HF Sinclair (DINO) Q2 2026 earnings summary

Executive summary

• Net income attributable to shareholders rose to $892 million ($4.93/diluted share) in Q2 2026, up from $208 million ($1.10/share) in Q2 2025, with adjusted net income at $960 million ($5.31/share), driven by higher product demand, improved margins, and increased sales volumes.

• Announced the planned separation of the Lubricants & Specialties segment into an independent public company and retirement of Mississauga base oil refining assets, with transition expected by 2027.

• Leadership changes implemented to align with long-term growth, including new roles for President/COO and President, Growth, Technology, and Transformation.

• Board declared a quarterly dividend of $0.525/share, a 5% increase, payable September 2, 2026.

Financial highlights

• Q2 2026 sales and other revenues increased 53% year-over-year to $10.39 billion; adjusted EBITDA reached $1.5 billion, more than doubling from $665 million in Q2 2025.

• Operating income rose to $1,168 million from $275 million year-over-year.

• Returned $265 million to shareholders in Q2 via $89 million in dividends and $179 million in share repurchases; total cash returned since March 2022 is $5.2 billion.

• Capital expenditures for Q2 were $118 million; liquidity stood at $4.26 billion, with $2.26 billion in cash and a $2 billion undrawn credit facility.

• Debt outstanding was $2.8 billion, with a debt-to-cap ratio of 21% and net debt-to-cap ratio of 4%.

Outlook and guidance

• Q3 2026 crude oil throughput expected between 590,000–620,000 barrels/day, reflecting planned El Dorado turnaround.

• Lubricants & Specialties segment separation and Mississauga asset retirement expected to be completed over the next 12–18 months, with estimated pre-tax costs of $405–$505 million.

• No change to full-year 2026 capital spending guidance, but subject to project evaluations.

• Anticipates continued growth in branded marketing sites by approximately 10% annually.

• Anticipate supportive refining fundamentals through fall and constructive markets into 2027–2028, barring major changes in global supply.