PAR PACIFIC HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PAR PACIFIC HOLDINGS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,865	2,443	3,411	5,402	3,125	4,710	7,322	8,232	7,974	7,465
Cost of revenue	1,636	2,055	3,003	4,804	2,948	4,338	6,376	6,838	7,101	6,110
Gross profit	229	388	408	598	177	372	946	1,394	873	1,355
General and administrative	42.1	46.1	47.4	46.2	41.3	48.1	62.4	91.4	109	98.5
Operating income	-19.6	94	81.9	148	-318	-7.62	438	680	47.6	539
Interest expense	28.5	31.6	39.8	74.8	70.2	66.5	68.3	72.5	82.8	82.4
Other non-operating income	-34.1	-22.7	-42.2	-177	-112	-72.7	-73	-66.7	-86.6	-60.9
Pre-tax income	-53.7	71.3	39.8	-28.9	-430	-80.3	365	613	-39	478
Income tax	-7.91	-1.32	0.33	-69.7	-20.7	1.02	0.71	-115	-5.7	111
Net income to minority interests								0	0	-2.3
Net income	-45.8	72.6	39.4	40.8	-409	-81.3	364	729	-33.3	369
EBITDA	12	140	135	234	-228	86.6	538	800	179	683
EPS, basic	-1.08	1.58	0.85	0.80	-7.68	-1.40	6.12	12.14	-0.59	7.28
EPS, diluted	-1.08	1.57	0.85	0.80	-7.68	-1.40	6.08	11.94	-0.59	7.16
Shares, basic (weighted)	42.3	45.5	45.7	50.4	53.3	58.3	59.5	60	56.8	50.7
Shares, diluted (weighted)	42.3	45.6	45.8	50.5	53.3	58.3	59.9	61	56.8	51.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	47.8	118	75.1	126	68.3	112	491	279	192	164
Receivables	102	122	160	229	112	195	253	367	398	313
Inventory	198	345	322	616	430	790	1,042	1,160	1,089	1,229
Other current assets	4.7	5.22	12.7	5.6	6.88	4.29	5.62	10.8	21.3	10.4
Total current assets	403	604	587	1,032	636	1,130	1,882	1,989	1,772	1,776
Property, plant and equipment	451	450	538	962	933	857	836	1,099	1,156	1,198
Lease right-of-use assets				420	357	384	351	346	428	391
Goodwill	106	107	153	196	128	127	129	129	129	127
Intangible assets	29.9	26.6	23.9	21.5	18.9	16.2	13.6	10.9	9.52	9.48
Other non-current assets	46.6	32.9	21.9	22	60.6	56.3	69.3	187	235	197
Total assets	1,145	1,347	1,461	2,701	2,134	2,570	3,281	3,864	3,829	3,834
Accounts payable	65.2	52.5	54.8	162	107	155	151	391	437	342
Accrued liabilities	35.2	27.4	54.6	84.7	204	370	640	422	344	467
Deferred revenue		9.52	6.68	7.91	4.1	10.1	11.5	15.2	16.2	6.7
Short-term debt	20.3	0	0.03	12.3	59.9	10.8	11	4.26	4.89	4.93
Total current liabilities	383	471	507	1,034	879	1,356	1,794	1,525	1,096	1,106
Long-term debt	350	385	393	600	649	554	495	647	1,108	798
Lease liabilities				341	304	335	293	283	362	312
Other non-current liabilities	36.7	35.9	37.5	63	48	52.3	48.4	62.4	59.9	52.6
Total liabilities	777	900	948	2,052	1,888	2,305	2,636	2,529	2,638	2,281
Total debt	370	385	393	612	709	565	506	651	1,113	803
Paid-in capital	587	593	618	715	727	822	836	861	885	958
Retained earnings	-221	-148	-109	-67.9	-477	-559	-201	466	296	541
Other comprehensive income	2.2	2.14	2.67	0.58	-3.74	2.5	8.13	8.17	10.4	11.7
Shareholders' equity	369	448	512	648	246	266	645	1,335	1,191	1,512
Total equity	369	448	512	648	246	266	645	1,335	1,191	1,512
Total liabilities and equity	1,145	1,347	1,461	2,701	2,134	2,570	3,281	3,864	3,829	3,834

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-45.8	72.6	39.4	40.8	-409	-81.3	364	729	-33.3	367
Depreciation and amortization	31.6	46	52.6	86.1	90	94.2	99.8	120	132	144
Stock-based compensation	6.63	7.2	6.2	6.44	7.34	8.17	9.35	11.6	25.7	16.6
Deferred income tax	-7.94	-1.32	0.66	-66.9	-20.9	-0.26	0.27	-126	-2.56	100
Change in receivables	-17.2	-19.1	-35.8	-36.7	118	-84	-57.4	-112	-26	84.7
Change in inventory	49	-147	28.1	-192	172	-351	-254	180	62.9	-144
Change in payables	-26.7	-33.8	19.9	69	67.2	210	263	15.4	-57.3	60.2
Cash from operations	-23.4	106	90.6	106	-37.2	-27.6	453	579	83.8	445
Capital expenditures	-24.8	-31.7	-48.4	-83.9	-63.5	-29.5	-53	-82.3	-136	-149
Acquisitions	-209	0	-74.3	-273	0	0	-35.5	-595	0	0
Cash from investing	-286	-31.7	-176	-353	-63.5	74.6	-87.3	-659	-134	-143
Debt issued	355	617	119	511	250	187	385	1,463	4,518	6,021
Debt repaid	-202	-604	-119	-241	-159	-329	-447	-1,318	-4,062	-6,353
Stock issued	49	0	19.3	0	0	87.2	0	0	1.51
Share buybacks					-1.16	-2.15	-7.83	-67.8	-142	-125
Cash from financing	190	-4.75	41.9	300	42.6	-1.09	13.4	-136	-37	-330
Net change in cash	-120	70.1	-43.3	52.6	-58.1	45.9	379	-215	-87.2	-27.8
Free cash flow	-48.2	74.8	42.2	21.7	-101	-57.2	400	497	-51.8	296
Interest paid	13.2	23.9	28.2	58.3	54.3	65.2	63.3	77.4	67.8	80.5
Income taxes paid	-0.59	1.48	0.05	0.14	-0.19	0.8	0.05	6.1	12	-4.49

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $68.61 on November 9, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.2%	Gross profit / revenue.
Operating margin	13.2%	Operating income / revenue.
EBITDA margin	14.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.7%	Pre-tax income / revenue.
Net margin	9.8%	Net income / revenue.
FCF margin	10.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.2%	Cash from operations / revenue.
Effective tax rate	23.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	40.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.3%	Net income / average total assets.
Return on invested capital (ROIC)	46.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	55.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	50.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1,031.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	281.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	0.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	5.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	431.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-9.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	26.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	32.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	43.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-9.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.65x	Current assets / current liabilities.
Quick ratio	0.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.21x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.6%	Total debt / total assets.
Liabilities / assets	54.3%	Total liabilities / total assets.
Net debt	-$234.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.17x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	23.4x	Operating income / interest expense.
Working capital	$1.22B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.86x	Revenue / average total assets.
Fixed asset turnover	7.81x	Revenue / average property, plant and equipment.
Inventory turnover	4.83x	Cost of revenue / average inventory.
Days inventory	76 days	365 x average inventory / cost of revenue.
Receivables turnover	15.8x	Revenue / average receivables.
Days sales outstanding	23 days	365 x average receivables / revenue.
Days payables	42 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	57 days	Days inventory + days sales outstanding - days payables.
FCF conversion	108.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$19.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$194.45	Revenue / diluted weighted shares.
FCF per share	$20.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	$23.65	Cash from operations / diluted weighted shares.
Book value per share	$46.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$44.16	Tangible book value / shares outstanding.
Cash per share	$14.72	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	7.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.44B	Share price x shares outstanding.
Enterprise value	$3.20B	Market cap + total debt - cash - short-term investments.
P/E	3.63x	Market cap / net income. Only when net income is positive.
P/S	0.36x	Market cap / revenue.
P/B	1.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.57x	Market cap / tangible book value, when positive.
P/FCF	3.35x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.93x	Market cap / cash from operations, when positive.
EV/Sales	0.33x	Enterprise value / revenue.
EV/EBIT	2.52x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.26x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3.12x	Enterprise value / free cash flow, when both are positive.
FCF yield	29.9%	Free cash flow / market cap.
Earnings yield	27.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.65x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PAR PACIFIC HOLDINGS, INC.'s revenue in fiscal 2025?

PAR PACIFIC HOLDINGS, INC. reported revenue of $7.46B for fiscal 2025, 6.4% lower than the year before.

Was PAR PACIFIC HOLDINGS, INC. profitable in fiscal 2025?

Yes. Net income was $369.4M, a net margin of 4.9%.

How much free cash flow did PAR PACIFIC HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $445.3M minus capital expenditures of $148.9M left free cash flow of $296.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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