PBF Energy (PBF)
Market Price (6/22/2026): $37.25 | Market Cap: $4.4 BilSector: Energy | Industry: Oil & Gas Refining & Marketing
PBF Energy (PBF)
Market Price (6/22/2026): $37.25Market Cap: $4.4 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8% Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include Domestic Refined Products Supply, Renewable Fuel Production, Show more. | Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -69% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -238 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.8% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 17x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.3% Key risksPBF key risks include [1] substantial financial and operational setbacks from disruptions at its relatively few refineries and [2] significant financial exposure to the volatile price of Renewable Identification Numbers (RINs) and stringent regional regulations. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.8% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include Domestic Refined Products Supply, Renewable Fuel Production, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -69% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -238 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.8% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 17x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.3% |
| Key risksPBF key risks include [1] substantial financial and operational setbacks from disruptions at its relatively few refineries and [2] significant financial exposure to the volatile price of Renewable Identification Numbers (RINs) and stringent regional regulations. |
Qualitative Assessment
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PBF Energy (PBF) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Martinez Refinery nearing full operational capacity bolstered investor confidence.
Following extensive rebuild activities completed in February 2026, PBF Energy's Martinez refinery progressed towards full operational rates, with management expecting full planned rates by early May 2026. This restart, after a prior fire incident, removed a significant operational overhang and promised increased throughput for the company.
2. Favorable refining margins driven by tight product supply supported profitability.
Despite some initial weakness, refining margins, particularly for diesel and jet fuel, were projected to strengthen and remain elevated through 2026. This trend was largely attributed to tight petroleum product supply in the global market, exacerbated by geopolitical factors such as the Strait of Hormuz crisis and the Russia-Ukraine war, which disrupted global supply chains and increased costs.
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PBF Energy (PBF) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. Martinez Refinery nearing full operational capacity bolstered investor confidence.
Following extensive rebuild activities completed in February 2026, PBF Energy's Martinez refinery progressed towards full operational rates, with management expecting full planned rates by early May 2026. This restart, after a prior fire incident, removed a significant operational overhang and promised increased throughput for the company.
2. Favorable refining margins driven by tight product supply supported profitability.
Despite some initial weakness, refining margins, particularly for diesel and jet fuel, were projected to strengthen and remain elevated through 2026. This trend was largely attributed to tight petroleum product supply in the global market, exacerbated by geopolitical factors such as the Strait of Hormuz crisis and the Russia-Ukraine war, which disrupted global supply chains and increased costs.
3. Stronger fiscal Q1 2026 revenue and substantial insurance recoveries enhanced financial outlook.
PBF Energy reported fiscal Q1 2026 revenue of $7.90 billion, exceeding analyst estimates. Furthermore, the company received a fourth unallocated insurance installment of $106.5 million in fiscal Q1 2026 related to the Martinez refinery fire, bringing total unallocated insurance reimbursements to $1.0 billion net of deductibles and retentions, significantly mitigating financial impact and boosting liquidity.
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Stock Movement Drivers
Fundamental Drivers
The 5.5% change in PBF stock from 2/28/2026 to 6/21/2026 was primarily driven by a 4.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.36 | 37.29 | 5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29,332 | 30,170 | 2.9% |
| P/S Multiple | 0.1 | 0.1 | 4.8% |
| Shares Outstanding (Mil) | 115 | 117 | -2.2% |
| Cumulative Contribution | 5.5% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PBF | 5.5% | |
| Market (SPY) | 9.2% | -41.7% |
| Sector (XLE) | -3.2% | 60.2% |
Fundamental Drivers
The 9.7% change in PBF stock from 11/30/2025 to 6/21/2026 was primarily driven by a 8.8% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.98 | 37.29 | 9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29,544 | 30,170 | 2.1% |
| P/S Multiple | 0.1 | 0.1 | 8.8% |
| Shares Outstanding (Mil) | 116 | 117 | -1.2% |
| Cumulative Contribution | 9.7% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PBF | 9.7% | |
| Market (SPY) | 9.9% | -25.9% |
| Sector (XLE) | 20.7% | 61.9% |
Fundamental Drivers
The 102.5% change in PBF stock from 5/31/2025 to 6/21/2026 was primarily driven by a 118.1% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.41 | 37.29 | 102.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31,536 | 30,170 | -4.3% |
| P/S Multiple | 0.1 | 0.1 | 118.1% |
| Shares Outstanding (Mil) | 114 | 117 | -2.9% |
| Cumulative Contribution | 102.5% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PBF | 102.5% | |
| Market (SPY) | 28.1% | -7.0% |
| Sector (XLE) | 36.1% | 60.1% |
Fundamental Drivers
The 11.4% change in PBF stock from 5/31/2023 to 6/21/2026 was primarily driven by a 653.0% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.47 | 37.29 | 11.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46,984 | 30,170 | -35.8% |
| Net Income Margin (%) | 7.0% | 1.5% | -79.0% |
| P/E Multiple | 1.3 | 9.9 | 653.0% |
| Shares Outstanding (Mil) | 129 | 117 | 9.9% |
| Cumulative Contribution | 11.4% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PBF | 11.4% | |
| Market (SPY) | 85.7% | 21.1% |
| Sector (XLE) | 54.8% | 61.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PBF Return | 83% | 217% | 10% | -38% | 7% | 41% | 496% |
| Peers Return | 26% | 71% | 16% | -16% | 36% | 44% | 316% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| PBF Win Rate | 67% | 83% | 50% | 25% | 67% | 50% | |
| Peers Win Rate | 53% | 73% | 52% | 38% | 65% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PBF Max Drawdown | -60% | -40% | -35% | -59% | -54% | -27% | |
| Peers Max Drawdown | -32% | -31% | -26% | -41% | -31% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MPC, VLO, PSX, DINO, DK. See PBF Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | PBF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.3% | -18.8% |
| % Gain to Breakeven | 67.5% | 23.1% |
| Time to Breakeven | 70 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.2% | -7.8% |
| % Gain to Breakeven | 12.6% | 8.5% |
| Time to Breakeven | 462 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.0% | -6.7% |
| % Gain to Breakeven | 33.4% | 7.1% |
| Time to Breakeven | 36 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -78.7% | -33.7% |
| % Gain to Breakeven | 370.0% | 50.9% |
| Time to Breakeven | 741 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.0% | -19.2% |
| % Gain to Breakeven | 78.5% | 23.8% |
| Time to Breakeven | 1691 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -14.2% | -3.7% |
| % Gain to Breakeven | 16.6% | 3.9% |
| Time to Breakeven | 18 days | 6 days |
In The Past
PBF Energy's stock fell -40.3% during the 2025 US Tariff Shock. Such a loss loss requires a 67.5% gain to breakeven.
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| Event | PBF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.3% | -18.8% |
| % Gain to Breakeven | 67.5% | 23.1% |
| Time to Breakeven | 70 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.0% | -6.7% |
| % Gain to Breakeven | 33.4% | 7.1% |
| Time to Breakeven | 36 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -78.7% | -33.7% |
| % Gain to Breakeven | 370.0% | 50.9% |
| Time to Breakeven | 741 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.0% | -19.2% |
| % Gain to Breakeven | 78.5% | 23.8% |
| Time to Breakeven | 1691 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.2% | -12.2% |
| % Gain to Breakeven | 39.3% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.1% | -6.8% |
| % Gain to Breakeven | 28.4% | 7.3% |
| Time to Breakeven | 35 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -27.1% | -0.2% |
| % Gain to Breakeven | 37.2% | 0.2% |
| Time to Breakeven | 77 days | 1 days |
In The Past
PBF Energy's stock fell -40.3% during the 2025 US Tariff Shock. Such a loss loss requires a 67.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About PBF Energy (PBF)
PBF Energy Inc. (PBF) is a significant independent petroleum refiner and supplier operating across North America. The company's business is primarily divided into two segments: Refining and Logistics. Through its refining operations, PBF processes crude oil into a diverse portfolio of fuels and related products essential for transportation and industry.
The main products from PBF's Refining segment include various grades of gasoline, ultra-low-sulfur diesel, heating oil, and jet fuel. PBF also produces specialized products such as lubricants, petrochemicals, and asphalt, along with unbranded transportation fuels and blending components. The company owned and operated six oil refineries as of December 2021.
Complementing its refining activities, PBF's Logistics segment provides crucial infrastructure services. These services encompass rail, truck, and marine terminaling, as well as pipeline transportation and storage for crude oil and refined products. PBF sells and distributes its products extensively across the Northeast, Midwest, Gulf Coast, and West Coast regions of the United States, and also serves markets in Canada and Mexico.
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PBF Energy is like the refining and logistics operations of a major oil company such as ExxonMobil or Shell, without the oil wells or gas stations.
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- Gasoline: A refined petroleum product primarily used as fuel in internal combustion engines for vehicles.
- Ultra-low-sulfur Diesel: A cleaner-burning diesel fuel with significantly reduced sulfur content, primarily for transportation.
- Heating Oil: A fuel oil utilized for heating purposes in residential and commercial furnaces and boilers.
- Diesel Fuel: A general term for fuel used in diesel engines, including various grades.
- Jet Fuel: A type of aviation fuel specifically designed for use in aircraft powered by gas-turbine engines.
- Lubricants: Substances applied to surfaces in mutual contact to reduce friction and wear between them.
- Petrochemicals: Chemical products derived from petroleum, serving as raw materials for a wide range of industrial and consumer goods.
- Asphalt: A viscous, black material derived from petroleum, widely used as a binder in road construction and roofing.
- Terminaling Services (Rail, Truck, Marine): Services for handling, storing, and transferring petroleum products at terminals via various transportation modes.
- Pipeline Transportation Services: The service of moving petroleum products through a network of pipelines.
- Storage Services: Services for holding and warehousing petroleum products and related materials.
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PBF Energy (PBF) operates primarily as a business-to-business (B2B) supplier. As a refining and logistics company, it processes crude oil into various petroleum products and sells them in bulk. PBF Energy does not typically sell directly to individual consumers.
PBF Energy does not publicly disclose specific names of its major customers. This is common practice in the refining industry due to the commodity nature of their products and competitive dynamics. However, based on the description of its products and services, its customers fall into several categories of other companies:
- Wholesale Distributors and Marketers: These companies purchase gasoline, diesel, heating oil, and other fuels in large volumes from PBF Energy. They then distribute these products to a wide range of end-users, including independent and branded retail gas stations, commercial and industrial businesses, and residential heating oil customers.
- Other Integrated Oil Companies and Large Retailers: PBF Energy may supply refined products to other integrated oil companies that have their own retail networks or need to supplement their supply in specific regions. Large independent fuel retailers and travel center operators also fall into this category, purchasing various transportation fuels.
- Industrial and Commercial End-Users: This category includes direct bulk purchasers of specialized products or fuels for their operations. Examples include:
- Airlines: Purchasing jet fuel for their aircraft fleets.
- Trucking and Marine Fleets: Acquiring diesel and marine fuels for their transportation operations.
- Construction Companies: Purchasing asphalt for infrastructure projects.
- Petrochemical Companies: Procuring petrochemical feedstocks for further chemical processing.
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Matthew C. Lucey, President and Chief Executive Officer
Matthew C. Lucey serves as PBF's President and Chief Executive Officer since July 2023. He was appointed to the Board of Directors in July 2023. Mr. Lucey joined PBF as Vice President, Finance in April 2008, served as Senior Vice President, Chief Financial Officer from April 2010 to April 2014, and as Executive Vice President from April to December 2014 before becoming President in January 2015. Prior to joining PBF Energy, Mr. Lucey served as a Managing Director of M.E. Zukerman & Co., a New York-based private equity firm specializing in several sectors of the broader energy industry, from 2001 to 2008. While at M.E. Zukerman & Co., he participated in energy investment activities and served on the Management Committee of Penreco, Cortez Pipeline Company, and Venture Coke Company. Previously, Mr. Lucey spent six years in the banking industry.
Joseph Marino, Senior Vice President and Chief Financial Officer
Joseph Marino became PBF Energy's Chief Financial Officer effective October 1, 2025. He joined the company in 2011 and served as Treasurer from 2020 to 2025. Mr. Marino has held various finance and accounting roles during his tenure, including Assistant Controller from 2015 to 2020 and Director of Financial Reporting during the company's initial public offering. Before joining PBF, he was employed at Ernst & Young LLP, where he represented large public and private corporations in the oil and gas industry and other sectors. Mr. Marino is a certified public accountant in New Jersey and New York.
Thomas J. Nimbley, Chairman
Thomas J. Nimbley serves as Chairman of the Board of PBF Energy. He served as PBF's Chief Executive Officer from June 2010 to July 2023 and was appointed to the board of directors in October 2014, becoming Chairman in June 2016. Prior to PBF, he was a Principal for Nimbley Consultants LLC from 2005 to 2010, providing consulting services and assisting in the acquisition of two refineries. He also served as Senior Vice President and Head of Refining for Phillips Petroleum Company and subsequently for ConocoPhillips' domestic refining system. Before joining Phillips, Mr. Nimbley held various positions with Tosco Corporation and its subsidiaries. He was a key executive in the formation and growth of PBF Energy, which was established as a joint venture with partners including Blackstone Group and First Reserve.
Trecia Canty, Senior Vice President, General Counsel, and Secretary
Trecia Canty joined PBF Energy in 2012 and serves as Senior Vice President, General Counsel and Secretary, responsible for the Legal Department and Contracts Administration.
Paul Davis, Senior Vice President, Supply, Trading and Optimization
Paul Davis joined PBF Energy in April 2012. He has been head of PBF's commercial operations related to crude oil and refinery feedstock sourcing since May 2013. He served as Co-Head of Commercial and Senior Vice President, Western Region Commercial Operations from October 2015 to August 2017, and as President, Western Region through April 2022. Mr. Davis now serves as Senior Vice President, Supply, Trading and Optimization. Prior to PBF, Mr. Davis was responsible for Premcor's U.S. Midwest clean products disposition group.
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- Operational Hazards and Refinery Incidents: The refining industry is inherently susceptible to operational hazards such as fires, explosions, and equipment failures. A significant example is the February 2025 fire at the Martinez refinery, which caused operational disruptions, affected the facility's utilization, and resulted in financial impacts despite insurance payouts. Such incidents can lead to production outages, increased costs, and potential regulatory scrutiny, affecting financial performance and reputation.
- Market and Commodity Price Volatility: PBF Energy's profitability is highly sensitive to the cyclical and volatile nature of commodity markets. Fluctuations in crude oil prices, refined product prices, and refining margins (crack spreads) can significantly impact revenues and profitability. Global macroeconomic conditions, shifts in supply and demand, and geopolitical events contribute to this market volatility.
- Environmental and Regulatory Risks: The company is subject to stringent and evolving environmental regulations, particularly in regions like California where it operates. Compliance with these regulations, including those related to greenhouse gas emissions and renewable fuel standards (such as Renewable Identification Numbers, or RINs), can result in significant compliance costs and operational constraints. The broader energy transition towards lower-carbon fuels and electric vehicles also poses a long-term risk of reduced demand for refined petroleum products, potentially pressuring utilization and returns.
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PBF Energy operates within several significant addressable markets for its petroleum products across North America, including the United States, Canada, and Mexico. The company's main products include gasoline, diesel fuels (such as ultra-low-sulfur diesel and renewable diesel), jet fuel, petrochemicals, and asphalt.
Gasoline
The North American gasoline market was valued at approximately USD 850.0 billion in 2024, with projections indicating a rise to USD 1,100.0 billion by 2035. The United States is a dominant consumer in this market. The U.S. gasoline and petroleum wholesaling market size was estimated at USD 808.1 billion in 2025 and USD 772.4 billion in 2026. U.S. gasoline demand averaged 8.9 million barrels per day in both 2023 and 2024.
Diesel Fuels (including Ultra-Low-Sulfur Diesel and Renewable Diesel)
The U.S. diesel fuel market is estimated to reach USD 60 billion by 2031. In 2023, U.S. diesel consumption averaged approximately 3.8 million barrels per day. The broader North American diesel as fuel market accounts for 23% of global consumption, with the U.S. contributing 3.8 million barrels per day and Canada nearly 0.8 million barrels per day. The North American diesel market held 46.95% of the global market revenue of USD 259.1 billion in 2025. Additionally, the North America renewable diesel market was valued at USD 4.35 billion in 2024 and is anticipated to grow to USD 7.91 billion by 2033. The North America Renewable Diesel Market size is expected to reach USD 26.3 billion by 2032.
Jet Fuel
North America is a significant market for jet fuel, accounting for approximately 40% of global consumption. The North America commercial aircraft aviation fuel market was valued at USD 43.81 billion in 2025 and is projected to reach USD 67.39 billion by 2035. The North America Aviation Fuel Market was valued at USD 70.07 billion in 2024 and is expected to reach USD 110.65 billion by 2030.
Petrochemicals
The U.S. petrochemical market size was USD 116.9 billion in 2024 and is expected to reach USD 210.7 billion by 2032. In 2022, the U.S. petrochemicals market generated a revenue of USD 102,411.1 million, with projections to reach USD 174,256.5 million by 2030. The North American petrochemicals market generated a revenue of USD 128,616.2 million in 2022 and is expected to reach USD 222,281.9 million by 2030.
Asphalt
The U.S. asphalt market size was USD 32.6 million in 2024 and is expected to reach USD 52.9 million by 2032. In 2025, the asphalt manufacturing industry in the U.S. is projected to reach USD 36.7 billion in revenue. The North American asphalt market size was valued at USD 261.91 million in 2024 and is projected to grow at a CAGR of 5.6% from 2025 to 2032. The North American bitumen market (also known as asphalt) was calculated to be USD 33.60 million in 2024 and is anticipated to be worth USD 42.42 million by 2033.
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PBF Energy (PBF) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:
- Full Restoration and Optimized Operation of the Martinez Refinery: The full restoration and optimized operation of the Martinez refinery, particularly after significant downtime and a fire, is a critical driver for increased capacity and output. The refinery's restart is anticipated to enhance operational efficiency and market competitiveness, directly contributing to higher throughput and revenue.
- Growth in Renewable Diesel Production: PBF Energy's equity investment in St. Bernard Renewables (SBR) is poised for continued growth in renewable diesel production. Optimized production levels, coupled with the approval of SBR's provisional application to CARB in March 2024, are expected to improve project economics related to the California market by processing lower-carbon intensity feedstocks.
- Improved Operational Efficiency and Favorable Refining Market Conditions: The company's ongoing Refinery Business Improvement (RBI) initiatives aim to maximize operational efficiency and achieve significant cost reductions, with a target of $350 million in cost improvements by 2026. These internal efficiencies, combined with a constructive long-term market outlook for refined products and tight global refining supply, are expected to lead to improved refining margins and increased throughput volumes across PBF Energy's operations.
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Share Repurchases
- PBF Energy authorized a $500 million share repurchase program on December 12, 2022.
- The company subsequently increased its share repurchase authorization by $500 million, bringing the total to $1 billion in May 2023, and extended the program until December 2025.
- In 2023, PBF Energy repurchased over $530 million in shares, contributing to approximately $640 million returned to stockholders through dividends and buybacks. The Board further authorized a $750 million increase in February 2024, raising the total available authorization to over $1 billion.
Share Issuance
- In March 2025, PBF Holding Company LLC, a subsidiary of PBF Energy, priced $800 million in 9.875% senior notes due 2030 in a private offering. The net proceeds of approximately $777.5 million were intended for repaying outstanding borrowings under its asset-based revolving credit facility and for general corporate purposes.
Outbound Investments
- PBF Energy established St. Bernard Renewables LLC (SBR) in 2022, a 50-50 joint venture with Eni Sustainable Mobility US Inc., which commenced renewable fuels production in July 2023. This represents a strategic diversification into renewable diesel.
- In the third quarter of 2025, the company completed the sale of two non-core refined product terminal facilities for $175.4 million.
Capital Expenditures
- PBF Energy's expected capital expenditures for the full year 2025 were in the range of $750 million to $775 million, excluding costs related to the restoration of the Martinez Refinery, which were covered by insurance.
- For 2026, the company anticipates capital expenditures of $600 million to $620 million for maintenance and turnarounds, $235 million to $250 million for other capital projects, and $50 million to $55 million for corporate/logistics. The higher capital expenditures for 2026 are primarily driven by increased turnaround activity across its refineries.
- A significant focus of capital allocation has been the restoration of the Martinez, California refinery following a fire in February 2025, with construction expected to be complete by mid-February 2026 and a sequenced restart to follow. The company received $893.5 million in insurance reimbursements in 2025, largely covering these restoration costs.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 115.32 |
| Mkt Cap | 39.2 |
| Rev LTM | 77,490 |
| Op Inc LTM | 2,792 |
| FCF LTM | 894 |
| FCF 3Y Avg | 1,649 |
| CFO LTM | 2,186 |
| CFO 3Y Avg | 2,953 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.6% |
| Rev Chg 3Y Avg | -10.2% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 157.3% |
| Op Inc Chg 3Y Avg | -5.5% |
| Op Mgn LTM | 3.8% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 5.9% |
| CFO/Rev 3Y Avg | 4.6% |
| FCF/Rev LTM | 4.3% |
| FCF/Rev 3Y Avg | 2.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 39.2 |
| P/S | 0.5 |
| P/Op Inc | 10.3 |
| P/EBIT | 7.7 |
| P/E | 12.7 |
| P/CFO | 9.4 |
| Total Yield | 8.6% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | 6.9% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.8% |
| 3M Rtn | -2.8% |
| 6M Rtn | 41.3% |
| 12M Rtn | 61.0% |
| 3Y Rtn | 103.1% |
| 1M Excs Rtn | -11.3% |
| 3M Excs Rtn | -17.6% |
| 6M Excs Rtn | 27.9% |
| 12M Excs Rtn | 34.0% |
| 3Y Excs Rtn | 24.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Refining | 29,298 | 33,078 | 38,288 | 46,781 | 27,202 |
| Logistics | 384 | 387 | 384 | 369 | 356 |
| Corporate | 0 | 0 | 0 | ||
| Eliminations | -349 | -349 | -348 | -320 | -304 |
| Total | 29,332 | 33,115 | 38,325 | 46,830 | 27,253 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Logistics | 310 | 199 | 206 | 184 | 195 |
| Refining | 38 | -580 | 2,184 | 4,466 | 673 |
| Eliminations | 0 | 0 | 0 | ||
| Corporate | -402 | -319 | 562 | -497 | -271 |
| Total | -54 | -699 | 2,952 | 4,153 | 597 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Refining | 11,469 | 10,946 | 12,591 | 12,588 | 10,753 |
| Corporate | 906 | 1,015 | 1,024 | 136 | 47 |
| Logistics | 683 | 782 | 817 | 863 | 901 |
| Eliminations | -39 | -40 | -44 | -38 | -62 |
| Total | 13,020 | 12,703 | 14,388 | 13,549 | 11,640 |
Price Behavior
| Market Price | $37.29 | |
| Market Cap ($ Bil) | 4.4 | |
| First Trading Date | 12/13/2012 | |
| Distance from 52W High | -26.7% | |
| 50 Days | 200 Days | |
| DMA Price | $40.97 | $35.67 |
| DMA Trend | up | down |
| Distance from DMA | -9.0% | 4.6% |
| 3M | 1YR | |
| Volatility | 62.1% | 63.7% |
| Downside Capture | -181.12 | -108.14 |
| Upside Capture | -184.04 | -21.80 |
| Correlation (SPY) | -49.4% | -7.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -3.28 | -3.55 | -2.38 | -1.41 | -0.35 | 0.78 |
| Up Beta | -5.85 | -4.10 | -3.97 | -2.55 | -0.55 | 0.87 |
| Down Beta | -3.21 | -3.32 | -0.28 | -0.33 | 0.47 | 1.34 |
| Up Capture | -171% | -154% | -109% | -62% | 2% | 14% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 21 | 36 | 67 | 140 | 382 |
| Down Capture | -363% | -653% | -476% | -288% | -258% | 69% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 20 | 27 | 57 | 110 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBF | |
|---|---|---|---|---|
| PBF | 58.5% | 64.2% | 0.97 | - |
| Sector ETF (XLE) | 25.3% | 20.9% | 0.98 | 59.8% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | -7.8% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -0.3% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 50.8% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | -7.3% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBF | |
|---|---|---|---|---|
| PBF | 18.9% | 60.5% | 0.53 | - |
| Sector ETF (XLE) | 18.5% | 26.1% | 0.64 | 67.0% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 24.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 7.3% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 48.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 17.0% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 9.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBF | |
|---|---|---|---|---|
| PBF | 6.6% | 67.2% | 0.39 | - |
| Sector ETF (XLE) | 8.9% | 29.6% | 0.34 | 67.2% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 38.6% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | -0.4% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 41.4% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 33.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 0.5% | -3.6% | -5.0% |
| 2/12/2026 | -5.9% | -5.2% | 22.6% |
| 10/30/2025 | 1.3% | 3.5% | 2.5% |
| 7/31/2025 | -8.2% | -7.7% | 9.4% |
| 5/1/2025 | -3.0% | 6.8% | 12.2% |
| 2/13/2025 | -12.8% | -10.4% | -21.1% |
| 10/31/2024 | -1.1% | 7.0% | 10.2% |
| 8/1/2024 | -3.8% | -10.6% | -17.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 16 |
| # Negative | 11 | 11 | 8 |
| Median Positive | 2.2% | 6.8% | 12.5% |
| Median Negative | -3.8% | -6.9% | -8.3% |
| Max Positive | 10.0% | 23.7% | 92.9% |
| Max Negative | -12.8% | -10.6% | -21.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 0.5% | -3.6% | -5.0% |
| 2/12/2026 | -5.9% | -5.2% | 22.6% |
| 10/30/2025 | 1.3% | 3.5% | 2.5% |
| 7/31/2025 | -8.2% | -7.7% | 9.4% |
| 5/1/2025 | -3.0% | 6.8% | 12.2% |
| 2/13/2025 | -12.8% | -10.4% | -21.1% |
| 10/31/2024 | -1.1% | 7.0% | 10.2% |
| 8/1/2024 | -3.8% | -10.6% | -17.6% |
| 5/2/2024 | 0.8% | -3.7% | -10.8% |
| 2/15/2024 | -2.3% | -10.0% | 9.0% |
| 11/2/2023 | -1.6% | -9.2% | -5.9% |
| 8/3/2023 | -4.2% | 2.1% | -0.7% |
| 5/5/2023 | 1.8% | 12.3% | 16.4% |
| 2/16/2023 | 7.6% | 5.0% | -2.8% |
| 10/27/2022 | 3.6% | 0.8% | 2.8% |
| 7/28/2022 | 0.8% | 4.8% | 22.8% |
| 4/28/2022 | 10.0% | 16.2% | 14.6% |
| 2/10/2022 | -4.9% | -6.9% | 27.5% |
| 10/28/2021 | 3.9% | -4.1% | -16.8% |
| 7/29/2021 | -1.5% | -6.1% | 3.3% |
| 4/29/2021 | 0.8% | 16.0% | 12.8% |
| 2/11/2021 | 2.2% | 23.7% | 92.9% |
| 10/29/2020 | 3.3% | 22.0% | 85.2% |
| 7/31/2020 | 4.0% | 6.0% | 11.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 16 |
| # Negative | 11 | 11 | 8 |
| Median Positive | 2.2% | 6.8% | 12.5% |
| Median Negative | -3.8% | -6.9% | -8.3% |
| Max Positive | 10.0% | 23.7% | 92.9% |
| Max Negative | -12.8% | -10.6% | -21.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Renewable Diesel Production | 15,000 | 15,500 | 16,000 | -8.8% | Lowered | Guidance: 17,000 for Q1 2026 | |
| Q2 2026 East Coast Throughput | 0.28 Mil | 0.29 Mil | 0.30 Mil | 0 | Same New | Guidance: 0.29 Mil for Q1 2026 | |
| Q2 2026 Mid-continent Throughput | 0.14 Mil | 0.15 Mil | 0.15 Mil | 7.1% | Higher New | Guidance: 0.14 Mil for Q1 2026 | |
| Q2 2026 Gulf Coast Throughput | 0.17 Mil | 0.18 Mil | 0.18 Mil | 0 | Same New | Guidance: 0.18 Mil for Q1 2026 | |
| Q2 2026 West Coast Throughput | 0.25 Mil | 0.26 Mil | 0.27 Mil | 13.0% | Higher New | Guidance: 0.23 Mil for Q1 2026 | |
| Q2 2026 Total Throughput | 0.85 Mil | 0.88 Mil | 0.91 Mil | ||||
| 2026 RBI Run-rate Cost Improvements | 350.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2026 | |||
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Renewable diesel production | 16,000 | 17,000 | 18,000 | ||||
| Q1 2026 East Coast Throughput | 0.28 Mil | 0.29 Mil | 0.30 Mil | ||||
| Q1 2026 Mid-continent Throughput | 0.14 Mil | 0.14 Mil | 0.14 Mil | ||||
| Q1 2026 Gulf Coast Throughput | 0.17 Mil | 0.18 Mil | 0.18 Mil | ||||
| Q1 2026 West Coast Throughput | 0.22 Mil | 0.23 Mil | 0.24 Mil | ||||
| 2026 Run-rate cost improvements | 350.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2026 | |||
Insider Activity
Updated 6/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 6092026 | 43.17 | 100,000 | 4,316,950 | 782,131,964 | Form | |
| 2 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 6042026 | 43.58 | 220,000 | 9,587,050 | 793,881,735 | Form | |
| 3 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 6042026 | 43.56 | 31,000 | 1,350,493 | 803,225,407 | Form | |
| 4 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 5062026 | 45.91 | 220,000 | 10,099,496 | 847,838,825 | Form | |
| 5 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 5062026 | 44.87 | 200,000 | 8,973,310 | 838,497,403 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 6092026 | 43.17 | 100,000 | 4,316,950 | 782,131,964 | Form | |
| 2 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 6042026 | 43.58 | 220,000 | 9,587,050 | 793,881,735 | Form | |
| 3 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 6042026 | 43.56 | 31,000 | 1,350,493 | 803,225,407 | Form | |
| 4 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 5062026 | 45.91 | 220,000 | 10,099,496 | 847,838,825 | Form | |
| 5 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 5062026 | 44.87 | 200,000 | 8,973,310 | 838,497,403 | Form | |
| 6 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 4302026 | 44.41 | 3,000 | 133,240 | 838,909,411 | Form | |
| 7 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 4302026 | 43.50 | 362,000 | 15,746,131 | 821,743,523 | Form | |
| 8 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 4082026 | 47.10 | 70,000 | 3,297,018 | 906,854,259 | Form | |
| 9 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 4082026 | 46.18 | 130,000 | 6,003,504 | 892,383,833 | Form | |
| 10 | Nimbley, Thomas J | Direct | Sell | 4012026 | 50.62 | 50,000 | 2,530,810 | 40,023,039 | Form | |
| 11 | Fedena, James E | Senior Vice President | Direct | Sell | 4012026 | 49.60 | 77,085 | 3,823,473 | 6,895,297 | Form |
| 12 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 4012026 | 50.74 | 200,000 | 10,147,260 | 987,008,658 | Form | |
| 13 | Fedena, James E | Senior Vice President | Direct | Sell | 4012026 | 51.66 | 18,941 | 978,492 | 7,181,567 | Form |
| 14 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 4012026 | 51.14 | 85,000 | 4,346,756 | 1,005,056,704 | Form | |
| 15 | Davis, Paul T | Senior Vice President | Direct | Sell | 3302026 | 51.48 | 50,000 | 2,574,180 | 9,443,431 | Form |
| 16 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3302026 | 50.52 | 600,000 | 30,313,780 | 997,257,581 | Form | |
| 17 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3302026 | 49.96 | 637,000 | 31,827,090 | 1,016,203,395 | Form | |
| 18 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3262026 | 49.44 | 469,700 | 23,220,981 | 1,036,994,430 | Form | |
| 19 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3262026 | 49.49 | 687,500 | 34,022,693 | 1,061,280,275 | Form | |
| 20 | Canty, Trecia M | SVP and General Counsel | Direct | Sell | 3262026 | 50.00 | 62,999 | 3,149,950 | 9,588,950 | Form |
| 21 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3242026 | 47.02 | 472,000 | 22,191,408 | 1,040,593,581 | Form | |
| 22 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3242026 | 48.84 | 340,000 | 16,604,936 | 1,103,979,062 | Form | |
| 23 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3202026 | 50.18 | 52,000 | 2,609,490 | 1,151,432,344 | Form | |
| 24 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3202026 | 46.21 | 1,100,000 | 50,831,071 | 1,062,688,145 | Form | |
| 25 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3182026 | 44.43 | 600,000 | 26,657,460 | 1,070,603,491 | Form | |
| 26 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3182026 | 44.29 | 49,200 | 2,179,161 | 1,093,872,399 | Form | |
| 27 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3122026 | 41.91 | 838,000 | 35,123,764 | 1,064,237,403 | Form | |
| 28 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3122026 | 40.08 | 22,000 | 881,855 | 1,051,375,033 | Form | |
| 29 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3102026 | 44.89 | 13,000 | 583,547 | 1,178,364,537 | Form | |
| 30 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3062026 | 46.57 | 205,000 | 9,546,214 | 1,223,037,625 | Form | |
| 31 | Davis, Paul T | Senior Vice President | Direct | Sell | 3062026 | 44.80 | 50,000 | 2,239,750 | 8,216,568 | Form |
| 32 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3062026 | 42.62 | 903,100 | 38,491,173 | 1,128,143,775 | Form | |
| 33 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3042026 | 40.33 | 99,000 | 3,992,937 | 1,103,994,650 | Form | |
| 34 | Nimbley, Thomas J | Direct | Sell | 3042026 | 40.07 | 200,000 | 8,014,680 | 31,686,679 | Form | |
| 35 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 3042026 | 38.33 | 120,000 | 4,599,624 | 1,052,976,514 | Form | |
| 36 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2262026 | 34.91 | 250,000 | 8,727,475 | 963,205,963 | Form | |
| 37 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2242026 | 34.51 | 2,000 | 69,020 | 960,799,743 | Form | |
| 38 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2242026 | 34.65 | 132,000 | 4,573,919 | 964,791,870 | Form | |
| 39 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2202026 | 34.13 | 72,000 | 2,457,439 | 954,824,280 | Form | |
| 40 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2202026 | 34.50 | 18,000 | 621,081 | 967,754,543 | Form | |
| 41 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2182026 | 34.11 | 75,000 | 2,557,995 | 957,208,482 | Form | |
| 42 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2182026 | 34.23 | 300,000 | 10,269,840 | 963,317,770 | Form | |
| 43 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2132026 | 36.79 | 3,000 | 110,383 | 1,046,437,177 | Form | |
| 44 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2132026 | 35.38 | 450,000 | 15,920,595 | 1,006,294,746 | Form | |
| 45 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2112026 | 34.50 | 1,400 | 48,300 | 996,815,331 | Form | |
| 46 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2112026 | 35.26 | 228,500 | 8,057,413 | 1,018,887,094 | Form | |
| 47 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2092026 | 35.62 | 303,200 | 10,799,620 | 1,037,329,803 | Form | |
| 48 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2092026 | 34.66 | 157,200 | 5,448,143 | 1,019,838,980 | Form | |
| 49 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2052026 | 35.07 | 480,000 | 16,833,183 | 1,037,467,601 | Form | |
| 50 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2052026 | 33.85 | 200,000 | 6,770,879 | 1,017,781,480 | Form | |
| 51 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2022026 | 33.46 | 60,000 | 2,007,690 | 1,012,662,038 | Form | |
| 52 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 2022026 | 34.07 | 35,000 | 1,192,366 | 1,033,048,800 | Form | |
| 53 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 1232026 | 33.79 | 40,000 | 1,351,780 | 1,025,950,261 | Form | |
| 54 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 1232026 | 32.91 | 9,000 | 296,160 | 1,000,314,254 | Form | |
| 55 | Control, Empresarial DE Capitales SA DE CV | Direct | Sell | 1132026 | 32.31 | 50,000 | 1,615,470 | 994,273,256 | Form | |
| 56 | Andriola, Steven John | Controller & CAO | Direct | Sell | 12222025 | 26.19 | 2,579 | 67,541 | 456,055 | Form |
| 57 | O, Connor Thomas L | Senior Vice President | Direct | Sell | 11122025 | 40.83 | 50,000 | 2,041,250 | 8,383,006 | Form |
| 58 | Davis, Paul T | Senior Vice President | Direct | Sell | 11122025 | 38.00 | 50,000 | 1,900,000 | 7,310,858 | Form |
| 59 | O, Connor Thomas L | Senior Vice President | Direct | Sell | 11122025 | 40.00 | 25,997 | 1,039,880 | 8,213,600 | Form |
| 60 | Canty, Trecia M | SVP and General Counsel | Direct | Sell | 11062025 | 36.44 | 50,000 | 1,822,000 | 7,315,111 | Form |
| 61 | Andriola, Steven John | Controller & CAO | Direct | Sell | 11052025 | 34.39 | 1,048 | 36,041 | 721,296 | Form |
| 62 | Nimbley, Thomas J | Direct | Sell | 11042025 | 34.51 | 250,000 | 8,628,000 | 27,289,191 | Form | |
| 63 | O, Connor Thomas L | Senior Vice President | Direct | Sell | 9292025 | 34.00 | 30,000 | 1,020,000 | 6,051,456 | Form |
| 64 | Canty, Trecia M | SVP and General Counsel | Direct | Sell | 9292025 | 34.13 | 50,000 | 1,706,690 | 5,916,480 | Form |
| 65 | O, Connor Thomas L | Senior Vice President | Direct | Sell | 9292025 | 34.00 | 30,000 | 1,020,000 | 7,071,456 | Form |
| 66 | Control, Empresarial DE Capitales SA DE CV | Direct | Buy | 6092025 | 17.99 | 48,500 | 872,340 | 554,403,764 | Form |
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