10-K · February 27, 2026
HF Sinclair presents a diversified refining and midstream platform with seven complex refineries (678,000 BPSD combined capacity) and five reportable segments (Refining; Renewables; Marketing; Lubricants & Specialties;…
Earnings analysis · 10-Q
DINO earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
HF Sinclair Corporation reported a strong Q1 2026, achieving a net income of $648 million and diluted EPS of $3.56, marking a significant recovery from a net loss of $4 million in the prior year. Revenue grew 12%…
Read full summary
HF Sinclair Corporation reported a strong Q1 2026, achieving a net income of $648 million and diluted EPS of $3.56, marking a significant recovery from a net loss of $4 million in the prior year. Revenue grew 12% year-over-year to $7.123 billion, driven by higher average refined product sales prices and volumes, alongside substantial operational improvements in all segments, particularly in refining and renewables.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.56
- Gross margin
- 9.95%
- Segment
- Refining
- Segment
- Renewables
- Segment
- Marketing
- Segment
- Lubricants & Specialties
- Segment
- Midstream
What stood out
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Revenue Up 12% YoY
Revenue rose to $7.123 billion in Q1 2026 from $6.370 billion in Q1 2025.
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Strong EPS Recovery
Diluted EPS improved significantly to $3.56 from a loss of $0.02 year-over-year.
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Improved Gross Margin
Gross margin per barrel sold increased by 9% to $9.95, boosted by stronger refining margins.
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Higher Cash Flow from Operations
Net cash provided by operating activities jumped to $457 million from a cash used of $89 million in the prior year.
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Increased Working Capital
Working capital improved to $2.849 billion from $2.327 billion.
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Ongoing Share Repurchase Program
Repurchased 1.514 million shares for $76 million, maintaining an authorization of $383 million.
What to watch
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Environmental Regulatory Risks
Ongoing litigation concerning EPA's Renewable Fuel Standard exemptions could impact operations and financials.
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Operational Hazards
Incidents such as the recent fuel-contamination at terminals present operational risks.
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Rising Costs
Cost of materials surged by $504 million due to increased crude oil prices.
Management's outlook
Management anticipates continued strength in refining and renewables segments for Q2 2026.
Earlier filings 4
10-Q · May 1, 2025
HF Sinclair's Q1 2025 results show a decline in revenue and operating metrics compared to both the prior quarter and year. Revenue amounted to $6.37 billion, down from $7.03 billion in Q4 2024 and $7.66 billion in Q1…
10-K · February 20, 2025
HF Sinclair reports a large, geographically diversified refining and renewables footprint (seven refineries, three RDUs) with a combined crude processing capacity of 678,000 BPSD. The 2024 filing highlights the…
10-Q · August 1, 2024
HF Sinclair reported Q2 sales of $7,845,831 (in thousands) with operating income of $196,934 (in thousands) and diluted EPS of $0.79. Revenue was essentially flat year-over-year but margins and EPS compressed materially…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.