v3.25.4

INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Summary of the Income Tax Provision | The income tax provision in the PBF Energy Consolidated Statements of Operations consists of the following:
| Year Ended December 31,
(in millions) | 2025 |  | 2024 |  | 2023
Current expense (benefit): |  |  |  |  |
Federal | $ | 1.7 |  |  | $ | (10.6) |  |  | $ | 140.9 |
Foreign | — |  |  | — |  |  | (0.3) |
State | 2.1 |  |  | 21.4 |  |  | 46.2 |
Total current | 3.8 |  |  | 10.8 |  |  | 186.8 |
Deferred (benefit) expense: |  |  |  |  |
Federal | (48.5) |  |  | (156.6) |  |  | 387.7 |
Foreign | 3.2 |  |  | (4.8) |  |  | 3.1 |
State | (32.6) |  |  | (77.8) |  |  | 146.2 |
Total deferred | (77.9) |  |  | (239.2) |  |  | 537.0 |
Total provision for income taxes | $ | (74.1) |  |  | $ | (228.4) |  |  | $ | 723.8 |
Schedule of Cash Flow, Supplemental Disclosures | Disclosed below is a summary of income taxes paid (refunds received) by jurisdiction for the year ended December 31, 2025:
| Year Ended December 31, 2025
Federal | $ | (71.1) |
State and local | (6.4) |
Foreign | — |
Total income tax refund | $ | (77.5) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between PBF Energy’s effective income tax rate and the United States statutory rate for the year ended December 31, 2025 is reconciled below:
| Year Ended December 31, 2025
| $ |  | % |  |  |  |
Provision at Federal statutory rate | $ | (48.8) |  |  | 21.0 | % |  |  |  |
Increase (decrease) attributable to flow-through of certain tax adjustments: |  |  |  |  |  |  |
State and local income taxes (net of federal income tax) (a) | (22.5) |  |  | 9.7 | % |  |  |  |
Nondeductible/nontaxable items |  |  |  |  |  |  |
Executive compensation | 8.0 |  |  | (3.4) | % |  |  |  |
Non-taxable incentive income | (7.0) |  |  | 3.0 | % |  |  |  |
Equity compensation | (2.5) |  |  | 1.1 | % |  |  |  |
Other | 0.5 |  |  | (0.2) | % |  |  |  |
Rate differential from foreign jurisdictions | (0.7) |  |  | 0.3 | % |  |  |  |
Other | (1.1) |  |  | 0.4 | % |  |  |  |
Effective tax rate | $ | (74.1) |  |  | 31.9 | % |  |  |  |
(a) State and local taxes in California and Louisiana comprise the majority of this category. The difference between PBF Energy’s effective income tax rate and the United States statutory rate for the years ended December 31, 2024 and December 31, 2023 are reconciled below:
|  |  | Year Ended December 31,
|  |  | 2024 |  | 2023
Provision at Federal statutory rate |  |  | 21.0 | % |  | 21.0 | %
Increase (decrease) attributable to flow-through of certain tax adjustments: |  |  |  |  |
State income taxes (net of federal income tax) |  |  | 5.0 | % |  | 5.0 | %
Nondeductible/nontaxable items |  |  | 3.3 | % |  | (0.5) | %
Rate differential from foreign jurisdictions |  |  | (0.2) | % |  | — | %
Provision to return adjustment |  |  | 0.2 | % |  | (0.1) | %
Other |  |  | 0.7 | % |  | (0.1) | %
Effective tax rate |  |  | 30.0 | % |  | 25.3 | %
Schedule of Income Tax | For financial reporting purposes, income (loss) before income taxes attributable to PBF Energy Inc. stockholders includes the following components:
| Year Ended December 31,
(in millions) | 2025 |  | 2024 |  | 2023
United States income (loss) | $ | (244.3) |  |  | $ | (739.8) |  |  | $ | 2,852.4 |
Foreign income (loss) | 11.7 |  |  | (22.4) |  |  | 11.9 |
Total income (loss) before income taxes attributable to PBF Energy Inc. stockholders | $ | (232.6) |  |  | $ | (762.2) |  |  | $ | 2,864.3 |
Summary of the Components of Deferred Tax Assets and Liabilities | A summary of the components of PBF Energy’s deferred tax assets and deferred tax liabilities consists of the following:
(in millions) | December 31, 2025 |  | December 31, 2024
Deferred tax assets |  |  |
Purchase interest step-up | $ | 141.8 |  |  | $ | 165.0 |
Inventory | 26.0 |  |  | — |
Pension, employee benefits and compensation | 51.5 |  |  | 53.3 |
Net operating loss carry forwards | 532.4 |  |  | 297.5 |
Environmental liabilities | 38.6 |  |  | 39.0 |
Lease liabilities | 293.6 |  |  | 317.4 |
Other | 50.4 |  |  | 50.7 |
Total deferred tax assets | 1,134.3 |  |  | 922.9 |
Deferred tax liabilities |  |  |
Property, plant and equipment | 1,323.9 |  |  | 1,122.0 |
Inventory | — |  |  | 60.3 |
Right of use assets | 292.2 |  |  | 314.5 |
Equity method investment in SBR | 259.6 |  |  | 249.6 |
Other | 22.2 |  |  | 12.5 |
Total deferred tax liabilities | 1,897.9 |  |  | 1,758.9 |
Net deferred tax liability | $ | (763.6) |  |  | $ | (836.0) |
Summary of Income Tax Examinations | Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to:
United States |
Federal | 2021
New Jersey | 2021
Michigan | 2021
Delaware | 2022
Indiana | 2022
Pennsylvania | 2022
New York | 2022
Louisiana | 2022
California | 2021

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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