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Jun 30, 2025
HF Sinclair Q2 2025 Earnings Report
HF Sinclair reported increased net income and adjusted EPS in Q2 2025, driven by strong refining performance and strategic improvements.
Key Takeaways
HF Sinclair delivered a strong second quarter in 2025, with significant increases in net income and adjusted EPS compared to the previous year. The Refining segment showed substantial improvement due to higher adjusted refinery gross margins, while the Marketing and Midstream segments also contributed positively. The company continued to return capital to shareholders through dividends and share repurchases.
Net income attributable to HF Sinclair stockholders increased by 37% to $208 million, or $1.10 per diluted share, in Q2 2025.
Adjusted net income attributable to HF Sinclair stockholders rose significantly to $322 million, or $1.70 per diluted share, in Q2 2025.
The Refining segment's Adjusted EBITDA surged to $476 million, primarily due to higher adjusted refinery gross margins.
The company returned $145 million to stockholders through dividends and share repurchases during the quarter.
Revenue by Segment
Forward Guidance
HF Sinclair is focused on improving reliability, optimization, and integration, with the majority of turnarounds completed in 2025, positioning the company for continued execution of its strategy and return of excess cash to shareholders.
Positive Outlook
- Sequential improvements in refining throughput, capture, and lower operating costs over the last three quarters.
- Majority of turnarounds are behind the company in 2025, suggesting fewer operational disruptions going forward.
- Expectation to capture additional incremental value from the Producer’s Tax Credit in Q3 2025.
- Continued focus on returning excess cash to shareholders through dividends and share repurchases.
- Strategic high-grading of store mix in the Marketing segment to drive higher margins.
Challenges Ahead
- Refinery throughput decreased compared to the prior year due to turnaround activities.
- Renewables segment reported an Adjusted EBITDA loss in Q2 2025.
- Lubricants & Specialties segment experienced lower margins and sales volumes due to turnaround activities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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