The latest earnings report from HF Sinclair Corporation reveals a noteworthy turnaround from the previous year, underpinned by robust financial results and strategic advancements across its core business segments. Here’s a detailed breakdown of the company's performance in the third quarter of 2025.
HF Sinclair Corp Earnings Summary
For the quarter ending September 30, 2025, HF Sinclair Corp reported a net income attributable to stockholders of $403 million, or $2.15 per diluted share. This represents a substantial improvement from a net loss of $76 million, or $(0.40) per diluted share, reported in the same quarter of 2024. When adjusted for particular items, the net income rose to $459 million, or $2.44 per diluted share, up from $96 million, or $0.51 per diluted share, in the previous year's third quarter.
Key Financial Metrics
| Metric | Q3 2025 | Q3 2024 | YoY Change |
|---|---|---|---|
| Net Income | $459 million | $96 million | 378% increase |
| Earnings Per Share (EPS) | $2.44 | $0.51 | 378% increase |
| EBITDA | $796 million | N/A | N/A |
| Adjusted EBITDA | $870 million | N/A | N/A |
Significant earnings growth was primarily driven by improvements in the company's refining operations, along with disciplined cost management efforts.
Revenue Breakdown and Analysis
The following table presents HF Sinclair Corp’s revenue performance across its major segments:
| Segment | Income Before Interest & Tax (Q3 2025) | Income Before Interest & Tax (Q3 2024) | YoY Change |
|---|---|---|---|
| Refining | $476 million | $(212) million | 324% increase |
| Renewables | $(55) million | $(23) million | -139% deterioration |
| Marketing | $22 million | $16 million | 38% increase |
| Lubricants & Specialties | $52 million | $54 million | -4% decrease |
| Midstream | $98 million | $80 million | 23% increase |
Refining Segment Performance
The refining segment was a major contributor to the earnings rebound. This segment, which deals primarily in the purchase and refining of crude oil into various products like gasoline and jet fuel, saw income before interest and tax surge to $476 million from a loss of $212 million in the same quarter last year. The adjusted EBITDA for this segment rose to $661 million, driven largely by improved refinery gross margins, including favorable RINs waivers from the EPA.
Renewables Segment Update
The renewables segment experienced a deeper loss of $55 million, a decline from the $23 million loss in the corresponding quarter of 2024. However, the segment reported an adjusted EBITDA of $(13) million, with expectations of capturing increased value from the Producer's Tax Credit in subsequent periods.
Marketing and Lubricants & Specialties Segments
In the marketing segment, income before interest and taxes increased by 38% to $22 million, benefiting from higher margins and optimization of store mixes. Meanwhile, the lubricants & specialties segment faced a slight decline in income due to increased operating expenses, despite enjoying benefits from better product mix and FIFO accounting.
Midstream Segment Gains
The midstream segment witnessed a growth in performance with an income of $98 million, up from $80 million in the year-ago quarter. This was largely the result of reduced operating costs, although partially affected by decreased throughput volumes.
Key Developments and Operational Highlights
During the third quarter, HF Sinclair made noteworthy strides including the effective management of operating costs, increasing refinery capacity through reduced turnaround activity, and strong focus on strategic priorities. The company's renewed strategic initiatives have driven a return of $254 million in shareholder value through dividends and share buybacks.
Executive Commentary
Tim Go, Chief Executive Officer of HF Sinclair, expressed satisfaction with the company’s strong quarterly performance and progress on strategic priorities, stating, "We are pleased with the progress we have made on our key priorities and believe the year-to-date performance reflects the value from our strategic focus. Looking forward, we remain committed to generating strong cash flows to return to our shareholders, enhancing reliability and the optimization and growth of our portfolio."
Dividends and Share Repurchases
HF Sinclair continues to demonstrate its commitment to shareholder returns, having returned $254 million in the third quarter through dividends and share repurchase activities. A quarterly dividend of $0.50 per share has been declared, reaffirming its consistent dividend policy. Additionally, the company spent $166 million on share repurchases, highlighting its robust cash flow generation and strategic capital allocation priorities.
HF Sinclair Corp Stock Forecast
Based on HF Sinclair’s strong earnings performance and strategic initiatives, the company is well-positioned for future growth. Considering the company's market capitalization of approximately $10.13 billion, coupled with its solid financial foundation and operational efficiencies, the stock is projected to see price movements between a high of $3.00 and a low of $2.10 over the next 12 months.
In conclusion, HF Sinclair Corporation's third-quarter results underscore the company’s resilience and strategic progress amidst various industry challenges. With a clear focus on operational efficiency and shareholder value, HF Sinclair appears to be on a positive trajectory as it seeks to continue improving its market position and financial performance.
