The massive beat on both EPS and revenue, combined with the completion of the Hawaii turnaround and debt reduction, signals strong operational momentum. Traders should watch the Q3 2026 guidance on the August 5 call for sustainability of these margin levels, particularly the Hawaii Index trajectory and working capital reversal.
Price Chart
Executive Summary
Par Pacific reported Q2 2026 GAAP diluted EPS of $9.35, massively beating the consensus estimate of $8.15, with revenue of $2.97B versus $2.40B expected. The beat was driven by a surge in refining margins, particularly in Hawaii where the index jumped to $46.06/bbl from $8.57/bbl a year ago, and the company completed a $500M notes offering that reduced term debt by over $130M.
Key Financial Metrics
Key Facts
- GAAP diluted EPS of $9.35 vs consensus $8.15 (beat by 14.7%)
- Revenue of $2.97B vs consensus $2.40B (beat by 23.7%)
- Adjusted Net Income of $499.2M vs $78.3M in Q2 2025
- Adjusted EBITDA of $571.3M vs $137.8M in Q2 2025
- Hawaii Index averaged $46.06/bbl vs $8.57/bbl in Q2 2025
- Completed $500M Senior Unsecured Notes offering, reducing term debt by >$130M
- Refining segment operating income of $629.9M vs $81.3M in Q2 2025
- Net cash from operations of $282.6M, or $614.3M excluding working capital outflows
Financial Impact
EPS beat consensus by $1.20 (14.7%), revenue beat by $569M (23.7%)
Risk Factors
- Refining margins are highly volatile and dependent on commodity prices, which could reverse rapidly
- Working capital outflows of $312.2M may pressure liquidity if not reversed as expected
- Deferred tax expense of $122.3M due to higher taxable income reduces reported net income
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3338894 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 28, 2026 28d ago | Press Release | $77.97 $87.52 | ▲ +12.25% | ▲ +11.04% | $77.15 (−1.05%) |
Sep 15, 2026 5w ago | Insider Cluster | $84.90 $76.97 | ▼ −9.34% | ▼ −11.17% | $77.15 (−9.13%) |
Sep 11, 2026 6w ago | Insider Cluster | $81.70 $82.00 | ▼ −0.37% | ▼ −0.26% | $77.15 (+5.57%) |
Aug 26, 2026 8w ago | Institutional Cluster | $75.77 $80.16 | ▲ +5.79% | ▲ +5.91% | $77.15 (+1.82%) |
Aug 25, 2026 8w ago | Press Release | $75.77 $80.16 | ▲ +5.79% | ▲ +5.91% | $77.15 (+1.82%) |
Aug 19, 2026 9w ago | Insider Cluster | $72.45 $77.04 | ▲ +6.34% | ▲ +5.22% | $77.15 (+6.49%) |
Aug 18, 2026 9w ago | Insider Cluster | $77.13 $75.77 | ▼ −1.76% | ▼ −1.38% | $77.15 (+0.03%) |
Aug 11, 2026 10w ago | Insider Cluster | $75.47 $80.51 | ▼ −6.68% | ▼ −7.08% | $77.15 (−2.23%) |
Aug 4, 2026 11w ago | Press Release | $69.92 $77.78 | ▲ +11.24% | ▲ +10.89% | $77.15 (+10.34%) |
May 11, 2026 23w ago | Press Release | $63.08 $58.79 | ▼ −6.80% | ▼ −6.88% | $77.15 (+22.31%) |
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