DINO earnings analysis
What we found in DINO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Up 12% YoY
- Revenue rose to $7.123 billion in Q1 2026 from $6.370 billion in Q1 2025.
- Strong EPS Recovery
- Diluted EPS improved significantly to $3.56 from a loss of $0.02 year-over-year.
- Improved Gross Margin
- Gross margin per barrel sold increased by 9% to $9.95, boosted by stronger refining margins.
- 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.
- Increased Working Capital
- Working capital improved to $2.849 billion from $2.327 billion.
- Ongoing Share Repurchase Program
- Repurchased 1.514 million shares for $76 million, maintaining an authorization of $383 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Environmental Regulatory Risks
- Ongoing litigation concerning EPA's Renewable Fuel Standard exemptions could impact operations and financials.
- Operational Hazards
- Incidents such as the recent fuel-contamination at terminals present operational risks.
- Rising Costs
- Cost of materials surged by $504 million due to increased crude oil prices.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.56
- Gross margin
- 9.95%
- Segment
- Refining
- Segment
- Renewables
- Segment
- Marketing
- Segment
- Lubricants & Specialties
- Segment
- Midstream
What they said about what is next.
Management anticipates continued strength in refining and renewables segments for Q2 2026.
The filing reads better than the one before it.
What came before.
- 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;…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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