01—Abstract
Summary
Summary of the 8-K filed October 28, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona, 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 millionb, 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 millionc 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 milliond 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.
02—Key points
Key Highlights
- Net income attributable to HF Sinclair stockholders of $2,015 million ($11.38 per diluted share) for Q3 2026, versus $403 million ($2.15 per diluted share) in Q3 2025
- Adjusted net income attributable to stockholders of $2,079 million ($11.75 per diluted share) versus $459 million ($2.44 per diluted share) a year earlier
- Refining segment Adjusted EBITDA of $2,582 million versus $661 million, driven by tight fuel supply, elevated crack spreads and small refinery RINs waivers from the EPA
- Returned $572 million to stockholders through dividends and share repurchases in Q3 2026; declared a regular quarterly dividend of $0.525 per share
- Steve Ledbetter named CEO and President effective January 1, 2027, succeeding Franklin Myers, who becomes Executive Chairperson
- Lubricants & Specialties recorded Mississauga Asset Retirement charges, including a $27 million impairment, $28 million in severance and $54 million of accelerated depreciation and amortization
- Planned separation of the Lubricants & Specialties segment, with at least 80.1% of its stock to be distributed, expected to be substantially completed over 2027
03—Questions
Frequently Asked Questions
How did HF Sinclair perform in the third quarter of 2026?
The company reported net income attributable to 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. Excluding adjustments, adjusted net income was $2,079 million, or $11.75 per diluted share. EBITDA was $2,954 million and Adjusted EBITDA was $2,984 million.
What drove the improvement in the Refining segment?
The company attributed the Refining segment's Adjusted EBITDA of $2,582 million, versus $661 million a year earlier, principally to tight supply of transportation fuels across the markets, elevated crack spreads and benefits from small refinery RINs waivers granted by the EPA. Adjusted refinery gross margin was $54.22 per produced barrel sold, compared with $19.16 in the prior-year quarter.
What is changing in the company's leadership?
The Board appointed Steve Ledbetter, the current President and Chief Operating Officer, as CEO and President effective January 1, 2027. Franklin Myers will remain CEO until that date and then serve as Executive Chairperson through the completion of the planned Lubricants & Specialties separation. The Board expects to appoint Ledbetter as a director at a future date, and no compensation changes have been approved yet.
What dividend and capital return did the company announce?
The Board declared a regular quarterly dividend of $0.525 per share, payable December 2, 2026, to holders of record on November 12, 2026. In the third quarter the company returned $572 million to stockholders through dividends and share repurchases, including $479 million on share repurchases.
What is the status of the planned Lubricants & Specialties separation?
The company announced in July 2026 plans to pursue a tax-efficient separation of the Lubricants & Specialties segment through the capital markets. The filing says it will take the form of a distribution of at least 80.1% of the new company's stock and is expected to be substantially completed over the course of 2027. Separately, the Mississauga refining assets are being retired, with that transition expected to be substantially completed in the second half of 2027.
04—Continue