HF Sinclair
DINO · NYSEPipe Lines (No Natural Gas) · Fiscal year ends Dec 31
HF Sinclair reported revenue of $26.9B in the fiscal year ended Dec 2025, down 6.0% from the year before. Operating income was $927M, an operating margin of 3.5%, and net income was $579M. Operating cash flow of $1.3B less capital expenditure of $449M left free cash flow of $866M. Net debt was $1.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $18.4B | $38.2B | $32B | $28.6B | $26.9B |
| Cost of revenue | $15.6B | $30.7B | $25.8B | – | – |
| Gross profit | $2.8B | $7.5B | $6.2B | – | – |
| Selling, general & admin | $362M | $427M | $497M | $447M | $456M |
| Operating income | $749M | $4.1B | $2.2B | $261M | $927M |
| Interest expense | $125M | $176M | $191M | $165M | $217M |
| Pre-tax income | $787M | $3.9B | $2.2B | $218M | $732M |
| Income tax | $124M | $895M | $442M | $34M | $146M |
| Net income | $558M | $2.9B | $1.6B | $177M | $579M |
| Diluted EPS | 3.39 | 14.28 | 8.29 | 0.91 | 3.08 |
| Diluted shares | 163M | 203M | 190M | 192M | 186M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $234M | $1.7B | $1.4B | $800M | $978M |
| Receivables | $1.2B | $1.7B | $1.7B | $1.3B | $1.1B |
| Inventory | $2.1B | $3.2B | $2.9B | $2.8B | $2.6B |
| Current assets | $3.8B | $6.7B | $6.1B | $5B | $4.8B |
| Goodwill | $2.3B | $3B | $3B | $3B | $3B |
| Total assets | $12.9B | $18.1B | $17.7B | $16.6B | $16.5B |
| Payables | $1.6B | $2.3B | $2.2B | $2.2B | $1.9B |
| Deferred revenue | $9M | $11M | $8M | – | – |
| Current liabilities | $2.1B | $3.2B | $2.8B | $3B | $2.5B |
| Short-term debt | $0 | $307M | $0 | $350M | $0 |
| Long-term debt | $3.1B | $2.9B | $2.7B | $2.3B | $2.8B |
| Total liabilities | – | – | $7.5B | $7.3B | $7.3B |
| Shareholders' equity | $5.7B | $9.2B | $10.2B | $9.3B | $9.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $407M | $3.8B | $2.3B | $1.1B | $1.3B |
| Capital expenditure | $725M | $524M | $385M | $470M | $449M |
| Free cash flow | −$318M | $3.3B | $1.9B | $640M | $866M |
| Depreciation & amortisation | $504M | $657M | $771M | $832M | $909M |
| Stock-based compensation | $39M | $31M | $41M | $23M | $33M |
| Acquisitions | $624M | $251M | $0 | $0 | – |
| Share buybacks | $7M | $1.4B | $999M | $672M | $354M |
| Dividends paid | $58M | $256M | $341M | $386M | $376M |
| Dividend per share | 0.35 | 1.20 | 1.80 | 2.00 | 2.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 107.8% | −16.3% | −10.6% | −6.0% |
| Operating income growth (YoY) | – | 441.1% | −45.7% | −88.2% | 255.2% |
| EPS growth (YoY) | – | 321.2% | −41.9% | −89.0% | 238.5% |
| Gross margin | 15.3% | 19.7% | 19.3% | – | – |
| Operating margin | 4.1% | 10.6% | 6.9% | 0.9% | 3.5% |
| Net margin | 3.0% | 7.7% | 5.0% | 0.6% | 2.2% |
| Return on equityBlank when equity is negative | 9.8% | 31.6% | 15.6% | 1.9% | 6.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.9% | 27.2% | 14.7% | 1.9% | 6.6% |
| Free cash flow margin | −1.7% | 8.5% | 6.0% | 2.2% | 3.2% |
| Cash conversion (CFO ÷ net income) | 0.73x | 1.29x | 1.44x | 6.27x | 2.27x |
| Receivable days | 25 | 16 | 20 | 16 | 15 |
| Inventory days | 50 | 38 | 41 | – | – |
| Payable days | 38 | 28 | 31 | – | – |
| Interest cover | 5.99x | 23.1x | 11.5x | 1.58x | 4.27x |
| Debt ÷ equity | 0.54x | 0.35x | 0.27x | 0.28x | 0.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.8B | $1.6B | $1.4B | $1.8B | $1.8B |
| Current ratio | 1.82x | 2.08x | 2.21x | 1.65x | 1.94x |
Recent filings
More in Pipe Lines (No Natural Gas)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.