HF Sinclair (DINO) financial statements
HF Sinclair reported revenue of $26.9B in fiscal 2025, up 19.2% a year over 5 years.
Net income was $579M and the operating margin 3.5%, against -6.6% in 2020.
Free cash flow was $866M, and the company returned $376M in dividends and $354M in net buybacks.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from HF Sinclair's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $11.2B | $18.4B | $38.2B | $32.0B | $28.6B | $26.9B |
| Cost of revenue | $9.2B | $15.3B | $33.1B | $28.5B | $27.0B | $24.6B |
| Gross profit | $1.9B | $3.1B | $5.1B | $3.5B | $1.6B | $2.3B |
| Selling, general and admin | $314M | $362M | $427M | $497M | $447M | $456M |
| Operating income | -$734M | $749M | $4.1B | $2.2B | $261M | $927M |
| Interest expense | $127M | $125M | $176M | $191M | $165M | $217M |
| Pre-tax income | -$747M | $787M | $3.9B | $2.2B | $218M | $732M |
| Income tax | -$232M | $124M | $895M | $442M | $34M | $146M |
| Net income | -$601M | $558M | $2.9B | $1.6B | $177M | $579M |
| EPS (diluted) | -$3.72 | $3.39 | $14.28 | $8.29 | $0.91 | $3.08 |
| Diluted shares | 162M | 163M | 203M | 190M | 192M | 186M |
| Gross margin | 17.4% | 17.0% | 13.4% | 10.9% | 5.4% | 8.6% |
| Operating margin | -6.6% | 4.1% | 10.6% | 6.9% | 0.9% | 3.5% |
| Net margin | -5.4% | 3.0% | 7.7% | 5.0% | 0.6% | 2.2% |
Balance sheet
Fiscal years, from HF Sinclair's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $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 |
| Total current assets | — | $3.8B | $6.7B | $6.1B | $5.0B | $4.8B |
| Property, plant and equipment | — | $5.4B | $6.7B | $6.6B | $6.6B | $6.5B |
| Goodwill | — | $2.3B | $3.0B | $3.0B | $3.0B | $3.0B |
| Total assets | — | $12.9B | $18.1B | $17.7B | $16.6B | $16.5B |
| Total current liabilities | — | $2.1B | $3.2B | $2.8B | $3.0B | $2.5B |
| Long-term debt | — | $3.1B | $2.9B | $2.7B | $2.3B | $2.8B |
| Total liabilities | — | $6.6B | $8.1B | $7.5B | $7.3B | $7.3B |
| Shareholders' equity | $5.7B | $5.7B | $9.2B | $10.2B | $9.3B | $9.2B |
| Net debt | -$1.4B | $2.8B | $1.6B | $1.4B | $1.8B | $1.8B |
Cash flow
Fiscal years, from HF Sinclair's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $458M | $407M | $3.8B | $2.3B | $1.1B | $1.3B |
| Capital spending | $271M | $725M | $524M | $385M | $470M | $449M |
| Free cash flow | $187M | -$318M | $3.3B | $1.9B | $640M | $866M |
| Stock-based compensation | $32M | $39M | $31M | $41M | $23M | $33M |
| Dividends paid | $229M | $58M | $256M | $341M | $386M | $376M |
| Share buybacks (net) | -$8M | -$7M | -$1.4B | -$999M | -$672M | -$354M |
| Net borrowing | $0 | $0 | -$41M | -$308M | — | — |
| Free cash flow margin | 1.7% | -1.7% | 8.5% | 6.0% | 2.2% | 3.2% |
| Dividends per share | $1.42 | $0.35 | $1.26 | $1.79 | $2.01 | $2.02 |
Questions
What was HF Sinclair's revenue in 2025?
$26.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does HF Sinclair generate?
$866M in fiscal 2025 (operating cash flow minus capital spending).
From HF Sinclair's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.