HF Sinclair (DINO) Q1 2026 earnings summary

Executive summary

• Net income attributable to stockholders was $648 million ($3.56 per diluted share) in Q1 2026, a sharp turnaround from a $4 million net loss in Q1 2025, driven by significant inventory valuation adjustments and improved margins in key segments.

• Adjusted net income was $127 million ($0.69 per diluted share), up from an adjusted net loss of $50 million in Q1 2025.

• All business segments contributed positively, with notable margin improvements in Refining (especially West region) and Renewables, and continued growth in Marketing and Lubricants & Specialties.

• $167 million was returned to shareholders via $91 million in dividends and $76 million in share repurchases; a $0.50/share dividend was declared.

• Leadership transition ongoing, with interim CEO and CFO in place; board actively addressing permanent appointments.

Financial highlights

• Sales and other revenues rose 12% year-over-year to $7,123 million.

• EBITDA reached $1,097 million; Adjusted EBITDA was $426 million, both significantly higher year-over-year.

• Operating income was $847 million, up from $81 million in Q1 2025.

• Cash and cash equivalents were $1.15 billion at quarter-end, with an undrawn $2 billion credit facility.

• Consolidated debt stood at $2.8 billion; debt-to-capital ratio at 22%, net debt-to-capital at 13%.

Outlook and guidance

• Q2 2026 crude oil throughput expected between 600,000–630,000 barrels per day, reflecting planned and unplanned maintenance.

• No change to full-year 2026 capital spending guidance; capital and turnaround cash spending projected at $775 million.

• Anticipate continued favorable market environment into the summer driving season.

• Continued strength anticipated in RINs and LCFS prices for Renewables.

• Marketing segment expects to grow branded sites by ~10% annually.