Filing Flows › PAR Pacific Holdings (PARR) › Q4 2025
PAR Pacific Holdings (PARR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
PAR Pacific Holdings (PARR) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and -10% from the quarter before. Operating margin was 5.5%, net earnings $77.7M (4.3% of revenue).
PAR Pacific Holdings, Q4 2025: revenue $1.8B (-1% year over year), operating margin 5.5%, net earnings $77.7M, operating cash flow $93.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -10% | -1% |
| Operating profit | $99.3M | -72% | — |
| Net earnings | $77.7M | -70% | — |
| Operating cash flow | $93.8M | -57% | — |
| Free cash flow | $66.3M | -65% | — |
What changed
Revenue was $1.8B in Q4 2025, down 1% year over year and down 10% from the previous quarter. Fuel Revenue was the largest line at 96% of revenue.
Operating profit was $0.10B, a 5.5% margin (up 8.0 points year over year). Total costs fell 9% while revenue fell 1%. The fastest-growing cost line was General & admin (+22%). Net earnings were $0.08B ($0.08B including minority interests, which bore $2.3M of losses). The effective tax rate was 19.3%.
Operating cash flow was $0.09B, 124% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $0.02B. Capital expenditures of $0.03B left free cash flow of $0.07B.
Questions
What was PAR Pacific Holdings' revenue in the fourth quarter 2025?
PAR Pacific Holdings (PARR) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and -10% from the quarter before.
Was PAR Pacific Holdings profitable in the fourth quarter 2025?
Operating profit was $99.3M (5.5% of revenue) and net earnings $77.7M.