HF Sinclair Corporation (DINO) Q3 2026 Earnings Report
MX:DINO Q3 2026 EPS Results
- Actual EPS
- MXN 220.81
- Consensus EPS
- MXN 147.14
- Beat/Miss
- Beat by +MXN 73.66
- One Year Ago EPS
- MXN 45.85
MX:DINO Q3 2026 Revenue Results
- Actual Revenue
- MXN 204.03B
- Expected Revenue
- MXN 166.98B
- Beat/Miss
- Beat by +MXN 37.04B
- YoY Revenue Growth
- +49.73%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
HF Sinclair Corporation's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive. HF Sinclair reported substantial year-over-year growth in adjusted net income and EBITDA, strong refining performance, improved renewables and lubricants results, significant cash generation, robust liquidity, and continued shareholder returns. Management also highlighted progress on organic growth projects, operational improvements, and the lubricants separation. The principal challenges were lower midstream EBITDA, lower refining throughput during the El Dorado turnaround, Mississauga-related costs, higher refining operating expenses, renewable-diesel utilization below its stated sweet spot, and ongoing geopolitical and supply constraints. The highlights significantly outweighed the lowlights.
For full-year 2026, HF Sinclair now expects to spend approximately $725 million on sustaining capital and turnarounds and $150 million in growth capital; in the fourth quarter of 26, it expects to run 560 thousand to 600 thousand barrels per day of crude oil, and it expects to end the year at its target payout ratio of 50%. Westline Connect is expected to reach a final investment decision in the first quarter of 2027, increase capacity by approximately 35 thousand barrels per day, and be targeted to be online in 2029; turnaround and sustaining CapEx is expected to remain range bound to the cycle, with no further guidance on 2027 CapEx until FID. The company is targeting completion of the lubes spin and finalization of the Mississauga shutdown in the middle of next year, while the separation is still on track for the second quarter of 27 or second half of 27 and the standalone company is targeted to be fully operational by early Q3. The company continues to believe that full recovery is unlikely to occur within the broader refining assets and therefore their products until sometime in 2028, expects WCS differentials to stay wider than they have throughout the near term, at least through 2027, and said renewable diesel utilization above 70% is the target utilization.
- Strong Companywide Earnings GrowthThird-quarter net income attributable to HF Sinclair shareholders was $2 billion, or $11.38 per diluted share. Adjusted net income was $2.1 billion, or $11.75 per diluted share, compared with $459 million, or $2.44 per diluted share, in the third quarter of 2025. Adjusted EBITDA was $3 billion compared with $870 million in the prior-year quarter.
- Refining Segment Delivered Significant ImprovementThird-quarter Refining adjusted EBITDA was $2.6 billion compared with $661 million in the third quarter of 2025. The increase was driven by tight transportation-fuel supply, elevated crack spreads, and small-refinery RINs waivers granted by the EPA. Excluding the SRE benefit, refining capture was approximately 105%, reflecting year-over-year structural improvement.
- Marketing Growth and Higher Branded VolumesMarketing EBITDA increased to $39 million from $29 million in the third quarter of 2025. Branded fuel sales volumes increased to 420 million gallons from 360 million gallons.
- Renewables Turnaround ContinuedExcluding a $30 million lower-of-cost-or-market inventory valuation adjustment benefit, Renewables adjusted EBITDA was $109 million compared with negative $13 million in the third quarter of 2025. Improved results reflected higher RINs prices, greater producer tax-credit benefits, and increased sales volumes. Total sales volumes increased to 63 million gallons from 57 million gallons.
- Lubricants and Specialties Reported Strong ResultsLubricants and Specialties adjusted EBITDA was $174 million compared with $78 million in the third quarter of 2025. Results benefited from sales-mix optimization, strong product and base-oil prices, pricing discipline, portfolio management, new business gains, and tighter Group II and Group III base-oil markets.
- Strong Cash Generation and LiquidityNet cash provided by operations was $1.8 billion in the third quarter, including $114 million of turnaround spending. As of September 30, 2026, total liquidity was $5.3 billion, including $3.3 billion of cash and an undrawn $2 billion unsecured credit facility. Debt outstanding was $2.8 billion, with a 19% debt-to-capital ratio and negative 4% net-debt-to-capital ratio.
- Significant Shareholder ReturnsHF Sinclair returned $572 million to shareholders during the quarter, consisting of $93 million in regular dividends and $479 million in share repurchases. Since the Sinclair acquisition in March 2022, the company has returned approximately $5.7 billion and reduced its share count by over 73 million shares. The board declared a regular quarterly dividend of $0.525 per share, while management continues to target a 50% payout ratio.
- Westline Connect Expansion ProgressedThe multiphase Western expansion project was named Westline Connect. The company expects to reach a final investment decision on the first phase in the first quarter of 2027. The phase is designed to increase product-supply capacity from the Rockies into Utah and Nevada by approximately 35 thousand barrels per day and is targeted to be online in 2029. The project is expected to be funded with cash on hand and operating cash flows.
- El Dorado Reliability and Heavy-Crude Project Near CompletionThe El Dorado refinery was wrapping up its turnaround and vacuum furnace project in a safe and compliant manner. The project is expected to enhance reliability, improve product yields, and enable processing of up to an additional 10 thousand barrels per day of advantaged heavy crude.
- Western Gateway Investment Supports Integrated Growth StrategyHF Sinclair said its Western Gateway equity investment supports its strategy of expanding ratable and stable cash-flow businesses and connecting its El Dorado, Tulsa, and Artesia refineries to important Southwest markets. The company expects to fund its commitments through normal operating cash flows and cash on the balance sheet and does not anticipate liquidity impacts or draws on credit facilities.
- Organic Growth and Technology Investments Remain PrioritiesManagement said the majority of growth will be targeted at organic opportunities, particularly in marketing, midstream, refining assets, technology, safety, reliability, and value-chain optimization. The company continues to advance growth, technology, and transformation initiatives and expects to maintain a disciplined capital-allocation framework.
- Renewable Diesel Operating ImprovementsManagement cited improvements in feedstock sourcing, including greater use of direct relationships and low-cost locations, market placement with more than 50% of volumes outside California, disciplined operating expenses, and improving unit performance. Excluding the PARCO outage, utilization improved from 67% last quarter to above 72%, with a stated sweet spot of above 70% utilization.
- Lubes Separation Remained on TrackThe lubricants separation continued to progress from planning into execution, including work on the PLR, Form 10, leadership appointments, IT infrastructure, and operating agreements. Management said the objective is for the business to be fully operational and ready as a standalone company by early third quarter of 2027, with the broader transition substantially completed in the second half of 2027.
- Planned Lube-Business Supply Model Provides FlexibilityFollowing the Mississauga shutdown, the lubricants business plans to stop manufacturing base oils while maintaining market participation through a more flexible supply model, lower fixed costs, continued growth in finished and specialties products, and improved operating efficiencies. Management said the standalone company is intended to have a strong, flexible balance sheet and is not planned to be loaded with debt.
- Capital Spending and Near-Term Operating GuidanceFor full-year 2026, the company expects approximately $725 million of sustaining capital and turnaround spending plus $150 million of growth capital, including investments in Western Gateway, Westline Connect, and marketing joint ventures. Fourth-quarter crude-oil runs are expected to be 560 thousand to 600 thousand barrels per day.
- CEO Succession AnnouncedSteven C. Ledbetter will assume the roles of CEO and president beginning January 1, 2027. Franklin Myers will move into an executive chair role for the first couple of quarters of 2027 to support the transition and oversee activities surrounding the lubricants spin.
MX:DINO Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 117.17- | 22.55 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 147.14220.81 | 45.85 | 381.56% (+174.95) | |
| Jul 28, 2026 | 2026 (Q2) | 84.3899.79 | 31.95 | 212.35% (+67.84) | |
| May 01, 2026 | 2026 (Q1) | -1.2212.97 | -5.07 | 355.56% (+18.04) | |
| Feb 18, 2026 | 2025 (Q4) | 8.4622.55 | -19.17 | 217.65% (+41.72) | |
| Oct 30, 2025 | 2025 (Q3) | 35.3545.85 | 9.58 | 378.43% (+36.27) | |
| Jul 31, 2025 | 2025 (Q2) | 20.2231.95 | 14.66 | 117.95% (+17.29) | |
| May 01, 2025 | 2025 (Q1) | -8.10-5.07 | 13.34 | -138.03% (-18.42) | |
| Feb 20, 2025 | 2024 (Q4) | -16.71-19.17 | 16.35 | -217.24% (-35.52) | |
| Oct 31, 2024 | 2024 (Q3) | 6.119.58 | 76.3 | -87.44% (-66.71) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
