HF Sinclair Corp (DINO) · Oct 28, 2026 · Earnings

HF Sinclair earnings beat as refining margins surge; separation charges remain

Beat — Adjusted EPS $11.75 vs ~$7.83 consensus

HF Sinclair’s third-quarter earnings beat expectations by a wide margin as refining margins surged, though the lubricants separation is generating sizable charges.

HF Sinclair is a diversified refiner in the middle of a strategic reshaping: refining is the earnings engine, while management is preparing to separate Lubricants & Specialties and retire the Mississauga base-oil refining assets during 2027.

Metric	Q3 2026	Q3 2025 / expectation	Read
Adjusted diluted EPS	$11.75	~$7.83 consensus	Clear beat
GAAP diluted EPS	$11.38	$2.15	Up sharply year over year
Adjusted EBITDA	$2,984 million	$870 million	Up 243%
Refining adjusted EBITDA	$2,582 million	$661 million	Main earnings driver
Renewables adjusted EBITDA	$109 million	$(13) million	Turned profitable
Operating cash flow	$1,784 million	—	Strong cash generation
Cash balance	$3,333 million	$978 million at Dec. 31, 2025	Significant liquidity build

The quarter materially exceeded the market’s bar. Adjusted diluted EPS of $11.75 was well above the published consensus near $7.83, making this a genuine earnings beat rather than merely a favorable year-over-year comparison. The company also reported adjusted net income attributable to stockholders of $2,079 million, versus $459 million a year earlier.

Refining supplied almost all of the surprise. Refining adjusted EBITDA rose to $2,582 million from $661 million, with management citing tight transportation-fuel supply, elevated crack spreads and small-refinery RIN waivers. Adjusted refinery gross margin reached $54.22 per barrel versus $19.16, even as crude charge fell year over year because of the El Dorado turnaround. This is powerful current-cycle performance, but its dependence on market margins makes it less representative of a steady-state earnings rate.

The non-refining businesses improved, but they were not the main story. Renewables moved from a $13 million adjusted EBITDA loss to $109 million, helped by better RIN prices, tax credits and higher volume. Marketing also grew modestly, while Midstream EBITDA slipped to $101 million from $114 million.

The lubricants transition is now showing up in reported results. Lubricants & Specialties posted only $38 million of reported operating income versus $52 million a year earlier because the Mississauga retirement generated impairment, severance and accelerated-depreciation charges. The underlying segment was much stronger at $174 million of adjusted EBITDA versus $78 million, so the charges are transition costs rather than evidence that the continuing business weakened. The separation itself was already disclosed in July, making the strategic direction partly known; the new information is the size and timing of the costs.

Cash generation is giving management room to execute the reshaping. Operating cash flow was $1,784 million, cash rose to $3,333 million, and the company returned $572 million through dividends and repurchases while total debt remained $2,774 million. That supports the separation and asset-retirement plan without an obvious balance-sheet funding strain in this filing.

Bottom line: This is a significant beat driven by exceptionally strong refining economics, with renewables adding another positive contribution. The main qualification is that the quarter also reinforces how much of the current earnings surge depends on favorable refining conditions while the lubricants separation carries near-term transition charges.

What to watch next

Lubricants separation substantially completed during 2027

Original filing on SEC EDGAR

More HF Sinclair Corp news

Live · an AI on the whole US market

Breaking down Wall Street's information edge.

A buy-side analyst on every ticker.

It reads every public company's filing the second it drops — decoded into plain English, before it's a headline. The edge every investor deserves, not just the desks.

Trade the facts, not the FOMO.

Every event

8-Ks decoded the moment they file

Every number

Fundamentals, valuation, quality

What's next

Earnings calendar + the analyst view

scroll ↓

From filing to your screen in seconds

AllSight is the fastest.

DETECT

The moment it files

Every public company, around the clock. The AI never blinks and never takes lunch — nothing to set up.

filed 9:41:03 · decoded 9:41:19

DECODE

Plain English — never a call.

The event, the numbers, how it sits vs. expectations — in seconds. The AI decodes it; you pull the trigger.

DELIVER

On your screen, before the bell

Overnight and premarket, it's already read everything. You walk into every session with the setup — not scrambling to find it.

Understand it like a Wall Street analyst. Explained like a friend.

the raw filing — read the original on SEC.gov↗

decoded▸

AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

Know a company all the way down.

Not just one filing. AllSight profiles every public company end to end — the numbers, the quality, the insiders, the smart money, the Street. One page, nothing missed.

Price & every insider trade, plotted
A quality score ranked against every peer
40+ valuation & profitability multiples
Where each one sits in its 5-year range
Whole-market insider flow, in real time
Which superinvestors are holding it
Analyst consensus & price target

Live · — filings read this week

AllSight gives you an edge others can't.

One scan before the open, one after the close — every filing on every ticker, already decoded. You walk into every session fully prepared.

Not investment advice · a neutral translation you can check against the original SEC filing

allsight.ai

Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

AllSight

AllSight Pro

A buy-side analyst on every ticker — reading the whole market the second it moves.

It reads every public company's filing the instant it drops and hands you what it means — in plain English, before it's a headline.

The read itself

Not another feed. A buy-side analyst that never sleeps, on everything.

Whole-market breadthevery public company

Not the 20 names CNBC repeats. Every ticker that files — thousands of companies, one AI reading all of them.

Filed-to-decoded in secondsspeed

Filed 9:41:03, decoded 9:41:19. You've got the catalyst while the tape is still moving and the crowd's still on the headline.

Past the headlinedepth

What actually happened, the numbers that matter, how it sits vs what the Street expected, and what it sets up next.

Source-grounded & neutralrigor

Every read traces to the words in the actual filing — click to see them. A translation you can check, never a buy/sell call.

Zero effort to youconvenience

Plain English, one glance. Follow your stocks and the moment any of them files, it's in your pocket — no watching, no digging.

All of it, livePro

Free reads every session once it closes. Pro reads it the moment it files: the whole market, all day, every day.

And then — go deeper

From "what happened" to "is it worth it."

Cheap or dear?Where it trades vs its own valuation history.

The quality score, in fullAll five dimensions, ranked against its sector.

Structure & multi-year trendsRevenue, margins, cash — the hard numbers, decoded.

Insider activityWho inside the company is buying and selling.

Analyst price targetsWhere Wall Street says every name is headed.

The whole company, one pagePrice, ownership, the full read — on any ticker.

Hire your personal buy-side analyst.

Trade one usual slippage for a whole market's rhythm.

Free

forever

Every closed session, on the whole market. The live session and the deep company read stay Pro.

Monthly

$29/mo

billed monthly

Everything, live — every session the moment it files, plus the full company read. Flexible, month to month.

Best value · save 40%

Annual

$17.40/mo

$209 billed yearly

about one slippage a month

Same full access — the whole market live and every company — at the lowest price. 40% off the monthly.

Billed today. Powered by Stripe · AllSight never sees your card.

HF Sinclair earnings beat as refining margins surge; separation charges remain

What to watch next

More HF Sinclair Corp news

Breaking down Wall Street's information edge.