PBF Energy (PBF) DIvidends Date & History

Key Takeaways

• PBF Energy (PBF) pays a quarterly dividend of $0.275 per share, translating to an annual dividend of $1.10 per share and a forward dividend yield of approximately 2.09% as of mid-2026.
• The company has increased its dividend for four consecutive years, with a three-year dividend compound annual growth rate (CAGR) of roughly 11.21%, signaling a commitment to returning capital to shareholders even in a volatile refining environment.
• The payout ratio based on trailing earnings stands at approximately 29%, which appears conservative on the surface, but the free cash flow (FCF) payout ratio is near 100%, raising legitimate concerns about dividend coverage from actual cash generation.
• PBF suspended its dividend entirely in 2021 during the pandemic-driven downturn, resumed payments in late 2022, and has since rebuilt its payout progressively — a pattern that underscores the cyclical nature of its shareholder returns.
• Compared to larger refining peers such as VLO (Valero Energy), MPC (Marathon Petroleum), and PSX (Phillips 66), PBF's dividend yield occupies the middle-to-lower range, though the stock's higher beta reflects greater sensitivity to refining margin swings.
• The dividend remains a double-edged story: it reflects management's confidence in the long-term outlook, but it is supported by a balance sheet with roughly $1.62 billion in net debt and an operating history punctuated by periods of negative free cash flow.

Dividend Overview

PBF Energy Inc., an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, and other petroleum products, pays a regular quarterly cash dividend. The current quarterly rate of $0.275 per share was adopted in the fourth quarter of 2024 when the board raised the payout from $0.25 per share — a 10% increase. At the annualized rate of $1.10 per share, PBF stock offers a dividend yield of approximately 2.09%, based on recent trading levels. The dividend is paid on a standard quarterly schedule, with the most recent ex-dividend date falling on May 14, 2026, and the corresponding payment made on May 29, 2026. PBF Energy does not currently qualify as a high-yield stock relative to some of its smaller refining peers, nor does it carry the long, unbroken dividend growth track record of the super-major integrated oil companies. Instead, it occupies a middle ground: a refiner that has demonstrated a willingness to pay — and selectively grow — its dividend, but within the constraints of an inherently cyclical and capital-intensive business.

Dividend History and Growth

PBF Energy's dividend history reflects the boom-and-bust rhythms of the refining industry. From 2013 through early 2020, the company maintained a steady $0.30 quarterly dividend ($1.20 annually). When the COVID-19 pandemic crushed fuel demand in 2020, PBF reduced its payout to a single $0.30 payment early in the year before suspending dividends entirely in 2021. The company reinstated quarterly dividends in November 2022 at a rate of $0.20 per share and has raised the payment every year since: to $0.25 per quarter in mid-2023, then to $0.275 per quarter in November 2024. This translates to a four-year streak of annual dividend increases since reinstatement and a three-year dividend CAGR of roughly 11.21%. While the growth trajectory since 2022 is encouraging, the suspension in 2021 serves as a reminder that PBF's dividends are tied closely to refining margins, crack spreads (the price difference between crude oil and refined products), and broader energy market conditions. The payout has not yet returned to its pre-pandemic level of $0.30 per quarter.

Dividend Sustainability and Payout Ratio

Assessing dividend sustainability at PBF Energy requires looking beyond the headline payout ratio. Based on trailing twelve-month earnings through early 2026, the payout ratio sits at approximately 29%, a level that appears comfortably covered. However, earnings in the refining sector are highly volatile — PBF reported a full-year net loss of $158.5 million in fiscal 2025 and a net loss of $533.8 million in fiscal 2024 — making the earnings-based payout ratio an unreliable gauge of sustainability in any given year. More telling is the free cash flow payout ratio, which hovers near 100%, meaning the company is distributing essentially all of the cash its operations generate after capital expenditures. In 2025, PBF paid approximately $126 million in dividends while generating negative free cash flow for the year. At year-end 2025, the company held approximately $530 million in cash against roughly $1.62 billion in net debt. Management's willingness to maintain the dividend through a downcycle signals confidence in the Refinery Business Improvement (RBI) program, which is targeting $350 million in run-rate cost improvements by year-end 2026, and in the insurance-supported restart of the Martinez refinery. Still, the thin cash-flow coverage and elevated debt load mean the dividend depends heavily on a recovery in refining margins.

Dividend Compared to Industry Peers

Within the U.S. oil refining and marketing sector, PBF Energy's dividend yield of approximately 2.09% sits in the middle-to-lower portion of the peer range. Larger independent refiners such as VLO (Valero Energy) offer yields around 2.8%, while MPC (Marathon Petroleum) yields roughly 2.4%. PSX (Phillips 66), with its integrated midstream and chemicals operations, carries a yield closer to 3.5%. Smaller, higher-beta peers such as DINO (HF Sinclair) and DK (Delek US Holdings) offer yields in the 4% to 4.5% range but with commensurately higher risk profiles. PBF also stands out among its peers for a free cash flow payout ratio of 100%, which is significantly higher than the sub-30% FCF payout ratios maintained by Valero and Marathon Petroleum. This comparison suggests that while PBF's headline yield appears competitive for income-oriented investors, the quality of dividend coverage lags behind the industry's larger, more diversified players.

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Is This Stock Attractive for Dividend Investors?

PBF Energy presents a nuanced case for dividend investors. For pure income seekers who prioritize high current yield, the approximately 2.09% dividend yield is modest compared to what other refiners offer and may not stand out against fixed-income alternatives. For dividend growth investors, the four-year streak of increases and double-digit three-year CAGR are positives, but the 2021 suspension and the failure to return to the pre-pandemic payout level temper the growth narrative. The stock may appeal most to total-return-oriented investors who understand refining cycles and are comfortable with the trade-off between a growing (but variable) dividend and the stock's higher-beta exposure to crack spreads. Conservative, income-reliant investors should approach with caution: the near-100% free cash flow payout ratio and the company's history of dividend interruption suggest that the payout is not immune to a prolonged margin downturn. PBF's dividend trajectory ultimately hinges on operational execution — particularly the Martinez refinery restart and the RBI cost-savings program — and on the direction of global refining margins, making it more appropriate for investors with a higher risk tolerance and a longer time horizon.

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