01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
HF Sinclair Corporation (NYSE and NYSE Texas: DINO) reported net income attributable to HF Sinclair stockholders of $579 milliona, or $3.08 per diluted share, for 2025, compared with $177 million, or $0.91 per share, in 2024.
Sales and other revenues fell to $26,869 millionb from $28,580 million, principally due to lower refined product sales prices. Income from operations rose to $927 million from $261 million. Adjusted refinery gross margin per produced barrel sold increased 47% to $15.37 from $10.43, driven by lower crude and feedstock prices and small refinery RINs waivers granted by the EPA, which increased adjusted refinery gross margins by $485 million.
Cash flow from operations was $1,315 millionc, and EBITDA was $1,809 million, versus $1,133 million in 2024. The Renewables segment weakened, with an adjusted renewables gross margin of $0.26 per gallon versus $0.33 in 2024, and management cited a lower producer's tax credit benefit compared with the 2024 blender's credit. Liquidity was approximately $3.0 billion at year-end, including $978 million of cash.
The company repurchased 6,908,293 shares for $340 milliond during 2025 and declared a $0.50 quarterly dividend in February 2026. Governance developments are significant for investors. On February 17, 2026, CEO Tim Go took a voluntary leave of absence and Chairperson Franklin Myers was appointed CEO and President on a temporary basis.
On February 24, 2026, CFO Atanas Atanasov took a voluntary leave, and Vivek Garg was appointed acting CFO. The Audit Committee's review of disclosure processes concluded that the matters did not create an unfavorable tone at the top, and management and the Audit Committee determined that disclosure controls and internal control over financial reporting were effective. The company expects to negotiate separation arrangements with both executives.
02—Key points
Key Highlights
- Net income attributable to HF Sinclair stockholders was $579 million ($3.08 per diluted share) in 2025, up from $177 million ($0.91 per share) in 2024.
- Adjusted refinery gross margin per produced barrel sold rose 47% to $15.37, supported by lower crude and feedstock prices and $485 million of small refinery RINs waivers.
- Sales and other revenues declined 6% to $26,869 million, principally due to decreased refined product sales prices.
- Renewables segment adjusted gross margin fell to $0.26 per gallon from $0.33, reflecting a lower benefit from the Producer's Tax Credit versus the 2024 Blender's Tax Credit.
- Cash flow from operations was $1,315 million, and year-end liquidity was approximately $3.0 billion, including $978 million of cash and $2.0 billion available under the HF Sinclair Credit Agreement.
- The company repurchased $340 million of stock in 2025 and declared a $0.50 quarterly dividend on February 18, 2026.
- CEO Tim Go and CFO Atanas Atanasov took voluntary leaves of absence in February 2026; Franklin Myers was named temporary CEO and Vivek Garg acting CFO.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $26.87B$28.58B | −6.0% |
| SG&A Expenses | $456.00M$447.00M | +2.0% |
| Operating Income | $927.00M$261.00M | +255.2% |
| Net Income | $579.00M$177.00M | +227.1% |
| EPS (Basic) | $3.08$0.91 | +238.5% |
| EPS (Diluted) | $3.08$0.91 | +238.5% |
| Shares Outstanding (Basic) | 186.47M192.07M | −2.9% |
| Shares Outstanding (Diluted) | 186.47M192.07M | −2.9% |
05—Questions
Frequently Asked Questions
Why did earnings improve so much in 2025?
Net income attributable to HF Sinclair stockholders rose to $579 million from $177 million, principally driven by higher adjusted refinery gross margins. Adjusted refinery gross margin per barrel increased to $15.37 from $10.43, primarily due to lower crude oil and feedstock prices and the grant of small refinery RINs waivers, partially offset by lower average sales prices per barrel.
What is the impact of the small refinery RINs waivers?
Small refinery RINs waivers granted by the EPA increased pre-tax earnings by $485 million, of which $203 million was recognized in Cost of materials and other and $282 million in Sales and other revenues. The filing notes that litigation over the EPA's exemption decisions is ongoing and the company cannot predict its outcome.
Who is leading HF Sinclair after the executive leave of absence?
On February 17, 2026, the Board appointed Franklin Myers as Chief Executive Officer and President on a temporary basis. On February 24, 2026, the Board appointed Vivek Garg, Vice President, Chief Accounting Officer and Controller, as acting Chief Financial Officer. The company expects to negotiate separation arrangements with Mr. Go and Mr. Atanasov.
What are the company's capital allocation priorities and 2026 spending plans?
The company aims to self-fund development projects, reduce debt, and return cash through dividends and share repurchases. Expected 2026 cash spending totals $775 million, including $650 million of sustaining capital and turnarounds and catalyst and $125 million of growth capital. At year-end 2025, $459 million remained under the 2024 Share Repurchase Program.
06—Continue