PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy’s equity interest in PBF LLC was approximately 99.3% as of December 31, 2025 and 2024.

PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Consolidated Statements of Operations includes the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Consolidated Balance Sheets reflects the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy.


	Holders of PBF LLC Series A Units	Outstanding Shares of PBF Energy Class A Common Stock	Total
December 31, 2023	862,780	120,440,620	121,303,400
	0.7%	99.3%	100.0%
December 31, 2024	862,780	115,311,992	116,174,772
	0.7%	99.3%	100.0%
December 31, 2025	862,780	116,937,076	117,799,856
	0.7%	99.3%	100.0%

In connection with the acquisition of the Chalmette refinery, PBF Holding records noncontrolling interest in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company.

The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2025, 2024 and 2023:


(in millions)	PBF Energy Inc. Equity		Noncontrolling Interest in PBF LLC		Noncontrolling Interest in PBF Holding		Total Equity
Balance at January 1, 2025	$	5,544.2	$	121.7	$	12.7	$	5,678.6
Comprehensive income (loss)	(140.7)		(2.1)		0.1		(142.7)
Dividends and distributions	(127.8)		(0.8)		—		(128.6)

Stock-based compensation expense	41.0		—		—		41.0
Transactions in connection with stock-based compensation plans	17.6		—		—		17.6

Treasury stock purchases	(14.8)		—		—		(14.8)
Other	—		(1.2)		—		(1.2)
Balance at December 31, 2025	$	5,319.5	$	117.6	$	12.8	$	5,449.9


(in millions)	PBF Energy Inc. Equity		Noncontrolling Interest in PBF LLC		Noncontrolling Interest in PBF Holding		Total Equity
Balance at January 1, 2024	$	6,488.3	$	129.9	$	13.1	$	6,631.3
Comprehensive income (loss)	(529.5)		(6.0)		(0.4)		(535.9)
Dividends and distributions	(119.9)		(1.6)		—		(121.5)
Effects of change in deferred tax assets and liabilities and tax receivable agreement obligation	(0.6)		—		—		(0.6)
Stock-based compensation expense	35.2		—		—		35.2
Transactions in connection with stock-based compensation plans	24.7		—		—		24.7
Exchanges of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock	0.6		(0.6)		—		—
Treasury stock purchases	(354.6)		—		—		(354.6)

Balance at December 31, 2024	$	5,544.2	$	121.7	$	12.7	$	5,678.6


(in millions)	PBF Energy Inc. Equity		Noncontrolling Interest in PBF LLC		Noncontrolling Interest in PBF Holding		Total Equity
Balance at January 1, 2023	$	4,929.2	$	114.6	$	12.2	$	5,056.0
Comprehensive income	2,129.7		20.6		0.9		2,151.2
Dividends and distributions	(106.6)		(5.3)		—		(111.9)
Effects of change in deferred tax assets and liabilities and tax receivable agreement obligation	(4.5)		—		—		(4.5)
Stock-based compensation expense	35.8		—		—		35.8
Transactions in connection with stock-based compensation plans	44.5		—		—		44.5
Treasury stock purchases	(539.9)		—		—		(539.9)
Other	0.1		—		—		0.1
Balance at December 31, 2023	$	6,488.3	$	129.9	$	13.1	$	6,631.3

Comprehensive income (loss) includes net income (loss) and other comprehensive income (loss) arising from activity related to the Company’s defined employee benefit plan and unrealized gain (loss) on available-for-sale securities. The following table summarizes the allocation of total comprehensive income (loss) of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2025:


(in millions)	Attributable to PBF Energy Inc. stockholders		Noncontrolling Interests		Total
Net income (loss)	$	(158.5)	$	(2.0)	$	(160.5)
Other comprehensive income:
Unrealized gain on available for sale securities	1.3		—		1.3
Amortization of defined benefit plans unrecognized net gain	16.5		—		16.5
Total other comprehensive income	17.8		—		17.8
Total comprehensive income (loss)	$	(140.7)	$	(2.0)	$	(142.7)

The following table summarizes the allocation of total comprehensive income (loss) of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2024:


(in millions)	Attributable to PBF Energy Inc. stockholders		Noncontrolling Interest		Total
Net income (loss)	$	(533.8)	$	(6.4)	$	(540.2)
Other comprehensive income (loss):
Unrealized loss on available for sale securities	(0.3)		—		(0.3)
Amortization of defined benefit plans unrecognized net gain	4.6		—		4.6
Total other comprehensive income	4.3		—		4.3
Total comprehensive income (loss)	$	(529.5)	$	(6.4)	$	(535.9)

The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2023:


(in millions)	Attributable to PBF Energy Inc. stockholders		Noncontrolling Interest		Total
Net income	$	2,140.5	$	21.5	$	2,162.0
Other comprehensive income (loss):
Unrealized loss on available for sale securities	(0.4)		—		(0.4)
Amortization of defined benefit plans unrecognized net loss	(10.4)		—		(10.4)
Total other comprehensive income (loss)	(10.8)		—		(10.8)
Total comprehensive income	$	2,129.7	$	21.5	$	2,151.2