HF Sinclair Corporation reported first‑quarter 2026 results, posting net income of $648 million ($3.56 per diluted share) and adjusted net income of $127 million ($0.69 per diluted share). The company’s revenue rose to $7.12 billion, up 12% from $6.37 billion a year earlier, driven by higher refining margins and increased product volumes.
Refining income before interest and taxes surged to $514 million from a loss of $30 million in Q1 2025, a turnaround powered by stronger West‑region margins, higher product sales volumes, and favorable inventory valuation adjustments. The renewables segment generated $182 million in income before interest and taxes, up from a $39 million loss, thanks to a tighter BOHO spread, higher RIN prices, and continued tax‑credit support.
Midstream and marketing segments also posted gains, with adjusted EBITDA improving by 15% and 12% respectively, reflecting higher throughput and lower operating costs. The company’s adjusted refinery gross margin per barrel sold increased to $9.95 from $9.12 a year earlier, a 9% lift that underscores the benefit of the company’s diversified business model.
HF Sinclair beat analyst consensus on both revenue and adjusted EPS. Adjusted EPS of $0.69 surpassed the consensus estimate of $0.07, a beat of $0.62 or 885 % over expectations, while revenue of $7.12 billion exceeded the consensus forecast of $6.76 billion by $360 million (5.33 %). The strong performance was driven by robust demand for refined products, favorable pricing, and disciplined cost management.
The company declared a regular quarterly dividend of $0.50 per share, payable on June 2, 2026 to holders of record on May 11, 2026. CEO Franklin Myers noted that the company remains focused on executing its strategic priorities and believes each business segment is well positioned to benefit from the current favorable macroeconomic backdrop.
Investors initially priced in concerns about potential margin pressure and the ongoing leadership transition, reflecting a cautious outlook despite the earnings beat.
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