01—Abstract
Summary
Summary of the 8-K filed July 28, 2026. Cited figures are marked; the original filing is the authoritative source.
HF Sinclair Corporation (NYSE: DINO) reported second quarter 2026 results on July 28, 2026, with net income attributable to HF Sinclair stockholders of $892 milliona, or $4.93 per diluted share, compared to $208 million, or $1.10 per diluted share, in the second quarter of 2025.
Adjusted net income attributable to HF Sinclair stockholders was $960 millionb, or $5.31 per diluted share, versus $322 million, or $1.70 per diluted share, a year earlier. Reported EBITDA was $1,404 million and Adjusted EBITDA was $1,482 million. The Refining segment drove much of the improvement, with Adjusted EBITDA of $1,023 million versus $476 million, and adjusted refinery gross margin of $25.95 per produced barrel sold compared to $16.50.
The company returned $265 millionc to stockholders through dividends and share repurchases in the quarter and ended June 30, 2026 with cash and cash equivalents of $2,262 million and consolidated debt of $2,772 million. The company also declared a regular quarterly dividend of $0.525 per share, a 5% increase from $0.50, payable September 2, 2026 to holders of record on August 11, 2026. Management stated it expects the fundamentals that drove second-quarter results across its segments to persist in the third quarter.
In a separate announcement, HF Sinclair said it plans to pursue a separation of its Lubricants & Specialties segment through the capital markets, creating a new independent, publicly traded company, and has decided to retire its base oil refining assets in Mississauga, Ontario, with the transition expected to be substantially completed over 2027. The separation is intended to be executed over the next 12-18 months, is subject to customary conditions including final Board approval and a private letter ruling from the IRS, and is described as tax-efficient for HF Sinclair and its shareholders.
02—Key points
Key Highlights
- Net income attributable to HF Sinclair stockholders of $892 million, or $4.93 per diluted share, versus $208 million, or $1.10 per diluted share, in Q2 2025
- Adjusted net income attributable to HF Sinclair stockholders of $960 million, or $5.31 per diluted share, versus $322 million, or $1.70 per diluted share, in Q2 2025
- Refining Adjusted EBITDA of $1,023 million versus $476 million; adjusted refinery gross margin of $25.95 per produced barrel sold versus $16.50
- Lubricants & Specialties Adjusted EBITDA of $207 million versus $55 million, with a FIFO benefit of $46 million versus a FIFO charge of $20 million a year earlier
- Quarterly dividend increased 5% to $0.525 per share from $0.50, payable September 2, 2026
- Planned separation of Lubricants & Specialties through the capital markets, targeted over the next 12-18 months, with base oil refining assets in Mississauga, Ontario to be retired by substantially completing the transition in 2027
- Cash and cash equivalents of $2,262 million at June 30, 2026, up from $978 million at December 31, 2025; consolidated debt of $2,772 million
03—Questions
Frequently Asked Questions
How did HF Sinclair perform in the second quarter of 2026?
The company reported net income attributable to HF Sinclair stockholders of $892 million, or $4.93 per diluted share, compared with $208 million, or $1.10 per diluted share, in the second quarter of 2025. Excluding non-GAAP adjustments, adjusted net income was $960 million, or $5.31 per diluted share, versus $322 million, or $1.70 per diluted share, a year earlier.
What drove the improvement in results?
The filing attributes the increase principally to the Refining segment, where management cited strong refining margins and volumes in the Mid-Continent and West regions due to steady demand, tight supply and favorable crack spreads. The Lubricants & Specialties segment also improved, driven by higher sales volumes and product prices.
What is the new dividend and when is it payable?
HF Sinclair's Board declared a regular quarterly dividend of $0.525 per share, a 5% increase over the prior $0.50 per share. It is payable September 2, 2026 to holders of record on August 11, 2026.
What strategic changes did HF Sinclair announce?
The company plans to pursue a separation of its Lubricants & Specialties segment through the capital markets, creating a new independent, publicly traded company. It also decided to retire its base oil refining assets in Mississauga, Ontario, with the transition expected to be substantially completed over 2027. The separation is intended to be executed over the next 12-18 months and is subject to customary conditions, including final Board approval and a private letter ruling from the IRS.
What did the company do with capital in the quarter?
HF Sinclair returned $265 million to stockholders through dividends and share repurchases in the second quarter. The filing states it paid a regular dividend of $0.50 per share totaling $89 million and spent $179 million on share repurchases, inclusive of $3 million of excise tax.
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