HF Sinclair's Third-Quarter Profit More Than Doubles

The Tip Desk · November 2, 2026 · 3 min read

Net income attributable to stockholders was $2,015 million, or $11.38 a share, as refining income reached $2,435 million.

HF Sinclair Corporation (DINO) reported net income attributable to stockholders of $2,015 million, or $11.38 a share, for the quarter ended September 30, 2026, more than double the $892 million, or $4.93 a share, recorded in the second quarter.

Adjusted net income was $2,079 million, or $11.75 a share. EBITDA was $2,954 million and adjusted EBITDA was $2,984 million, compared with $1,404 million and $1,482 million in the prior quarter. Sales and other revenues were $10,857 million, up 50% from a year earlier.

The independent energy company said the third-quarter result reflected execution across its businesses. Chief Executive Officer Franklin Myers said the company returned $572 million to stockholders through dividends and share repurchases.

Refining was the source of the step-up. Segment income before interest and income taxes was $2,435 million, versus $877 million in the second quarter. Adjusted EBITDA was $2,582 million. The company said the increase was driven principally by tight supply of transportation fuels, 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, a 183% increase from $19.16 a year earlier.

Crude charge averaged 614,060 barrels per day, down from 639,680 barrels per day in the second quarter. The company said stronger transportation fuel sales in the West region were offset by lower sales in the Mid-Continent region due to a planned turnaround at the El Dorado refinery.

Renewables income before interest and income taxes was $123 million, versus $30 million in the second quarter. Excluding a $30 million lower-of-cost-or-market inventory valuation benefit, adjusted EBITDA was $109 million. The company said adjusted renewables gross margins increased on improved RINs prices, higher Producer’s Tax Credit benefits and increased sales volumes. Total sales volumes were 63 million gallons.

Marketing income before interest and income taxes was $31 million. EBITDA was $39 million. Branded fuel sales volumes were 420 million gallons.

Lubricants & Specialties income before interest and income taxes was $38 million. The company said the quarter reflected special items related to the decision to retire Mississauga, Ontario base oil refining assets, with the transition expected to be substantially completed in the second half of 2027. Those items included a $27 million impairment of assets under construction, $28 million of severance and $54 million of incremental accelerated depreciation and amortization. Excluding those items, adjusted EBITDA was $174 million, which the company attributed primarily to sales mix optimization and strong product and base oil prices.

Midstream income before interest and income taxes was $87 million and adjusted EBITDA was $101 million.

Net cash provided by operations totaled $1,784 million. Cash and cash equivalents were $3,333 million at September 30, 2026, a $2,355 million increase from $978 million at December 31, 2025. Consolidated debt was $2,774 million. During the third quarter the company paid a regular dividend of $0.525 a share totaling $93 million and spent $479 million on share repurchases.

The board declared a regular quarterly dividend of $0.525 a share, payable December 2, 2026 to holders of record on November 12, 2026, matching the 5% increase announced after the second quarter.

In July 2026 the company announced plans to separate Lubricants & Specialties through the capital markets, creating a new independent, publicly traded company expected to be executed in a tax-efficient manner. The company said it expects the planned separation to be in the form of a distribution of at least 80.1% of the Lubricants & Specialties company’s stock and to be substantially completed over the course of 2027.