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HF Sinclair Corporation

DINO

HF Sinclair Corporation • NYSE
$52.91 ▲ 1.28% (+0.67)
Market Cap $9.94 B
52w High $56.58
52w Low $24.66
Dividend Yield 2.00%
P/E 25.08
Volume 621.85K
Outstanding Shares 187.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.251B ▲ $929M ▲ $403M ▲ 5.558% ▲ $2.15 ▲ $809M ▲
Q2-2025 $6.784B ▲ $123M ▲ $208M ▲ 3.066% ▲ $1.1 ▲ $520M ▲
Q1-2025 $6.37B ▼ $109M ▼ $-4M ▲ -0.063% ▲ $-0.026 ▲ $273M ▲
Q4-2024 $6.5B ▼ $783.768M ▲ $-213.508M ▼ -3.285% ▼ $-1.13 ▼ $26.488M ▼
Q3-2024 $7.207B $757.571M $-75.944M -1.054% $-0.4 $118.765M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.451B ▲ $17.264B ▲ $7.769B ▲ $9.43B ▲
Q2-2025 $874M ▲ $16.843B ▲ $7.495B ▲ $9.282B ▲
Q1-2025 $547M ▼ $16.542B ▼ $7.289B ▼ $9.187B ▼
Q4-2024 $800M ▼ $16.643B ▼ $7.297B ▲ $9.278B ▼
Q3-2024 $1.229B $16.888B $7.217B $9.604B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $403M ▲ $809M ▲ $-148M ▼ $-84M ▲ $577M ▲ $930M ▲
Q2-2025 $210M ▲ $587M ▲ $-108M ▼ $-159M ▼ $327M ▲ $476M ▲
Q1-2025 $-2M ▲ $-89M ▲ $-85M ▲ $-80M ▲ $-253M ▲ $-175M ▲
Q4-2024 $-212.021M ▼ $-140.394M ▼ $-173.397M ▼ $-103.274M ▲ $-429.482M ▼ $-313.473M ▼
Q3-2024 $-74.081M $707.578M $-121.059M $-226.982M $363.208M $831.182M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Crude Oil
Crude Oil
 $510.00M ▲$380.00M ▼$340.00M ▼$390.00M ▲
Lubricants And Specialty Products
Lubricants And Specialty Products
 $0 ▲$600.00M ▲$580.00M ▼$600.00M ▲
Product and Service Other
Product and Service Other
 $180.00M ▲$80.00M ▼$90.00M ▲$160.00M ▲
Refined Product
Refined Product
 $9.02Bn ▲$5.88Bn ▼$6.32Bn ▲$6.66Bn ▲
Transportation And Logistic Services
Transportation And Logistic Services
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Transportation Fuels
Transportation Fuels
 $8.12Bn ▲$4.96Bn ▼$5.34Bn ▲$5.67Bn ▲

Five-Year Company Overview

Income Statement

Income Statement HF Sinclair’s profits have been very cyclical over the last five years, reflecting the ups and downs of refining margins. After a tough loss period in 2020, earnings rebounded sharply in 2021 and especially 2022, then cooled noticeably in 2023 and more sharply in 2024 as margins normalized. The company is still profitable, but recent results show much thinner earnings compared with the peak years, highlighting the sensitivity of its business to fuel prices and crack spreads.

Balance Sheet

Balance Sheet The balance sheet looks sturdier today than it did several years ago. Total assets and shareholder equity have grown meaningfully since 2020, helped by acquisitions and retained profits, while debt has stayed fairly steady, which improves the overall leverage profile. Cash on hand is higher than in the past, though it has drifted down from prior peaks, suggesting decent but not excessive liquidity. Overall, financial flexibility appears reasonable for a cyclical refiner, but not immune to prolonged downturns.

Cash Flow

Cash Flow Cash generation has been a key strength in the better margin years. Operating cash flow surged during the strong refining environment and, although it has stepped down more recently, it still comfortably covers ongoing investment spending. Free cash flow has been positive in most years, indicating room to fund capex and shareholder returns, though the drop in 2024 underlines how quickly cash flows can tighten when industry conditions soften.

Competitive Edge

Competitive Edge HF Sinclair holds a solid, if not dominant, position as a mid-sized, integrated refiner with a strong regional footprint in the Western U.S. Its combination of refining, branded retail, logistics, renewables, and specialty lubricants gives it multiple ways to earn money and cushions it somewhat versus pure-play refiners. The Sinclair brand and retail network provide a captive outlet for fuel, while its logistics assets help manage supply bottlenecks. Still, it competes against much larger integrated oil majors and other refiners, and remains exposed to volatile fuel demand, regulation, and global refining capacity shifts.

Innovation and R&D

Innovation and R&D The company’s innovation focus is practical and commercially driven rather than pure research-heavy. It is investing in renewable diesel capacity, feedstock pre-treatment, and potentially future sustainable aviation fuel, aiming to stay relevant in a lower-carbon world. In specialty lubricants, proprietary processes that produce very high-purity base oils and newer bio-based products help support premium positioning and margins. Branded offerings like DINOCARE® gasoline additives add a modest technological edge and brand differentiation at the consumer level.

Summary

HF Sinclair has transformed from a struggling refiner in 2020 into a more diversified, integrated energy company with meaningful exposure to renewables and specialty products. Financially, it enjoyed a boom period in 2021–2022 but is now dealing with more normal, slimmer profitability and cash flows as industry conditions cool. The balance sheet is stronger than in the past, and the business mix—refining, renewables, logistics, and lubricants—provides multiple earnings engines. Key things to watch are how well it manages through the refining cycle, scales its renewable diesel and potential SAF efforts, and continues to grow higher-margin specialty and branded products without overextending its balance sheet.

NEWS

October 30, 2025 · 6:30 AM UTC

HF Sinclair Reports 2025 Third Quarter Results and Announces Regular Cash Dividend

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October 29, 2025 · 4:15 PM UTC

HF Sinclair Evaluates Strategic Pipeline Expansion to Western Markets

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September 23, 2025 · 5:36 PM UTC

HF Sinclair Corporation Third Quarter 2025 Earnings Release and Conference Webcast

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