HF Sinclair Posts Strong Quarterly Earnings, Beats Estimates

Refiner reports $1.20 EPS, up from $-1.02 a year earlier

Published on Feb. 21, 2026

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HF Sinclair (NYSE:DINO), a diversified energy company, reported strong fourth-quarter earnings on Wednesday, with earnings per share of $1.20 beating the consensus estimate of $0.83 by $0.37. The company's revenue was down 0.6% year-over-year, but its net margin improved to 1.46% and it saw a return on equity of 5.77%.

Why it matters

HF Sinclair's better-than-expected results highlight the company's operational progress and growth initiatives, including record throughput, cost reductions, and investments in projects to expand its refining capabilities. However, the company's leadership uncertainty and reliance on uncertain small refinery RINs waivers raise some concerns about the sustainability of its performance.

The details

HF Sinclair reported adjusted EBITDA of $564 million in the fourth quarter, with adjusted net income of $221 million. The company returned over $724 million to shareholders in 2025 and declared a $0.50 quarterly dividend. Small refinery RINs waivers provided a significant boost to the company's results, adding $313 million to its fourth-quarter adjusted refining gross margin and $485 million for the full year, with a $280 million cash benefit in 2025. However, the future of these waivers is uncertain. The company also highlighted operational progress, including a record 652,000 bpd throughput, cost reductions, and growth initiatives such as a project to add heavy-crude capability and midstream expansion.

  • HF Sinclair reported its quarterly earnings results on Wednesday, February 18, 2026.
  • The company posted earnings per share of $1.20 for the fourth quarter, up from $-1.02 in the same period a year earlier.

The players

HF Sinclair

A diversified energy manufacturing company engaged in the refining, marketing, and transportation of petroleum products across the United States.

Franklin Myers

Serving as temporary CEO of HF Sinclair after Tim Go requested a voluntary leave, while the audit committee reviews the company's disclosure processes.

Tim Go

The former CEO of HF Sinclair who requested a voluntary leave as the company's audit committee reviews its disclosure processes.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

HF Sinclair's strong quarterly results highlight the company's operational progress and growth initiatives, but the leadership uncertainty and reliance on uncertain small refinery RINs waivers raise some concerns about the sustainability of its performance.