HF Sinclair (DINO) Q3 2026 earnings summary

Executive summary

• Q3 net income attributable to stockholders was $2.015B, or $11.38 per diluted share; adjusted net income was $2.079B, or $11.75 per diluted share.

• Adjusted EBITDA was $2.984B, up sharply from Q3 2025, as tight fuel supply, elevated crack spreads and small-refinery RIN waivers supported results.

• Strategic priorities include reliable operations, commercial optimization, selective growth and expanding stable cash flows through marketing and midstream investments.

Financial highlights

• Revenue was $10.857B, up 50% year over year; operating income was $2.672B, versus $564M.

• Q3 operating cash flow was $1.784B, including $114M of turnaround spend; capital expenditures were $137M.

• Nine-month operating cash flow was $3.751B versus $1.307B; nine-month revenue was $28.370B and net income attributable to stockholders was $3.555B.

• Q3 diluted EPS was $11.38 versus $2.15; adjusted diluted EPS was $11.75 versus $2.44.

Outlook and guidance

• Expected 2026 cash spending was revised to $875M: $375M capital expenditures, $150M turnarounds and catalyst, and $350M growth capital.

• Q4 2026 refining crude runs are expected at 560,000–600,000 BPD, reflecting the planned El Dorado turnaround.

• Westline Connect Phase 1 FID is targeted for Q1 2027; the project targets ~35,000 BPD of added capacity and 2029 startup.

• Lubricants & Specialties separation is expected to be substantially completed during 2027; Mississauga asset retirement transition is expected to be substantially completed in H2 2027.

• Western Gateway investment could reach $750M, with $20M expected in 2026 and the remainder primarily in 2027–2029.