Track market-moving stories before they get noisy

July 30, 2026 06:50 ET  | Source: Scotts Miracle-Gro Company (The)

MARYSVILLE, Ohio, July 30, 2026 (GLOBE NEWSWIRE) --

The Scotts Miracle-Gro Company (NYSE: SMG), the leading marketer of branded consumer lawn and garden products in North America, today announced details for its Investor Day on Tuesday, August 4, 2026, at the New York Stock Exchange. Investors and media can view the event via live stream.

The speakers, each of whom will provide formal presentations followed by a Q&A session, include:

Nate Baxter, president and CEOMark Scheiwer, EVP, chief financial officer and chief accounting officerNick Miaritis, EVP, chief brand officerJohn Sass, SVP & general manager, North AmericaJosh Meihls, SVP, chief growth officerDr. Paula Powell, SVP, research & developmentDavid Huskisson, SVP, operations & technologySadie Oldham, VP & general manager, Gardens Among the themes and topics to be addressed:

SMG 2.0 growth strategy: Multi-year, in-depth look at portfolio optimization, channel expansion, category growth and operational efficiencies.Disciplined capital allocation: Strategic approach to balance sheet management, including leverage reduction, SG&A investments, capital expenditures, tuck-in M&A and shareholder friendly actions.Longer-term growth algorithm: Plans for dependable net sales growth and consistent profitability expansion, including key financial targets. Investor Day will be held at the New York Stock Exchange on August 4, 2026, beginning at 9 a.m. ET. For those interested in viewing online, the live webcast can be accessed through Vimeo. For those unable to participate during the live webcast, a replay will be available on the Investor Relations website.

About ScottsMiracle-Gro
With approximately $3.3 billion in sales, the Company is the leading marketer of branded consumer lawn and garden products in North America. The Company’s brands are among the most recognized in the industry. The Company’s Scotts®, Miracle-Gro®, Ortho® and Tomcat® brands are market-leading in their categories. For additional information, visit us at www.scottsmiraclegro.com

For investor inquiries:
Brad Chelton
Vice President
Treasury, Tax and Investor Relations
[email protected]
(937) 309-2503

For media inquiries:
Tom Matthews
Chief Communications Officer
[email protected]
(937) 844-3864

Second Quarter 2026 Highlights
(Comparisons are year-over-year ("YoY"), unless otherwise noted)

Sales of $1 billion; net earnings of $125 million and diluted earnings per share (EPS) of $0.91; adjusted earnings of $142 million1 and adjusted EPS of $1.031 North America segment sales of $820.5 million increased 5% driven by the Leonard Valve acquisition, 21% boiler sales growth and carryover pricing actions, partially offset by lower residential water heater volumes Rest of World segment sales of $194.9 million decreased 19%, reflecting continued weakness in China's consumer appliance market Year-to-date operating cash flow increased 42% to $254 million and free cash flow increased 67% to $233 million 2026 full year share repurchase target increased to $300 million 2026 full year sales EPS guidance updated to: Sales growth of between 2% and 3% Diluted EPS of between $3.60 and $3.75 Adjusted EPS of between $3.70 and $3.85 1

Adjusted earnings and adjusted EPS exclude the impact of restructuring and impairment expenses associated with targeted restructuring actions taken in the North America water treatment business.

, /PRNewswire/ -- Global water technology company A. O. Smith Corporation ("the Company") (NYSE: AOS) today announced its second quarter 2026 results.

Key Financial Metrics 

Second Quarter
(in millions, except per share amounts)

Q2 2026

Q2 2025

% Change YoY

Net sales

$   1,004.3

$ 1,011.3

-1 %

Net earnings

$      124.9

$    152.2

-18 %

Adjusted earnings

 $     142.02

$    152.2

-7 %

Diluted earnings per share

$        0.91

$      1.07

-15 %

Adjusted earnings per share

$      1.032

$      1.07

-4 %

2   

Excludes North America water treatment pre-tax restructuring and impairment expenses of $22.6 million. See accompanying GAAP to Non-GAAP reconciliations

"Our team continued to execute well in the second quarter, demonstrating the resilience of the A. O. Smith team and our business model," said Steve Shafer, chairman and chief executive officer. "While North America continued to face softer residential water heater demand, we are pleased with the progress we are making in our market share, as well as the strong growth in our boiler business. Operational excellence and delivering for our customers remained key priorities throughout the quarter. In China, we managed through a significantly weaker market environment and continue our strategic assessment of the business. We remain committed to disciplined execution and investing in opportunities that will strengthen our competitive position and drive long-term value creation."

Segment-level Performance

North America

Second quarter sales increased 5% to $820.5 million, driven by higher boiler volumes, the benefits of carryover pricing and a $16 million sales contribution from Leonard Valve, acquired in January 2026, partially offset by lower residential water heater volumes. Excluding Leonard Valve, organic sales increased 3%.

Segment earnings were $177.2 million, and segment margin was 21.6% in the second quarter of 2026 compared to second quarter of 2025 segment earnings of $198.1 million and segment margin of 25.4%. Second quarter 2026 adjusted segment earnings and adjusted segment margin were $199.8 million and 24.4%, respectively, and exclude $22.6 million of restructuring and impairment expenses associated with a restructuring plan designed to improve profitability and accelerate growth through footprint optimization and brand rationalization in our North America water treatment business. Beginning in 2027, annual savings associated with these restructuring actions are projected to be approximately $6 million to $8 million. The year-over-year decrease in segment earnings and segment margin was primarily due to restructuring and impairment expenses. Adjusted segment earnings were slightly higher with a decrease in adjusted segment margin, primarily due to higher steel and other input costs largely offsetting realized pricing in the quarter.

Rest of World

Rest of World sales of $194.9 million decreased 19% compared to the prior year period and included a favorable currency translation impact of $6 million primarily related to sales in China. China sales decreased 28% in local currency due to continued weak consumer demand and a challenging market environment.

Segment earnings were $10.2 million, and segment margin was 5.2% in the second quarter of 2026, compared to segment earnings of $25.3 million and segment margin of 10.5% in the same period of 2025. The lower segment earnings and segment margin compared to the prior year were primarily due to lower China sales volumes which were partially offset by continued cost management.

Balance Sheet, Liquidity and Capital Allocation

As of June 30, 2026, cash balances totaled $181.3 million and debt totaled $637.5 million, resulting in a leverage ratio of 25.7% as measured by total debt-to-total capitalization. The increased leverage ratio compared to 2025 was due to cash borrowed under a new term loan used to acquire Leonard Valve in January 2026.

Cash provided by operations was $253.8 million and free cash flow was $233.3 million in the first half of 2026, up 42% and 67%, respectively, versus the prior year period, primarily driven by working capital management that more than offset lower earnings.

As part of its commitment to return capital to shareholders, the Company deployed $162.4 million to repurchase 2.6 million shares in the first half of 2026. As of June 30, 2026, authority remained to repurchase approximately 3.2 million additional shares. Supported by strong cash flow performance in the first half of the year, the Company increased its full-year 2026 share repurchase target by 50% to $300 million from $200 million.

On July 13, 2026, the Company's board of directors approved a quarterly cash dividend of $0.36 per share for shareholders of record on July 31, payable on August 17. For the full release, click here.

Outlook

2026 Outlook
(in millions, except per share amounts)

2025

2026 Outlook

Actual

Low End

High End

Net sales

$  3,830

$    3,900

$    3,950

Diluted earnings per share

$    3.85

$      3.60

$      3.75

Adjusted earnings per share

$    3.85

    $    3.703

   $    3.853

3   

Excludes North America water treatment pre-tax restructuring and impairment expenses of approximately $20 million, of which $22.6 million was recognized in the second quarter. Anticipated proceeds from the sale of certain assets are expected to occur in late 2026. See accompanying GAAP to Non-GAAP reconciliations

Due to continued softness in residential water heater industry volumes, the Company narrowed its full-year 2026 sales growth outlook to a range of 2% to 3%, compared to its previous range of 2% to 4%. The Company also narrowed its full-year 2026 adjusted EPS outlook to be between $3.70 and $3.85, from $3.70 to $4.00.

Shafer concluded, "While residential water heater demand remains soft, we are confident in our business fundamentals, competitive position and ability to execute our strategy. Our strong cash flow generation underscores the resilience of our operating model and supports disciplined capital deployment, including our decision to increase the full-year share repurchase target by 50% as we continue returning value to shareholders."

The Company's guidance excludes the potential impacts from future acquisitions, any potential outcomes of the assessment of its China business and the potential impact of the recently announced changes in tariff policy.

A. O. Smith will host a webcasted conference call at 10:00 a.m. (Eastern Daylight Time) today. The call can be heard live on the Company's website click here. An audio replay of the call will be available on the Company's website after the live event. To access the archived audio replay, go to the "Investors" page and select the Second Quarter 2026 Earnings Call link.

To provide improved transparency into the operating results of its business, the Company is providing non-GAAP measures. Free cash flow is defined as cash provided by operations less capital expenditures. North America segment organic growth excludes the impact of Leonard Valve. Adjusted earnings, adjusted EPS and adjusted segment earnings exclude the impact of restructuring and impairment charges. Reconciliations from GAAP measures to non-GAAP measures are provided in the financial information included in this news release.

Forward-looking Statements

This release contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "forecast," "continue," "guidance," "outlook", "confident" or words of similar meaning. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: further softening in U.S. residential and commercial water heater demand; further weakening in North American residential or commercial construction or instability in the Company's replacement markets; failure to realize the expected benefits of acquisitions or expected synergies; difficulties in predicting results of operations of an acquired business; negative impact to the Company's businesses from international tariffs, including any new or increased tariffs that could also trigger retaliatory responses from other countries, as well as trade disputes and geopolitical differences, including the conflicts in Ukraine and the Middle East; negative impacts to the Company, particularly the demand for its products, resulting from global inflationary pressures or a potential recession in one or more of the markets in which the Company participates; the Company's ability to continue to obtain commodities, components, parts and accessories on a timely basis through its supply chain and at expected costs, including the recent volatility in fuel and other material prices; inability of the Company to implement or maintain pricing actions; inconsistent recovery of the Chinese economy or a further decline in the growth rate of consumer spending or housing sales in China; the availability, timing or effects of China stimulus programs; uncertain outcomes and costs and other potential impacts of the Company's assessment relating to the Company's China business; the failure to realize the expected benefits of restructuring actions; further weakening in the high-efficiency gas boiler segment in the U.S.; substantial defaults in payment by, material reduction in purchases by or the loss, bankruptcy or insolvency of a major customer; foreign currency fluctuations; failure to realize the expected benefits, timing and extent of regulatory changes; competitive pressures on the Company's businesses, including new technologies and new competitors; the impact of potential information technology or data security breaches; negative impact of changes in government regulations or regulatory requirements; the inability to respond to secular trends toward decarbonization and energy efficiency; and adverse developments in general economic, political and business conditions in key regions of the world. Additional factors are discussed in the Company's filings with Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements included in this news release are made only as of the date of this release, and the Company is under no obligation to update these statements to reflect subsequent events or circumstances. All subsequent written and oral forward-looking statements attributed to the Company, or persons acting on its behalf, are qualified entirely by these cautionary statements.

About A. O. Smith
A. O. Smith Corporation, with headquarters in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the Company is one of the world's leading manufacturers of residential and commercial water heating equipment and boilers, as well as a manufacturer of water treatment and water management products. For more information, visit www.aosmith.com.

A. O. SMITH CORPORATION

Condensed Consolidated Statement of Earnings

(dollars in millions, except share data)

(unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net sales

$

1,004.3

$

1,011.3

$

1,949.9

$

1,975.2

Cost of products sold

616.5

614.2

1,196.4

1,202.7

Gross profit

387.8

397.1

753.5

772.5

Selling, general and administrative expenses

197.7

191.3

401.6

383.9

Restructuring and impairment expenses

22.6

—

22.6

—

Interest expense

8.1

4.6

15.2

7.5

Other expense (income), net

1.4

(0.4)

1.4

(1.6)

Earnings before provision for income taxes

158.0

201.6

312.7

382.7

Provision for income taxes

33.1

49.4

69.8

93.9

Net earnings

$

124.9

$

152.2

$

242.9

$

288.8

Diluted earnings per share of common stock(1)

$

0.91

$

1.07

$

1.75

$

2.01

Average common shares outstanding (000's omitted)

137,863

142,484

138,511

143,440

(1)

Earnings per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

A. O. SMITH CORPORATION

Condensed Consolidated Balance Sheet

(dollars in millions)

(Unaudited)
June 30,
2026

December 31,
2025

ASSETS:

Cash and cash equivalents

$

181.3

$

174.5

Marketable securities

—

18.7

Receivables

669.8

582.3

Inventories

482.7

479.3

Other current assets

55.5

36.7

Total Current Assets

1,389.3

1,291.5

Net property, plant and equipment

619.0

635.1

Goodwill and other intangibles

1,504.2

1,072.9

Operating lease assets

49.7

46.3

Other assets

82.3

97.0

Total Assets

$

3,644.5

$

3,142.8

LIABILITIES AND STOCKHOLDERS' EQUITY:

Trade payables

$

525.7

$

504.1

Accrued payroll and benefits

74.0

93.6

Accrued liabilities

160.9

147.5

Product warranties

71.6

75.0

Debt due within one year

39.5

42.3

Total Current Liabilities

871.7

862.5

Long-term debt

598.0

112.7

Pension liabilities

7.4

7.4

Operating lease liabilities

39.2

37.1

Other liabilities

286.3

265.1

Stockholders' equity

1,841.9

1,858.0

Total Liabilities and Stockholders' Equity

$

3,644.5

$

3,142.8

A. O. SMITH CORPORATION

Condensed Consolidated Statement of Cash Flows

(dollars in millions)

(unaudited)

Six Months Ended
June 30,

2026

2025

Operating Activities

Net earnings

$

242.9

$

288.8

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

Depreciation & amortization

48.5

41.2

Share based compensation expense

9.3

8.6

Deferred income taxes

25.1

(9.1)

Non cash impairment

12.4

—

Net changes in operating assets and liabilities:

Current assets and liabilities

(97.1)

(159.0)

Noncurrent assets and liabilities

12.7

7.8

Cash Provided by Operating Activities

253.8

178.3

Investing Activities

Capital expenditures

(20.5)

(38.4)

Acquisitions

(470.0)

—

Investment in marketable securities

—

(22.6)

Net proceeds from sale of marketable securities

18.7

59.2

Cash Used in Investing Activities

(471.8)

(1.8)

Financing Activities

Proceeds from debt

819.0

611.3

Repayments of debt

(333.2)

(503.1)

Common stock repurchases

(162.4)

(251.3)

Net payments from stock option activity

—

(0.5)

Dividends paid

(99.8)

(97.5)

Cash Provided by (Used in) Financing Activities

223.6

(241.1)

Effect of exchange rate changes on cash and cash equivalents

1.2

2.9

Net increase (decrease) in cash and cash equivalents

6.8

(61.7)

Cash and cash equivalents - beginning of period

174.5

239.6

Cash and Cash Equivalents - End of Period

$

181.3

$

177.9

A. O. SMITH CORPORATION

Business Segments

(dollars in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net sales

North America

$

820.5

$

779.0

$

1,573.9

$

1,527.7

Rest of World

194.9

240.1

395.6

466.8

Inter-segment sales

(11.1)

(7.8)

(19.6)

(19.3)

$

1,004.3

$

1,011.3

$

1,949.9

$

1,975.2

Earnings

North America(1)

$

177.2

$

198.1

$

352.6

$

383.3

Rest of World

10.2

25.3

22.6

45.0

Inter-segment earnings elimination

—

(0.2)

—

(0.2)

187.4

223.2

375.2

428.1

Corporate expense

(21.3)

(17.0)

(47.3)

(37.9)

Interest expense

(8.1)

(4.6)

(15.2)

(7.5)

Earnings before income taxes

158.0

201.6

312.7

382.7

Provision for incomes taxes

33.1

49.4

69.8

93.9

Net earnings

$

124.9

$

152.2

$

242.9

$

288.8

Additional Information

(1) Adjustments: North America

includes restructuring and impairment of:

$

22.6

$

—

$

22.6

$

—

A. O. SMITH CORPORATION

Adjusted Earnings and Adjusted Earnings Per Share

(dollars in millions, except per share data)

(unaudited)

The following is a reconciliation of net earnings and diluted earnings per share to adjusted earnings (non-GAAP) and
adjusted earnings per share (non-GAAP):

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net Earnings (GAAP)

$

124.9

$

152.2

$

242.9

$

288.8

Restructuring and impairment expenses, before tax

22.6

—

22.6

—

Tax effect on above items

(5.5)

—

(5.5)

—

Adjusted Earnings (non-GAAP)

$

142.0

$

152.2

$

260.0

$

288.8

Diluted Earnings Per Share (GAAP)(1)

$

0.91

$

1.07

$

1.75

$

2.01

Restructuring and impairment expenses, per diluted share, before tax

0.16

—

0.16

—

Tax effect on above items per diluted share

(0.04)

—

(0.04)

—

Adjusted Earnings Per Share (non-GAAP)(1)

$

1.03

$

1.07

$

1.87

$

2.01

(1)

Earnings per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

A. O. SMITH CORPORATION

Sales Growth (Decline)

(unaudited)

The following table provides the components of net sales growth (decline):

Three Months Ended June 30, 2026

North America

Rest of World

Total

Sales Growth (Decline)

5 %

(19) %

(1) %

     Acquisition Impact(1)

2 %

—

1 %

     Foreign Exchange Impact

— %

3 %

1 %

     Organic Sales Growth (Decline) (non-GAAP)

3 %

(22) %

(3) %

Six Months Ended June 30, 2026

North America

Rest of World

Total

Sales Growth (Decline)

3 %

(15) %

(1) %

     Acquisition Impact(1)

2 %

—

2 %

     Foreign Exchange Impact

— %

3 %

1 %

     Organic Sales Growth (Decline) (non-GAAP)

1 %

(18) %

(4) %

(1)

The acquisition effect includes the sales impact of the Leonard Valve acquisition in 2026.

A. O. SMITH CORPORATION

Adjusted Segment Earnings

(dollars in millions)

(unaudited)

The following is a reconciliation of reported earnings before provision for income taxes to total segment earnings (non-GAAP) and
adjusted segment earnings (non-GAAP):

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Earnings Before Provision for Income Taxes (GAAP)

$

158.0

$

201.6

$

312.7

$

382.7

Add: Corporate expense

21.3

17.0

47.3

37.9

Add: Interest expense

8.1

4.6

15.2

7.5

Total Segment Earnings (non-GAAP)

$

187.4

$

223.2

$

375.2

$

428.1

North America(1)

$

177.2

$

198.1

$

352.6

$

383.3

Rest of World

10.2

25.3

22.6

45.0

Inter-segment earnings elimination

—

(0.2)

—

(0.2)

Total Segment Earnings (non-GAAP)

$

187.4

$

223.2

$

375.2

$

428.1

Additional Information

(1)North America Segment Earnings

$

177.2

$

198.1

$

352.6

$

383.3

Restructuring and impairment expenses, before tax

22.6

—

22.6

—

Adjusted North America Segment Earnings (non-GAAP)

$

199.8

$

198.1

$

375.2

$

383.3

A. O. SMITH CORPORATION

Free Cash Flow

(dollars in millions)

(unaudited)

The following is a reconciliation of reported cash flow from operating activities to free cash flow (non-GAAP):

Six Months Ended

June 30,

2026

2025

Cash provided by operating activities (GAAP)

$

253.8

$

178.3

Less: Capital expenditures

(20.5)

(38.4)

Free cash flow (non-GAAP)

$

233.3

$

139.9

A. O. SMITH CORPORATION

2026 Adjusted EPS Guidance and 2025 EPS

(unaudited)

The following is a reconciliation of diluted EPS to adjusted EPS (non-GAAP) (all items are net of tax):

2026

Guidance

2025

Diluted EPS (GAAP)

$

3.60-3.75

$

3.85

Restructuring and impairment expenses

0.10

(1)

—

Adjusted EPS (non-GAAP)

$

3.70-3.85

$

3.85

(1)

Includes North America water treatment pre-tax restructuring and impairment expenses of approximately $20.0 million of which $22.6 million was recognized in the second quarter. Anticipated proceeds from the sale of certain assets are expected to occur in late 2026.

SOURCE A. O. Smith Corporation

Roblox Corporation (NYSE:RBLX) will release its second quarter earnings report after the closing bell on Thursday, July 30.

Analysts expect the San Mateo, California-based company to report a quarterly loss of 33 cents per share, versus a loss of 41 cents per share in the year-ago period. The consensus estimate for Roblox’s quarterly revenue is $1.6 billion. It reported $1.44 billion last year, according to Benzinga Pro.

On May 19, Roblox announced a $3 billion repurchase program.

Roblox shares rose 1.3% to close at $50.13 on Wednesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying RBLX stock? Here’s what analysts think:

Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- SiriusXM (NASDAQ: SIRI) today announced its operating and financial results for the second quarter 2026. The full earnings release is available on the Investor Relations section of the company's website at https://investor.siriusxm.com. 

About Sirius XM Holdings Inc. 
SiriusXM is the leading audio entertainment company in North America, with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a complete ecosystem of advertising solutions through SiriusXM Media and AdsWizz. SiriusXM offers live, on-demand, and human-curated programming across music, talk, news, sports, and podcasts, and the company reaches approximately 255 million monthly listeners across its platforms. With deep automotive manufacturer relationships and unique spectrum assets, SiriusXM is built to reach listeners wherever they are. The company connects fans to the voices, creators, and moments they love - creating communities where listeners engage, participate, and belong.  For more about SiriusXM, please go to: www.siriusxm.com.  

Source: SiriusXM 

Investor contact: 
Jennifer DiGrazia
[email protected]  

SOURCE Sirius XM Holdings Inc.

Also from this source

Total revenues for the second quarter 2026 increased 7% to $71.7 billion Shareholders' net income for the second quarter 2026 was $1.7 billion, or $6.29 per share Adjusted income from operations1 for the second quarter 2026 was $2.1 billion, or $7.78 per share 2026 outlook2 for adjusted income from operations1,2 increased to at least $30.45 per share2 , /PRNewswire/ -- Global health company The Cigna Group (NYSE: CI) today reported second quarter 2026 results, reflecting solid operational performance across its diversified portfolio of businesses.

"Our purpose is to improve the lives of each and every customer and patient we serve," said Brian C. Evanko, President and Chief Executive Officer of The Cigna Group. "By harnessing technology, data and AI to deliver more personalized experiences, improve access and lower costs, we are creating greater value every day. Our strong second quarter results reflect continued progress against these priorities and demonstrate the effectiveness of our strategy and execution."

Shareholders' net income for second quarter 2026 was $1.7 billion, or $6.29 per share compared to $1.5 billion, or $5.71 per share, for second quarter 2025, primarily reflecting growth in Cigna Healthcare.

The Cigna Group's adjusted income from operations1 for second quarter 2026 was $2.1 billion, or $7.78 per share, compared with $1.9 billion, or $7.20 per share, for second quarter 2025.

A reconciliation of shareholders' net income to adjusted income from operations1 is provided on the following page and on Exhibit 1 of this earnings release.

CONSOLIDATED HIGHLIGHTS

The following table includes highlights of results and reconciliations of total revenues to adjusted revenues3 and shareholders' net income to adjusted income from operations1:

Consolidated Financial Results (unaudited, dollars in millions):

Three Months Ended

Six Months
Ended

June 30,

March 31,

June 30,

2026

2025

2026

2026

Total Revenues

$       71,668

$       67,178

$       68,494

$     140,162

Net Investment Results from Equity Method Investments3

(110)

(44)

23

(87)

Adjusted Revenues3

$       71,558

$       67,134

$       68,517

$     140,075

Consolidated Earnings, net of taxes

Shareholders' Net Income

$         1,660

$         1,532

$         1,654

$         3,314

Net Investment (Gains)1

(55)

(103)

(233)

(288)

Amortization of Acquired Intangible Assets1

296

330

315

611

Special Items1

153

171

322

475

Adjusted Income from Operations1

$         2,054

$         1,930

$         2,058

$         4,112

Shareholders' Net Income, per share 

$          6.29

$          5.71

$          6.26

$         12.55

Adjusted Income from Operations1, per share 

$          7.78

$          7.20

$          7.79

$         15.58

Total revenues for second quarter 2026 increased 7% relative to second quarter 2025, driven by growth in both Evernorth Health Services and Cigna Healthcare. Adjusted income from operations1 for second quarter 2026 increased 6% relative to second quarter 2025, driven by higher contributions from Cigna Healthcare. The SG&A expense ratio4 and adjusted SG&A expense ratio4 were 4.8% and 4.6% for second quarter 2026, compared to 5.1% and 4.9%, respectively, in second quarter 2025, primarily reflecting operating efficiency. Year to date through July 29, 2026, the company repurchased 0.9 million shares of common stock for approximately $250 million. CUSTOMER RELATIONSHIPS

The following table summarizes The Cigna Group's medical customers and overall customer relationships:

Customer Relationships (in thousands):

As of the Periods Ended

June 30,

March 31,

December 31,

2026

2025

2026

2025

Total Pharmacy Customers

118,243

121,892

121,020

123,603

U.S. Healthcare

16,678

16,355

16,623

16,423

International Health

1,735

1,691

1,711

1,695

Total Medical Customers5

18,413

18,046

18,334

18,118

Behavioral Care

27,621

23,852

27,558

28,269

Dental

18,488

18,446

18,558

18,438

Total Customer Relationships

182,765

182,236

185,470

188,428

Total customer relationships at June 30, 2026 decreased 3% from December 31, 2025 to 182.8 million. Total pharmacy customers at June 30, 2026 decreased 4% from December 31, 2025 to 118.2 million, reflecting expected client transitions and lower membership from health plan clients. Total medical customers5 at June 30, 2026 increased 2% from December 31, 2025 to 18.4 million reflecting growth in Middle and Select markets, partially offset by lower membership in National Accounts. HIGHLIGHTS OF SEGMENT RESULTS

See Exhibit 1 for a reconciliation of adjusted income from operations1 to shareholders' net income. 

Evernorth Health Services

This segment includes the Pharmacy Benefit Services and Specialty and Care Services operating segments, which provide independent and coordinated health solutions and capabilities to enable the health care system to work better and help people live healthier lives.

Pharmacy Benefit Services drives high-quality, cost-effective pharmacy care through various services such as drug claim adjudication, retail pharmacy network administration, benefit design consultation, drug utilization review, drug formulary management and access to our home delivery pharmacy. Specialty and Care Services provides specialty drugs for the treatment of complex and rare diseases, specialty distribution of pharmaceuticals and medical supplies, as well as clinical programs to help our clients drive better whole-person health outcomes through care services.

Financial Results (dollars in millions):

Three Months Ended

Six Months
Ended

June 30,

March 31,

June 30,

2026

2025

2026

2026

Total Adjusted Revenues

   Pharmacy Benefit Services

$         34,496

$         31,954

$         33,002

$         67,498

   Specialty and Care Services

$         26,972

$         25,871

$         25,440

$         52,412

Adjusted Revenues3

$         61,468

$         57,825

$         58,442

$       119,910

Adjusted Income from Operations, Pre-Tax

Pharmacy Benefit Services

$              609

$              833

$              394

$           1,003

Specialty and Care Services

$           1,054

$              863

$           1,072

$           2,126

Adjusted Income from Operations, Pre-Tax1

$           1,663

$           1,696

$           1,466

$           3,129

Margin, Pre-Tax6

2.7 %

2.9 %

2.5 %

2.6 %

Evernorth Health Services second quarter 2026 adjusted revenues3 increased 6% and adjusted income from operations, pre-tax1, decreased 2%, relative to second quarter 2025. For Pharmacy Benefit Services second quarter 2026 relative to second quarter 2025: Adjusted revenues3 increased 8% primarily due to drug mix. Adjusted income from operations, pre-tax1, decreased 27%, primarily reflecting client-focused initiatives, including large client contract renewals, and customer-focused initiatives, consistent with prior commentary. For Specialty and Care Services second quarter 2026 relative to second quarter 2025: Adjusted revenues3 increased 4% reflecting strong specialty volume growth. Adjusted income from operations, pre-tax1, increased 22% primarily reflecting strong organic growth in specialty businesses, including higher generic and biosimilar adoption which benefits clients and patients by delivering lower costs, and operating efficiencies. Cigna Healthcare

This segment includes the U.S. Healthcare and International Health operating segments, which provide comprehensive medical and coordinated solutions to clients and customers. U.S. Healthcare provides medical plans and other benefits and solutions for insured and self-insured clients as well as individual and family plan customers. International Health provides health care solutions in our international markets, as well as health solutions for globally mobile individuals and employees of multinational organizations. In April 2026, the Company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027.

Financial Results (dollars in millions):

Three Months Ended

Six Months
Ended

June 30,

March 31,

June 30,

2026

2025

2026

2026

Adjusted Revenues3,7

$          11,728

$          10,754

$          11,477

$          23,205

Adjusted Income from Operations, Pre-Tax1

$            1,276

$            1,094

$            1,514

$            2,790

Margin, Pre-Tax6

10.9 %

10.2 %

13.2 %

12.0 %

Second quarter 2026 adjusted revenues3 increased 9% relative to second quarter 2025, primarily reflecting premium rate increases to cover expected increases in medical costs. Second quarter 2026 adjusted income from operations, pre-tax1, increased 17% relative to second quarter 2025, primarily due to an improved margin within our U.S. Employer business. The Cigna Healthcare MCR4 was 84.5% for second quarter 2026, compared to 83.2% for second quarter 2025, primarily reflecting higher prior year risk adjustment benefits within our Individual and Family Plans business recognized in second quarter 2025. Cigna Healthcare net medical costs payable8 was $5.09 billion at June 30, 2026, $4.78 billion at March 31, 2026, and $4.49 billion at June 30, 2025. The sequential increase reflects typical stop loss seasonality. Favorable prior year reserve development on a gross pre-tax basis was $268 million and $297 million for the six months ended June 30, 2026 and 2025, respectively. Corporate and Other Operations

Corporate reflects interest expense, amounts not allocated to operating segments and includes intersegment eliminations. Other Operations is comprised of Corporate Owned Life Insurance ("COLI"), the Company's run-off operations and other non-strategic businesses.

Financial Results (dollars in millions):

Three Months Ended

Six Months
Ended

June 30,

March 31,

June 30,

2026

2025

2026

2026

Adjusted (Loss) from Operations, Pre-Tax1

$            (389)

$            (357)

$            (377)

$            (766)

2026 OUTLOOK2

The Cigna Group's outlook for full year 2026 consolidated adjusted income from operations1,2 is at least $30.45 per share2. Additionally, this outlook includes the impact of expected future share repurchases and anticipated 2026 dividends.

(dollars in millions, except where noted and per share amounts)

 2026 Consolidated Metrics

Projection for Full Year Ending

December 31, 2026

Change from
Prior Projection

Adjusted Income from Operations, per share1,2

at least $30.45

+$0.10

Evernorth Adjusted Income from Operations, Pre-Tax1,2

at least $6,900

Cigna Healthcare Adjusted Income from Operations, Pre-Tax1,2

at least $4,550

+$25

Cigna Healthcare Medical Care Ratio2,4

83.7% to 84.7%

The foregoing statements represent the Company's current estimates of The Cigna Group's 2026 consolidated and segment adjusted income from operations1,2 and other key metrics as of the date of this release.  Actual results may differ materially depending on a number of factors.  Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release.  Management does not assume any obligation to update these estimates.

This quarterly earnings release and the Quarterly Financial Supplement are available on The Cigna Group's website in the Investor Relations section (https://investors.thecignagroup.com/overview/default.aspx). Management will be hosting a conference call to review second quarter 2026 results and discuss full year 2026 outlook beginning today at 8:30 a.m. ET.  A link to the conference call is available in the Investor Relations section of The Cigna Group's website located at https://investors.thecignagroup.com/events-and-presentations/default.aspx. 

The call-in numbers for the conference call are as follows:

          Live Call
          (888) 566-1889   (Domestic)
          (773) 799-3989   (International)
          Passcode: 07302026

          Replay
          (866) 405-7290   (Domestic)
          (203) 369-0603   (International)

It is strongly suggested you dial in to the conference call by 8:15 a.m. ET.

About The Cigna Group

The Cigna Group (NYSE: CI) is a global health company committed to creating a better future built on the vitality of every individual and every community. We relentlessly challenge ourselves to partner and innovate solutions for better health. The Cigna Group includes products and services marketed under Evernorth Health Services, Cigna Healthcare, or its subsidiaries. The Cigna Group maintains sales capabilities in more than 30 markets and jurisdictions, and has over 180 million customer relationships around the world. Learn more at thecignagroup.com.

Notes:

1. Adjusted income (loss) from operations is a principal financial measure of profitability used by The Cigna Group's management because it presents the underlying results of operations of the Company's businesses and facilitates analysis of trends in underlying revenue, expenses and shareholders' net income. Adjusted income (loss) from operations is defined as shareholders' net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative of the underlying results of normal, recurring operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. See Exhibit 1 for a reconciliation of consolidated adjusted income from operations to shareholders' net income.

2. Management is not able to provide a reconciliation of adjusted income from operations to shareholders' net income, on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including (i) future net investment results and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond The Cigna Group's control. As such, any associated estimate and its impact on shareholders' net income and total revenues could vary materially. 

The Company's outlook excludes the potential effects of any other business combinations that may occur after the date of this earnings release. The Company's outlook includes the potential effects of expected future share repurchases and anticipated 2026 dividends.

The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternate uses of capital. The share repurchase program may be effected through open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be suspended or discontinued at any time.

3. Adjusted revenues is used by The Cigna Group's management because it facilitates analysis of trends in underlying revenue. The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of normal, recurring operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total revenues. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total revenues.

4. Operating ratios are defined as follows:

The Cigna Healthcare medical care ratio ("MCR") represents medical costs as a percentage of premiums for all Cigna Healthcare risk products provided through guaranteed cost or experience-rated funding arrangements. Changes in percentages may be expressed in basis points ("bps"). SG&A expense ratio on a GAAP basis for the second quarter 2026 represents enterprise selling, general and administrative expenses of $3,470 million as a percentage of total revenue of $71.7 billion at a consolidated level. SG&A expense ratio on a GAAP basis for the second quarter 2025 represents enterprise selling, general and administrative expenses of $3,433 million as a percentage of total revenue of $67.2 billion at a consolidated level. Adjusted SG&A expense ratio for the second quarter 2026 represents enterprise selling, general and administrative expenses of $3,290 million excluding special items of $180 million as a percentage of adjusted revenue at a consolidated level. Adjusted SG&A expense ratio for the second quarter 2025 represents enterprise selling, general and administrative expenses of $3,271 million excluding special items of $162 million as a percentage of adjusted revenue at a consolidated level. 5. Customer relationships are defined as follows:

Total medical customers includes individuals who meet any one of the following criteria: (i) are covered under a medical insurance policy, managed care arrangement, or administrative services agreement issued by Cigna Healthcare; (ii) have access to Cigna Healthcare's provider network for covered services under their medical plan; or (iii) have medical claims that are administered by Cigna Healthcare. 6. Margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment.

7. The Cigna Group owns noncontrolling interests in certain operating joint ventures. As such, the adjusted revenues for the Cigna Healthcare segment only include the Company's share of the joint ventures' earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP.

8. Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was $5.23 billion as of June 30, 2026, $4.92 billion as of March 31, 2026, and $4.64 billion as of June 30, 2025.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made in connection with this release, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on The Cigna Group's current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may include, among others, statements concerning our projected outlook for 2026 (including adjusted revenues; adjusted income from operations, including on a per share, and segment basis; adjusted SG&A expense ratio; adjusted effective tax rate; cash flow from operations; capital expenditures; shareholder dividends; weighted average shares outstanding; medical care ratio; and total medical customers); future financial or operating performance, including our ability to improve the health and vitality of those we serve; future growth, business strategy and strategic or operational initiatives, including our ability to successfully implement actions across our business to strengthen our platform and build a more sustainable model for healthcare; economic, regulatory or competitive environments; capital deployment plans and amounts available for future deployment; our prospects for growth in the coming years; and other statements regarding The Cigna Group's future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance. You may identify forward-looking statements by the use of words such as "believe," "expect," "project," "plan," "intend," "anticipate," "estimate," "predict," "potential," "may," "should," "will" or other words or expressions of similar meaning, although not all forward-looking statements contain such terms.

Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to manage health care costs and respond to price competition, inflation and other pressures that could compress our margins or result in premiums that are insufficient to cover the cost of services delivered to our customers; our ability to compete effectively, differentiate our products and services from those of our competitors and adapt to changes in an evolving and rapidly changing industry; our ability to develop and effectively implement products and services to improve the accessibility, affordability and transparency of health care; changes in drug pricing or industry pricing benchmarks; our ability to maintain relationships with one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace or pharmacy networks; the potential for actual claims to exceed our estimates related to expected medical claims; our ability to develop and maintain satisfactory relationships with health care payors, physicians, hospitals, other health service providers and with producers and consultants; potential liability in connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; uncertainties surrounding participation in government-sponsored programs and providing services to payors who participate in government-sponsored programs; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; compliance with applicable privacy, security and data laws, regulations and standards; the outcome of litigation, regulatory audits and investigations; compliance costs and potential failure of our prevention, detection and control systems; our ability to invest in and properly maintain our information technology and other business systems; our ability to prevent or contain effects of a potential cyberattack or other privacy or data security incident; risks related to our use of artificial intelligence and machine learning; dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; political, legal, operational, regulatory, economic and other risks that could affect our multinational operations, including currency exchange rates; risks related to strategic transactions and realization of the expected benefits of such transactions, as well as integration or separation difficulties or underperformance relative to expectations which could lead to an impairment charge; our ability to achieve our strategic and operational initiatives; unfavorable economic and market conditions, the risk of a recession or other economic downturn and resulting impact on employment metrics, stock market or changes in interest rates; risks related to a downgrade in financial strength ratings of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the future; credit risk related to our reinsurers; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports on Forms 10-Q and 8-K available through the Investor Relations section of www.thecignagroup.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. The Cigna Group undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

THE CIGNA GROUP

Exhibit 1

COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)

Three Months Ended

Six Months Ended

Three Months
Ended

June 30,

June 30,

March 31,

(Dollars in millions, except per share amounts)

2026

2025

2026

2025

2026

REVENUES

Pharmacy revenues

$ 57,172

$ 53,649

$        111,209

$        102,282

$ 54,037

Premiums

9,859

9,156

19,671

21,892

9,812

Fees and other revenues

4,365

4,137

8,808

8,032

4,443

Net investment income

272

236

474

474

202

Total revenues

71,668

67,178

140,162

132,680

68,494

Net investment results from certain equity method investments

(110)

(44)

(87)

(94)

23

Adjusted revenues (1)

$ 71,558

$ 67,134

$        140,075

$        132,586

$ 68,517

Shareholders' net income

$  1,660

$  1,532

$  3,314

$  2,855

$  1,654

Pre-tax adjusted income (loss) from operations by segment

Evernorth Health Services

$  1,663

$  1,696

$  3,129

$  3,130

$  1,466

Cigna Healthcare

1,276

1,094

2,790

2,381

1,514

Corporate and Other Operations

(389)

(357)

(766)

(768)

(377)

   Adjusted income tax expense 

(496)

(503)

(1,041)

(973)

(545)

Consolidated after-tax adjusted income from operations

$  2,054

$  1,930

$  4,112

$  3,770

$  2,058

Weighted average shares (in thousands)

263,962

268,154

263,990

270,540

264,017

Common shares outstanding (in thousands)

264,154

266,901

264,498

SHAREHOLDERS' EQUITY at June 30,

$ 42,620

$ 40,214

SHAREHOLDERS' EQUITY PER SHARE at June 30,

$ 161.35

$ 150.67

Three Months Ended

Six Months Ended

Three Months
Ended

June 30,

June 30,

March 31,

2026

2025

2026

2025

2026

(Dollars in millions, except per share amounts)

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

SHAREHOLDERS' NET INCOME

Shareholders' net income

$  1,660

$  1,532

$  3,314

$  2,855

$  1,654

Adjustments to reconcile to adjusted income from operations

Net investment (gains) (2)

$  (41)

(55)

$  (96)

(103)

$ (276)

(288)

$ (144)

(151)

$ (235)

(233)

Amortization of acquired intangible assets

389

296

422

330

779

611

844

666

390

315

Special Items

 Strategic optimization program

70

53

129

98

450

343

344

261

380

290

 Integration and transaction-related costs

34

26

74

56

69

53

290

220

35

27

 Charges (benefits) associated with litigation matters

77

60

—

—

66

52

—

—

(11)

(8)

 Deferred tax expenses, net

—

17

—

17

—

33

—

34

—

16

 (Gain) on sale of businesses

(6)

(3)

—

—

(6)

(6)

(41)

(115)

—

(3)

Adjusted income from operations (3)

$  2,054

$  1,930

$  4,112

$  3,770

$  2,058

DILUTED EARNINGS PER SHARE

Shareholders' net income

$   6.29

$   5.71

$  12.55

$  10.55

$   6.26

Adjustments to reconcile to adjusted income from operations

Net investment (gains) (2)

$ (0.16)

(0.21)

$ (0.36)

(0.38)

$ (1.05)

(1.09)

$ (0.53)

(0.56)

$ (0.89)

(0.88)

Amortization of acquired intangible assets

1.48

1.12

1.57

1.23

2.96

2.32

3.12

2.47

1.48

1.19

Special Items

 Strategic optimization program

0.27

0.20

0.48

0.37

1.70

1.29

1.27

0.97

1.44

1.10

 Integration and transaction-related costs

0.13

0.10

0.28

0.21

0.26

0.20

1.07

0.81

0.13

0.10

 Charges (benefits) associated with litigation matters

0.28

0.23

—

—

0.25

0.20

—

—

(0.04)

(0.03)

 Deferred tax expenses, net

—

0.06

—

0.06

—

0.13

—

0.13

—

0.06

 (Gain) on sale of businesses

(0.02)

(0.01)

—

—

(0.02)

(0.02)

(0.15)

(0.43)

—

(0.01)

Adjusted income from operations (3)

$   7.78

$   7.20

$  15.58

$  13.94

$   7.79

(1)

Adjusted revenues is defined as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. These items are excluded because they are not indicative of past or future underlying performance of our businesses.

(2)

Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.

(3)

Adjusted income (loss) from operations is defined as shareholders' net income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding the following adjustments: net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded.

INVESTOR RELATIONS CONTACT:
Ralph Giacobbe
860-787-7968
[email protected] 

MEDIA CONTACT:
Justine Sessions
860-810-6523
[email protected] 

SOURCE The Cigna Group

Second quarter income from operations of $1,272.1 million (excluding special items, second quarter income from operations of $1,054.0 million) PBF reduced gross debt by over $1 billion in the second quarter Declared quarterly dividend of $0.275 per share PBF received a fifth unallocated installment of $250.0 million related to the Martinez refinery fire Martinez refinery restart completed in May 2026 , /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today reported second quarter 2026 income from operations of $1,272.1 million as compared to income from operations of $43.0 million for the second quarter of 2025. Excluding special items, second quarter 2026 income from operations was $1,054.0 million as compared to loss from operations of $110.0 million for the second quarter of 2025.

The company reported second quarter 2026 net income of $915.0 million and net income attributable to PBF Energy Inc. of $906.4 million or $7.54 per share. This compares to net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share for the second quarter 2025. Non-cash special items included in the second quarter 2026 results, which increased net income by a net, after-tax benefit of $159.8 million, or $1.32 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the "Martinez refinery fire"), partially offset by expenses associated with the Martinez refinery fire, costs related to PBF's Refinery Business Improvement initiative ("RBI"), and loss on extinguishment of debt related to the redemption of the 6.00% senior unsecured notes due 2028. Adjusted fully-converted net income for the second quarter 2026, excluding special items, was $753.1 million, or $6.22 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $118.5 million or $(1.03) per share, for the second quarter 2025.

Matt Lucey, PBF's President and CEO, said, "We are in a cyclical business with a volatile and ever-changing environment. During the second quarter, PBF delivered significant equity value through our net debt reduction of over $1.4 billion. We will continue to apply a rigorous capital allocation process including investing in our refineries to capitalize on market opportunities and strengthening our balance sheet to ensure we are maximizing value for our investors. The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances. PBF, with its coastal complexity, is ideally positioned to capture these opportunities and generate significant value for our investors."

Mr. Lucey continued, "The Martinez refinery successfully returned to full operations in the second quarter and is once again supplying California with a full slate of much-needed, domestically-produced products. The team at Martinez worked tirelessly, conducting repairs as expeditiously as possible and, more importantly, cemented their tremendous efforts with a safe restart." Mr. Lucey concluded, "Our primary objective, especially in the current environment, is to ensure that we remain focused on safe, reliable and responsible operations."

PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.275 per share of Class A common stock on August 28, 2026, to shareholders of record at the close of business on August 14, 2026.

Martinez Refinery Update 
Following completion of the construction activities, the Martinez refinery returned to full operations in May 2026. Company and refinery management extend their thanks to all of the parties, internal and external, who worked for more than a year to return Martinez to full operations and, once again, to supplying Californian consumers with our full slate of products made in-state.

As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company's deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. This coverage commenced on April 3, 2025. In the second quarter, PBF's insurers paid a fifth, unallocated, installment of insurance proceeds of $250 million, totaling $1.25 billion of unallocated insurance reimbursements received to date, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Working with our insurance group, PBF expects to finalize the claim process in the second half of 2026.

PBF Guidance Update and Outlook
We are committed to running all of our assets in a safe, reliable and environmentally responsible manner, and continuing to progress our RBI program, which is focused on improving reliability and efficiency across our system. In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026. The RBI program is an ongoing, sustained initiative that continues to gain momentum in improving PBF's cost structure and we expect to continue this effort beyond our current goals. Concurrent with the goal of improving system-wide reliability and efficiency, we expect to realize these benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.

During the second quarter, PBF reduced net debt by over 62% by fully paying down its asset-backed lending facility and refinancing approximately $802 million of senior notes due 2028 using available cash and proceeds from the issuance of $500 million of senior notes due 2034, an aggregate gross debt reduction of over $1 billion. At quarter-end, we had approximately $894 million of cash, $1,749 million of total debt, and $855 million of net debt.

PBF's initial turnaround planning guidance for 2026 included five major turnarounds across our system. We completed the Torrance turnaround in the first quarter, and, after careful evaluation and safety inspections, we elected to move the scheduled Martinez second quarter hydrocracker complex turnaround to the end of the third quarter. Additionally, after further diligent review, we elected to move the planned fourth quarter turnarounds at both Chalmette and Toledo to 2027. During the second quarter, we performed unplanned work at Toledo which afforded us the opportunity to safely extend the run-time for our FCC complex. As a result, we are reducing our 2026 capital expenditure guidance to $825-$875 million for the year, excluding capital related to the Martinez rebuild.

Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current throughput expectations are included in the table below.

Expected throughput ranges (barrels per day)

Third Quarter 2026

Low

High

East Coast

300,000

320,000

Mid-continent

155,000

165,000

Gulf Coast

175,000

185,000

West Coast

270,000

290,000

Total

900,000

960,000

Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.

Renewable Diesel
St. Bernard Renewables LLC ("SBR") averaged approximately 15,100 barrels per day of renewable diesel production in the second quarter, reflecting the impact of a catalyst change completed in April 2026. Renewable diesel production for the third quarter is expected to average approximately 18,000 to 20,000 barrels per day.

Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision. 

Non-GAAP Measures 
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies.

See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.

Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, July 30, 2026, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.

Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, estimates, and intentions with respect to the anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's RBI initiative as well as the Company's future earnings and operations overall, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.

Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable fuel production, and to realize the benefits from such acquisitions or investments; our ability to close acquisitions or divestitures and the timing thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; tariffs and other trade measures and their effects on trading relationships; global geopolitical and other conflicts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict refining and marketing operations or could otherwise negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:                                                        
Colin Murray (investors)                                                                           
[email protected]
Tel: 973.455.7578                                                                           

Michael C. Karlovich (media)
[email protected]
Tel: 973.455.8994

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues

$   11,678.3

$    7,475.3

$   19,582.6

$   14,541.7

Cost and expenses:

Cost of products and other

9,701.9

6,743.7

16,483.8

13,330.8

Operating expenses (excluding depreciation and amortization expense as reflected below)

670.1

631.7

1,359.0

1,363.5

Depreciation and amortization expense

159.5

157.9

314.5

325.6

Cost of sales

10,531.5

7,533.3

18,157.3

15,019.9

General and administrative expenses (excluding depreciation and amortization expense as reflected below)

148.6

80.3

238.2

150.7

Depreciation and amortization expense

3.6

3.6

7.4

7.2

Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Equity (income) loss in investee

(27.5)

4.3

(35.8)

21.3

(Gain) loss on sale of assets

—

(0.2)

0.3

(0.2)

Total cost and expenses

10,406.2

7,432.3

18,010.9

15,009.9

Income (loss) from operations

1,272.1

43.0

1,571.7

(468.2)

Other income (expense):

Interest expense (net of interest income of $8.0, $4.1, $11.5 and $8.6, respectively)

(42.0)

(53.8)

(84.1)

(90.7)

Loss on extinguishment of debt

(2.2)

—

(2.2)

—

Other non-service components of net periodic benefit cost

1.3

0.3

2.3

0.6

Income (loss) before income taxes

1,229.2

(10.5)

1,487.7

(558.3)

Income tax expense (benefit)

314.2

(5.1)

372.5

(147.0)

Net income (loss)

915.0

(5.4)

1,115.2

(411.3)

Less: net income (loss) attributable to noncontrolling interest

8.6

(0.2)

10.5

(4.3)

Net income (loss) attributable to PBF Energy Inc. stockholders

$      906.4

$        (5.2)

$    1,104.7

$     (407.0)

Net income (loss) available to Class A common stock per share:

Basic

$        7.66

$       (0.05)

$        9.38

$       (3.58)

Diluted

$        7.54

$       (0.05)

$        9.22

$       (3.58)

Weighted-average shares outstanding-basic

118,367,104

113,852,406

117,784,098

113,803,619

Weighted-average shares outstanding-diluted

121,066,763

114,715,186

120,603,759

114,666,399

Dividends per common share

$      0.275

$      0.275

$        0.55

$        0.55

Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1):

Adjusted fully-converted net income (loss)

$      912.9

$        (5.3)

$    1,112.5

$     (410.2)

Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share

$        7.54

$       (0.05)

$        9.22

$       (3.58)

Adjusted fully-converted shares outstanding - diluted (Note 6)

121,066,763

114,715,186

120,603,759

114,666,399

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
(Unaudited, in millions, except share and per share data)

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income (loss) attributable to PBF Energy Inc. stockholders

$      906.4

$        (5.2)

$    1,104.7

$     (407.0)

Less: Income allocated to participating securities

0.1

—

0.1

—

Income (loss) available to PBF Energy Inc. stockholders - basic

906.3

(5.2)

1,104.6

(407.0)

Add: Net income (loss) attributable to noncontrolling interest (Note 2)

8.8

(0.2)

10.6

(4.3)

Less: Income tax (expense) benefit (Note 3)

(2.2)

0.1

(2.7)

1.1

Adjusted fully-converted net income (loss)

$      912.9

$        (5.3)

$    1,112.5

$     (410.2)

Special items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Add: Loss on extinguishment of debt

2.2

—

2.2

—

Less: Recomputed income tax on special items (Note 3, 4)

56.1

39.8

162.1

21.7

Adjusted fully-converted net income (loss) excluding special items

$      753.1

$     (118.5)

$      650.7

$     (472.1)

Weighted-average shares outstanding of PBF Energy Inc.

118,367,104

113,852,406

117,784,098

113,803,619

Conversion of PBF LLC Series A Units (Note 5)

860,839

862,780

861,525

862,780

Common stock equivalents (Note 6)

1,838,820

—

1,958,136

—

Fully-converted shares outstanding - diluted

121,066,763

114,715,186

120,603,759

114,666,399

Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6)

$        7.54

$       (0.05)

$        9.22

$       (3.58)

Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6)

$        6.22

$       (1.03)

$        5.40

$       (4.12)

Three Months Ended

Six Months Ended

RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS

June 30,

June 30,

2026

2025

2026

2025

Income (loss) from operations

$    1,272.1

$        43.0

$    1,571.7

$     (468.2)

Special Items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Income (loss) from operations excluding special items

$    1,054.0

$     (110.0)

$      945.6

$     (551.8)

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
EBITDA RECONCILIATIONS (Note 7)
(Unaudited, in millions)

Three Months Ended

Six Months Ended

June 30,

June 30,

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS

2026

2025

2026

2025

Net income (loss)

$    915.0

$      (5.4)

$   1,115.2

$   (411.3)

Add: Depreciation and amortization expense

163.1

161.5

321.9

332.8

Add: Interest expense, net

42.0

53.8

84.1

90.7

Add: Income tax expense (benefit)

314.2

(5.1)

372.5

(147.0)

EBITDA

$   1,434.3

$    204.8

$   1,893.7

$   (134.8)

Special Items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Add: Loss on extinguishment of debt

2.2

—

2.2

—

EBITDA excluding special items

$   1,218.4

$      51.8

$   1,269.8

$   (218.4)

Three Months Ended

Six Months Ended

June 30,

June 30,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA

2026

2025

2026

2025

EBITDA

$   1,434.3

$    204.8

$   1,893.7

$   (134.8)

Add: Stock-based compensation

9.0

10.0

17.4

21.4

Add: Interest, depreciation, and amortization expense - SBR

12.5

7.7

21.4

24.3

Special Items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Add: Loss on extinguishment of debt

2.2

—

2.2

—

Adjusted EBITDA

$   1,239.9

$      69.5

$   1,308.6

$   (172.7)

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)

June 30,

December 31,

Balance Sheet Data:

2026

2025

Cash and cash equivalents

$         894.1

$       527.9

Inventories

2,893.9

2,563.1

Total assets

14,718.7

13,019.9

Total debt

1,749.1

2,148.3

Total equity

6,545.4

5,449.9

Total equity excluding special items (Note 4, 14)

$       4,777.2

$     4,143.5

Total debt to capitalization ratio (Note 14)

21 %

28 %

Total debt to capitalization ratio, excluding special items (Note 14)

27 %

34 %

Net debt to capitalization ratio (Note 14)

12 %

23 %

Net debt to capitalization ratio, excluding special items (Note 14)

15 %

28 %

SUMMARIZED STATEMENT OF CASH FLOW DATA

(Unaudited, in millions)

Six Months Ended June 30,

2026

2025

Cash flows provided by (used in) operating activities

$       1,265.1

$      (470.3)

Cash flows used in investing activities

(506.1)

(371.3)

Cash flows (used in) provided by financing activities

(392.8)

896.2

Net change in cash and cash equivalents

366.2

54.6

Cash and cash equivalents, beginning of period

527.9

536.1

Cash and cash equivalents, end of period

$         894.1

$       590.7

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONSOLIDATING FINANCIAL INFORMATION (Note 8)
(Unaudited, in millions)

Three Months Ended June 30, 2026

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$   11,676.3

$       94.9

$         —

$       (92.9)

$     11,678.3

Cost of products and other

9,786.9

3.3

—

(88.3)

9,701.9

Operating expenses (income)

646.0

28.7

—

(4.6)

670.1

Depreciation and amortization expense

151.2

8.3

3.6

—

163.1

Other segment (income) expenses, net (a) 

(250.0)

1.6

119.5

—

(128.9)

Income (loss) from operations

1,342.2

53.0

(123.1)

—

1,272.1

Interest (income) expense, net

(13.2)

(0.3)

55.5

—

42.0

Capital expenditures (b)

184.0

2.0

2.5

—

188.5

Three Months Ended June 30, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$    7,465.6

$       98.0

$         —

$       (88.3)

$      7,475.3

Cost of products and other

6,825.4

2.2

—

(83.9)

6,743.7

Operating expenses (income)

607.5

28.6

—

(4.4)

631.7

Depreciation and amortization expense

148.8

9.1

3.6

—

161.5

Other segment (income) expenses, net (a) 

(189.0)

1.8

82.6

—

(104.6)

Income (loss) from operations

72.8

56.3

(86.1)

—

43.0

Interest (income) expense, net

(4.8)

(0.6)

59.2

—

53.8

Capital expenditures (b) 

144.5

8.2

2.0

—

154.7

Six Months Ended June 30, 2026

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$   19,576.1

$      188.1

$         —

$      (181.6)

$     19,582.6

Cost of products and other

16,649.8

6.5

—

(172.5)

16,483.8

Operating expenses (income)

1,307.2

60.9

—

(9.1)

1,359.0

Depreciation and amortization expense

297.9

16.6

7.4

—

321.9

Other segment (income) expenses, net (a) 

(356.2)

3.4

199.0

—

(153.8)

Income (loss) from operations

1,677.5

100.6

(206.4)

—

1,571.7

Interest (income) expense, net

(29.6)

(0.5)

114.2

—

84.1

Capital expenditures (b)

500.1

3.6

4.9

—

508.6

Six Months Ended June 30, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$   14,522.7

$      192.5

$         —

$      (173.5)

$     14,541.7

Cost of products and other

13,490.8

4.8

—

(164.8)

13,330.8

Operating expenses (income)

1,313.8

58.4

—

(8.7)

1,363.5

Depreciation and amortization expense

307.4

18.2

7.2

—

332.8

Other segment (income) expenses, net (a)

(189.0)

3.4

168.4

—

(17.2)

Income (loss) from operations

(400.4)

107.7

(175.5)

—

(468.2)

Interest (income) expense, net

(9.3)

(0.8)

100.8

—

90.7

Capital expenditures (b)

360.1

10.6

2.3

—

373.0

Balance at June 30, 2026

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Total assets (c)

$   13,138.6

$      660.5

$      959.0

$       (39.4)

$     14,718.7

Balance at December 31, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Total assets (c)

$   11,469.1

$      683.4

$      906.3

$       (38.9)

$     13,019.9

(a) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, net, Equity (income) loss in investee, and (Gain) loss on sale of assets.

(b) For the three and six months ended June 30, 2026, the Company's refining segment Capital expenditures exclude $55.8 million and $245.2 million, respectively, of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed by insurance proceeds. For the three and six months ended June 30, 2025, the Company's refining segment Capital expenditures exclude $132.0 million of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed by insurance proceeds.

(c) As of June 30, 2026 and December 31, 2025, Corporate assets include the Company's Equity method investment in SBR of $859.6 million and $826.3 million, respectively.

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
MARKET INDICATORS AND KEY OPERATING INFORMATION
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

Market Indicators (dollars per barrel) (Note 9)

2026

2025

2026

2025

Dated Brent crude oil

$  104.86

$   67.70

$   93.28

$   71.64

West Texas Intermediate (WTI) crude oil

$    93.11

$   63.81

$   83.00

$   67.60

Light Louisiana Sweet (LLS) crude oil

$    95.64

$   66.12

$   85.57

$   70.22

Alaska North Slope (ANS) crude oil

$  103.05

$   68.82

$   90.40

$   72.30

Crack Spreads:

Dated Brent (NYH) 2-1-1

$   43.48

$   22.24

$   35.05

$   19.58

WTI (Chicago) 4-3-1

$   44.62

$   21.16

$   32.11

$   17.47

LLS (Gulf Coast) 2-1-1

$   48.66

$   20.26

$   39.39

$   18.77

ANS (West Coast-LA) 4-3-1

$   53.28

$   28.85

$   45.03

$   26.00

ANS (West Coast-SF) 3-2-1

$   58.27

$   36.07

$   49.67

$   30.85

Crude Oil Differentials:

Dated Brent (foreign) less WTI

$   11.75

$    3.90

$   10.27

$    4.04

Dated Brent less Maya (heavy, sour)

$   16.08

$    9.22

$   15.12

$    9.86

Dated Brent less WTS (sour)

$   13.04

$    4.03

$   11.64

$    3.95

Dated Brent less ASCI (sour)

$   10.98

$    3.19

$     9.07

$    3.26

WTI less WCS (heavy, sour)

$   20.25

$   10.65

$   18.03

$   11.86

WTI less Bakken (light, sweet)

$     0.32

$    0.65

$     1.15

$    1.19

WTI less Syncrude (light, sweet)

$    (2.83)

$   (0.93)

$    (0.66)

$    0.83

WTI less LLS (light, sweet)

$    (2.53)

$   (2.31)

$    (2.56)

$   (2.61)

WTI less ANS (light, sweet)

$    (9.93)

$   (5.01)

$    (7.40)

$   (4.69)

Effective RIN basket price

$   13.78

$    6.14

$   11.30

$    5.45

Natural gas (dollars per MMBTU)

$     2.94

$    3.51

$     3.20

$    3.69

Key Operating Information

Production (barrels per day ("bpd") in thousands)

893.5

845.8

867.5

789.5

Crude oil and feedstocks throughput (bpd in thousands)

887.3

839.1

865.9

785.1

Total crude oil and feedstocks throughput (millions of barrels)

80.7

76.4

156.7

142.1

Consolidated gross margin per barrel of throughput

$   14.20

$   (0.76)

$     9.10

$   (3.37)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   23.40

$    8.38

$   16.67

$    7.26

Refining operating expense, per barrel of throughput (Note 11)

$     8.00

$    7.96

$     8.34

$    9.25

Crude and feedstocks (% of total throughput) (Note 13)

Heavy

31 %

25 %

28 %

27 %

Medium

29 %

35 %

33 %

35 %

Light

24 %

26 %

23 %

24 %

Other feedstocks and blends

16 %

14 %

16 %

14 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput)

Gasoline and gasoline blendstocks

42 %

44 %

43 %

46 %

Distillates and distillate blendstocks

36 %

34 %

35 %

35 %

Lubes

1 %

1 %

1 %

1 %

Chemicals

1 %

2 %

1 %

1 %

Other

21 %

20 %

20 %

18 %

Total yield

101 %

101 %

100 %

101 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
SUPPLEMENTAL OPERATING INFORMATION
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro)

Production (bpd in thousands)

308.1

296.8

305.4

277.7

Crude oil and feedstocks throughput (bpd in thousands)

309.1

299.8

306.8

281.1

Total crude oil and feedstocks throughput (millions of barrels)

28.2

27.3

55.5

50.9

Gross margin per barrel of throughput

$   13.57

$    0.46

$   11.26

$   (1.68)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   20.80

$    7.37

$   16.30

$    6.67

Refining operating expense, per barrel of throughput (Note 11, 12)

$     5.61

$    5.34

$     6.14

$    6.51

Crude and feedstocks (% of total throughput) (Note 13):

Heavy

23 %

21 %

19 %

24 %

Medium

39 %

45 %

44 %

42 %

Light

20 %

20 %

18 %

17 %

Other feedstocks and blends

18 %

14 %

19 %

17 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

35 %

37 %

36 %

38 %

Distillates and distillate blendstocks

39 %

37 %

38 %

38 %

Lubes

2 %

2 %

2 %

2 %

Chemicals

2 %

2 %

2 %

2 %

Other

22 %

21 %

22 %

19 %

Total yield

100 %

99 %

100 %

99 %

Supplemental Operating Information - Mid-Continent (Toledo)

Production (bpd in thousands)

132.1

165.6

138.6

152.4

Crude oil and feedstocks throughput (bpd in thousands)

130.9

162.2

137.4

149.9

Total crude oil and feedstocks throughput (millions of barrels)

11.9

14.8

24.9

27.1

Gross margin per barrel of throughput

$   11.33

$     2.74

$   12.71

$    0.36

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   20.13

$   10.14

$   13.46

$    8.60

Refining operating expense, per barrel of throughput (Note 11, 12)

$     7.27

$     5.60

$     7.38

$    6.29

Crude and feedstocks (% of total throughput) (Note 13):

Medium

38 %

31 %

39 %

35 %

Light

60 %

67 %

58 %

62 %

Other feedstocks and blends

2 %

2 %

3 %

3 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

42 %

51 %

47 %

53 %

Distillates and distillate blendstocks

42 %

37 %

42 %

38 %

Chemicals

3 %

4 %

3 %

3 %

Other

14 %

10 %

9 %

8 %

Total yield

101 %

102 %

101 %

102 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
SUPPLEMENTAL OPERATING INFORMATION
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Supplemental Operating Information - Gulf Coast (Chalmette)

Production (bpd in thousands)

179.0

177.5

183.2

168.2

Crude oil and feedstocks throughput (bpd in thousands)

177.4

173.6

181.2

165.8

Total crude oil and feedstocks throughput (millions of barrels)

16.1

15.8

32.8

30.0

Gross margin per barrel of throughput

$   12.15

$    0.48

$     8.01

$   (0.86)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   20.06

$    7.35

$   15.64

$    6.39

Refining operating expense, per barrel of throughput (Note 11, 12)

$     6.59

$    5.57

$     6.10

$    5.85

Crude and feedstocks (% of total throughput) (Note 13):

Heavy

23 %

9 %

20 %

10 %

Medium

27 %

46 %

33 %

44 %

Light

36 %

25 %

30 %

28 %

Other feedstocks and blends

14 %

20 %

17 %

18 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

43 %

46 %

44 %

48 %

Distillates and distillate blendstocks

35 %

34 %

34 %

32 %

Chemicals

1 %

1 %

1 %

1 %

Other

22 %

21 %

22 %

20 %

Total yield

101 %

102 %

101 %

101 %

Supplemental Operating Information - West Coast (Torrance and Martinez)

Production (bpd in thousands)

274.3

205.9

240.3

191.2

Crude oil and feedstocks throughput (bpd in thousands)

269.9

203.5

240.5

188.3

Total crude oil and feedstocks throughput (millions of barrels)

24.5

18.5

43.5

34.1

Gross margin per barrel of throughput

$   15.89

$    (9.54)

$     3.23

$  (14.32)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   30.16

$     9.35

$   19.77

$     7.84

Refining operating expense, per barrel of throughput (Note 11, 12)

$   11.58

$   15.73

$   12.85

$   18.67

Crude and feedstocks (% of total throughput) (Note 13):

Heavy

61 %

66 %

61 %

66 %

Medium

13 %

12 %

16 %

17 %

Light

3 %

4 %

2 %

2 %

Other feedstocks and blends

23 %

18 %

21 %

15 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

51 %

45 %

48 %

51 %

Distillates and distillate blendstocks

30 %

30 %

27 %

30 %

Other

21 %

26 %

25 %

21 %

Total yield

102 %

101 %

100 %

102 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)
(Unaudited, in millions, except per barrel amounts)

Three Months Ended June 30,

2026

2025

RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS

$

per barrel
of

throughput

$

per barrel
of

throughput

Calculation of consolidated gross margin:

Revenues

$  11,678.3

$    144.63

$   7,475.3

$     97.90

Less: Cost of sales

10,531.5

130.43

7,533.3

98.66

Consolidated gross margin

$   1,146.8

$     14.20

$     (58.0)

$     (0.76)

Reconciliation of consolidated gross margin to gross refining margin:

Consolidated gross margin

$   1,146.8

$     14.20

$     (58.0)

$     (0.76)

Add: Logistics operating expense

28.7

0.36

28.6

0.37

Add: Logistics depreciation expense

8.3

0.10

9.1

0.12

Less: Logistics gross margin

(91.6)

(1.13)

(95.9)

(1.26)

Add: Refining operating expense

646.0

8.00

607.5

7.96

Add: Refining depreciation expense

151.2

1.87

148.8

1.95

Gross refining margin

$   1,889.4

$     23.40

$     640.1

$      8.38

Gross refining margin excluding special items

$   1,889.4

$     23.40

$     640.1

$      8.38

Six Months Ended June 30,

2026

2025

RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS

$

per barrel
of

throughput

$

per barrel
of

throughput

Calculation of consolidated gross margin:

Revenues

$  19,582.6

$    124.95

$  14,541.7

$    102.34

Less: Cost of sales

18,157.3

115.85

15,019.9

105.71

Consolidated gross margin

$   1,425.3

$      9.10

$    (478.2)

$     (3.37)

Reconciliation of consolidated gross margin to gross refining margin:

Consolidated gross margin

$   1,425.3

$      9.10

$    (478.2)

$     (3.37)

Add: Logistics operating expense

60.9

0.39

58.4

0.41

Add: Logistics depreciation expense

16.6

0.11

18.2

0.13

Less: Logistics gross margin

(181.6)

(1.17)

(187.8)

(1.32)

Add: Refining operating expense

1,307.2

8.34

1,313.8

9.25

Add: Refining depreciation expense

297.9

1.90

307.4

2.16

Gross refining margin

$   2,926.3

$     18.67

$   1,031.8

$      7.26

   Special Items (Note 4):

Add: LCM inventory adjustment

(313.0)

(2.00)

—

—

Gross refining margin excluding special items

$   2,613.3

$     16.67

$   1,031.8

$      7.26

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

FOOTNOTES TO EARNINGS RELEASE TABLES

(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitate an understanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences between adjusted fully-converted and GAAP results are explained in footnotes 2 through 6.

(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc. ("PBF Energy"), as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock.

(3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2026 and 2025 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in footnote 2.

(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operations excluding special items, EBITDA excluding special items, and gross refining margin excluding special items. Special items for the periods presented relate to LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, and loss on extinguishment of debt, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 14.

Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

Special Items:

LCM inventory adjustment - LCM is a GAAP requirement for inventory valuation that mandates inventory to be stated at the lower of cost or market. Our inventories are valued at the lower of cost or market with cost determined using the last-in, first-out ("LIFO") inventory valuation methodology, under which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market price is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. When the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between periods. The net impact of these LCM inventory adjustments is included in the Refining segment's income from operations, but excluded from the operating results presented, as applicable, to ensure comparability between periods.

PBF Energy LCM inventory adjustment - During the six months ended June 30, 2026, we reversed the $313.0 million LCM inventory reserve recorded at December 31, 2025. This reversal increased income from operations and net income by $313.0 million and $231.6 million, respectively, and resulted in no LCM inventory reserve at June 30, 2026. There were no such adjustments in any of the other periods presented.

SBR LCM inventory adjustment - During the six months ended June 30, 2026, SBR reversed the $18.8 million LCM inventory reserve recorded at December 31, 2025. During the three and six months ended June 30, 2025, SBR recorded adjustments to value its inventory to the LCM which increased its income from operations by $15.9 million and $33.3 million, respectively. Our Equity loss in investee reflects our 50% share of these adjustments. Accordingly, for the six months ended June 30, 2026, the reversal increased our income from operations and net income by $9.4 million and $7.0 million, respectively. For the three and six months ended June 30, 2025, these LCM adjustments increased our income from operations by $8.0 million and $16.7 million, respectively ($5.9 million and $12.4 million, respectively, net of tax). There were no such adjustments during the three months ended June 30, 2026.

Martinez refinery fire expenses - During the three and six months ended June 30, 2026, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $22.7 million and $34.2 million, respectively ($16.8 million and $25.3 million, respectively, net of tax). During the three and six months ended June 30, 2025, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $30.4 million and $108.5 million, respectively ($22.5 million and $80.3 million, respectively, net of tax).

Gain on insurance recoveries, net - During the three and six months ended June 30, 2026, we recorded gains on insurance recoveries associated with the Martinez refinery fire that increased income from operations by $250.0 million and $356.5 million, respectively ($185.0 million and $263.8 million, respectively, net of tax). During both the three and six months ended June 30, 2025, we recorded a gain on insurance recoveries associated with the Martinez refinery fire that increased income from operations and net income by $189.0 million and $139.9 million, respectively.

Costs related to RBI initiative - During the second quarter of 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extract incremental value across our business. As a result, for the three and six months ended June 30, 2026, we recorded expenses related to the execution of this initiative that decreased income from operations by $9.2 million and $18.6 million, respectively ($6.8 million and $13.8 million, respectively, net of tax). For both the three and six months ended June 30, 2025, we recorded expenses related to the execution of this initiative that decreased income from operations and net income by $13.6 million and $10.1 million, respectively. These charges are included within General and administrative expenses.

Loss on extinguishment of debt - During both the three and six months ended June 30, 2026, we recorded a pre-tax loss on extinguishment of debt related to the redemption of our 2028 6.00% Senior Notes, which decreased income before income taxes and net income by $2.2 million and $1.6 million, respectively. There were no such adjustments in any of the other periods presented.

Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rates shown in (3) above.

(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2.

(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and six months ended June 30, 2026 and 2025, respectively. Common stock equivalents exclude the effects of performance share units, options, and warrants to purchase 876,069 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the six months ended June 30, 2026 (compared with 7,023,756 and 6,834,426 shares for the three and six months ended June 30, 2025, respectively). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.

(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, our share of SBR interest, depreciation, and amortization expense, LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, loss on extinguishment of debt, and certain other non-cash items. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

For the periods ending June 30, 2026, our share of SBR interest, depreciation, and amortization expense, recorded within Equity loss in investee in the Condensed Consolidated Statements of Operations, is treated as an adjustment to EBITDA. Prior-period amounts in the table above has been conformed to the 2026 presentation.

(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments are included in Corporate. As of June 30, 2026, the Refining segment includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers through fee-based commercial agreements.

PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individual operating segments.

(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies.

(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refining operating expenses, depreciation and amortization and gross margin of the Logistics segment. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as such benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput.

(12) Refining operating expenses per barrel at the regional level exclude the impact of nonpermanent loss adjusted excess  insurance premium costs.

(13) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees.

(14) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures and should not be considered an alternative to any other measure of financial performance or liquidity presented in accordance with GAAP. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity.

June 30,

December 31,

2026

2025

(in millions)

Total debt

$       1,749.1

$       2,148.3

Total equity

6,545.4

5,449.9

Total capitalization

$       8,294.5

$       7,598.2

Total debt

$       1,749.1

$       2,148.3

Total equity excluding special items

4,777.2

4,143.5

Total capitalization excluding special items

$       6,526.3

$       6,291.8

Total equity

$       6,545.4

$       5,449.9

Special Items (Note 4)

Add: LCM inventory adjustment

(313.0)

—

Add: LCM inventory adjustment - SBR

(9.4)

—

Add: Martinez refinery fire expenses

34.2

—

Add: Gain on insurance recoveries, net

(356.5)

—

Add: Costs related to RBI initiative

18.6

—

Add: Loss on extinguishment of debt

2.2

—

Add: Cumulative historical equity adjustments (a)

(1,753.3)

(1,753.3)

Less: Recomputed income tax on special items

609.0

446.9

Net impact of special items

(1,768.2)

(1,306.4)

Total equity excluding special items

$       4,777.2

$       4,143.5

Total debt

$       1,749.1

$       2,148.3

Less: Cash and cash equivalents

894.1

527.9

Net debt

$          855.0

$       1,620.4

Total debt to capitalization ratio

21 %

28 %

Total debt to capitalization ratio, excluding special items

27 %

34 %

Net debt to capitalization ratio

12 %

23 %

Net debt to capitalization ratio, excluding special items

15 %

28 %

(a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments" before recomputed income tax effect. Refer to the Company's 2025 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2026.

SOURCE PBF Energy Inc.