HF Sinclair swings to $648M profit as refining margins stabilize

HF Sinclair (NYSE:DINO) reported a significant financial turnaround for the first quarter of 2026, posting net income of $648 million, or $3.56 per diluted share.

The results represent a stark contrast to the net loss of $4 million recorded in the first quarter of 2025, reflecting improved utilization across its refining system and a more favorable market environment for its diverse energy portfolio.

On an adjusted basis, which excludes special items and the impact of inventory valuation, the company earned $127 million, or $0.69 per share.

This also marked a substantial improvement over the adjusted net loss of $50 million in the prior-year period.

Total EBITDA for the quarter reached $1,097 million, while adjusted EBITDA came in at $426 million.

The company’s refining segment benefited from steady crack spreads and reliable operations at its Rocky Mountain and Mid-Continent facilities.

Additionally, HF Sinclair’s lubricants and specialty products business, along with its renewable diesel operations, provided key diversification that helped buffer the volatility inherent in merchant refining.