10-Q · May 1, 2026
HF Sinclair Corporation reported a strong Q1 2026, achieving a net income of $648 million and diluted EPS of $3.56, marking a significant recovery from a net loss of $4 million in the prior year. Revenue grew 12%…
Earnings analysis · 10-Q
DINO earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
HF Sinclair delivered a strong Q3 2026 result, with revenue of $10.857 billion and diluted EPS of $11.38 versus consensus estimates of $8.5986 billion and $7.88. Refining drove the result as adjusted refinery gross…
Read full summary
HF Sinclair delivered a strong Q3 2026 result, with revenue of $10.857 billion and diluted EPS of $11.38 versus consensus estimates of $8.5986 billion and $7.88. Refining drove the result as adjusted refinery gross margin rose 183% to $54.22 per produced barrel, although lubricants and midstream showed weakness and $109 million of Mississauga retirement charges remained a headwind. The company provided no quantitative forward guidance, while renewable-fuel litigation and Puget Sound regulatory matters remain material uncertainties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $11.38
- Segment
- Refining: adjusted refinery gross margin was $54.22 per produced barrel, an increase of 183% year over year.
- Segment
- Lubricants: segment performance declined, but segment revenue and profitability figures were not provided in the supplied filing text.
- Segment
- Midstream: EBITDA and operating volumes were lower, but segment revenue and EBITDA figures were not provided in the supplied filing text.
What stood out
-
Large revenue and EPS beat
Third-quarter revenue was $10.857 billion versus consensus of $8.5986 billion, while diluted EPS was $11.38 versus the $7.88 estimate. Revenue increased from $10.39 billion in Q2 2026, and EPS rose from $4.93.
-
Refining drove earnings
Refining was the primary earnings driver: adjusted refinery gross margin increased 183% to $54.22 per produced barrel.
-
Aggressive share repurchases
The company repurchased 4,957,465 shares during Q3 2026, including 2,595,963 shares in August and 2,361,502 in September. Remaining authorization was $1.2 billion at September 30, 2026.
-
Capital returned to shareholders
HF Sinclair repurchased 2,375,000 shares from REH for an aggregate purchase price of $212 million on August 2, 2026, funded with cash on hand.
-
No control deficiencies reported
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal controls that materially affected, or were reasonably likely to materially affect, those controls.
What to watch
-
Uncertain renewable-fuel obligations
The company remains exposed to litigation over EPA small refinery exemptions covering compliance years from 2019 through 2025. The potential impact cannot be estimated, and the EPA response brief in one consolidated case is due November 16, 2026.
-
Puget Sound regulatory matter
HF Sinclair Puget Sound continues discussions with government agencies regarding Clean Air Act and related compliance matters. No penalties have been demanded, but the company states it is too early to predict the outcome.
-
Mississauga retirement charges
Mississauga retirement actions generated $109 million of impairment, severance and accelerated-depreciation charges, creating a material near-term earnings headwind.
-
Liquidity from capital returns
The company used $212 million of cash for the August 2, 2026 REH share repurchase, while total Q3 repurchases reached 4,957,465 shares. Continued capital returns could reduce liquidity available for other uses.
-
Non-refining segment weakness
Lubricants performance declined and midstream EBITDA and operating volumes were lower, although the supplied filing text does not provide exact segment amounts.
Management's outlook
No quantitative forward revenue or EPS guidance was provided in the supplied 10-Q extract. The prior analysis also identified no forward financial guidance.
Earlier filings 4
10-K · February 27, 2026
HF Sinclair presents a diversified refining and midstream platform with seven complex refineries (678,000 BPSD combined capacity) and five reportable segments (Refining; Renewables; Marketing; Lubricants & Specialties;…
10-Q · May 1, 2025
HF Sinclair's Q1 2025 results show a decline in revenue and operating metrics compared to both the prior quarter and year. Revenue amounted to $6.37 billion, down from $7.03 billion in Q4 2024 and $7.66 billion in Q1…
10-K · February 20, 2025
HF Sinclair reports a large, geographically diversified refining and renewables footprint (seven refineries, three RDUs) with a combined crude processing capacity of 678,000 BPSD. The 2024 filing highlights the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.