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HF Sinclair (DINO) investor relations material
HF Sinclair Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net income attributable to shareholders was $403 million ($2.15 per diluted share) for Q3 2025, reversing a net loss of $76 million in Q3 2024; adjusted net income was $459 million ($2.44 per share).
Achieved strong Q3 results driven by improved operating and commercial performance, higher refining margins in both West and Mid-Continent regions, and increased throughput.
Returned $254 million to shareholders via $160 million in share repurchases and $94 million in dividends; announced a $0.50 quarterly dividend.
Strategic focus on asset integration, value chain optimization, and expansion projects to address supply/demand imbalances in Western U.S. markets.
Renewables segment margins declined due to higher feedstock costs, but more value was captured from the Producer's Tax Credit.
Financial highlights
Q3 2025 sales and other revenues were $7.25 billion, up 1% year-over-year; net income attributable to shareholders was $403 million ($2.15 per share); adjusted EBITDA was $870 million, up from $316 million in Q3 2024.
Refining segment adjusted EBITDA reached $661 million, up from $110 million year-over-year.
Net cash from operations totaled $809 million; cash and cash equivalents at September 30, 2025 were $1.45 billion.
Operating expenses decreased 6% year-over-year in Q3 2025; selling, general, and administrative expenses fell 11%.
Total debt stood at $2.77 billion at quarter-end.
Outlook and guidance
Full-year 2025 sustaining capital expected at $775 million, with $100 million in growth capital; total 2025 capital and turnaround cash spending expected at $875 million.
Q4 2025 crude oil throughput guidance: 550,000–590,000 bbl/day, reflecting Puget Sound turnaround.
Management expects to capture more value from the Producer's Tax Credit in Q4 2025.
Anticipates lower turnaround costs and fewer events in 2026.
Plans to grow branded marketing sites by approximately 10% annually.
Why did Renewables adjusted EBITDA turn negative?
What drove the refining operating cost reduction?
Explain Midstream segment throughput volume decline
Future SRE run rate impact and basis?
Midstream expansion's cost efficiency vs. peers
Plan for excess cash given Q3 build?
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Next HF Sinclair earnings date
Q4 202519 Feb, 2026
Next HF Sinclair earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
HF Sinclair Corporation is an energy company engaged in the refining, marketing, and distribution of petroleum products. The company operates refineries that produce gasoline, diesel, jet fuel, and specialty lubricants, serving wholesale distributors, retailers, and industrial customers. HF Sinclair also manufactures and markets renewable fuels and petrochemical products. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.
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