HF Sinclair Q3 Net Income $2.0B as Refining Margins Nearly Triple
DINO has more than doubled off its 52-week low of $45.71.
Summary
HF Sinclair earned $2,015 million, or $11.38 per diluted share, in Q3 2026 as adjusted refining margin per barrel rose 183% to $54.22, helped by $603 million of nine-month small refinery RINs waiver benefits. Cash reached $3.3 billion with $1.2 billion left on the buyback.
Key Events · Earnings and Guidance · DINO
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Q3 Earnings Surge on Refining Margins
Net income attributable to HF Sinclair was $2,015 million, or $11.38 per diluted share, versus $403 million ($2.15) a year earlier; sales and other revenues rose 50% to $10,857 million.
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Refining Margin Up 183% Per Barrel
Adjusted refinery gross margin per produced barrel sold climbed to $54.22 from $19.16, and income from operations reached $2,672 million versus $564 million.
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RINs Waivers Add $603 Million
Small refinery RINs waivers granted by the EPA increased pre-tax earnings by $603 million for the nine months ended September 30, 2026 — a policy benefit, not a structural margin.
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Mississauga Retirement Costs $109 Million
The Lubricants & Specialties segment booked $54 million of accelerated depreciation, $28 million of severance and $27 million of impairments, and raised asset retirement obligations by $140 million.
Analysis · DINO · Energy & Transportation
HF Sinclair's Q3 profit jumped to $2,015 million ($11.38 per diluted share) from $403 million a year ago, driven by adjusted refinery gross margin of $54.22 per produced barrel versus $19.16 — a 183% increase on tighter fuel supply and elevated crack spreads. A $603 million pre-tax benefit from EPA small refinery RINs waivers over the first nine months did much of the heavy lifting, and that is a policy-dependent tailwind rather than a durable margin. The quarter also carried $109 million of Mississauga retirement costs and a $140 million increase in asset retirement obligations tied to the Lubricants & Specialties separation planned for 2027. Cash built to $3.3 billion against $2.8 billion of face-value debt, leaving roughly $5.3 billion of liquidity and room to keep funding the $1.5 billion buyback, of which $1.2 billion remained at quarter-end.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, DINO was trading at $112.82 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $20.1B. The 52-week trading range was $45.71 to $129.37. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.