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HF Sinclair Corp. (NYSE:DINO) reported sharply improved financial results for the third quarter of 2025. GAAP diluted EPS rose to $2.15 from a $(0.40) loss a year ago, while adjusted EPS of $2.44 topped estimates of $1.77. Revenue grew 1% year-over-year to $7.25 billion, exceeding the $6.91 billion consensus.
The Refining segment swung to income before interest and income taxes of $476 million, from a $212 million loss, driven by stronger margins and EPA-granted small-refinery RIN waivers.
Adjusted refinery gross margin rose 78% to $19.16 per produced barrel sold, with throughput up to 639,050 barrels per day from 607,010.
Midstream income before interest and income taxes climbed to $98 million from $80 million, and EBITDA reached $114 million, reflecting lower operating costs.
The Marketing segment generated $22 million in revenue and $29 million in EBITDA, driven by higher margins and improved store performance.
The Lubricants & Specialties segment reported $52 million in income and $78 million in EBITDA, benefiting from a $2 million FIFO gain versus a $27 million loss last year.
Also Read: The Analyst Verdict: HF Sinclair In The Eyes Of 14 Experts
Renewables posted a loss of $55 million and adjusted EBITDA of $(13) million, though the company expects additional Producer's Tax Credit benefits next quarter.
Operating cash flow totaled $809 million, with $254 million returned to shareholders through dividends and buybacks. HF Sinclair ended the quarter with $1.45 billion in cash and $2.77 billion in consolidated debt.
CEO Tim Go stated that the “strong third quarter results are underpinned by the measurable improvement in operating and commercial performance including the continued increases in refining throughput, capture and reductions in operating costs.”
Dividend: The company declared a regular quarterly dividend of $0.50 per share, payable on December 5, 2025, to holders of record as of November 19, 2025.
Yesterday, HF Sinclair also announced plans to evaluate a multi-phase Midstream expansion across PADD 4 and PADD 5 to address supply-demand imbalances in western U.S. markets. The project could add up to 150,000 barrels per day of capacity, with the first 35,000-bpd phase—expanding pipelines from the Rockies to Nevada—targeted for 2028. The initiative aligns with the company's strategy to optimize its refining, midstream, and marketing operations for long-term growth.
Price Action: DINO shares closed at $53.96 on Wednesday.
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Posted In: DINO
