Par Pacific

Q2 FY2026 EarningsFY26 Q2 results significantly beat consensus expectations, driven by record refining margins and strong operational execution. Diluted EPS (Normalized) of $9.35 surged past the $8.15 consensus, while total revenue of $2,969M exceeded the expected $2,401M by 23.7%. The Refining segment was the standout performer, capitalizing on a 139% increase in the Combined Index, although Retail margins faced pressure from rising employee costs and credit card fees. Despite the earnings beat, operating cash flow (CFO) for the first half lagged expectations due to a substantial working capital build from higher crude prices.