HF Sinclair
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HF Sinclair (DINO) investor relations material

HF Sinclair Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary18 Feb, 2026

Executive summary

  • Reported full-year 2025 adjusted EBITDA of $2.3 billion and Q4 adjusted EBITDA of $564 million, with Q4 results impacted by seasonal refining weakness, maintenance events, and an unplanned Artesia event.

  • Net loss attributable to shareholders for Q4 was $28 million, or -$0.16 per share, but adjusted net income was $221 million, or $1.20 per share; full-year net income was $579 million ($3.08/share) and adjusted net income was $951 million ($5.06/share).

  • CEO Tim Go is on voluntary leave; Board Chair appointed interim CEO; an audit committee review of disclosure processes is underway, but financial statements are considered reliable.

Financial highlights

  • Q4 adjusted EBITDA: $564 million, up from $28 million in Q4 2024; Q4 EBITDA was $235 million.

  • Full-year adjusted EBITDA: $2.3 billion; full-year EBITDA: $1.8 billion.

  • Q4 adjusted net income: $221 million, or $1.20 per share, versus adjusted net loss of $191 million in Q4 2024.

  • Q4 revenues were $6.46 billion, down 1% year-over-year; full-year revenues were $26.87 billion, down 6%.

  • Returned $724 million to shareholders in 2025 via dividends and buybacks.

Outlook and guidance

  • Bullish on refining margins for 2026, expecting constructive market conditions and continued growth in midstream, lubricants, and marketing.

  • 2026 sustaining capital spending expected at $650 million, down $125 million from 2025; growth capital investments of $125 million planned for 2026.

  • Q1 2026 crude oil throughput guidance: 585,000–615,000 barrels per day.

What are the disclosure process concerns?
Reconcile refining events with improved results.
What is the growth plan for Lubricants & Specialties?
Confirm strategy continuity despite leadership change
Midstream pipeline expansion Phase 1 FID target?
Q4 SRE cash flow contribution?
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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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