HF Sinclair to Report Third-Quarter Results on Oct. 28 as Refining Margins in Focus
Key Facts
HF Sinclair scheduled the release of results for the quarter ended Sept. 30, 2026, before trading opens on Oct. 28, with an online conference call the same day at 8:30 a.m. Eastern time, according to the company’s calendar. The announcement follows a second quarter in which the company reported net income attributable to shareholders of $892 million, or $4.93 per diluted share. Adjusted net income was $960 million, or $5.31 per share, compared with $322 million and $1.70 per share in the second quarter of 2025. Investors are focused on whether the margins and volumes that supported refining performance in the previous quarter continued to underpin results in the third quarter. Before the announcement, the company’s shares, which trade under the ticker DINO, closed at $114.21 on Oct. 27.
In the second quarter, Refining segment income before income taxes rose to $877 million from $166 million in the year-earlier period. The segment’s adjusted EBITDA was $1.023 billion, compared with $476 million a year earlier. The adjusted gross refining margin was $25.95 per barrel of product sold, up 57% from $16.50 in the second quarter of 2025. These indicators show the refining business’s contribution to the company’s results in the previous quarter, while the year-over-year comparison provides a basis for reviewing third-quarter figures when they are released. The company said the segment’s improvement extended to margins and volumes in its Mid-Continent and Western regions.
HF Sinclair attributed second-quarter refining performance to steady demand, tight supply and favorable refining spreads, factors it said supported margins and volumes in its Mid-Continent and Western regions. Chief Executive Franklin Myers said the company believes “the fundamental factors that drove strong second-quarter results across all of our businesses will continue into the third quarter.” That assessment came in the context of second-quarter results and does not itself represent realized figures for the period ended in September. Markets are awaiting the company’s actual third-quarter data in the new release, including segment results. Management is scheduled to discuss the results on the online conference call set for Oct. 28.
The year-earlier comparison for the third quarter was strong: in the third quarter of 2025, the company reported net income attributable to shareholders of $403 million, or $2.15 per diluted share, after a loss of $76 million and $0.40 per share in the third quarter of 2024. Adjusted net income in the third quarter of 2025 was $459 million, or $2.44 per share, compared with $96 million and $0.51 in the year-earlier period. In that quarter, the adjusted refining margin reached $19.16 per barrel of product sold, up 78% from $10.79 a year earlier. Average crude throughput was also 639,050 barrels per day, compared with 607,010 barrels in the third quarter of 2024. The company said higher margins in the Western and Mid-Continent regions included small-refinery exemptions from RIN obligations, while reduced turnaround activity contributed to higher crude throughput.
Before the announcement, an Investing.com report cited estimates that the company could post earnings of $7.67 per share and revenue of $8.91 billion in the third quarter, noting that the earnings-per-share estimate had risen 41.92% in the previous 60 days. The report said UBS analyst Manav Gupta raised his earnings-per-share estimate to $8.30 from $5.05 and forecast EBITDA of $2.09 billion, compared with $1.48 billion in the second quarter. It also reported that 17 firms covered the stock, including 7 Buy recommendations, 8 Hold recommendations and 2 Sell recommendations, and that the average price target was $122.07. HF Sinclair operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah, and produces and markets fuels and specialty products, including renewable diesel. In terms of shareholder returns, the company returned $265 million through dividends and share repurchases in the second quarter, and announced in July a 5% increase in its quarterly cash dividend to $0.525 per share.