Par Pacific (PARR) financial statements
Par Pacific reported revenue of $7.5B in fiscal 2025, up 16.7% a year over 9 years.
Net income was $369M and the operating margin 7.2%, against -1.1% in 2016.
Free cash flow was $296M, and the company returned $125M in net buybacks.
The diluted share count rose 22% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Par Pacific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.4B | $3.4B | $5.4B | $3.1B | $4.7B | $7.3B | $8.2B | $8.0B | $7.5B |
| Cost of revenue | $1.6B | $2.1B | $3.0B | $4.8B | $2.9B | $4.3B | $6.4B | $6.8B | $7.1B | $6.1B |
| Gross profit | — | $388M | $408M | $598M | $177M | $372M | $946M | $1.4B | $873M | $1.4B |
| Selling, general and admin | $42M | $46M | $47M | $46M | $41M | $48M | $62M | $91M | $109M | $98M |
| Operating income | -$20M | $94M | $82M | $148M | -$318M | -$8M | $438M | $680M | $48M | $539M |
| Interest expense | $29M | $32M | $40M | $75M | $70M | $66M | $68M | $72M | $83M | $82M |
| Pre-tax income | -$54M | $71M | $40M | -$29M | -$430M | -$80M | $365M | $613M | -$39M | $478M |
| Income tax | -$8M | -$1M | $333,000 | -$70M | -$21M | $1M | $710,000 | -$115M | -$6M | $111M |
| Net income | -$46M | $73M | $39M | $41M | -$409M | -$81M | $364M | $729M | -$33M | $369M |
| EPS (diluted) | -$1.08 | $1.57 | $0.85 | $0.80 | -$7.68 | -$1.40 | $6.08 | $11.94 | -$0.59 | $7.16 |
| Diluted shares | 42M | 46M | 46M | 50M | 53M | 58M | 60M | 61M | 57M | 52M |
| Gross margin | — | 15.9% | 12.0% | 11.1% | 5.7% | 7.9% | 12.9% | 16.9% | 11.0% | 18.1% |
| Operating margin | -1.1% | 3.8% | 2.4% | 2.7% | -10.2% | -0.2% | 6.0% | 8.3% | 0.6% | 7.2% |
| Net margin | -2.5% | 3.0% | 1.2% | 0.8% | -13.1% | -1.7% | 5.0% | 8.9% | -0.4% | 4.9% |
Balance sheet
Fiscal years, from Par Pacific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $48M | $118M | $75M | $126M | $68M | $112M | $491M | $279M | $192M | $164M |
| Receivables | $102M | $122M | $160M | $229M | $112M | $195M | $253M | $367M | $398M | $313M |
| Inventory | $198M | $345M | $322M | $616M | $430M | $790M | $1.0B | $1.2B | $1.1B | $1.2B |
| Total current assets | $403M | $604M | $587M | $1.0B | $636M | $1.1B | $1.9B | $2.0B | $1.8B | $1.8B |
| Property, plant and equipment | $451M | $450M | $538M | $962M | $933M | $857M | $836M | $1.1B | $1.2B | $1.2B |
| Goodwill | $106M | $107M | $153M | $196M | $128M | $127M | $129M | $129M | $129M | $127M |
| Total assets | $1.1B | $1.3B | $1.5B | $2.7B | $2.1B | $2.6B | $3.3B | $3.9B | $3.8B | $3.8B |
| Total current liabilities | $383M | $471M | $507M | $1.0B | $879M | $1.4B | $1.8B | $1.5B | $1.1B | $1.1B |
| Long-term debt | $350M | $385M | $393M | $600M | $649M | $554M | $495M | $647M | $1.1B | $798M |
| Total liabilities | $777M | $900M | $948M | $2.1B | $1.9B | $2.3B | $2.6B | $2.5B | $2.6B | $2.3B |
| Shareholders' equity | $369M | $448M | $512M | $648M | $246M | $266M | $645M | $1.3B | $1.2B | $1.5B |
| Net debt | $323M | $266M | $318M | $486M | $640M | $452M | $15M | $372M | $921M | $639M |
Cash flow
Fiscal years, from Par Pacific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$23M | $106M | $91M | $106M | -$37M | -$28M | $453M | $579M | $84M | $445M |
| Capital spending | $25M | $32M | $48M | $84M | $64M | $30M | $53M | $82M | $136M | $149M |
| Free cash flow | -$48M | $75M | $42M | $22M | -$101M | -$57M | $400M | $497M | -$52M | $296M |
| Stock-based compensation | $7M | $7M | $6M | $6M | $7M | $8M | $9M | $12M | $26M | $17M |
| Share buybacks (net) | — | — | — | — | -$1M | -$2M | -$8M | -$68M | -$142M | -$125M |
| Net borrowing | $153M | $13M | -$10,000 | $270M | $91M | -$143M | -$62M | $145M | $457M | -$332M |
| Free cash flow margin | -2.6% | 3.1% | 1.2% | 0.4% | -3.2% | -1.2% | 5.5% | 6.0% | -0.6% | 4.0% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for PARR.
Open PARR in InvestinglyQuestions
What was Par Pacific's revenue in 2025?
$7.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Par Pacific generate?
$296M in fiscal 2025 (operating cash flow minus capital spending).
From Par Pacific's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.