Boyd Gaming Corp (NYSE:BYD) on Thursday reported worse-than-expected first-quarter financial results and announced a $500 million buyback plan.
Boyd Gaming reported quarterly earnings of $1.60 per share which missed the analyst consensus estimate of $1.73 per share. The company reported quarterly sales of $997.355 million which missed the analyst consensus estimate of $1.000 billion.
Boyd Gaming shares fell 6.1% to trade at $83.66 on Friday.
These analysts made changes to their price targets on Boyd Gaming following earnings announcement.
Stifel analyst Steven Wieczynski maintained Boyd Gaming with a Hold and lowered the price target from $95 to $91. JP Morgan analyst Daniel Politzer maintained the stock with a Neutral and raised the price target from $89 to $90. Mizuho analyst Ben Chaiken maintained Boyd Gaming with an Outperform rating and lowered the price target from $99 to $96. Considering buying BYD stock? Here’s what analysts think:
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Boyd Gaming Corporation reported a rare double miss in Q1. Softness in Las Vegas caused BYD's miss. Despite stabilizing tourism trends, the company's local and downtown casinos performed weaker than in 2025. BYD's performance in the Midwest & South remained strong, online earnings remained stable sequentially, and managed casinos boosted earnings.
Boyd Gaming Corporation remains a well-managed casino operator, but recent revenue growth has stalled, particularly in its core Las Vegas segments. Despite robust stock buybacks and a modest dividend, BYD's margins, ROIC, and EPS have declined, signaling weakening operational performance. BYD's limited focus on online gaming and the sale of its FanDuel stake suggest missed opportunities amid shifting consumer preferences toward digital gambling.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) will release its fiscal 2026 first quarter results on May 13, 2026, before markets open. Following the release, Management of the Company will hold a conference call at 8:00 a.m. ET to review the financial results. The call will be hosted by Brian Kaner, President and Chief Executive Officer; and Jeff Murray, Executive Vice President and Chief Financial Officer. All interested parties are invited to participate.
CONFERENCE CALL DETAILS:
DATE:
Wednesday, May 13, 2026
TIME:
8:00 a.m. (ET)
DIAL IN NUMBER:
1-800-715-9871
1-646-307-1963
WEBCAST LINK:
https://events.q4inc.com/attendee/980721311
CONFERENCE ID:
5533670
The call will also be webcast live and archived for 90 days on the Boyd Group's website https://www.boydgroup.com.
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. BGSI shares trade on the Toronto Stock Exchange under the symbol BYD and on the New York Stock Exchange under the symbol BGSI.
About The Boyd Group Inc.
The Boyd Group Inc. ("Boyd") is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. Boyd operates locations in Canada under the trade names Boyd Autobody & Glass and Assured Automotive as well as in the U.S. under the trade name Gerber Collision & Glass. In addition, Boyd is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. Boyd also operates a third-party administrator, Gerber National Claims Services, that offers glass, emergency roadside and first notice of loss services. Boyd also operates a Mobile Auto Solutions ("MAS") service that offers scanning and calibration services.
Boyd Gaming (BYD) remains a long-term 'Buy' despite a double miss in Q1 and CBRE's 'take profits' call. Midwest & South segment strength offsets softness in Las Vegas Locals and Downtown, with regional diversification providing downside protection. Upcoming catalysts—property renovations, Norfolk opening, and potential M&A—support a base-case price target of $109, implying ~30% total return.
LAS VEGAS--(BUSINESS WIRE)--Daily Racing Form (“DRF”), a subsidiary of Affinity Interactive and a brand within the Apex Hospitality platform backed by Z Capital Group, LLC (“ZCG”), today announced new multi-year print distribution agreements with American Wagering, Inc. and Boyd Gaming Corporation, further expanding its presence across key gaming and racing markets. The agreements, executed on March 16, 2026, and March 25, 2026, respectively, establish DRF as the exclusive provider of past perf.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable July 15, 2026, to shareholders of record at the close of business on June 15, 2026.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek. Named by Forbes magazine as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com.
All-time record sales, up 28.1% to $996.7 million All-time record Adjusted EBITDA1 increased 51.9% to $122.4 million, with Adjusted EBITDA margins1 expanding 200 basis points to 12.3% Same-store sales1 increased 1.7%; adjusting for the weather impact in the South, same-store sales growth would have been approximately 2.6% Added 269 locations, increasing collision location footprint by 33% year-over-year Achieved over $20 million in incremental Project 360 cost savings and Joe Hudson synergy realization Joe Hudson's conversion to Boyd's systems fully completed on schedule Achieved targeted level of 80% internalization of scanning and calibration Distributed first quarter 2026 cash dividend of C$0.156 per common share Reduced pro forma debt leverage from 3.1x to 2.9x , /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("Boyd Group" or "the Company") today announced record financial results for the quarter ended March 31, 2026.
"We delivered all-time record sales and Adjusted EBITDA1 in the first quarter, reflecting strong execution of our growth strategy and operational priorities. Sales increased by 28.1% while Adjusted EBITDA1 grew an even stronger 51.9%, driven by a 33% year-over-year growth in our location footprint, positive same-store sales1, and disciplined execution on Project 360 and acquisition synergies.
We achieved our third consecutive quarter of positive same-store sales, supported by market share gains and improving industry conditions that continue to drive volume growth, even as total cost of repair remained subdued. In addition to strong top-line performance, we expanded Adjusted EBITDA1 margins by 200 basis points as we continue to make meaningful progress towards our 14%+ Adjusted EBITDA margin1 goal.
I'm incredibly proud of our team's performance this quarter. We accelerated growth, continued to outperform underlying industry volume trends and to strengthen operational execution while delivering meaningful margin expansion and significantly higher profitability. Our results demonstrate the scalability of our platform, the strength of our operating model, and the disciplined execution of our strategic priorities.
As we look ahead, we remain focused on building on this momentum by executing our proven growth strategy, capturing additional market share, driving continued margin expansion, and creating long-term value for our shareholders." - Brian Kaner, President & CEO of the Boyd Group
1 Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release.
Financial And Operational Highlights
Three months ended
March 31,
(thousands of U.S. dollars, except per share amounts)
2026
2025
Y/Y Change
Financial Highlights
Sales
996,676
778,323
28 %
Gross margin
46.5 %
46.2 %
30 bps
Adjusted EBITDA (1)
122,385
80,545
52 %
Adjusted EBITDA margin (1)
12.3 %
10.3 %
200 bps
Net loss
(7,926)
(2,637)
N/A
Basic and diluted loss per share
(0.28)
(0.12)
N/A
Adjusted net earnings (1)(2)
16,059
6,574
144 %
Adjusted net earnings per share (1)(2)
0.58
0.31
87 %
Operational Highlights
Same-store sales growth (1)(3)
1.7 %
(2.8) %
New locations added
269
9
From multi-location acquisitions
258
--
From single shop acquisitions
3
3
From start-up locations
8
6
Collision location count at period end
1,312
984
33 %
1. Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Ratios" section of this news release.
2. Comparative figures have been restated to conform with current period presentation
3. First quarter 2026 same-store sales growth of approximately 2.6% adjusted for the unusual winter storm activity in the U.S. South
Q1 2026 Results
(First quarter 2026 compared to first quarter of 2025)
Sales increased 28.1% to an all-time record $996.7 million, driven by $203.3 million from new location growth and continued market share gains reflected in positive same-store sales[1] performance. Same-store sales increased 1.7%, or approximately 2.6% adjusted for the estimated 90 basis point impact from unusual winter storm activity in the U.S. South, marking the third consecutive quarter of same-store sales growth despite muted growth in total cost of repair. The first quarter of 2026 had the same number of selling and production days as the prior-year period.
Gross profit increased by 29.1% to $463.7 million while gross margins expanded to 46.5% in the first quarter of 2026, from 46.2%. Gross margins benefitted from increased parts and paint margins from Project 360 and Joe Hudson's synergy realization, partially offset by a lower mix of higher margin glass sales and variability in performance based pricing.
Adjusted EBITDA1 increased 51.9% to an all-time record $122.4 million with Adjusted EBITDA margins1 expanding 200 basis points to 12.3% from 10.3% reflecting the contribution from the Joe Hudson's acquisition, which is accretive to Adjusted EBITDA margin1, cost savings from Project 360 and synergy realization.
Net loss was $7.9 million, compared to $2.6 million in the same period of the prior year. The net loss was impacted by acquisition and transformational cost expenses in the first quarter of 2026 related to the Joe Hudson acquisition and Project 360. These costs are expected to decline as integration finalizes. Adjusted net earnings1 increased 144.3% to $16.1 million and Adjusted earnings per share increased to $0.58 from $0.31, driven primarily by the increase in Adjusted EBITDA1.
Boyd added 269 locations during the quarter, including 258 from the Joe Hudson's acquisition, three from single shop acquisitions and eight new start up locations. Joe Hudson's shop conversions to Boyd's systems were fully completed on schedule with expected synergies progressing in line with plan.
_______________________________________
1 Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release.
Outlook
Industry conditions continued to improve in the first quarter of 2026. Based on first quarter claims processing platform data, the Company estimates that repairable claims volume declined in the range of 0-2% during the quarter, which is now back in-line with Boyd's long-term growth framework.
The Company's long-term growth framework contemplates average same-store sales growth of 3–5%, supported by continued incremental market share gains driven by ongoing consolidation within the highly fragmented collision repair industry, strong performance with insurance clients, and disciplined operational execution. The framework also assumes 3–4% annual growth in average total cost of repair and approximately 1% growth in miles driven, partially offset by an approximate 2% decline in repairable claims due to the impact of collision avoidance systems. While growth in average total cost of repair has remained below historical averages in recent periods, management believes a return toward target levels over time is supported by the continued normalization of key industry drivers, including rising used vehicle values and increasing vehicle complexity.
"I'm pleased to report that the normalization in repairable claims has continued to positively benefit our business early in the second quarter, with same-store sales in April approaching the low end of our long-term range. We continue to expect same-store sales growth to be complemented by contributions from new location growth as we execute our growth strategy. In the second quarter of 2026, the Company expects to open five start up locations with an additional 17 start up locations to be added through year-end. Supported by a robust pipeline of both new start up opportunities and acquisitions, we remain confident in our outlook for new location growth in 2026 and beyond." - Brian Kaner, President & CEO of the Boyd Group
2026 First Quarter Conference Call & Webcast
Management will hold a conference call on Wednesday, May 13, 2026, at 8:00 a.m. (ET) to review the Company's 2026 first quarter results. You can join the call by dialing 1-800-715-9871 or 646-307-1963.
A live audio webcast of the conference call will be available at https://events.q4inc.com/attendee/980721311. An archived replay of the webcast will be available for 90 days on the Boyd Group's website https://www.boydgroup.com.
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares trade on the Toronto Stock Exchange (TSX) under the symbol BYD.TO and the New York Stock Exchange (NYSE) under the symbol BGSI. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.
About The Boyd Group Inc.
Boyd Group Services Inc. ("BGSI"), through its operating company, The Boyd Group Inc. and its subsidiaries ("Boyd" or the "Company"), is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. The Company currently operates locations in Canada under the trade name Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates Mobile Auto Solutions ("MAS") in the U.S. and Volta Auto Diagnostics Ltd. ("Volta") in Canada that offer scanning and calibration services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at http://www.boydgroup.com.
Non-GAAP Financial Measures and Ratios
Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios, which are not standardized measures under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures disclosed by other issuers. Boyd's management uses certain non-GAAP financial measures to evaluate the performance of the business and to reward employees. These non-GAAP should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS, such as net earnings or sales in measuring the performance of Boyd.
The following is a reconciliation of Boyd's non-GAAP financial measures and ratios used in this release:
SAME-STORE SALES
Same-store sales is a non-GAAP measure that includes only those locations in operation for the full comparative period. Same-store sales is presented excluding the impact of foreign exchange fluctuation on the current period.
Three months ended
March 31,
(thousands of U.S. dollars)
2026
2025
Sales
$ 996,676
$ 778,323
Less:
Sales from locations not in the comparative period
(203,863)
(539)
Sales from under-performing facilities closed during the period
—
(862)
Foreign exchange
(2,932)
—
Same-store sales (excluding foreign exchange)
$ 789,881
$ 776,922
ADJUSTED EBITDA
EBITDA represents an indication of the Company's capacity to generate income from operations before taking into account management's financing decisions and costs of consuming tangible and intangible capital assets, which vary according to their vintage, technological age and management's estimates of their useful life. EBITDA comprises sales less operating expenses before finance costs, capital asset amortization and impairment charges, and income taxes.
Adjusted EBITDA is calculated to exclude items of an unusual nature that do not reflect normal or ongoing operations of BGSI and which should not be considered in a valuation metric or should not be included in an assessment of the ability to service or incur debt. Included as an adjustment to EBITDA are acquisition and transformational cost initiative expenses and fair value adjustments to contingent consideration and financial instruments which do not have a cash impact. These adjustments do not relate to the current operating performance of the business units but are typically costs incurred to expand operations as well as execute transformational plans. Acquisition and transformational costs include transaction costs in acquiring and integrating a business acquisition and other non-recurring costs related to the execution of Project 360. From time to time BGSI may make other adjustments to its Adjusted EBITDA for items that are not expected to recur. Management believes that in addition to net earnings and cash flows, Adjusted EBITDA is useful to readers to provide an indication of earnings from operations and cash available for distribution, both before and after debt management , productive capacity maintenance and non-recurring and other adjustments.
Adjusted EBITDA margin is a measure of operating profit that can be used to assess Boyd's operational performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total sales.
Three months ended
March 31,
(thousands of U.S. dollars)
2026
2025
Net loss
$ (7,926)
$ (2,637)
Add:
Finance costs
30,075
17,832
Income tax recovery
(666)
(290)
Depreciation of property, plant and equipment
26,666
20,847
Depreciation of right of use assets
42,021
31,615
Amortization of intangible assets
12,425
6,680
EBITDA
$ 102,595
$ 74,047
Add (deduct):
Fair value adjustments
(1,280)
1
Acquisition and transformational cost initiatives
21,070
6,497
Adjusted EBITDA
$ 122,385
$ 80,545
Sales
$ 996,676
$ 778,323
Adjusted EBITDA margin (%)
12.3 %
10.3 %
ADJUSTED NET EARNINGS
Adjusted net earnings means net earnings adjusted to add back fair value adjustments (non-taxable) and acquisition and transformational cost initiatives (net of tax). Commencing in the fourth quarter of 2025, and on a go-forward basis, the calculation of Adjusted net earnings also excludes amortization of intangibles arising on acquisitions. Amortization of intangible assets arising on acquisition is the result of the purchase price allocation on completion of an acquisition. There are no future capital expenditures associated with maintaining or replacing these intangible assets. Comparative periods have been restated to reflect this additional adjustment. BGSI believes that certain users of financial statements are interested in understanding net earnings excluding certain fair value adjustments and other items of an unusual or infrequent nature that do not reflect normal or ongoing operations of the Company. This can assist these users in comparing current results to historical results that did not include such items.
Adjusted net earnings per share means Adjusted net earnings, divided by our weighted average number of shares for the applicable period.
(thousands of U.S. dollars, except share and per share amounts)
Three months ended
March 31,
2026
2025
Net loss
$ (7,926)
$ (2,637)
Add (deduct):
Fair value adjustments (net of tax)
(947)
1
Acquisition and transformational cost initiatives (net of tax)
16,627
4,808
Amortization of intangibles arising on acquisitions (net of tax)
8,305
4,402
Adjusted net earnings (1)
$ 16,059
$ 6,574
Weighted average number of shares
27,829,990
21,467,582
Adjusted net earnings per share (1)
$ 0.58
$ 0.31
(1) Comparative figures have been restated to conform with current period presentation
Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical information, may be "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws of the U.S. and Canada, respectively (collectively, "forward-looking statements") and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words such as "may", "will", "anticipate", "estimate", "expect", "intend", "continue", "will", "project", "target", "plan", "goal" or the negative thereof or similar variations.
The forward-looking statements in this press release include, without limitation, statements regarding: Boyd's outlook and expectations regarding performance relative to industry peers; trends and industry conditions; execution of the Company's growth strategy and outlook; progress on Project 360 initiatives; the Company's financial metric goals, including for Adjusted EBITDA margin; growth opportunities presented by the Company's increased scale, greater market density, expanded platform and fragmentation; the Company's ability and expectations to open five start-up locations in the second quarter of 2026 with an additional 17 locations to be added through year-end; and expectations to open five start-up locations in the second quarter of 2026 with an additional 17 locations to be added through year-end; execute on the pipeline of approximately eight to ten start-up locations per quarter, including expectations to open eight start-up locations in the first quarter of 2026; the Company's ability to activate the stores in its development pipeline for 2026; the Company's expectations for continued acquisition activity and the Company's ability to deliver sustained growth and value creation for shareholders and customers.
Forward-looking statements are subject to significant risks and uncertainties and are based on a number of assumptions and estimates. Forward-looking statements are based on certain assumptions and analyses made by Boyd concerning its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate. A number of factors could cause actual results, performance or achievement to differ materially from those discussed or implied in the forward-looking statements. Risks and uncertainties related to Boyd's business include, but are not limited to, risks and uncertainties relating to: acquisition and new location risk; employee relations and staffing; operational performance; brand management and reputation; market environment change; reliance on technology; corporate governance; decline in number of insurance claims; low capture rates; supply chain risk; margin pressure and sales mix changes; economic downturn; changes in client relationships; environmental, health and safety risk; climate change and weather conditions; pandemic risk; competition; access to capital; dependence on key personnel; tax position risk; increased government regulation and tax risk; fluctuations in operating results and seasonality; risk of litigation; execution on new strategies; insurance risk; interest rates; U.S. health care costs and workers compensation claims; foreign currency risk; capital expenditures; public company costs; foreign private issuer status; differences in Canadian and U.S. corporate and securities laws; enforceability against foreign persons and of foreign judgments; intellectual property; and energy costs; and Boyd's success in anticipating and managing the foregoing risks.
We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Business Risks and Uncertainties" section of Boyd's Annual Information Form, the "Business Risks and Uncertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.ca and www.sec.gov. All forward-looking statements presented herein should be considered in conjunction with such filings. Readers are cautioned not to place undue reliance on such forward-looking statements, as actual results may differ materially from those expressed or implied in such statements.
The forward-looking statements in this press release reflect the Boyd's current expectations, assumptions and/or beliefs based on information currently available, including with respect to such things as conditions in the collision and auto glass repair business, including weather, accident frequency, cost of repair, miles driven and available repairable vehicles; the Company's ability to complete the integration of acquired businesses within anticipated time periods and at expected cost levels; the Company's ability to achieve synergies arising from successful integration of acquired businesses; the impact of acquisitions on growth; the accuracy and completeness of the information (including financial information) regarding acquired businesses; the absence of significant undisclosed costs or liabilities associated with acquisitions; the successful implementation of margin improvement initiatives; the future performance and results of our business and operations; general economic conditions, industry forecasts and/or trends, the government and regulatory environment and potential impacts thereof. Although the Company believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with those expressed or implied in such forward-looking statements, and they should not be unduly relied upon. There can be no assurance that such expectations and assumptions will prove to be correct. The forward-looking statements contained in this presentation describe the expectations of the Company as of the date of this press release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.
, /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("BGSI", "Boyd" or "Boyd Group") today announced that the nominees listed in the management proxy circular dated March 24, 2026 were elected as Directors of BGSI. The detailed results of the vote for the election of directors held at the Annual General Meeting on Wednesday, May 13, 2026 are set out below.
Nominee
Votes For
% For
Votes Against
% Against
David Brown
23,332,185
96.28 %
901,021
3.72 %
Brock Bulbuck
21,810,687
90.00 %
2,422,519
10.00 %
Robert Espey
24,086,561
99.39 %
146,644
0.61 %
Christine Feuell
23,802,637
98.22 %
430,569
1.78 %
John Hartmann
23,593,062
97.36 %
640,144
2.64 %
Brian Kaner
24,105,961
99.47 %
127,245
0.53 %
Violet Konkle
23,873,572
98.52 %
359,634
1.48 %
William Onuwa
23,225,241
95.84 %
1,007,964
4.16 %
Sally Savoia
23,528,541
97.09 %
704,664
2.91 %
The final voting results on all matters voted upon at the Annual General Meeting of Shareholders held on May 13, 2026 will be filed on SEDAR+ and EDGAR.
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares trade on the Toronto Stock Exchange (TSX) under the symbol BYD.TO and the New York Stock Exchange (NYSE) under the symbol BGSI. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.
About The Boyd Group Inc.
Boyd Group Services Inc. ("BGSI"), through its operating company, The Boyd Group Inc. and its subsidiaries ("Boyd" or the "Company"), is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. The Company currently operates locations in Canada under the trade name Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates Mobile Auto Solutions ("MAS") in the U.S. and Volta Auto Diagnostics Ltd. ("Volta") in Canada that offer scanning and calibration services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at http://www.boydgroup.com.
Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical information, may be "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws of the U.S. and Canada, respectively (collectively, "forward-looking statements") and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words such as "may", "will", "anticipate", "estimate", "expect", "intend", "continue", "will", "project", "target", "plan", "goal" or the negative thereof or similar variations.
Forward-looking statements are subject to significant risks and uncertainties and are based on a number of assumptions and estimates. Forward-looking statements are based on certain assumptions and analyses made by Boyd concerning its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate. A number of factors could cause actual results, performance or achievement to differ materially from those discussed or implied in the forward-looking statements. Risks and uncertainties related to Boyd's business include, but are not limited to, risks and uncertainties relating to: acquisition and new location risk; employee relations and staffing; operational performance; brand management and reputation; market environment change; reliance on technology; corporate governance; decline in number of insurance claims; low capture rates; supply chain risk; margin pressure and sales mix changes; economic downturn; changes in client relationships; environmental, health and safety risk; climate change and weather conditions; pandemic risk; competition; access to capital; dependence on key personnel; tax position risk; increased government regulation and tax risk; fluctuations in operating results and seasonality; risk of litigation; execution on new strategies; insurance risk; interest rates; U.S. health care costs and workers compensation claims; foreign currency risk; capital expenditures; public company costs; foreign private issuer status; differences in Canadian and U.S. corporate and securities laws; enforceability against foreign persons and of foreign judgments; intellectual property; and energy costs; and Boyd's success in anticipating and managing the foregoing risks.
We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Business Risks and Uncertainties" section of Boyd's Annual Information Form, the "Business Risks and Uncertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.ca and www.sec.gov. All forward-looking statements presented herein should be considered in conjunction with such filings. Readers are cautioned not to place undue reliance on such forward-looking statements, as actual results may differ materially from those expressed or implied in such statements.
The forward-looking statements in this press release reflect the Boyd's current expectations, assumptions and/or beliefs based on information currently available, including with respect to such things as conditions in the collision and auto glass repair business, including weather, accident frequency, cost of repair, miles driven and available repairable vehicles; the Company's ability to complete the integration of acquired businesses within anticipated time periods and at expected cost levels; the Company's ability to achieve synergies arising from successful integration of acquired businesses; the impact of acquisitions on growth; the accuracy and completeness of the information (including financial information) regarding acquired businesses; the absence of significant undisclosed costs or liabilities associated with acquisitions; the successful implementation of margin improvement initiatives; the future performance and results of our business and operations; general economic conditions, industry forecasts and/or trends, the government and regulatory environment and potential impacts thereof. Although the Company believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with those expressed or implied in such forward-looking statements, and they should not be unduly relied upon. There can be no assurance that such expectations and assumptions will prove to be correct. The forward-looking statements contained in this presentation describe the expectations of the Company as of the date of this press release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.
Several stocks driven by consumer spending just made significant buyback announcements. These companies are looking to add tailwinds to their share prices. By reducing their share counts, each remaining share provides more value to owners, all else equal. Let’s dive into the key buyback news surrounding these consumer names.
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Visa’s Buyback Capacity Exceeds $30 Billion After Record QuarterFirst up is the world’s biggest name in the payments industry: Visa NYSE: V. While in the finance sector, consumer spending is arguably the largest driver of Visa’s business. This leads to fee generation as transactions flow through its payment network.
Visa Today
V
Visa
$325.01 +5.96 (+1.87%)
As of 11:09 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$293.89▼
$363.01Dividend Yield0.82%
P/E Ratio28.31
Price Target$387.78
Visa hasn’t had a great start to 2026, with shares down more than 5%. However, the tide started to turn with the company’s last earnings report. Visa smashed estimates on both the top and bottom lines, and net sales growth was particularly impressive at 17.1% year over year (YOY). This marked the company’s highest net sales growth rate since 2022. Overall, Visa shares spiked 8.3% after the report, one of the stock’s largest up moves in recent memory.
To top off its impressive results, Visa added a massive $20 billion to its buyback authorization, bringing total buyback capacity to $33 billion. This is equal to a significant 5.5% of the company’s approximately $600 billion market capitalization. Notably, this comes after Visa recorded its highest buyback spending ever last quarter, coming in at $7.9 billion.
In calendar Q1 2026, Visa shares dropped by more than 13%, their largest quarterly decline since Q1 2020, when the market tanked on COVID shocks. This clearly indicates that Visa saw an opportunity in its share price, boosting buybacks to record levels.
Positive and Negative Indicators Surround PoolNext up is Pool NASDAQ: POOL. As its name suggests, the company’s business revolves around swimming pools. It provides pool supplies, like cleaning chemicals, as well as equipment used in pool construction and remodeling.
Pool Today
$196.72 +4.39 (+2.28%)
As of 11:09 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$172.68▼
$345.00Dividend Yield2.64%
P/E Ratio18.04
Price Target$261.38
Pool has certainly had a rough go of it over the recent past. Since the start of 2025, shares are down more than 45%, and the stock has declined more than 20% in 2026. The pool industry has been in a significant rut. Sales dropped by over 10% YOY in 2023, but improved to -0.4% YOY in 2025.
Thus, trends are improving, but not as fast as markets would like. Shares tanked 14% after Pool’s February earnings report. Its guidance for 2026 called for 3% adjusted earnings per share growth, which would mark the company’s first EPS increase in several years. However, the figure still fell well short of expectations.
Notably, Pool has made a significant buyback announcement, upping its buyback capacity to $600 million. This represents a very hefty 9.3% of the firm’s approximately $6.4 billion market capitalization. A further indication of confidence is the $6.28 million worth of insider buying that Pool has seen in 2026. The firm has also appointed a new CEO in John B. Watwood as Pool looks to turn its fortunes around. On the other hand, Berkshire Hathaway NYSE: BRK.A recently sold its position in Pool.
Boyd: Online Gambling Growth and Big-Time Shareholder ReturnsBoyd Gaming has put up middling performance recently, up around 10% since the start of 2025. In 2026, the stock is down more than 5%. Boyd operates many casinos in the United States, having locations in Las Vegas, the Midwest, and the South, as well as an online casino arm. Total sales have been rising steadily in the low to mid single-digit range for the past several years. The company’s online revenue growth has been particularly strong, exceeding 40% YOY in 2024 and being near 17% YOY in 2025. However, online sales fell over 4% YOY in the latest quarter.
Boyd Gaming Today
$86.17 -0.38 (-0.44%)
As of 11:09 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$73.00▼
$89.96Dividend Yield0.93%
P/E Ratio3.78
Price Target$92.08
Notably, Boyd uses buybacks extensively. The company says that over the past four and a half years, it has reduced its share count by 33%. Boyd recently added $500 million in buyback capacity, bringing its total capacity up to $700 million. This represents a very large 11.9% of the company’s approximately $5.9 billion market capitalization.
Boyd also specifically outlined its buyback pace, saying that it plans to continue spending $150 million on buybacks per quarter. This, combined with its indicated dividend yield near 1%, creates a very sizable capital return program. Boyd estimates that these actions will equate to around $9 in per-share value for shareholders in 2026. This is significant, considering that Boyd’s share price is around $80.
Visa Buys Itself, Berkshire Exits in Q1Visa’s buyback spending last quarter stands out among this group. If Visa proves that the market undervalued it in Q1, the company created meaningful value for shareholders. Visa also now has a sizable war chest to continue buying back stock should investors turn on the company. However, it is interesting to note that, in addition to selling Pool, Berkshire Hathaway completely sold its Visa position in Q1.
Should You Invest $1,000 in Visa Right Now?Before you consider Visa, you'll want to hear this.
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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.
"Physical AI" is coming to the United States, and there are four ways that investors can gain exposure to this new robotics revolution. Plus, learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.
Key Takeaways Tesla rolled out FSD in China with advanced city navigation and Level 3-style assisted driving.TSLA still offers one-time FSD purchases in China despite shifting globally to subscriptions.XPeng, BYD and Geely are accelerating autonomous-driving efforts to challenge Tesla in China. Tesla’s (TSLA - Free Report) long-awaited rollout of Full Self-Driving (“FSD”) in China marks a major milestone for the tech EV giant as it pushes deeper into the world’s largest auto market. The launch is significant not just because of the technology itself, but also because this move opens up a fresh monetization opportunity for the company at a time when competition in China’s EV market is intensifying rapidly. The rollout follows months of regulatory discussions and comes just days after Tesla CEO Elon Musk accompanied U.S. President Donald Trump on a high-profile visit to Beijing.
China is one of the most important markets for Tesla, accounting for a significant portion of its global deliveries and production. Until now, Tesla’s FSD technology was mainly available in the United States and select international markets, including Canada and parts of Europe, though regulatory hurdles have slowed wider expansion. China’s approval is a major breakthrough because the country has some of the world’s most advanced EV users and highly competitive domestic automakers.
Tesla’s latest rollout in China includes advanced city-navigation capabilities and Level 3-style assisted driving features in certain conditions. While Tesla still markets FSD as a driver-assistance system requiring human supervision, the technology is increasingly moving closer to higher levels of autonomy. Level 3 systems allow the vehicle to handle most driving tasks under specific conditions, though drivers must remain ready to intervene when necessary.
Notably, Tesla’s China strategy also differs from its latest global approach. Per CnEVPost, before FSD officially entered China, Tesla allowed customers to buy the software through a one-time payment of 64,000 yuan (about $9,420). However, in February, Tesla ended one-time FSD purchases globally and shifted to a subscription-only model aimed at building recurring high-margin software revenues. However, Tesla’s China website still shows the one-time purchase option.
Keeping both purchase and subscription models available could help Tesla attract a broader range of buyers. Some consumers may prefer paying once to avoid recurring costs, while others could choose subscriptions for affordability.
The FSD rollout in China signals Tesla’s broader effort to strengthen the ecosystem, expand recurring software revenue opportunities and defend its competitive position in the world’s largest and most important EV market.
XPeng, BYD & Geely Challenge Tesla’s FSD PushTesla’s FSD launch in China comes at a time when competition in autonomous driving technology is heating up rapidly. Chinese EV makers like XPeng (XPEV - Free Report) , BYD Co Ltd (BYDDY - Free Report) and Geely Automobile (GELHY - Free Report) are aggressively investing in next-generation smart-driving systems.
Among them, XPeng has emerged as one of Tesla’s strongest software-focused rivals. In March, the company introduced its VLA 2.0 (Vision-Language-Action) system across models such as the P7, G7 and X9 Ultra through over-the-air updates. Unlike traditional assisted-driving systems that separate perception, planning and control, XPeng’s new platform directly converts visual inputs into driving actions using an end-to-end AI model. Powered by the company’s in-house Turing AI chip, the system reportedly improves driving efficiency while significantly reducing sudden braking events. Industry observers view VLA 2.0 as XPeng’s direct answer to Tesla FSD.
Meanwhile, BYD and Geely are pursuing a different strategy by partnering with NVIDIA to develop Level 4 autonomous driving capabilities. Both BYD and Geely plan to use NVIDIA’s Drive Hyperion platform, which combines advanced computing, sensors, AI software, lidar, radar and cameras to support autonomous driving systems. The partnership could help BYD and Geely accelerate their robotaxi ambitions and compete more directly with Tesla and Waymo in the evolving self-driving market.
The Zacks Rundown on TSLA StockShares of Tesla have gained 22% over the past year, underperforming the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, TSLA trades at a forward price-to-sales ratio of 14.9, above the industry and its own five-year average. It carries a Value Score of F.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for TSLA’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
Tesla stock currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Middleby gains from strong food processing demand, led by protein, bakery and snack categories.MIDD expands via acquisitions like Oka and Frigomeccanica, boosting product range and market reach.Middleby faces margin pressure from higher costs, tariffs and weak restaurant-driven demand. The Middleby Corporation (MIDD - Free Report) is benefiting from strength in the Food Processing Equipment Group segment. An increase in demand for protein and bakery products is supporting the segment’s performance. Rising demand for snack category products bodes well for the segment. Also, robust order rate and increasing demand for its products in the international market are acting as a tailwind.
The company aims to expand its market share, product offerings and customer base through strategic acquisitions. In August 2025, Middleby acquired Oka-Spezialmaschinenfabrik GmbH & Co. KG (Oka). The addition of Oka’s expertise in industrial extrusion, molding, depositing and cutting solutions is expected to strengthen the company’s position in the bakery and broader food processing end markets. In the same month, Middleby completed the acquisition of Frigomeccanica S.p.A. The inclusion of Frigomeccanica’s expertise in advanced protein processing solutions is expected to boost its position in the food processing end market.
In November 2024, the company acquired Gorreri Food Processing Technology. The addition of Gorreri’s expertise in advanced baked goods solutions, coupled with its innovative manufacturing processes, strengthened Middleby’s position in the food processing end market. In the same month, Middleby completed the acquisition of JC Ford, which enhanced its presence in the growing snack food category. Acquired assets boosted sales 2.7% year over year in the fourth quarter of 2025.
The company is committed to rewarding its shareholders handsomely. It remains open to repurchasing common shares opportunistically. In 2025, Middleby repurchased shares worth $723.6 million. In November 2017, MIDD's board of directors authorized a share buyback program to repurchase up to 2.5 million shares of its common stock. The board of directors approved additional authorizations of 2.5 million shares each in May 2022 and July 2024 under the existing share repurchase program. In May 2025, the company further expanded the program by authorizing the repurchase of an additional 7.5 million shares. As of Jan. 3, 2026, Middleby was left with repurchasing 6,855,060 shares.
MIDD’s Zacks RankIn the past six months, this Zacks Rank #3 (Hold) company’s shares gained 10.3%. MIDD belongs to the Manufacturing - General Industrial industry.
Image Source: Zacks Investment Research
However, Middleby has been witnessing weakness in the Commercial Foodservice Equipment Group segment of late. Softness in the restaurant industry, due to declining traffic, is affecting the demand for the company's products within the segment. High wages and recent food cost inflation in the US have pressured restaurant operators, leading to delayed investments, which are alarming for the segment as well.
High costs pose a threat to the company’s bottom line. During the fourth quarter of 2025, MIDD’s cost of sales increased 6.6% year over year due to higher tariffs and unfavorable product mix. In the fourth quarter, Middleby’s gross margin declined 120 basis points (bps) from the year-ago quarter. In the same period, Middleby witnessed a 25.6% year-over-year increase in the selling and administrative expenses due to high strategic transaction costs and professional fees. The metric, as a percentage of total revenues, increased 340 basis points to 20.2%. Escalating costs and expenses, if left unchecked, may negatively impact profitability in the quarters ahead.
Stocks to ConsiderSome better-ranked companies are discussed below.
Flowserve Corporation (FLS - Free Report) presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Flowserve’s earnings surpassed the consensus estimate in each of the trailing four quarters. The average earnings surprise was 17.3%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2026 earnings has increased 2.5%.
Nordson Corporation (NDSN - Free Report) currently carries a Zacks Rank of 2. Nordson’s earnings topped the consensus estimate in each of the trailing four quarters. The average earnings surprise was 2.5%.
In the past 60 days, the Zacks Consensus Estimate for Nordson’s fiscal 2026 earnings has increased 2%.
Parker-Hannifin Corporation (PH - Free Report) currently carries a Zacks Rank of 2. Parker-Hannifin’s earnings topped the consensus estimate in each of the trailing four quarters. The average earnings surprise was 6.8%.
In the past 60 days, the Zacks Consensus Estimate for Parker-Hannifin’s fiscal 2026 earnings has increased 0.3%.
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ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced that it will host an Investor Day on Tuesday, May 12, 2026, in New York City. The event will mark a pivotal moment in the company's transformation as it prepares to separate into two independent, publicly traded companies in the second quarter of 2026. Leadership teams from both The Middleby Corporation and Middleby Food Processing will come together to present their respective strategic priorities, competitiv.
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) will release 2026 first quarter earnings on Thursday, May 7, 2026 at 7 a.m. Eastern Time. The company has scheduled a conference call to discuss the results at 10 a.m. Eastern Time on May 7. The call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference via the domestic dial-in 1-844-676-5090. International partici.
Chart Industries (GTLS - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis equipment maker for the energy sector is expected to post quarterly earnings of $2.16 per share in its upcoming report, which represents a year-over-year change of +16.1%.
Revenues are expected to be $1.05 billion, up 4.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 10.87% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Chart Industries?For Chart Industries, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -15.18%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that Chart Industries will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Chart Industries would post earnings of $3.48 per share when it actually produced earnings of $2.51, delivering a surprise of -27.87%.
Over the last four quarters, the company has beaten consensus EPS estimates just once.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Chart Industries doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAmong the stocks in the Zacks Manufacturing - General Industrial industry, Middleby (MIDD - Free Report) , is soon expected to post earnings of $1.94 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -6.7%. This quarter's revenue is expected to be $777.07 million, down 14.3% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Middleby has been revised 0.8% down to the current level. Nevertheless, the company now has an Earnings ESP of -0.72%, reflecting a lower Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Middleby will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced the filing of the Form 10 registration statement (the “Form 10”) with the U.S. Securities and Exchange Commission (“SEC”) for the planned spin-off of Middleby Food Processing. A copy of the Form 10 is available on the SEC website and can also be viewed on the Investor Page of the Middleby website at middleby.com/investors. “Today's Form 10 filing reflects the strong progress we are making toward the launch of.
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice and food processing industries, today reported net earnings for the first quarter of 2026. Tim FitzGerald, CEO of The Middleby Corporation said, “We delivered an extremely strong first quarter with outperformance at both segments relative to our expectations. Our Commercial Foodservice segment generated 8.1% organic growth, driven by continued doubl.
Middleby (MIDD) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $1.94 per share. This compares to earnings of $2.08 per share a year ago.
Although the revenue and EPS for Middleby (MIDD) give a sense of how its business performed in the quarter ended March 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Middleby (MIDD +0.05%) just let investors know that its business is humming, and that's great timing for shareholders. The stock surged 12.2% as of 12:15 p.m. ET after Middleby beat on earnings and raised guidance.
It comes just two months before the company will restructure into two separate companies. First lets look at how the businesses are doing.
Image source: Getty Images.
Spin-off coming Middleby said total sales jumped 15%, and 12% on an organic basis. Revenue soared past consensus estimates, and earnings per share also beat expectations. The company had previously sold a majority stake in its residential kitchen business, so now only reports on its commercial foodservice and food processing segments.
Foodservice grew sales by 8.1%, but food processing blew the doors off with 25% growth. That segment will be spun off into a separate company on July 6, with existing shareholders receiving one share of the new company for each share of the current Middleby stock held.
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That move will allow managers of each new company to focus on growing a singular business, helping to unlock value for long-term shareholders. The new company will be called Middleby Food Processing and will trade with the symbol "MFP" beginning after July 6.
Management will hold an investor day next week on May 12 to provide more details on both companies and their growth prospects. It should be a beneficial move for shareholders, as new investors will treat the new companies the same way they treat an initial public offering, providing new investment opportunities.
Howard Smith has positions in Middleby. The Motley Fool has positions in and recommends Middleby. The Motley Fool has a disclosure policy.
Key Takeaways MIDD beat Q1 estimates as sales rose 15% and adjusted EPS increased 15.5% year over year.Middleby's Food Processing sales jumped 33.7% as backlog reached a record $416 million.MIDD raised full-year 2026 sales and earnings outlook amid backlog execution and pricing gains. The Middleby Corporation (MIDD - Free Report) reported first-quarter 2026 adjusted earnings of $2.16 per share, which beat the Zacks Consensus Estimate of $1.94. The bottom line increased 15.5% year over year.
Net sales of $839.9 million topped the consensus estimate of $777.1 million and increased 15% year over year. The upside was driven by robust backlog conversion in the Food Processing segment, where backlog reached a record $416 million. MIDD’s organic sales increased 11.9%. Acquisitions increased sales by 1%, while movements in foreign currencies had a positive impact of 2%.
Middleby Sees Strength Across SegmentsEffective from the fourth quarter of 2025, the company started reporting under two segments.
Sales from the Commercial Foodservice segment (representing 73.3% of net sales) were $615.5 million, up 9.4% year over year. Organic sales increased 8.1%. Foreign-currency translation had a favorable impact of 1.3%.
Sales from the Food Processing segment (26.7%) totaled $224.4 million, up 33.7% year over year. Organic sales increased 25% year over year. Acquisitions boosted sales by 4.5%, while foreign currency movements had a favorable impact of 4.2%.
Middleby’s Margin ProfileMiddleby’s cost of sales increased 18% year over year to $516.7 million. Gross profit increased 10.5% to $323.2 million. The gross margin was 38.5%, down 150 basis points (bps) from the year-ago quarter.
Selling, general and administrative expenses increased 16.4% year over year to $188.3 million. Operating income increased 3% year over year to $133.4 million. Operating margin decreased 250 bps to 15.9%.
Adjusted EBITDA increased 11.8% year over year to $180.6 million. Adjusted EBITDA margin decreased 60 bps to 21.5%.
Balance Sheet and Cash FlowExiting the first quarter of 2026, Middleby had cash and cash equivalents of $177.1 million compared with $222.2 million at the end of 2025. Long-term debt was $1.83 billion at the end of the first quarter compared with $2.13 billion at 2025-end.
In the first three months of 2026, Middleby generated net cash of $87.8 million from operating activities compared with $137.3 million in the year-ago quarter.
In the first three months, its capital expenditure totaled $7.9 million compared with $26.5 million in the year-ago quarter. Free cash flow was $79.9 million compared with $110.8 million in the year-ago quarter.
Middleby Advances Portfolio TransformationMiddleby completed the sale of a 51% stake in its Residential Kitchen business during the quarter. The transaction generated net cash proceeds of $565 million, while the company retained a 49% ownership interest in the joint venture.
The company expects the planned Food Processing spin-off to close on July 6, 2026. Management stated that the separation will create two focused, standalone businesses with distinct growth and capital allocation strategies.
MIDD Raises 2026 OutlookFor the second quarter of 2026, Middleby expects total sales in the range of $815-$850 million. Adjusted earnings are projected between $2.27 and $2.39 per share.
Commercial Foodservice sales are expected in the range of $600-$620 million, while Food Processing sales are projected between $215 million and $230 million. Adjusted EBITDA is anticipated between $180 million and $192 million.
For full-year 2026, the company raised guidance and now expects total sales between $3.36 billion and $3.44 billion compared with prior expectations of $3.27-$3.36 billion.
Adjusted EBITDA is projected between $758 million and $790 million, while adjusted earnings are expected in the range of $9.54-$9.70 per share. Management expects continued benefits from pricing actions, backlog execution and ongoing share repurchases despite tariff and inflationary pressures.
MIDD’s Zacks RankPerformance of Other CompaniesGraco Inc. (GGG - Free Report) posted quarterly earnings of 66 cents per share in the first quarter of 2026, missing the Zacks Consensus Estimate of 75 cents per share. This compares with earnings of 70 cents per share a year ago.
Graco posted revenues of $540.1 million for the quarter, missing the Zacks Consensus Estimate by 3.5%. This compares with year-ago revenues of $528.3 million.
Stanley Black & Decker, Inc. (SWK - Free Report) reported first-quarter 2026 adjusted earnings of 80 cents per share, which beat the Zacks Consensus Estimate of 61 cents. The bottom line increased 6.7% year over year.
Stanley Black’s net sales of $3.85 billion beat the consensus estimate of $3.74 billion. The top line increased 2.7% from the year-ago quarter.
Ingersoll Rand Inc. (IR - Free Report) reported first-quarter 2026 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents. The bottom line increased 7% year over year.
Total revenues of $1.85 billion beat the consensus estimate of $1.83 billion. The top line increased 7.6% year over year.
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ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (Nasdaq: MIDD) today announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). The launch reflects the continued advancement of Middleby's Food Processing platform into a more focused, technology-driven organization delivering total line solutions. With a foundation built over decades and a portfolio of more than 30 global brands, Midera is positioned to accelerate innovation and serve cu.
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice and food processing industries, today unveils its strategic roadmap as two independent, publicly traded companies at an Investor Day in New York City, positioning current Middleby shareholders to benefit from focused growth strategies and enhanced value creation following the expected July 6, 2026 spin-off1. Following the spin-off of Midera, Middleb.
Shares of Middleby (MIDD - Free Report) have gained 5.8% over the past four weeks to close the last trading session at $147.45, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $195.25 indicates a potential upside of 32.4%.
The average comprises eight short-term price targets ranging from a low of $185.00 to a high of $206.00, with a standard deviation of $8.46. While the lowest estimate indicates an increase of 25.5% from the current price level, the most optimistic estimate points to a 39.7% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
But, for MIDD, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.
Price, Consensus and EPS Surprise
Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why MIDD Could Witness a Solid UpsideThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 3.7%, as three estimates have moved higher while one has gone lower.
Moreover, MIDD currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much MIDD could gain, the direction of price movement it implies does appear to be a good guide.
I upgrade The Middleby Corporation to Buy as Q1 2026 shows clear signs of recovery and improved fundamentals. The CF segment delivers 8.1% organic sales growth, signaling a potential inflection point beyond just equipment replacement cycles. The FP segment posts 25% organic growth and a strong backlog, making the upcoming Midera spin-off a more attractive value unlock.
Middleby (MIDD - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Middleby is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Middleby imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for MiddlebyFor the fiscal year ending December 2026, this food preparation equipment company is expected to earn $9.49 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Middleby. Over the past three months, the Zacks Consensus Estimate for the company has increased 3.4%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Middleby to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Shares of Middleby (MIDD - Free Report) have gained 11.8% over the past four weeks to close the last trading session at $155.87, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $195.25 indicates a potential upside of 25.3%.
The mean estimate comprises eight short-term price targets with a standard deviation of $8.46. While the lowest estimate of $185.00 indicates an 18.7% increase from the current price level, the most optimistic analyst expects the stock to surge 32.2% to reach $206.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.
But, for MIDD, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.
Price, Consensus and EPS Surprise
Here's What You May Not Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Here's Why There Could be Plenty of Upside Left in MIDDAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 3.6%, as four estimates have moved higher compared to no negative revision.
Moreover, MIDD currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much MIDD could gain, the direction of price movement it implies does appear to be a good guide.
Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.
The conflict with Iran continues to simmer, with no clear resolution in sight. While the broader market has largely looked through the day-to-day developments, rallying sharply in recent weeks, the implications for energy markets remain meaningful.
Oil and gas stocks continue to present a compelling opportunity. Industry executives in Houston note that each day of disruption in the Strait of Hormuz can translate into roughly a week of normalization time for global supply chains. With disruptions now extending for over 60 days, the timeline for a full reset could stretch well into mid-2027. In that environment, crude prices are likely to remain elevated, supporting strong margins across the sector.
At the same time, many energy names carry favorable Zacks Ranks and exhibit strong price momentum, reinforcing the near-term setup. For tactical traders and investors looking to diversify exposure, Par Pacific ((PARR - Free Report) ), Permian Resources ((PR - Free Report) ) and TotalEnergies ((TTE - Free Report) ) stand out as attractive opportunities within the oil and gas space.
Image Source: Zacks Investment Research
Parr Pacific: Stock on the Verge of a BreakoutPar Pacific is an integrated downstream energy company with operations spanning refining, logistics, and retail, primarily focused on niche and supply-constrained markets such as Hawaii and the Pacific Northwest. This geographic positioning gives the company exposure to structurally tighter fuel markets, often supporting stronger margins relative to more competitive regions.
Parr Pacific estimates are seeing a sharp inflection. The stock carries a Zacks Rank #1 (Strong Buy), driven by aggressive upward revisions in earnings estimates. Current quarter estimates have surged 184%, while full year expectations are up 147%, with analysts raising projections unanimously, an indication of rapidly improving profitability and favorable industry conditions.
Technically, the setup is equally compelling. After a strong year-to-date advance, shares have spent the past six weeks consolidating those gains, forming a constructive base. That consolidation now appears to be resolving higher, with the stock beginning to push through a key resistance level.
If confirmed, this breakout could mark the start of the next leg higher, supported by both improving fundamentals and strong momentum.
Image Source: TradingView
Permian Resources: Shares Push Record HighsPermian Resources is an exploration and production company focused on the core of the Permian Basin, one of the most prolific and low-cost oil producing regions in the United States. Its scale, high-quality acreage, and operational efficiency position it well to benefit from sustained strength in crude prices.
Fundamentals are moving decisively in the right direction. The stock carries a Zacks Rank #1 (Strong Buy), supported by strong upward revisions in earnings estimates. Current-year projections have jumped 83%, while next year’s estimates are up 47%, reflecting improving margins and favorable commodity pricing.
Technically, shares are already confirming that strength. The stock has broken out to new all-time highs and is seeing continued follow-through buying, a sign of strong institutional demand.
With both fundamentals and price action aligned, Permian Resources remains one of the stronger momentum plays in the energy space.
Image Source: TradingView
TotalEnergies: Stock Coiled Below a BreakoutTotalEnergies is a global integrated energy major with operations spanning upstream oil and gas, LNG, refining, and a growing portfolio of renewable and power assets. This diversified model provides exposure to elevated crude prices while also offering longer-term transition optionality.
The analyst outlook appears very strong. The stock carries a Zacks Rank #1 (Strong Buy), supported by steady upward revisions in earnings estimates. Current year projections have increased by 52%, while next year’s estimates are up 35%.
The price action shows shares are setting up constructively. The stock remains within a large bull flag pattern, consolidating just below a key breakout level following its prior advance. This type of setup typically reflects healthy digestion of gains, often preceding another leg higher.
A confirmed breakout from this range would likely signal renewed momentum, positioning TotalEnergies alongside other leaders in the energy space.
Image Source: TradingView
Should Investors Buy Shares in TTE, PARR and PR?The setup across the energy sector remains compelling. Elevated crude prices, supported by ongoing geopolitical uncertainty and constrained supply dynamics, continue to drive strong earnings power for oil and gas companies.
All three names highlighted here combine powerful fundamental tailwinds with favorable Zacks Ranks and constructive technical setups. Earnings estimates are moving higher, margins are expanding, and price momentum is confirming the improving outlook.
While energy can be a volatile sector, the current backdrop favors strength. For investors seeking tactical exposure or looking to their oil and gas holdings, TTE, PARR, and PR stand out as attractive opportunities with potential for further upside.
Today's energy backdrop has parallels to the late stages of 2022, where refining margins, not oil prices, became the key performance driver. High-quality companies in the Oil and Gas Refining and Marketing industry may be best positioned to capitalize on higher gas and diesel prices, translating macro pressures into profits. From large-scale operators to niche regional players, the common thread tying them together is the ability to monetize tighter refining capacity and resilient market demand.
HOUSTON, May 05, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended March 31, 2026.
Net income attributable to Par Pacific stockholders of $54.5 million, or $1.10 per diluted shareAdjusted Net Income attributable to Par Pacific stockholders of $38.5 million, or $0.78 per diluted shareAdjusted EBITDA of $91.5 millionRepurchased $28.0 million of common stock at an average price of $37.96 per shareRecord quarterly Hawaii refining throughput of 89.8 MbpdHawaii renewable fuels facility began commercial operations in April The Company reported Net income (loss) attributable to Par Pacific stockholders of $54.5 million, or $1.10 per diluted share, for the quarter ended March 31, 2026, compared to $(30.4) million, or $(0.57) per diluted share, for the same quarter in 2025. First quarter 2026 Adjusted Net income (loss) attributable to Par Pacific stockholders was $38.5 million, compared to $(50.3) million in the first quarter of 2025. First quarter 2026 Adjusted EBITDA was $91.5 million, compared to $10.1 million in the first quarter of 2025. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.
“Our continued focus on reliability and commercial performance through market cycles enabled strong first quarter results,” said Will Monteleone, President and Chief Executive Officer. “During April, the Hawaii renewable fuels facility successfully achieved commercial operations, a major milestone for the project. Our outlook is strong and we are well positioned to capitalize on the elevated margin environment across our system.”
Refining
The Refining segment reported operating income of $56.3 million in the first quarter of 2026, compared to an operating loss of $(24.7) million in the first quarter of 2025. Adjusted Gross Margin for the Refining segment was $185.1 million in the first quarter of 2026, compared to $104.3 million in the first quarter of 2025.
Refining segment Adjusted EBITDA was $69.2 million in the first quarter of 2026, compared to $(14.3) million in the first quarter of 2025. Refining segment throughput was 184 thousand barrels per day (Mbpd) for the first quarter of 2026, compared to 176 Mbpd for the first quarter of 2025.
Hawaii
The Hawaii Index averaged $31.11 per barrel in the first quarter of 2026, compared to $8.13 per barrel in the first quarter of 2025. Throughput in the first quarter of 2026 was 90 Mbpd, compared to 79 Mbpd for the same quarter in 2025. Production costs were $4.67 per throughput barrel in the first quarter of 2026, compared to $4.81 per throughput barrel in the same period of 2025.
The Hawaii refinery’s Adjusted Gross Margin was $13.10 per barrel during the first quarter of 2026, including a net price lag impact of approximately $(125.5) million, or $(15.52) per barrel, compared to $8.90 per barrel during the first quarter of 2025.
The net price lag impact reflects the Hawaii refinery’s contractual sales volumes that are structured on prior month and prior week average pricing. The first quarter 2026 net price lag impact was driven by rapidly rising refined product prices, resulting in adjusted gross margin lagging current period market conditions. We expect this net price lag impact to reverse during a declining refined product price environment.
Montana
The Montana Index averaged $4.84 per barrel in the first quarter of 2026, compared to $7.07 per barrel in the first quarter of 2025. The Montana refinery’s throughput in the first quarter of 2026 was 57 Mbpd, compared to 52 Mbpd for the same quarter in 2025. Production costs were $9.05 per throughput barrel in the first quarter of 2026, compared to $10.56 per throughput barrel in the same period of 2025.
The Montana refinery’s Adjusted Gross Margin was $6.93 per barrel during the first quarter of 2026, compared to $5.04 per barrel during the first quarter of 2025.
Washington
The Washington Index averaged $8.20 per barrel in the first quarter of 2026, compared to $4.15 per barrel in the first quarter of 2025. The Washington refinery’s throughput was 23 Mbpd in the first quarter of 2026, compared to 39 Mbpd in the first quarter of 2025. Production costs were $7.53 per throughput barrel in the first quarter of 2026, compared to $4.16 per throughput barrel in the same period of 2025.
The Washington refinery’s Adjusted Gross Margin was $8.17 per barrel during the first quarter of 2026, compared to $2.09 per barrel during the first quarter of 2025.
Wyoming
The Wyoming Index averaged $19.30 per barrel in the first quarter of 2026, compared to $20.31 per barrel in the first quarter of 2025. The Wyoming refinery’s throughput was 15 Mbpd in the first quarter of 2026, compared to 6 Mbpd in the first quarter of 2025. Production costs were $11.68 per throughput barrel in the first quarter of 2026, compared to $34.35 per throughput barrel in the same period of 2025.
The Wyoming refinery's Adjusted Gross Margin was $26.79 per barrel during the first quarter of 2026, including a FIFO impact of approximately $18.4 million, or $14.03 per barrel, compared to $19.83 per barrel during the first quarter of 2025.
Retail
The Retail segment reported operating income of $13.0 million in the first quarter of 2026, compared to $16.0 million in the first quarter of 2025. Adjusted Gross Margin for the Retail segment was $36.1 million in the first quarter of 2026, compared to $39.8 million in the same quarter of 2025.
Retail segment Adjusted EBITDA was $15.5 million in the first quarter of 2026, compared to $18.6 million in the first quarter of 2025. The Retail segment reported fuel sales volumes of 28.1 million gallons in the first quarter of 2026, compared to 29.4 million gallons in the same quarter of 2025. First quarter 2026 same store fuel volumes and inside sales revenue declined by (3.3)% and (1.0)%, respectively, compared to the first quarter of 2025.
Logistics
The Logistics segment reported operating income of $24.5 million in the first quarter of 2026, compared to $21.9 million in the first quarter of 2025. Adjusted Gross Margin for the Logistics segment was $37.4 million in the first quarter of 2026, compared to $34.0 million in the same quarter of 2025.
Logistics segment Adjusted EBITDA was $31.5 million in the first quarter of 2026, compared to $29.7 million in the first quarter of 2025.
Liquidity
Net cash used in operations totaled $(40.7) million for the three months ended March 31, 2026, including working capital outflows of $(184.8) million and deferred turnaround expenditures of $(17.9) million. Excluding these items, net cash provided by operations was $162.0 million for the three months ended March 31, 2026. Net cash used in operations was $(1.4) million for the three months ended March 31, 2025. Net cash used in investing activities totaled $(43.1) million for the three months ended March 31, 2026, consisting primarily of capital expenditures, compared to $(40.9) million for the three months ended March 31, 2025. Net cash provided by financing activities totaled $91.8 million for the three months ended March 31, 2026, compared to net cash used in financing activities of $(15.9) million for the three months ended March 31, 2025.
At March 31, 2026, Par Pacific’s cash balance totaled $172.2 million. Gross term debt was $637.9 million and net term debt was $465.8 million at March 31, 2026. Total liquidity was $937.7 million at March 31, 2026.
The Company repurchased $28.0 million of common stock at a weighted average price of $37.96 per share during the first quarter of 2026.
Laramie Energy
During the first quarter of 2026, Par Pacific recorded $9.2 million of equity earnings related to Laramie Energy, LLC (“Laramie”). Laramie’s total net income was $16.9 million in the first quarter of 2026, including unrealized gains on derivatives of $12.0 million, compared to a net loss of $(1.1) million in the first quarter of 2025. Laramie’s total Adjusted EBITDAX was $19.9 million in the first quarter of 2026, compared to $14.1 million in the first quarter of 2025.
Conference Call Information
A conference call is scheduled for Wednesday, May 6, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until May 20, 2026, and may be accessed by calling 1-855-669-9658 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 8270791.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.
Forward-Looking Statements
This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the commercial and other benefits anticipated from the Hawaii renewable fuels joint venture; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, military conflicts in the Middle East, the political activity in Venezuela, Houthi related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; the impacts of tariffs; potential operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended March 31, 2026 2025 Revenues$1,823,750 $1,745,036 Operating expenses Cost of revenues (excluding depreciation) 1,558,504 1,559,360 Operating expense (excluding depreciation) 142,518 144,154 Depreciation and amortization 34,460 36,586 General and administrative expense (excluding depreciation) 24,875 24,243 Equity earnings from refining and logistics investments (5,829) (7,514)Acquisition and integration costs 64 — Par West redevelopment and other costs 2,985 3,982 Other operating loss, net 851 1 Total operating expenses 1,758,428 1,760,812 Operating income (loss) 65,322 (15,776)Other income (expense) Interest expense and financing costs, net (15,934) (21,848)Debt extinguishment and commitment costs (62) (25)Other expense, net (14) (371)Equity earnings from Laramie Energy, LLC 9,179 726 Total other expense, net (6,831) (21,518)Income (loss) before income taxes 58,491 (37,294)Income tax benefit (expense) (12,340) 6,894 Net income (loss) 46,151 (30,400)Less: Net loss attributable to noncontrolling interest (8,299) — Net income (loss) attributable to Par Pacific stockholders$54,450 $(30,400) Weighted-average shares outstanding Basic 48,401 53,756 Diluted 49,632 53,756 Income (loss) per share Basic$1.12 $(0.57)Diluted$1.10 $(0.57) Balance Sheet Data
(Unaudited)
(in thousands)
March 31, 2026
December 31, 2025
Balance Sheet Data Cash and cash equivalents$172,168 $164,113 Working capital (1) 658,894 510,772 ABL Credit Facility 321,000 175,000 Term debt (2) 637,949 639,830 Total debt, including current portion 947,618 802,870 Total stockholders’ equity 1,515,829 1,511,540 (1)Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.(2)Term debt includes the Term Loan Credit Agreement and other long-term debt. Operating Statistics
The following table summarizes key operational data:
Three Months Ended March 31, 2026 2025 Total Refining Segment Feedstocks Throughput (Mbpd) 184.3 176.0 Refined product sales volume (Mbpd) 188.8 184.6 Adjusted Gross Margin per bbl ($/throughput bbl) (1)$11.16 $6.59 Production costs per bbl ($/throughput bbl) 6.93 7.41 D&A per bbl ($/throughput bbl) 1.53 1.67 Hawaii Refinery Feedstocks Throughput (Mbpd) 89.8 79.4 Yield (% of total throughput) Gasoline and gasoline blendstocks 28.7% 25.8%Distillates 35.9% 34.4%Fuel oils 30.5% 32.4%Other products 2.0% 4.0%Total yield 97.1% 96.6% Refined product sales volume (Mbpd) 90.4 88.6 Adjusted Gross Margin per bbl ($/throughput bbl) (1)$13.10 $8.90 Production costs per bbl ($/throughput bbl) 4.67 4.81 D&A per bbl ($/throughput bbl) 0.26 0.23 Montana Refinery Feedstocks Throughput (Mbpd) 56.9 51.7 Yield (% of total throughput) Gasoline and gasoline blendstocks 46.8% 45.3%Distillates 35.5% 32.5%Asphalt 9.3% 11.2%Other products 2.9% 3.2%Total yield 94.5% 92.2% Refined product sales volume (Mbpd) 50.7 47.4 Adjusted Gross Margin per bbl ($/throughput bbl) (1)$6.93 $5.04 Production costs per bbl ($/throughput bbl) 9.05 10.56 D&A per bbl ($/throughput bbl) 2.57 2.34 Washington Refinery Feedstocks Throughput (Mbpd) 23.0 38.6 Yield (% of total throughput) Gasoline and gasoline blendstocks 24.1% 24.3%Distillates 33.0% 35.9%Asphalt 17.9% 15.4%Other products 21.5% 20.5%Total yield 96.5% 96.1% Refined product sales volume (Mbpd) 30.4 36.5 Adjusted Gross Margin per bbl ($/throughput bbl) (1)$8.17 $2.09 Production costs per bbl ($/throughput bbl) 7.53 4.16 D&A per bbl ($/throughput bbl) 2.98 2.01 Wyoming Refinery Feedstocks Throughput (Mbpd) 14.6 6.3 Yield (% of total throughput) Gasoline and gasoline blendstocks 48.7% 50.5%Distillates 44.0% 45.7%Fuel oils 2.2% 2.3%Other products 2.1% 1.1%Total yield 97.0% 99.6% Refined product sales volume (Mbpd) 17.3 12.1 Adjusted Gross Margin per bbl ($/throughput bbl) (1)$26.79 $19.83 Production costs per bbl ($/throughput bbl) 11.68 34.35 D&A per bbl ($/throughput bbl) 3.02 12.25 Market Indices (average $ per barrel) Hawaii Index$31.11 $8.13 Montana Index 4.84 7.07 Washington Index 8.20 4.15 Wyoming Index 19.30 20.31 Combined Index 19.21 7.38 Market Cracks (average $ per barrel) Singapore 3.1.2 Product Crack$36.01 $13.12 Montana 6.3.2.1 Product Crack 15.08 17.02 Washington 3.1.1.1 Product Crack 16.55 12.01 Wyoming 2.1.1 Product Crack 22.22 21.74 Crude Oil Prices (average $ per barrel) Brent$78.38 $74.98 WTI 72.67 71.42 ANS (-) Brent 2.91 2.18 Bakken Guernsey (-) WTI 0.20 (1.81)Bakken Williston (-) WTI (1.54) (3.08)WCS Hardisty (-) WTI (13.75) (12.45)MSW (-) WTI (3.06) (5.20)Syncrude (-) WTI 0.62 (1.96)Brent M1-M3 3.89 1.22 Retail Segment Retail sales volumes (thousands of gallons) 28,064 29,431 (1)We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method. Total Refining Segment Adjusted Gross Margin per barrel is presented net of intercompany profit in inventory of $0.50 per barrel and $0.08 per barrel for the three months ended March 31, 2026, and March 31, 2025, respectively, which represents margin on intercompany sales where the inventory remains on our condensed consolidated balance sheet at period end. Non-GAAP Performance Measures
Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision-maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.
We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Operating expense includes certain shared costs such as finance, accounting, tax, human resources, information technology, and legal costs that are not directly attributable to specific operating segments. The criteria used to determine the allocation of these expenses generally reflect the time and resources required to provide the applicable service to other internal stakeholders. Remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax income (loss) as unallocated corporate general and administrative expenses.
Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.
Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also excludes other operating gains and losses (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations.
Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Income (Loss) attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.
Adjusted Gross Margin
Adjusted Gross Margin is defined as Operating income (loss) excluding:
operating expense (excluding depreciation);depreciation and amortization (“D&A”);Par’s portion of interest, taxes, and D&A expense from refining and logistics investments;impairment expense;other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities);Par's portion of accounting policy differences from refining and logistics investments;inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);Environmental obligation mark-to-market adjustment (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act ("Washington CCA") and Clean Fuel Standard); andunrealized loss (gain) on derivatives. The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):
Three months ended March 31, 2026 Refining Logistics
Retail
Operating Income $56,316 $24,520 $13,005 Operating expense (excluding depreciation) 115,920 5,892 20,706 Depreciation, depletion, and amortization 25,421 5,800 2,435 Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments 927 1,082 — Inventory valuation adjustment (61,226) — — Environmental obligation mark-to-market adjustments (29,508) — — Unrealized loss on derivatives 76,911 — — Par's portion of accounting policy differences from refining and logistics investments (412) — — Other operating loss, net 726 125 — Adjusted Gross Margin (1) $185,075 $37,419 $36,146 Three months ended March 31, 2025 Refining Logistics
Retail
Operating Income (Loss) $(24,721) $21,889 $15,961 Operating expense (excluding depreciation) 118,620 4,365 21,169 Depreciation, depletion, and amortization 26,397 6,819 2,662 Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments 1,152 966 — Inventory valuation adjustment (11,687) — — Environmental obligation mark-to-market adjustments 4,954 — — Unrealized gain on derivatives (9,442) — — Par's portion of accounting policy differences from refining and logistics investments (945) — — Other operating loss, net — — 1 Adjusted Gross Margin (1) $104,328 $34,039 $39,793 (1)For the three months ended March 31, 2026 and 2025, there was no impairment expense in Operating income. Adjusted Net Income (Loss) Attributable to Par Pacific Stockholders and Adjusted EBITDA
Adjusted Net Income (Loss) attributable to Par Pacific stockholders is defined as Net income (loss) attributable to Par Pacific stockholders excluding:
inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);unrealized (gain) loss on derivatives;acquisition and integration costs;redevelopment and other costs related to Par West;debt extinguishment and commitment costs;increase in (release of) tax valuation allowance and other deferred tax items;changes in the value of contingent consideration and common stock warrants;severance costs and other non-operating expense (income);impairment expense;impairment expense associated with our investment in Laramie Energy;Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions;Par's portion of accounting policy differences from refining and logistics investments;other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities); andnoncontrolling interest impact of non GAAP adjustments. Adjusted EBITDA is defined as Adjusted Net Income (Loss) attributable to Par Pacific stockholders plus Adjusted Net Loss attributable to noncontrolling interests excluding:
D&A;interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);cash distributions from Laramie Energy, LLC to Par;Par's portion of interest, taxes, and D&A expense from refining and logistics investments; andincome tax expense (benefit) excluding the increase in (release of) tax valuation allowance. The following table presents a reconciliation of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss) attributable to Par Pacific stockholders, on a historical basis for the periods indicated (in thousands):
Three Months Ended March 31, 2026 2025 Net Income (loss) attributable to Par Pacific stockholders$54,450 $(30,400)Inventory valuation adjustment (61,226) (11,687)Environmental obligation mark-to-market adjustments (29,508) 4,954 Unrealized loss (gain) on derivatives 76,879 (9,357)Acquisition and integration costs 64 — Par West redevelopment and other costs 2,985 3,982 Debt extinguishment and commitment costs 62 25 Changes in valuation allowance and other deferred tax items (1) 10,628 (6,894)Severance costs and other non-operating expense (2) 53 726 Equity earnings from Laramie Energy, LLC, excluding cash distributions (9,179) (726)Par's portion of accounting policy differences from refining and logistics investments (412) (945)Other operating loss, net 851 1 Noncontrolling interest impact of non-GAAP adjustments (7,105) — Adjusted Net Income (Loss) attributable to Par Pacific stockholders (3) 38,542 (50,321)Adjusted Net Loss attributable to noncontrolling interests (4) (1,194) — Depreciation, depletion, and amortization 34,460 36,586 Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain) 15,966 21,763 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments 2,009 2,118 Income tax expense 1,712 — Adjusted EBITDA (3)$91,495 $10,146 (1)For the three months ended March 31, 2026 and 2025, we recognized a non-cash deferred tax expense of $10.6 million and a non-cash deferred benefit of $6.9 million, respectively, driven by an increase in our 2026 taxable income.(2)For the three months ended March 31, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.(3)For the three months ended March 31, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, cash distributions from Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA made during the reporting periods.(4)Represents the amount necessary to reconcile Adjusted Net Income (Loss) attributable to Par Pacific stockholders to consolidated adjusted net income (loss) used in calculating Adjusted EBITDA. The amount equals net income (loss) attributable to noncontrolling interest minus the noncontrolling interest impact of non-GAAP adjustments. The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts):
Three Months Ended March 31, 2026 2025 Adjusted Net Income (Loss) attributable to Par Pacific stockholders$38,542 $(50,321) Numerator for diluted income (loss) per common share$38,542 $(50,321) Basic weighted-average common shares outstanding 48,401 53,756 Add dilutive effects of common stock equivalents (1) 1,231 — Diluted weighted-average common shares outstanding 49,632 53,756 Basic Adjusted Net Income (Loss) per common share$0.80 $(0.94)Diluted Adjusted Net Income (Loss) per common share$0.78 $(0.94) (1)Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended March 31, 2025. Adjusted EBITDA by Segment
Adjusted EBITDA by segment is defined as Operating income (loss) excluding:
D&A;inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);unrealized (gain) loss on derivatives;acquisition and integration costs;redevelopment and other costs related to Par West;severance costs and other non-operating expense (income);other operating loss (gain), net (which includes the impacts of the noncash remeasurement of our environmental liabilities);impairment expense;Par's portion of interest, taxes, and D&A expense from refining and logistics investments; andPar's portion of accounting policy differences from refining and logistics investments. Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.
The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):
Three Months Ended March 31, 2026 Refining Logistics Retail Corporate and OtherOperating income (loss) by segment $56,316 $24,520 $13,005 $(28,519)Depreciation, depletion and amortization 25,421 5,800 2,435 804 Inventory valuation adjustment (61,226) — — — Environmental obligation mark-to-market adjustments (29,508) — — — Unrealized loss on commodity derivatives 76,911 — — — Acquisition and integration costs — — — 64 Par West redevelopment and other costs — — — 2,985 Severance costs and other non-operating expense — — 53 — Par's portion of accounting policy differences from refining and logistics investments (412) — — — Other operating loss, net 726 125 — — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments 927 1,082 — — Other loss, net — — — (14)Adjusted EBITDA (1) $69,155 $31,527 $15,493 $(24,680) Three Months Ended March 31, 2025 Refining Logistics Retail Corporate and OtherOperating income (loss) by segment $(24,721) $21,889 $15,961 $(28,905)Depreciation, depletion and amortization 26,397 6,819 2,662 708 Inventory valuation adjustment (11,687) — — — Environmental obligation mark-to-market adjustments 4,954 — — — Unrealized gain on derivatives (9,442) — — — Acquisition and integration costs — — — — Par West redevelopment and other costs — — — 3,982 Severance costs and other non-operating expense — — — 726 Par's portion of accounting policy differences from refining and logistics investments (945) — — — Other operating loss, net — — 1 — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments 1,152 966 — — Other loss, net — — — (371)Adjusted EBITDA (1) $(14,292) $29,674 $18,624 $(23,860) (1)For the three months ended March 31, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, cash distributions from Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Laramie Energy Adjusted EBITDAX
Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments, interest expense (income) and loan fees, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, bonus accrual, equity-based compensation expense, phantom units, expired acreage (non-cash), and other non-operating expenses. We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.
The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):
Three Months Ended March 31, 2026 2025 Net income (loss)$16,899 $(1,066)Commodity derivative (income) loss (14,727) 9,857 Gain (loss) on settled derivative instruments 2,690 (5,698)Interest expense and loan fees 4,638 4,611 Depreciation, depletion, amortization, and accretion 9,213 7,799 Phantom units 737 (1,514)Expired acreage (non-cash) 448 96 Total Adjusted EBITDAX (1)$19,898 $14,085 (1)For the three months ended March 31, 2026 and 2025, there was no gain on extinguishment of debt, non-cash preferred dividend, bonus accrual, equity-based compensation expense, or other non-operating expenses.
Par Petroleum (PARR - Free Report) came out with quarterly earnings of $0.78 per share, missing the Zacks Consensus Estimate of $1.05 per share. This compares to a loss of $0.94 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -25.36%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $1.21 per share when it actually produced earnings of $1.17, delivering a surprise of -3.31%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Par Petroleum, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $1.82 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 5.75%. This compares to year-ago revenues of $1.75 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Par Petroleum shares have added about 91.7% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Par Petroleum?While Par Petroleum has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Par Petroleum was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $6.18 on $2.41 billion in revenues for the coming quarter and $14.19 on $8.58 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 2% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Oils-Energy sector, Sunrun (RUN - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This solar energy products distributor is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of -125%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sunrun's revenues are expected to be $675.26 million, up 33.9% from the year-ago quarter.
Par Pacific is upgraded to a Buy as refining market fundamentals shift dramatically due to Middle East supply disruptions. Strait of Hormuz closure and Asian refinery cutbacks have triggered a refining mega-cycle, with crack spreads reaching unprecedented levels. PARR's Q1 results lagged peers due to contractual pricing lags at its Hawaiian refinery, deferring most profit windfall to Q2.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
May 11, 2026 08:13 ET | Source: Par Pacific Holdings, Inc.
HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR) (“Par Pacific” or the “Company”) announced today that, subject to market conditions, Par Petroleum, LLC, a wholly owned subsidiary of Par Pacific (“Par Petroleum”), intends to offer (the “Offering”) for sale in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), $500 million in aggregate principal amount of senior unsecured notes due 2034 (the “Notes”). The Notes are expected to be fully and unconditionally guaranteed on a senior unsecured basis by Par Pacific and each of Par Petroleum’s subsidiaries that guarantees the Company’s senior secured asset-based revolving credit facility (the “ABL Credit Facility”) at the closing of the Offering.
The Company intends to use the net proceeds from the Offering, together with cash on hand or borrowings under the ABL Credit Facility, to repay all of the aggregate principal balance under and terminate Par Petroleum’s term loan due 2030.
The offer and sale of the Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, these securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Company plans to offer and sell these securities only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities or any other securities, nor shall there be any sale of these securities or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado.
Forward-Looking Statements
This news release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about the proposed Offering, the intended use of proceeds therefrom and other aspects of the Offering and the Notes. Forward-looking statements are subject to certain risks, trends and uncertainties, such as the risks and uncertainties detailed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents that the Company files with the Securities and Exchange Commission. The Company cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this news release. Except as required by applicable law, the Company does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise.
May 11, 2026 20:38 ET | Source: Par Pacific Holdings, Inc.
HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR) (“Par Pacific” or the “Company”) announced today that Par Petroleum, LLC, a wholly owned subsidiary of Par Pacific (“Par Petroleum”), priced a private placement (the “Offering”) pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), of $500 million in aggregate principal amount of 7.375% senior unsecured notes due 2034 (the “Notes”). The Notes mature on June 1, 2034, and will be issued at par. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Par Pacific and each of Par Petroleum’s subsidiaries that guarantees the Company’s senior secured asset-based revolving credit facility (the “ABL Credit Facility”) at the closing of the Offering. The Offering is expected to close on May 14, 2026, subject to customary closing conditions.
The Company intends to use the net proceeds from the Offering, together with cash on hand or borrowings under the ABL Credit Facility, to repay all of the aggregate principal balance under and terminate Par Petroleum’s term loan due 2030.
The offer and sale of the Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, these securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Company plans to offer and sell these securities only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities or any other securities, nor shall there be any sale of these securities or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado.
Forward-Looking Statements
This news release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about the expected timing of the closing of the Offering, the intended use of proceeds therefrom and other aspects of the Offering and the Notes. Forward-looking statements are subject to certain risks, trends and uncertainties, such as the risks and uncertainties detailed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents that the Company files with the Securities and Exchange Commission. The Company cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this news release. Except as required by applicable law, the Company does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise.
While the top- and bottom-line numbers for Par Petroleum (PARR) give a sense of how the business performed in the quarter ended March 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
On May 13, 2026, Par Pacific Holdings Inc (PARR) shares fell 4.1% to a current price of $60.52. The stock has experienced a 52-week range, with a high of $70.39
May 14, 2026 16:15 ET | Source: Par Pacific Holdings, Inc.
HOUSTON, May 14, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR) (“Par Pacific” or the “Company”) announced today that Par Petroleum, LLC, a wholly owned subsidiary of Par Pacific (“Par Petroleum”), closed its private placement (the “Offering”) pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), of $500 million in aggregate principal amount of 7.375% senior unsecured notes due 2034 (the “Notes”). The Company also announced the increase in lender commitments under its senior secured asset-based revolving credit facility (the “ABL Credit Facility”) to up to $1.8 billion and the extension of the maturity date thereof to 2031.
The Company used the net proceeds from the Offering, together with cash on hand and borrowings under the ABL Credit Facility, to repay all of the aggregate principal balance under and terminate Par Petroleum’s term loan due 2030.
The offer and sale of the Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, these securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. These securities were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities or any other securities, nor shall there be any sale of these securities or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado.
Key Takeaways Par Pacific's refining EBITDA increased to $69.2M as throughput and benchmark margins improved.PARR's Hawaii refinery faced a $125.5M price lag impact that reduced adjusted gross margin.Par Pacific expects stronger Q2 refining margins as April indices increased to $42 per barrel. Par Pacific Holdings, Inc. (PARR - Free Report) reported first-quarter 2026 results on May 5, 2026, after the closing bell. Following the announcement, the company’s share price declined 13% to $60.18 per share.
PARR reported adjusted earnings of 78 cents per share, missing the Zacks Consensus Estimate of $1.05 by 25.7%. The bottom line improved from an adjusted loss of 94 cents per share in the year-ago quarter.
Quarterly revenues were $1.8 billion, up 4.5% from the year-ago figure of $1.7 million. The top line missed the Zacks Consensus Estimate of $1.9 billion by 5.3%.
Management credited stronger market conditions and reliability across the system, while the lower-than-expected quarterly earnings were tied to margin realization dynamics rather than volumes.
PARR Segment Revenue Mix Remains Refining-HeavySegment revenues for the quarter were $1.8 billion in Refining, $76.8 million in Logistics and $133.1 million in Retail. In the year-ago quarter, the company recorded refining revenues of $1.7 billion, logistics revenues of $71.4 million and retail revenues of $136.4 million.
The year-over-year revenue increase reflected stronger product pricing and higher refining volumes. Retail revenues declined due to softer fuel and merchandise trends, while Logistics improved on higher utilization across key assets.
Par Pacific Results Mixed as Reported Profit Rose Y/YAdjusted EBITDA for the reported quarter was $91.5 million, a sharp increase from $10.1 million in the first quarter of 2025.
PARR reported net income attributable to stockholders of $54.5 million, or $1.10 per share, against a net loss of $30.4 million or 57 cents per share, in the prior-year quarter. On an adjusted basis, net income attributable to stockholders was $38.5 million against an adjusted net loss of $50.3 million a year ago.
PARR’s Refining Gains Tempered by Price LagThe Refining segment produced operating income of $56.3 million against an operating loss of $24.7 million a year earlier. Refining adjusted EBITDA was $69.2 million, supported by higher benchmark indices and improved execution across the footprint.
The Hawaii Index averaged $31.11 per barrel compared with $8.13 per barrel a year ago, while Hawaii feedstocks throughput increased to 89.8 thousand barrels per day (Mbpd) from 79.4 Mbpd. Hawaii refined product sales volume was 90.4 Mbpd, higher than the 88.6 Mbpd recorded in the first quarter of 2025. The Hawaii refinery’s adjusted gross margin was $13.10 per barrel compared with $8.90 per barrel a year ago. Hawaii’s first-quarter 2026 adjusted gross margin included a net price lag impact of approximately $125.5 million, which reduced the quarter’s adjusted gross margin.
The Montana Index averaged $4.84 per barrel, lower than the $7.07 per barrel a year ago. Montana feedstock throughput increased to 56.9 Mbpd from 51.7 Mbpd in the prior-year quarter. Montana refined product sales volume was 50.7 Mbpd, higher than the 47.4 Mbpd recorded in the first quarter of 2025. The Montana refinery’s adjusted gross margin was $6.93 per barrel compared with $5.04 per barrel a year ago.
The Washington Index averaged $8.20 per barrel, higher than the $4.15 per barrel a year ago. Washington feedstock throughput declined to 23 Mbpd from 38.6 Mbpd in the prior-year quarter. Washington refined product sales volume was 30.4 Mbpd, lower than the 36.5 Mbpd recorded in the first quarter of 2025. The Washington refinery’s adjusted gross margin increased to $8.17 per barrel from the year-ago quarter’s figure of $5.04 per barrel.
The Wyoming Index averaged $19.30 per barrel compared with $20.31 per barrel a year ago, while Wyoming feedstock throughput increased to 14.6 Mbpd from 6.3 Mbpd. Wyoming refined product sales volume was 17.3 Mbpd, higher than the 12.1 Mbpd recorded in the first quarter of 2025. The Wyoming refinery’s adjusted gross margin was $26.79 per barrel, higher than $19.83 per barrel a year ago.
Par Pacific Retail Softened on Lower Fuel EconomicsThe Retail segment generated operating income of $13.0 million, down from $16.0 million in the first quarter of 2025. Retail adjusted EBITDA was $15.5 million compared with $18.6 million a year ago, as fuel margins compressed amid rapidly rising wholesale prices during the quarter.
Sales volume also declined. Retail fuel sales volume totaled 28.1 million gallons compared with 29.4 million gallons in the year-ago quarter. Same-store fuel volumes declined 3.3% and inside sales revenue decreased 1.0%, reflecting shifting consumer refueling patterns and the impact of flooding-related closures in Hawaii.
PARR Logistics Showed StabilityLogistics continued to provide a steadier earnings contribution. Segment operating income increased to $24.5 million from $21.9 million a year ago, while Logistics adjusted EBITDA rose to $31.5 million from $29.7 million, driven by increased throughput activity across Wyoming, Hawaii and Montana.
Par Pacific’s Cash FlowNet cash used in operations was $40.7 million, including working capital outflows of $184.8 million and deferred turnaround expenditures of $17.9 million. Excluding those items, net cash provided by operations was $162.0 million.
Balance Sheet of PARRAs of March 31, 2026, the company reported $637.9 million in long-term debt, net of current maturities. Its cash, cash equivalents and restricted cash totaled $172.5 million and total liquidity was $937.7 million.
Par Pacific Outlook Highlights Stronger Margin BackdropManagement emphasized an improving market setup entering the second quarter. On the earnings call, the company noted that April consolidated refining indices averaged $42 per barrel, up $23 per barrel compared with the first quarter, pointing to stronger distillate-led margins.
Par Pacific expects second-quarter throughput to remain near first-quarter levels, with Hawaii projected to be in the range of 77-81 Mbpd due to a planned turnaround beginning in late June that is expected to last 30 to 45 days. The company expects Washington throughput to be in the range of 40-42 Mbpd.
Driven by scheduled April maintenance across the Rockies system, PARR projects Wyoming quarterly throughput to be between 14Mbpd and 16 Mbpd, and Montana throughput in the range of 45Mbpd to 49 Mbpd, resulting in a system-wide midpoint of 182 Mbpd. Due to operational optimizations and inventory building, Renewables sales volumes and earnings are expected to remain modest in the second quarter, with significant growth expected in the second half of 2026 following the Hawaii turnaround.
PARR’s Zacks Rank & Other Key PicksPARR currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , Valero Energy Corporation (VLO - Free Report) and Eni S.p.A. (E - Free Report) . CVX, VLO and E each sport a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron reported first-quarter 2026 adjusted earnings per share (EPS) of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
Valero reported first-quarter 2026 adjusted EPS of $4.22, which beat the Zacks Consensus Estimate of $3.07.
As of March 31, 2026, VLO reported $5.7 billion in cash and cash equivalents. At the quarter's end, its total debt amounted to $9.2 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.
What happenedAccording to a Securities and Exchange Commission (SEC) filing dated May 14, 2026, Forest Avenue Capital Management LP increased its holding in Par Pacific Holdings (PARR +1.14%)by 625,247 shares during the first quarter. The stake’s quarter-end value increased by $60.94 million, reflecting both trading activity and price movement.
What else to knowForest Avenue Capital Management LP’s position in Par Pacific Holdings accounted for 5.27% of reported 13F assets as of March 31, 2026.
Top five holdings after the filing:
NYSE: VST: $195.03 million (12.3% of AUM)NYSE: VIK: $149.69 million (9.5% of AUM)NYSE: CRS: $147.81 million (9.3% of AUM)NYSE: QXO: $89.77 million (5.7% of AUM)NYSE: CNM: $89.32 million (5.6% of AUM)As of May 13, 2026, Par Pacific Holdings shares were priced at $60.52, up 216.7% over the past year, outperforming the S&P 500 by 190.23 percentage points.
Company/ETF overviewMetricValuePrice (as of market close May 13, 2026)$60.52Market capitalization$2.948 billionRevenue (TTM)$7.54 billionNet income (TTM)$454.24 millionCompany/Etf snapshotPar Pacific Holdings is a Houston-based energy company with a diversified portfolio across refining, retail, and logistics operations. The company produces and markets refined petroleum products including gasoline, diesel, jet fuel, marine fuel, asphalt, and related products. It operates 119 fuel retail outlets and logistics infrastructure such as terminals, pipelines, and storage facilities.
Par Pacific Holdings generates revenue primarily through refining and selling petroleum products, retail fuel and merchandise sales, and providing logistics and distribution services across Hawaii, the Pacific Northwest, Wyoming, and South Dakota.
The company serves regional wholesale and retail fuel customers, commercial clients, and government entities, with a focus on the U.S. Pacific and Mountain West markets. Its strategic presence in geographically distinct markets provides operational resilience and positions it competitively within the U.S. oil and gas refining sector.
What this transaction means for investorsPar Pacific Holdings (NYSE: PARR) is evaluated based on the earnings potential of its regional refining network, rather than crude oil prices alone. The company operates refineries in Hawaii, the Pacific Northwest, and the Rockies, supported by logistics and retail assets that facilitate fuel distribution in local markets. This focus distinguishes Par from broader energy investments, as its performance relies on regional fuel margins, refinery reliability, and the advantages of serving specialized supply chains.
The first quarter demonstrated Par’s ability to capitalize when its operations align. Refining led earnings growth, with the Hawaii refinery achieving record quarterly throughput due to stronger regional margins. This is a key point for investors. While retail and logistics connect refineries to customers, and the Hawaii renewable fuels facility offers long-term potential following its April launch, the investment case remains primarily focused on refining performance.
Par Pacific’s recent rally raises expectations for the next phase. The company has demonstrated strong performance when regional refining margins improve and refineries operate efficiently, particularly in Hawaii. The key question is whether this strength can persist beyond the current favorable environment. If Par continues to generate solid earnings from its regional fuel network, refinery throughput, and logistics assets as margins fluctuate, the stock may warrant consideration as more than a short-term refining opportunity.
Par Pacific remains a buy, with the stock up ~30% and the business showing improved earnings power and resilience. PARR's Q4 2025 and Q1 2026 results confirm robust profitability, even amid market noise and Hawaii price lag headwinds. Buybacks have reduced share count by ~20%, materially enhancing per-share economics and reflecting disciplined capital allocation.
Key Takeaways Valero Energy benefits from discounted heavy sour crude through its Gulf Coast refining network.VLO's flexible refining system helps capture higher margins from changing market conditions.Valero expects constrained fuel supplies and tighter inventories to support refining margins. Valero Energy (VLO - Free Report) is a leading independent refining company operating a network of 14 refineries with a throughput capacity of three million barrels per day. Notably, the company’s advantaged refining network, concentrated in the U.S. Gulf Coast, enables it to benefit from access to discounted heavy sour feedstock and attractive export markets. Additionally, the conflict in the Middle East is currently creating a supportive environment for the refining players.
The availability of additional Venezuelan heavy sour crude led to wider crude differentials at the beginning of the first quarter, and the geopolitical situation in the Middle East further exaggerated the trend. This has became beneficial for VLO, particularly due to its coastal refining network. Heavy sour crude has a high sulfur content and is more difficult to process and refine. However, VLO’s highly complex and flexible refining system can efficiently process a wide variety of feedstocks, including heavy sour crude, and convert them into higher-value refined products. The flexibility of Valero’s refineries to adjust their refining mix in response to market signals also enables it to capture higher margins and enhance profitability.
In addition, Valero mentioned in its latest earnings call that, since March, the global supply of crude and refined products has become constrained. Constrained refining capacity and tightening of product inventories in key markets, including Latin America, Canada and Europe, are expected to keep the refining environment favorable in the near term, benefiting Valero Energy.
Refining Players to Benefit From Favorable Refining FundamentalsPar Pacific Holdings (PARR - Free Report) is a Houston-based refining player with a combined refining capacity of 219,000 barrels per day and operations spread across Hawaii and the Pacific Northwest. The company also operates 119 retail locations, along with a logistics business segment. It owns extensive energy infrastructure, which includes storage and transportation assets.
PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries - Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery — with a combined throughput capacity of one million barrels per day and can process a wide range of feedstocks.
VLO’s Price Performance, Valuation & EstimatesValero Energy’s shares have jumped 92% over the past year compared with the 61.6% improvement of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 7.48X. This is above the broader industry average of 5.9X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for VLO’s 2026 earnings has been revised upward over the past seven days.
Image Source: Zacks Investment Research
VLO currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
