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PAR Pacific Holdings cash flow, quarter by quarter

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

Free cash flow$801M in Q3 2026 · $1.0B over twelve months

Operating cash flow$839M
Capital spending−$37.4M
Free cash flow+$801M
Cash / net income2.4×
Cash conversion cycle48 days

Analysis

In Q3 2026, PAR Pacific Holdings generated $839M of operating cash flow and spent $37.4M on capital projects, leaving free cash flow of $801M. That is $614M more than in Q3 2025 ($187M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were net borrowing (+) / repaid (−) ($480M), capital spending ($148M), buybacks ($74.9M); besides operations, cash came from other financing ($103M), asset & business sales ($3.8M); the cash balance rose by $579M.

Operating cash flow was $839M against net income of $353M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$381M, prepaid and other assets +$109M, inventory −$103M.

Its cash conversion cycle was 48 days (receivables 17 + inventory 59 − payables 28).

Free cash flow

PAR Pacific Holdings: free cash flow by quarterPAR Pacific Holdings: free cash flow by quarter−$63.1MQ4 2024−$42.3MQ1 2025$85.5MQ2 2025$187MQ3 2025$66.3MQ4 2025−$83.8MQ1 2026$243MQ2 2026$801MQ3 2026
Operating cash flow less capital spending.
PAR Pacific Holdings: operating cash flow against capital spendingPAR Pacific Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$15.5M$47.7MQ4 2024−$1.4M$40.9MQ1 2025$134M$48.1MQ2 2025$219M$32.3MQ3 2025$93.8M$27.5MQ4 2025−$40.7M$43.1MQ1 2026$283M$39.7MQ2 2026$839M$37.4MQ3 2026
Latest (Q3 2026): Operating cash flow $839M, Capital spending $37.4M.

Capital allocation, year by year

PAR Pacific Holdings: where the cash came from (up) and went (down), by fiscal yearPAR Pacific Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$27.6MFY2021: Net borrowing −$144MFY2021: Shares issued $87.3MFY2021: Asset sales $104MFY2021: Capital spending −$29.5MFY2021: Buybacks −$2.1M$191MFY2021FY2022: Operating cash flow $453MFY2022: Net borrowing −$63.6MFY2022: Shares issued $6.4MFY2022: Asset sales $1.3MFY2022: Capital spending −$53.0MFY2022: Acquisitions −$35.5MFY2022: Buybacks −$7.8M$460MFY2022FY2023: Operating cash flow $579MFY2023: Net borrowing $143MFY2023: Shares issued $17.1MFY2023: Asset sales $1.3MFY2023: Capital spending −$82.3MFY2023: Acquisitions −$595MFY2023: Buybacks −$67.8M$741MFY2023FY2024: Operating cash flow $83.8MFY2024: Net borrowing $455MFY2024: Shares issued $1.5MFY2024: Asset sales $61KFY2024: Capital spending −$136MFY2024: Buybacks −$142M$540MFY2024FY2025: Operating cash flow $445MFY2025: Net borrowing −$335MFY2025: Asset sales $6.1MFY2025: Capital spending −$149MFY2025: Buybacks −$125M$451MFY2025
Over these 5 years operating cash flow totalled $1.5B; the largest uses were acquisitions ($631M) and net borrowing ($543M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$731M
Debt$496M
Net cash$235M
Due within a year$7.5M

PAR Pacific Holdings funds itself: free cash flow was $1.0B over the last twelve months, and $731M of cash and investments stands against $496M of debt ($7.5M due within a year, 97.0× covered by cash).

PAR Pacific Holdings: debt maturities by year (FY2025)PAR Pacific Holdings: debt maturities by year (FY2025)$7.5MYear 1$7.6MYear 2$183MYear 3$7.7MYear 4$608MYear 5$869KAfter year 5
Principal due in each year as disclosed in the annual report, against $731M of cash and investments now.

Where the cash came from and went

PAR Pacific Holdings: sources (+) and uses (−) of cash, Q3 2026PAR Pacific Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$839MCash drawn (+) / kept (−)−$546MNet borrowing (+) / repaid (−)−$244MCapital spending−$37.4MBuybacks−$10.3MOther financing−$1.7MShares issued$996K
PAR Pacific Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026PAR Pacific Holdings: sources (+) and uses (−) of cash, 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 profit to cash

PAR Pacific Holdings: net income to operating cash flow, Q3 2026PAR Pacific Holdings: net income to operating cash flow, Q3 2026Net income$355MDepreciation & amortization$39.0MStock-based pay$4.1MDeferred taxes$6.1MReceivables−$96.7MInventory−$103MPayables$381MPrepaid and other assets$109MOperating cash flow$839M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202617592848
Q2 202615602452
Q1 202620752768
Q4 202517792472
Q3 202517762864
Q2 202519602454
Q1 202520622458
Q4 202421592555

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$839M−$37.4M−$10.3M−$244M$996K−$546M$801M
Q2 2026$283M−$39.7M−$359K−$212M−$1.5M−$19.8M$243M
Q1 2026−$40.7M−$43.1M−$36.7M$143M$3.5M−$8.1M−$83.8M
Q4 2025$93.8M−$27.5M−$27.6M−$166M—−$5.1M$66.3M
Q3 2025$219M−$32.3M−$16.4M−$154M—$10.1M$187M
Q2 2025$134M−$48.1M−$29.7M−$49.5M—−$35.5M$85.5M
Q1 2025−$1.4M−$40.9M−$51.1M$34.8M—$58.2M−$42.3M
Q4 2024−$15.5M−$47.7M−$15.3M$86.1M$1.5M−$8.9M−$63.1M

PAR Pacific Holdings: income statement and cash flow

PAR Pacific Holdings, Q3 2026: revenue $3.1B (+52% year over year), operating margin 15.5%. The chart follows the revenue to costs, profit and cash.

PAR Pacific Holdings: 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.