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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.
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Q2 2025 earnings summary31 Jul, 2025

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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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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