HF Sinclair (DINO) Q4 2025 earnings summary

Executive summary

• Reported full-year 2025 adjusted EBITDA of $2.3 billion and Q4 adjusted EBITDA of $564 million, with Q4 results impacted by seasonal refining weakness, maintenance events, and an unplanned Artesia event.

• Net loss attributable to shareholders for Q4 was $28 million, or -$0.16 per share, but adjusted net income was $221 million, or $1.20 per share; full-year net income was $579 million ($3.08/share) and adjusted net income was $951 million ($5.06/share).

• CEO Tim Go is on voluntary leave; Board Chair appointed interim CEO; an audit committee review of disclosure processes is underway, but financial statements are considered reliable.

Financial highlights

• Q4 adjusted EBITDA: $564 million, up from $28 million in Q4 2024; Q4 EBITDA was $235 million.

• Full-year adjusted EBITDA: $2.3 billion; full-year EBITDA: $1.8 billion.

• Q4 adjusted net income: $221 million, or $1.20 per share, versus adjusted net loss of $191 million in Q4 2024.

• Q4 revenues were $6.46 billion, down 1% year-over-year; full-year revenues were $26.87 billion, down 6%.

• Returned $724 million to shareholders in 2025 via dividends and buybacks.

Outlook and guidance

• Bullish on refining margins for 2026, expecting constructive market conditions and continued growth in midstream, lubricants, and marketing.

• 2026 sustaining capital spending expected at $650 million, down $125 million from 2025; growth capital investments of $125 million planned for 2026.

• Q1 2026 crude oil throughput guidance: 585,000–615,000 barrels per day.