating margin15.5%
Net earnings$355M
Operating cash flow$839M

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PAR Pacific Holdings Q3 2026 revenue breakdown: Sankey diagram of revenue (Fuel Revenue, Other Revenue), costs, profit and cash flow
PAR Pacific Holdings Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.1B in Q3 2026, up 52% year over year and up 3% from the previous quarter. Fuel Revenue was the largest line at 96% of revenue. Fuel Revenue added $1.0B year over year (up 51%), 95% of the total change.

Operating profit was $0.47B, a 15.5% margin (down 2.3 points year over year). Of the extra revenue versus Q3 2025, 11% reached operating profit, below the 18% margin then. Total costs grew 56% against revenue growth of 52%. The fastest-growing cost line was Cost of revenue (+61%). Net earnings were $0.35B, up 35% year over year. The effective tax rate was 23.7%.

Operating cash flow was $0.84B (up 282% year over year), 236% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items added $0.44B. Capital expenditures of $0.04B left free cash flow of $0.80B.

Quarterly history

PAR Pacific Holdings revenue by quarterPAR Pacific Holdings revenue by quarter$1.7BQ1 2025$1.9BQ2 2025$2.0BQ3 2025$1.8BQ4 2025$1.8BQ1 2026$3.0BQ2 2026$3.1BQ3 2026
PAR Pacific Holdings net earnings by quarterPAR Pacific Holdings net earnings by quarter−$30.4MQ1 2025$59.5MQ2 2025$263MQ3 2025$77.7MQ4 2025$54.5MQ1 2026$462MQ2 2026$355MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$3.1B+52%15.5%$355M$839M
Q2 202610-QAug 5, 2026$3.0B+57%21.4%$462M$283M
Q1 202610-QMay 6, 2026$1.8B+4%3.6%$54.5M−$40.7M
Q4 202510-KFeb 25, 2026$1.8B-1%5.5%$77.7M$93.8M
Q3 202510-QNov 5, 2025$2.0B-6%17.8%$263M$219M
Q2 202510-QAug 6, 2025$1.9B-6%5.1%$59.5M$134M
Q1 202510-QMay 8, 2025$1.7B-12%-0.9%−$30.4M−$1.4M

Charts

PAR Pacific Holdings: revenue growth, year over year and quarter over quarterPAR Pacific Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q-12%Q1 2025-6%+9%Q2 2025-6%+6%Q3 2025-1%-10%Q4 2025+4%+1%Q1 2026+57%+63%Q2 2026+52%+3%Q3 2026
Latest (Q3 2026): Y/Y +52%, Q/Q +3%.
PAR Pacific Holdings: where the cash came from (+) and went (−), TTM to Q3 2026PAR Pacific Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$1.2BCash drawn (+) / kept (−)−$579MNet borrowing (+) / repaid (−)−$480MCapital spending−$148MOther financing$103MBuybacks−$74.9MAsset & business sales$3.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
PAR Pacific Holdings: profit against cash, quarter by quarterPAR Pacific Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow−$55.7M−$15.5MQ4 2024−$30.4M−$1.4MQ1 2025$59.5M$134MQ2 2025$263M$219MQ3 2025$77.7M$93.8MQ4 2025$54.5M−$40.7MQ1 2026$462M$283MQ2 2026$353M$839MQ3 2026
Latest (Q3 2026): Net income $353M, Operating cash flow $839M.
PAR Pacific Holdings: diluted shares by fiscal yearPAR Pacific Holdings: diluted shares by fiscal year53MFY202058MFY202160MFY202261MFY202357MFY202452MFY2025
-3.2% since FY2020: buybacks shrank the count.
PAR Pacific Holdings: long-term debt falling due (FY2025)PAR Pacific Holdings: long-term debt falling due (FY2025)$7.5M2026$7.6M2027$183M2028$7.7M2029$608M2030$869KLater
Cash $164M, short-term investments —, long-term debt $803M at 2025-12-31.
PAR Pacific Holdings in its industry: growth against margin (79 companies, SIC 1311)PAR Pacific Holdings in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYDVNFANGEXEOVVSMPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYCRCHESMKOSPHXE-PBKVCRKGPORNOGMNRAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPMEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLTPETCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNPARR (+52%, 16%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About PAR Pacific Holdings

Par Pacific Holdings, Inc., headquartered in Houston, Texas, is a growth-oriented energy company providing both renewable and conventional fuels to the western United States. 1) Refining - We own and operate four refineries with total operating crude oil throughput capacity of 219 Mbpd. Our refineries in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana, convert crude oil into gasoline, distillate, asphalt and other products to serve the state of Hawaii and areas ranging from Washington state to the Dakotas and Wyoming.

In its own words, from its 10-K, filed Feb 25, 2026.

PAR Pacific Holdings against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +52% against the peers' median +48%. Operating margin: 15.5% against the peers' median 33.7%.

CompanyQuarterRevenueY/YOp. margin
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
SM SM EnergyQ3 2026$2.2B+167%10.9%
PR Permian ResourcesQ3 2026$2.0B+48%45.4%

Source: PAR Pacific Holdings 10-Q on SEC EDGAR · CIK 821483 · Crude Petroleum & Natural Gas

Guidance and outlook

PAR Pacific Holdings: what its forward-looking statements are about (10-Q filed 2026-11-04)PAR Pacific Holdings: what its forward-looking statements are about (10-Q filed 2026-11-04)Other6Costs1
7 statements; tone +0.29 (−1 all cautious, +1 all confident); 1 hedged.
PAR Pacific Holdings: outlook statements against the filing beforePAR Pacific Holdings: outlook statements against the filing beforeConfident2

13F: who owns PARR and who is buying

Largest holders of PARR (13F)Largest holders of PARR (13F)BlackRock$402MState Street$188MVanguard Group$177MInvesco$154MVanguard Capital Management LLC$119MAmerican Century Companies$118MArrowstreet Capital, Limited Part…$99.4MDimensional Fund Advisors LP$98.8MVanguard Portfolio Management LLC$90.3MGeode Capital Management, LLC$82.0M
Funds' net buying of PARR by quarter (13F)Funds' net buying of PARR by quarter (13F)$11.5M2024-09−$7.3M2024-12−$28.2M2025-03−$20.1M2025-06−$14.0M2025-09$78.8M2025-12$5.1M2026-03−$84.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PARR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：PAR Pacific Holdings（PARR）财报

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