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HF SinclairDINO

Legal name
HF Sinclair Corporation
Sector
Energy
Industry
Pipe Lines (No Natural Gas)
Exchange
NYSE

Stock Price $DINO

Latest filings

You are here#28 of 29 in Energy by market cap

Filing record · 2022–202610-K410-Q158-K125

DINO filed 4 annual reports (10-K), 15 quarterly reports (10-Q) and 125 current reports (8-K) between 2022 and 2026.

  1. Leadership change8-K · Sep ’22Sep ’22
  2. Material agreement8-K · Jul ’23Jul ’23
  3. Leadership change8-K · Jul ’24Jul ’24
  4. Material agreement8-K · May ’26May ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  7. $26.87B
YoY changeLargest recent move+107.8%in FY22Latest −6.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All DINO Financial Metrics58 metrics

Income Statement15

Balance Sheet25

Cash Flow13

Per Share5

02—Overview

HF Sinclair Financial Overview 2022–2025

Updated Nov 4, 2026

One quarter now outweighs years of profit. HF Sinclair earned $2,015 milliona in Q3 2026, more than three times the $579 million it made in all of FY2025. The driver was refining margin, which hit $54.22 per barrel versus $19.16 a year earlier. The core thesis is that DINO is a margin-leverage story: small swings in per-barrel economics decide whether a year is a windfall or a washout.

The long arc shows how violent that swing can be. Net income fell from $2,922.7 million in FY2022 to $579 millionb in FY2025, bottoming at $177 million in FY2024. Adjusted refinery margin dropped to $10.43 per barrel in FY2024 from $21.06 in FY2023. Revenue slid from $38.20 billion to $26,869 million over the same FY2022-FY2025 span. The balance sheet held through the trough, with $3.0 billion of liquidity at the end of FY2025. Cash then climbed to $3,333 million by Q3 2026. Shareholders were paid throughout, including $741 million of buybacks in the first nine months of 2026 and a $0.525 quarterly dividend.

Valuation shows the same volatility. At the close of FY2025, the stock stood at $46.08c, or 15.0x earnings on $3.08 EPS. Reported EPS was $14.28 at FY2022 and just $0.91 at FY2024, so a P/E on any single year can mislead. Leadership turnover, including CEO and CFO exits in 2026, adds uncertainty.

Recent Developments (Q2 and Q3 2026)

HF Sinclair reshaped its leadership and portfolio alongside the earnings surge. Steve Ledbetter was named CEO and President effective January 1, 2027, succeeding Franklin Myers, after Timothy Go left in May 2026 and CFO Atanas Atanasov was terminated. The company plans to spin off Lubricants & Specialties, distributing at least 80.1% of its stock over 2027, and to retire its Mississauga refinery, with $109 milliond of Q3 2026 costs. Revenue rose 53% to $10.39 billion in Q2 2026, then reached $10,857 million in Q3 2026. Refining margin was $25.95 in Q2 2026. Repurchases from REH Advisors rose in price from $68.72 to $109.37 per share.

Bull case: a new $1.5 billione buyback and $5.3 billion of liquidity support returns if crack spreads hold. Bear case: Q3 2026 benefited from small refinery RINs waivers, and at 36.4x earnings as of the Q3 2026 report date (October 27, 2026), the stock is priced for peak margins.

What to watch: CFO and General Counsel appointments; resolution of small refinery exemption litigation

03—Filings

Recent SEC Filings

  1. 8-KHF Sinclair 8-K Report, Material Agreement (Oct 30, 2026)HF Sinclair Corporation (NYSE: DINO) has entered into a Stock Purchase Agreement dated October 29, 2026 with REH Advisors Inc., under which the Company will repurchase 2,350,000 shares of its outstanding common stock from the Selling Stockholder in a privately negotiated transaction at $109.37 per share, for an aggregate purchase price of approximately $257 million. The purchase will be funded with cash on hand and is expected to close on or around November 3, 2026. The repurchased shares will be held as treasury stock. This is the twenty-third privately negotiated transaction between the Company and the Selling Stockholder, and it will be made under the Company's $1.5 billion Share Repurchase Program authorized by the Board on August 26, 2026. Upon completing the 2,350,000-share repurchase, the Company states it has repurchased $766 million of common stock under the program, inclusive of this transaction, and has approximately $734 million of authorization remaining. Future repurchases, including any additional ones from REH, will depend on market conditions and corporate, tax, regulatory and other considerations, and the Board may discontinue the program at any time. The filing also addresses board representation. Under the Stockholders Agreement dated August 2, 2021, the REH Parties may designate one board member while they hold at least 5% but less than 15% of common stock. The REH Parties are expected to fall below the 15% threshold after this repurchase. If they remain below the Designation Threshold on January 13, 2027, the REH Designee must offer to resign from the Board within 30 days, and the Board will decide whether to accept.
  2. 8-KHF Sinclair 8-K Report, Financial Results (Oct 28, 2026)HF Sinclair Corporation (NYSE: DINO) reported third quarter 2026 results on October 28, 2026, with net income attributable to HF Sinclair stockholders of $2,015 million, or $11.38 per diluted share, compared with $403 million, or $2.15 per diluted share, in the third quarter of 2025. Adjusted net income attributable to stockholders was $2,079 million, or $11.75 per diluted share, versus $459 million, or $2.44 per diluted share, a year earlier. EBITDA was $2,954 million and Adjusted EBITDA was $2,984 million. The Refining segment drove the results, with Adjusted EBITDA of $2,582 million compared with $661 million in the prior-year quarter, which the company attributed principally to tight transportation fuel supply, elevated crack spreads and benefits from small refinery RINs waivers granted by the EPA. The company returned $572 million to stockholders through dividends and share repurchases in the quarter and declared a regular quarterly dividend of $0.525 per share, payable December 2, 2026. The filing also reports a leadership change. The Board appointed Steve Ledbetter, currently President and Chief Operating Officer, as Chief Executive Officer and President effective January 1, 2027. Franklin Myers will serve as CEO until that date and then as Executive Chairperson until the completion of the planned separation of the Lubricants & Specialties segment. The company said it expects to add Ledbetter to the Board at a future date, and that no compensation changes have been approved in connection with his appointment. The Lubricants & Specialties segment recorded special items tied to the retirement of its Mississauga, Ontario base oil refining assets, including a $27 million impairment, $28 million in severance costs and $54 million of incremental accelerated depreciation and amortization. The company said the planned separation of this segment, which would involve a distribution of at least 80.1% of the segment company's stock, is expected to be substantially completed during 2027.
  3. 8-KHF Sinclair 8-K Report, Corporate Update (Aug 26, 2026)HF Sinclair Corporation's Board of Directors authorized a new $1.5 billion share repurchase program on August 26, 2026, effective that same day. The new program replaces all existing share repurchase authorizations. The filing states that approximately $11 million remained under the prior program, which was initially authorized in May 2024. Repurchases may be made in the open market, through privately negotiated transactions, or by other means in accordance with federal securities laws. The program also authorizes privately negotiated repurchases from REH Advisors Inc. ("REH"), subject to REH's interest and other limitations. Timing and amount will depend on market conditions and corporate, tax, regulatory and other considerations, and the Board may discontinue the program at any time. Separately, the Board has authorized the company to repurchase shares in an amount sufficient to offset shares issued under its compensation programs. The filing is a current report under Item 8.01 (Other Events) and does not disclose other financial results in the text provided.
  4. 8-KHF Sinclair 8-K Report, Material Agreement (Aug 5, 2026)HF Sinclair Corporation (DINO) disclosed in an 8-K filed August 5, 2026 that it entered into a Stock Purchase Agreement dated August 2, 2026 with REH Advisors Inc. to repurchase 2,375,000 shares of its common stock from the Selling Stockholder in a privately negotiated transaction. The price is $89.41 per share, for an aggregate purchase price of approximately $212 million, to be funded with cash on hand and expected to close on or around August 5, 2026. The shares will be held as treasury stock. The filing describes this as the twenty-second privately negotiated transaction between the Company and the Selling Stockholder, made under the Company's Share Repurchase Program. In connection with the agreement, the Board increased the previously disclosed $1 billion share repurchase program, authorized May 7, 2024, by $15 million, effective July 31, 2026. The Company states that it has repurchased over $1 billion of common stock under the program, inclusive of this transaction, and has approximately $11 million of authorization remaining. Future repurchases, including any additional ones from REH, will depend on market conditions and corporate, tax, regulatory and other considerations, and the Board may discontinue the program at any time. The filing notes that REH Advisors Inc. is now the parent company of REH Company, LLC (formerly known as The Sinclair Companies), and refers investors to the Company's March 31, 2026 proxy statement for more on the Selling Stockholder's relationship with the Company. Completion of the transaction as expected is identified as a forward-looking risk.
  5. 8-KHF Sinclair 8-K Report, Executive Changes (Jul 28, 2026)HF Sinclair Corporation (DINO) filed a Current Report on Form 8-K on July 28, 2026, under Item 5.02 (Departure of Directors or Certain Officers). The filing discloses that Eric Nitcher, Executive Vice President and General Counsel, notified the Board of Directors on July 27, 2026, that he is retiring from his executive officer role, effective July 31, 2026. Mr. Nitcher is expected to remain an employee of the Corporation through the end of 2026 to facilitate an orderly transition and to assist the Corporation in an advisory capacity. The Corporation has not yet named a successor, and the filing states that a successor will be named at a later date. The filing also states that Mr. Nitcher's decision to retire was not the result of any disagreement with the Corporation or its Board. For investors, the key takeaways are the leadership change in the General Counsel role and the transition timeline: the executive officer role ends July 31, 2026, while the transition period runs through year-end 2026. The filing contains no financial results or other operational information.
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04—See also

Related Companies

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