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HF Sinclair (DINO) investor relations material
HF Sinclair Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income attributable to shareholders rose 37% year-over-year to $208M in Q2 2025; adjusted net income was $322M ($1.70/share), up from $150M ($0.78/share) in Q2 2024.
Adjusted EBITDA for Q2 2025 was $665M, up 64% year-over-year; EBITDA reached $516M, up 26%.
Returned $145M to shareholders in Q2 2025 via $95M dividends and $50M buybacks; $0.50/share quarterly dividend declared.
Most scheduled turnarounds completed, positioning for continued execution of strategic priorities and further cash returns.
Non-refining segments, especially marketing and midstream, are on track for record or strong performance, reflecting successful integration and optimization.
Financial highlights
Q2 2025 net income: $208M ($1.10/share); adjusted net income: $322M ($1.70/share); sales and other revenues: $6.78B, down 14% year-over-year.
Adjusted EBITDA: $665M (Q2 2025), up from $406M (Q2 2024); operating income rose 40% to $275M.
Net cash from operations was $587M in Q2 2025; cash and cash equivalents at June 30, 2025, were $874M.
Debt outstanding was $2.68B–$2.7B as of June 30, 2025; debt-to-capital ratio at 22%.
Six-month net income was $204M, down 56% year-over-year, mainly due to inventory valuation impacts.
Outlook and guidance
Full-year 2025 sustaining capital expected at $775M, with $100M in growth capital; total capital and turnaround spending expected at $875M.
Refining crude throughput guidance for 2025 is 615,000–645,000 barrels/day, reflecting planned Puget Sound turnaround.
Renewables segment to capture further Producer's Tax Credit benefits in Q3 2025.
Marketing segment targets 10% annual growth in branded sites; 55 net new sites added in Q2 2025.
Expect continued strong shareholder returns if margins persist, with both organic growth and bolt-on M&A opportunities being pursued.
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