HF Sinclair (DINO) Company Report

HF Sinclair reported a net loss attributable to shareholders of $28 million or negative $0.16 per diluted share for Q4 2025, but an adjusted net income of $221 million or $1.20 per diluted share, with adjusted EBITDA of $564 million.
For the full year 2025, the company achieved adjusted EBITDA of $2.3 billion, setting annual records for throughput of 652,000 barrels per day and reducing overall refining operating costs by $87 million year-over-year.
In Q4 2025, HF Sinclair returned $230 million to shareholders through dividends and share repurchases.
The company announced the formation of Green Trail Fuels, LLC, a new joint venture with UPOP Holdings, holding a 50% non-operating economic interest to expand its branded marketing footprint.
Franklin Myers is acting as temporary Chief Executive Officer, and the company expects to spend approximately $650 million in sustaining capital for full year 2026.

Feb 18, 2026, 1:30 PM

Transcript

HF Sinclair Announces Q4 and Full Year 2025 Results, CEO Leave of Absence, and Disclosure Process Review

DINO

Management Change

Earnings

Guidance Update

Interim CEO Franklin Myers announced that Tim Go, CEO and President, requested a voluntary leave of absence, and the audit committee is assessing matters related to the company's disclosure processes, though the released financial statements are comfortable and not expected to change.
For Q4 2025, HF Sinclair reported adjusted EBITDA of $564 million and an adjusted net income of $221 million, or $1.20 per diluted share. The full-year 2025 adjusted EBITDA was $2.3 billion.
The company returned $230 million to shareholders through dividends and share repurchases in Q4 2025 , and as of December 31, 2025, had approximately $3 billion in total liquidity.
HF Sinclair expects to spend approximately $650 million in sustaining capital and $125 million in growth capital investments for full-year 2026.

Feb 18, 2026, 1:30 PM

Transcript

HF Sinclair Reports Q4 2025 Results Amidst CEO Change and Disclosure Review

DINO

Management Change

Earnings

Share Buyback

Franklin Myers was elected Interim CEO and President after Tim Go requested a voluntary leave of absence, and the audit committee is assessing matters related to the company's disclosure processes, though the financial statements released are considered comfortable and not expected to change.
For Q4 2025, HF Sinclair reported adjusted EBITDA of $564 million and adjusted net income of $221 million, or $1.20 per diluted share.
The company returned $230 million to shareholders in Q4 2025 through dividends and share repurchases, and declared a regular quarterly dividend of $0.50 per share.
HF Sinclair achieved record annual adjusted EBITDA of $459 million in its Midstream segment and record annual EBITDA of $103 million in its Marketing segment for 2025, while also setting an annual record for refining throughput at 652,000 barrels per day.

Feb 18, 2026, 1:30 PM

Transcript

HF Sinclair Reports Q4 and Full-Year 2025 Results, Announces Dividend, and CEO Change

DINO

Earnings

Dividends

CEO Change

HF Sinclair reported a net loss of $28 million, or $(0.16) per diluted share, for Q4 2025, and net income of $579 million, or $3.08 per diluted share, for full-year 2025.
Adjusted net income attributable to stockholders was $221 million, or $1.20 per diluted share, for Q4 2025, and $951 million, or $5.06 per diluted share, for full-year 2025.
The company announced a regular quarterly dividend of $0.50 per share and returned $724 million to stockholders through dividends and share repurchases in full-year 2025.
All results for Q4 2025 and full-year 2025 are unaudited as the Audit Committee is assessing certain matters related to the Company’s disclosure processes, though these matters do not affect the reported results.
Chief Executive Officer and President Tim Go is taking a voluntary leave of absence, with Franklin Myers appointed as temporary CEO and President.

Feb 18, 2026, 11:30 AM

Press Release

HF Sinclair Closes Acquisition of Industrial Oils Unlimited

DINO

M&A

New Projects/Investments

HF Sinclair Corporation has closed its previously announced acquisition of Industrial Oils Unlimited, LLC (IOU) on January 8, 2026.
IOU is described as a leader in industrial lubricants and specialty fluids based in Tulsa, Oklahoma.
This acquisition is intended to broaden HF Sinclair's presence across the U.S. market and drive the expansion of its lubricants portfolio.

Jan 8, 2026, 9:15 PM

Press Release

HF Sinclair Reports Strong Q3 2025 Results and Announces Midstream Expansion Plans

DINO

Earnings

Dividends

New Projects/Investments

HF Sinclair reported Q3 2025 adjusted net income of $459 million, or $2.44 per diluted share, and adjusted EBITDA of $870 million.
The company returned $254 million in cash to shareholders during Q3 2025, consisting of $160 million in share repurchases and $94 million in regular dividends, and declared a $0.50 per share quarterly dividend.
Refining operations achieved a crude oil charge of 639,000 barrels per day and a record low operating expense of $7.12 per throughput barrel in Q3 2025.
HF Sinclair is evaluating a multi-phased midstream expansion project to increase product supply by up to 150,000 barrels a day into Western U.S. markets, with the first phase targeting 35,000 barrels per day to Nevada by 2028.
For full year 2025, the company expects to spend approximately $775 million in sustaining capital and $100 million in growth capital, with Q4 2025 crude oil runs projected between 550,000 and 590,000 barrels per day.

Oct 30, 2025, 1:30 PM

Transcript

HF Sinclair Reports Strong Q3 2025 Financial Results

DINO

Earnings

Debt Issuance

New Projects/Investments

HF Sinclair reported adjusted net income of $459 million, or $2.44 per diluted share, for Q3 2025, a significant increase from $96 million, or $0.51 per diluted share, in Q3 2024. Adjusted EBITDA for the quarter was $870 million, up from $316 million in Q3 2024.
The company's refining segment adjusted EBITDA was $661 million in Q3 2025, compared to $110 million in Q3 2024, primarily driven by higher adjusted refinery gross margins and small refinery RINs waivers. Crude oil charge averaged 639,000 bbl per day for Q3 2025.
HF Sinclair recognized a $115 million benefit to cost of sales from cumulative Small Refinery Exemptions (SREs) granted by the EPA and $56 million in revenue from RINs optimization in Q3 2025.
For Q4 2025, the company expects to run between 550,000 and 590,000 bbl per day of crude oil in its refining segment, reflecting a planned turnaround at the Puget Sound Refinery. Full year 2025 sustaining capital is projected at $775 million, with $100 million in growth capital investments.
HF Sinclair issued $500 million of senior notes at 5.5% due 2032 to redeem older, higher-interest notes, aiming to lengthen maturities and reduce its weighted average cost of debt. The company is also evaluating a multi-phased expansion to move Rockies barrels into Nevada, utilizing existing infrastructure.

Oct 30, 2025, 1:30 PM

Transcript

HF Sinclair Reports Strong Q3 2025 Results and Announces Midstream Expansion Plans

DINO

Earnings

Share Buyback

New Projects/Investments

HF Sinclair reported strong Q3 2025 financial results, with adjusted net income of $459 million or $2.44 per diluted share and adjusted EBITDA of $870 million.
The company returned $254 million in cash to shareholders during Q3 2025, consisting of $160 million in share repurchases and $94 million in regular dividends. A regular quarterly dividend of $0.50 per share was declared. As of September 30, 2025, $589 million remains on the share repurchase authorization.
Operational highlights include a record low operating expense of $7.12 per throughput barrel and crude oil charge averaging 639,000 barrels per day for Q3 2025.
HF Sinclair is evaluating a multi-phased expansion of its midstream refined products footprint across PADD 4 and PADD 5, projected to enable incremental supply of up to 150,000 barrels a day into West Coast markets. The first phase is targeted to be online in 2028, increasing capacity by 35,000 barrels per day into Nevada.
For Q4 2025, the company expects to run between 550,000 and 590,000 barrels per day of crude oil in its refining segment, reflecting a planned turnaround at the Puget Sound Refinery. Full year 2025 sustaining capital is expected to be approximately $775 million, with $100 million in growth capital investments.

Oct 30, 2025, 1:30 PM

Transcript

HF Sinclair Reports Strong Q3 2025 Results and Declares Dividend

DINO

Earnings

Dividends

Share Buyback

HF Sinclair reported net income attributable to stockholders of $403 million, or $2.15 per diluted share, for the third quarter of 2025, a significant improvement from a net loss of $76 million, or $(0.40) per diluted share, in the third quarter of 2024.
The company's Adjusted EBITDA reached $870 million for the third quarter of 2025, compared to $316 million for the third quarter of 2024.
HF Sinclair returned $254 million to stockholders through dividends and share repurchases in the third quarter of 2025 and announced a regular quarterly dividend of $0.50 per share.
The Refining segment's income before interest and income taxes was $476 million for the third quarter of 2025, compared to a loss of $212 million for the third quarter of 2024, with adjusted refinery gross margin per produced barrel sold increasing by 78% to $19.16.

Oct 30, 2025, 10:30 AM

Press Release

HF Sinclair Evaluates Strategic Pipeline Expansion to Western Markets

DINO

New Projects/Investments

HF Sinclair Corporation (DINO) is evaluating a multi-phased expansion of its Midstream refined products footprint across PADD 4 and PADD 5.
This initiative aims to address increasing supply and demand imbalances in key western markets, including Nevada and California, resulting from announced refinery closures.
The proposed expansion projects are projected to enable an incremental supply of up to 150,000 barrels per day of product into various markets.
The first phase, targeted to be online in 2028, would increase capacity by 35,000 barrels per day to move supply from the Rockies into Nevada, involving the expansion of the Pioneer Pipeline and debottlenecking of the UNEV Pipeline.
Additional phases under evaluation include expanding and reversing the Medicine Bow Pipeline, further expanding the Pioneer and UNEV Pipelines, and building a new lateral from Salt Lake City, UT to Reno, NV.