The dilutive effect of the 2032 Exchangeable Notes is calculated using the if-converted method. For purposes of this calculation, the 2032 Exchangeable Notes are assumed to be exchanged at the beginning of the reporting period, or at issuance if later, and the resulting shares are included in diluted net income (loss) per share to the extent dilutive. As the principal amount of the 2032 Exchangeable Notes must be settled in cash upon exchange, only any exchange value in excess of principal may be settled at the Issuers’ option in shares of the Company’s Class A common stock. Accordingly, the 2032 Exchangeable Notes would result in incremental shares in the diluted earnings per share calculation only when the market price of the Company’s Class A common stock exceeds the applicable exchange price, subject to the anti-dilution provisions of ASC 260, Earnings Per Share. The 2032 Exchangeable Notes had no dilutive impact on earnings per share for the three and nine months ended September 30, 2026.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except share and per share amounts)	2026		2025		2026		2025
Basic Earnings Per Share:
Allocation of earnings:
Net income (loss) attributable to PBF Energy Inc. stockholders	$	1,529.3	$	170.1	$	2,634.0	$	(236.9)
Less: Income allocated to participating securities	—		—		0.1		—
Income (loss) available to PBF Energy Inc. stockholders - basic	$	1,529.3	$	170.1	$	2,633.9	$	(236.9)
Denominator for basic net income (loss) per PBF Energy Class A common share - weighted average shares	120,131,825		115,734,251		118,575,273		113,845,472
Basic net income (loss) attributable to PBF Energy per Class A common share	$	12.73	$	1.47	$	22.21	$	(2.08)

Diluted Earnings Per Share:
Numerator:
Income (loss) available to PBF Energy Inc. stockholders - basic	$	1,529.3	$	170.1	$	2,633.9	$	(236.9)
Add: Net income (loss) attributable to noncontrolling interest (1)	14.1		1.6		24.7		(2.7)
Less: Income tax (expense) benefit on net income (loss) attributable to noncontrolling interest (1)	(3.7)		(0.4)		(6.4)		0.7
Numerator for diluted net income (loss) per PBF Energy Class A common share - net income (loss) attributable to PBF Energy Inc. stockholders (1)	$	1,539.7	$	171.3	$	2,652.2	$	(238.9)

Denominator: (1)
Denominator for basic net income (loss) per PBF Energy Class A common share-weighted average shares	120,131,825		115,734,251		118,575,273		113,845,472
Effect of dilutive securities: (2)(3)
Conversion of PBF LLC Series A Units	838,397		862,780		853,731		862,780
Common stock equivalents	1,786,242		1,361,318		2,112,265		—
Denominator for diluted net income (loss) per PBF Energy Class A common share-adjusted weighted average shares	122,756,464		117,958,349		121,541,269		114,708,252
Diluted net income (loss) attributable to PBF Energy Inc. stockholders per PBF Energy Class A common share	$	12.54	$	1.45	$	21.82	$	(2.08)

(1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. The net income (loss) attributable to PBF Energy used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income (loss), as well as the corresponding income tax expense (benefit) (based on a 26.0% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2026 and 2025) attributable to the converted units.

(2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of performance share units, options, and warrants to purchase 59,543 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the nine months ended September 30, 2026 (compared with 3,635,550 and 6,857,076 shares for the three and nine months ended September 30, 2025). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.