Filing Flows › PAR Pacific Holdings (PARR) › Q3 2025
PAR Pacific Holdings (PARR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
PAR Pacific Holdings (PARR) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), -6% from a year earlier and +6% from the quarter before. Operating margin was 17.8%, net earnings $263M (13.0% of revenue).
PAR Pacific Holdings, Q3 2025: revenue $2.0B (-6% year over year), operating margin 17.8%, net earnings $263M, operating cash flow $219M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +6% | -6% |
| Operating profit | $359M | +271% | +884% |
| Net earnings | $263M | +342% | 35× |
| Operating cash flow | $219M | +64% | +179% |
| Free cash flow | $187M | +119% | +273% |
What changed
Revenue was $2.0B in Q3 2025, down 6% year over year and up 6% from the previous quarter. Fuel Revenue was the largest line at 97% of revenue. Fuel Revenue lost $0.11B year over year (down 5%), 82% of the total change.
Operating profit was $0.36B, a 17.8% margin (up 16.1 points year over year). Total costs fell 21% while revenue fell 6%. Net earnings were $0.26B, up 3408% year over year. The effective tax rate was 23.9%.
Operating cash flow was $0.22B (up 179% year over year), 84% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items used $0.08B. Capital expenditures of $0.03B left free cash flow of $0.19B.
Questions
What was PAR Pacific Holdings' revenue in the third quarter 2025?
PAR Pacific Holdings (PARR) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), -6% from a year earlier and +6% from the quarter before.
Was PAR Pacific Holdings profitable in the third quarter 2025?
Operating profit was $359M (17.8% of revenue) and net earnings $263M.