HF Sinclair (DINO) Q4 2025 earnings summary

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 diluted share, but adjusted net income was $221 million, or $1.20 per diluted 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; Franklin Myers is acting CEO. The board's audit committee is reviewing disclosure processes, but financial statements are considered reliable.

Financial highlights

• Q4 adjusted EBITDA was $564 million, up from $28 million in Q4 2024; full-year adjusted EBITDA reached $2.3 billion.

• Q4 adjusted net income was $221 million, compared to an 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%.

• Q4 net cash from operations was $8 million, including $122 million in turnaround spend; capital expenditures were $131 million.

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

Outlook and guidance

• Expect to spend $650 million in sustaining capital and $125 million in growth capital for 2026, both lower than prior years.

• Q1 2026 refining throughput guidance: 585,000–615,000 barrels per day, reflecting planned turnarounds.

• Focus remains on safe, reliable operations, growth in Midstream, Lubricants, and Marketing, and continued shareholder returns.