Revenue growth remains highly volatile, fluctuating from a 19.1% contraction in 2024Q3 to an 11.8% expansion in 2026Q1, while operating margins have swung from -3.5% to 11.9% over the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Sales/Revenue | 27.62B | 26.87B | 28.58B | 31.96B | 38.2B | 18.39B | 11.18B | 17.49B | 17.71B | 14.25B | 10.54B | 13.24B | 19.76B | 20.16B | 20.09B | 15.44B | 8.32B | 4.83B | 5.87B | 4.79B | 4.02B | 3.21B | 2.25B | 1.4B | 448.64M | 1.14B | 965.95M | 598M | 589.6M | 721.3M | 676.3M |
| Revenue Growth % | -1.08% | -5.99% | -10.59% | -16.33% | 107.76% | 64.43% | -36.04% | -1.29% | 24.3% | 35.27% | -20.41% | -33.02% | -1.97% | 0.35% | 30.13% | 85.51% | 72.17% | -17.61% | 22.45% | 19.1% | 25.23% | 43.02% | 60.08% | 212.78% | -60.72% | 18.24% | 61.53% | 1.42% | -18.26% | 6.65% | 10% |
| Cost of Goods Sold | 18.48B | 25.48B | 25.37B | 26.83B | 31.39B | 15.76B | 10.53B | 15.19B | 14.51B | 11.77B | 8.84B | 10.81B | 17.99B | 17.7B | 16.08B | 13.43B | 7.87B | 4.24B | 5.28B | 4.21B | 3.56B | 2.64B | 1.84B | 1.29B | 419.5M | 873.36M | 802.39M | 429.8M | 518.8M | 656.6M | 600.5M |
| COGS % of Revenue | - | 94.82% | 88.77% | 83.92% | 82.16% | 85.71% | 94.19% | 86.88% | 81.93% | 82.58% | 83.88% | 81.68% | 91.02% | 87.77% | 80.05% | 86.97% | 94.58% | 87.67% | 90% | 87.93% | 88.45% | 82.08% | 81.76% | 91.71% | 93.5% | 76.47% | 83.07% | 71.87% | 87.99% | 91.03% | 88.79% |
| Gross Profit | 2.02B | 1.39B | 3.21B | 5.14B | 6.82B | 2.63B | 649.86M | 2.29B | 3.2B | 2.48B | 1.7B | 2.43B | 1.78B | 2.46B | 4.01B | 2.01B | 451.37M | 596.26M | 586.97M | 578.56M | 464.87M | 575.66M | 409.69M | 116.34M | 29.14M | 268.77M | 163.55M | 168.2M | 70.8M | 64.7M | 75.8M |
| Gross Margin % | 7.32% | 5.18% | 11.23% | 16.08% | 17.84% | 14.29% | 5.81% | 13.12% | 18.07% | 17.42% | 16.12% | 18.32% | 8.98% | 12.23% | 19.95% | 13.03% | 5.42% | 12.33% | 10% | 12.07% | 11.55% | 17.92% | 18.24% | 8.29% | 6.5% | 23.53% | 16.93% | 28.13% | 12.01% | 8.97% | 11.21% |
| Gross Profit Growth % | - | -56.62% | -37.56% | -24.6% | 159.28% | 304.5% | -71.67% | -28.32% | 28.93% | 46.13% | -29.97% | 36.65% | -27.99% | -38.49% | 99.23% | 345.62% | -24.3% | 1.58% | 1.45% | 24.46% | -19.25% | 40.51% | 252.14% | 299.23% | -89.16% | 64.33% | -2.76% | 137.57% | 9.43% | -14.64% | 24.88% |
| Operating Expenses | 1.81B | 456M | 2.95B | 2.94B | 2.76B | 1.88B | 1.38B | 1.02B | 1.58B | 1.56B | 1.14B | 1.18B | 1.26B | 1.22B | 1.12B | 279.82M | 188.37M | 515.95M | 386.64M | 112.23M | 102.98M | 308.16M | 264.17M | 56.27M | 20.75M | 150.86M | 136.77M | 129.2M | 38.1M | 37.3M | 37.4M |
| OpEx % of Revenue | - | 1.7% | 10.31% | 9.19% | 7.23% | 10.22% | 12.37% | 5.82% | 8.9% | 10.94% | 10.86% | 8.92% | 6.37% | 6.05% | 5.59% | 1.81% | 2.26% | 10.67% | 6.59% | 2.34% | 2.56% | 9.59% | 11.76% | 4.01% | 4.63% | 13.21% | 14.16% | 21.61% | 6.46% | 5.17% | 5.53% |
| Selling, General & Admin | 467M | 456M | 447M | 498.24M | 426.49M | 362.01M | 313.6M | 354.24M | 290.42M | 264.87M | 125.65M | 120.85M | 114.61M | 127.96M | 128.1M | 120.11M | 70.84M | 60.34M | 54.91M | 68.77M | 63.26M | 264.34M | 223.69M | 34.78M | 9.03M | 123.53M | 109.27M | 102.8M | 13.7M | 17.1M | 18.1M |
| SG&A % of Revenue | - | 1.7% | 1.56% | 1.56% | 1.12% | 1.97% | 2.8% | 2.03% | 1.64% | 1.86% | 1.19% | 0.91% | 0.58% | 0.63% | 0.64% | 0.78% | 0.85% | 1.25% | 0.94% | 1.44% | 1.57% | 8.23% | 9.96% | 2.48% | 2.01% | 10.82% | 11.31% | 17.19% | 2.32% | 2.37% | 2.68% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 2.5B | 2.44B | 2.33B | 1.52B | 1.07B | 662.64M | 1.29B | 1.29B | 1.68B | 1.06B | 1.14B | 1.09B | 994.97M | 159.71M | 117.53M | 455.61M | 331.73M | 43.46M | 39.72M | 43.82M | 40.48M | 21.49M | 11.73M | 27.33M | 27.5M | 26.4M | 24.4M | 20.2M | 19.3M |
| Operating Income | 1.68B | 936M | 261M | 2.2B | 4.05B | 749.19M | -733.74M | 1.28B | 1.62B | 903.89M | -102.58M | 1.24B | 515.53M | 1.25B | 2.88B | 1.73B | 263M | 80.31M | 200.33M | 466.33M | 361.89M | 262.74M | 145.51M | 60.07M | 8.39M | 117.91M | 26.78M | 39M | 32.7M | 27.4M | 38.4M |
| Operating Margin % | 6.1% | 3.48% | 0.91% | 6.89% | 10.61% | 4.07% | -6.56% | 7.3% | 9.17% | 6.34% | -0.97% | 9.4% | 2.61% | 6.18% | 14.36% | 11.21% | 3.16% | 1.66% | 3.41% | 9.73% | 9% | 8.18% | 6.48% | 4.28% | 1.87% | 10.32% | 2.77% | 6.52% | 5.55% | 3.8% | 5.68% |
| Operating Income Growth % | - | 258.62% | -88.15% | -45.66% | 441.12% | 202.1% | -157.46% | -21.36% | 79.67% | 981.14% | -108.24% | 141.37% | -58.63% | -56.8% | 66.56% | 558.39% | 227.47% | -59.91% | -57.04% | 28.86% | 37.74% | 80.56% | 142.25% | 615.94% | -92.88% | 340.21% | -31.32% | 19.27% | 19.34% | -28.65% | 40.15% |
| EBITDA | 2.6B | 1.84B | 1.09B | 2.97B | 4.71B | 1.25B | -212.83M | 1.79B | 2.06B | 1.31B | 260.44M | 1.59B | 878.91M | 1.55B | 3.13B | 1.89B | 380.53M | 179.06M | 264.12M | 509.79M | 402.16M | 306.56M | 186M | 96.34M | 20.12M | 145.23M | 54.28M | 65.4M | 57.1M | 47.6M | 57.7M |
| EBITDA Margin % | 9.4% | 6.87% | 3.82% | 9.3% | 12.33% | 6.81% | -1.9% | 10.22% | 11.64% | 9.22% | 2.47% | 12.01% | 4.45% | 7.69% | 15.56% | 12.25% | 4.57% | 3.7% | 4.5% | 10.64% | 10% | 9.54% | 8.28% | 6.87% | 4.48% | 12.72% | 5.62% | 10.94% | 9.68% | 6.6% | 8.53% |
| EBITDA Growth % | 228.95% | 68.8% | -63.25% | -36.87% | 276.06% | 688.6% | -111.91% | -13.31% | 56.89% | 404.46% | -83.63% | 80.96% | -43.28% | -50.45% | 65.34% | 397.01% | 112.51% | -32.2% | -48.19% | 26.76% | 31.19% | 64.82% | 93.06% | 378.93% | -86.15% | 167.56% | -17% | 14.54% | 19.96% | -17.5% | 33.56% |
| D&A (Non-Cash Add-back) | 913M | 909M | 832M | 771M | 657M | 503.54M | 520.91M | 509.93M | 437.32M | 409.94M | 363.03M | 346.15M | 363.38M | 303.45M | 242.87M | 159.71M | 117.53M | 98.75M | 63.79M | 43.46M | 40.27M | 43.82M | 40.48M | 36.27M | 11.73M | 27.33M | 27.5M | 26.4M | 24.4M | 20.2M | 19.3M |
| EBIT | 906M | 949M | 383M | 2.34B | 4.11B | 912.33M | -620.52M | 1.31B | 1.66B | 986.46M | -99.34M | 1.24B | 515.53M | 1.25B | 2.89B | 1.72B | 266.56M | 84.15M | 211.7M | 500.53M | 384.58M | 262.74M | 143.98M | 60.07M | 8.39M | 117.91M | 26.78M | 39M | 32.8M | 27.4M | 38.4M |
| Net Interest Income | -135M | -175M | -90M | -97.33M | -145.45M | -121.16M | -118.89M | -121.18M | -114.47M | -113.86M | -69.7M | -40.08M | -39.22M | -62.49M | -99.4M | -77.04M | -73.03M | -35.3M | -13.16M | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 43M | 42M | 75M | 93.47M | 30.18M | 4.02M | 7.63M | 22.14M | 16.89M | 3.74M | 2.49M | 3.39M | 4.43M | 5.56M | 4.79M | 1.28M | 1.17M | 5.04M | 10.82M | 15.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 127M | 217M | 165M | 190.8M | 175.63M | 125.17M | 126.53M | 143.32M | 131.36M | 117.6M | 72.19M | 43.47M | 43.65M | 68.05M | 104.19M | 78.32M | 74.2M | 40.35M | 23.95M | 1.09M | 0 | 0 | 7.04M | 0 | 0 | 0 | 11.15M | 3.9M | 7.3M | 1.9M | 3.6M |
| Other Income/Expense | -112M | -204M | -43M | -50M | -118.2M | 37.97M | -13.3M | -105.54M | -99.53M | -31.67M | -68.95M | -35.78M | -48.03M | -86.67M | -96.15M | -89.85M | -70.64M | -36.51M | -7.91M | 33.11M | 21.61M | 12.39M | -7.04M | 14.29M | 127K | 3.99M | -8.15M | -5.9M | -7.9M | -5.6M | -6.6M |
| Pretax Income | 1.57B | 732M | 218M | 2.15B | 3.94B | 787.15M | -747.05M | 1.17B | 1.52B | 868.86M | -171.53M | 1.21B | 467.5M | 1.16B | 2.79B | 1.64B | 192.36M | 43.8M | 185.38M | 499.44M | 383.5M | 268.41M | 138.47M | 74.36M | 8.52M | 121.89M | 18.63M | 33.1M | 24.9M | 21.8M | 31.8M |
| Pretax Margin % | 5.69% | 2.72% | 0.76% | 6.74% | 10.3% | 4.28% | -6.68% | 6.7% | 8.61% | 6.1% | -1.63% | 9.13% | 2.37% | 5.75% | 13.88% | 10.63% | 2.31% | 0.91% | 3.16% | 10.42% | 9.53% | 8.35% | 6.16% | 5.3% | 1.9% | 10.67% | 1.93% | 5.54% | 4.22% | 3.02% | 4.7% |
| Income Tax | 336M | 146M | 34M | 441.61M | 894.87M | 123.9M | -232.15M | 299.15M | 347.24M | -12.38M | 19.41M | 406.06M | 141.17M | 391.58M | 1.03B | 581.99M | 59.31M | 7.46M | 64.83M | 165.32M | 136.6M | 101.42M | 54.59M | 28.31M | 3.11M | 48.45M | 7.19M | 13.2M | 9.7M | 8.7M | 12.6M |
| Effective Tax Rate % | 21.37% | 19.95% | 15.6% | 20.51% | 22.74% | 15.74% | 31.08% | 25.54% | 22.78% | -1.42% | -11.32% | 33.6% | 30.2% | 33.77% | 36.87% | 35.45% | 30.83% | 17.03% | 34.97% | 33.1% | 35.62% | 37.79% | 39.42% | 38.07% | 36.56% | 39.74% | 38.58% | 39.88% | 38.96% | 39.91% | 39.62% |
| Net Income | 1.23B | 579M | 177M | 1.59B | 2.92B | 558.32M | -601.45M | 772.39M | 1.1B | 805.39M | -260.45M | 740.1M | 281.29M | 735.84M | 1.73B | 1.02B | 103.96M | 19.53M | 120.56M | 334.13M | 266.57M | 167.66M | 83.88M | 46.05M | 5.4M | 73.45M | 11.45M | 19.9M | 15.2M | 13.1M | 19.2M |
| Net Margin % | 4.46% | 2.15% | 0.62% | 4.97% | 7.65% | 3.04% | -5.38% | 4.42% | 6.2% | 5.65% | -2.47% | 5.59% | 1.42% | 3.65% | 8.6% | 6.63% | 1.25% | 0.4% | 2.05% | 6.97% | 6.63% | 5.22% | 3.73% | 3.28% | 1.2% | 6.43% | 1.18% | 3.33% | 2.58% | 1.82% | 2.84% |
| Net Income Growth % | 968.96% | 227.12% | -88.87% | -45.61% | 423.47% | 192.83% | -177.87% | -29.65% | 36.33% | 409.23% | -135.19% | 163.11% | -61.77% | -57.4% | 68.77% | 884.38% | 432.25% | -83.8% | -63.92% | 25.35% | 58.99% | 99.88% | 82.14% | 752.36% | -92.64% | 541.76% | -42.49% | 30.92% | 16.03% | -31.77% | 6.08% |
| Net Income (Continuing) | 1.24B | 586M | 184M | 1.71B | 3.04B | 663.25M | -514.9M | 872.35M | 1.18B | 881.24M | -190.94M | 802.51M | 326.33M | 767.82M | 1.76B | 1.06B | 133.05M | 36.34M | 127.6M | 334.13M | 246.9M | 173.71M | 91.45M | 46.05M | 5.4M | 73.45M | 11.45M | 19.9M | 15.2M | 13.1M | 19.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 65M | 65M | 68M | 68.21M | 773.76M | 606.58M | 553.84M | 531.23M | 540.49M | 526.11M | 620.59M | 556.36M | 577.13M | 609.78M | 589.7M | 631.89M | 590.72M | 588.74M | 394.79M | 8.33M | 0 | 0 | 157.55M | 14.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.81 | 3.11 | 0.91 | 8.29 | 14.28 | 3.39 | -3.72 | 4.61 | 6.22 | 4.52 | -1.48 | 3.90 | 1.42 | 3.64 | 8.38 | 6.42 | 0.97 | 0.20 | 1.19 | 2.99 | 2.29 | 1.33 | 0.65 | 0.36 | 0.04 | 0.60 | 0.09 | 0.15 | 0.12 | 0.10 | 0.15 |
| EPS Growth % | 957.69% | 241.76% | -89.02% | -41.95% | 321.24% | 191.13% | -180.69% | -25.88% | 37.61% | 405.41% | -137.95% | 174.65% | -60.99% | -56.56% | 30.53% | 561.86% | 385% | -83.19% | -60.2% | 30.57% | 72.18% | 104.62% | 80.56% | 747.06% | -92.92% | 575.68% | -40.8% | 25% | 20.72% | -33.73% | 7.14% |
| EPS (Basic) | - | 3.11 | 0.91 | 8.29 | 14.28 | 3.39 | -3.72 | 4.64 | 6.27 | 4.54 | -1.48 | 3.91 | 1.42 | 3.66 | 8.41 | 6.46 | 0.98 | 0.20 | 1.20 | 3.05 | 2.34 | 1.36 | 0.67 | 0.37 | 0.04 | 0.61 | 0.09 | 0.15 | 0.12 | 0.10 | 0.15 |
| Diluted Shares Outstanding | 180.65M | 186.47M | 192.07M | 190.03M | 202.57M | 162.57M | 161.98M | 167.38M | 176.66M | 177.2M | 176.1M | 188.94M | 197.43M | 201.23M | 206.18M | 159.29M | 107.22M | 101.21M | 101.1M | 111.7M | 116.42M | 126.49M | 128.68M | 128.13M | 127.22M | 123.1M | 129.05M | 133.57M | 133.95M | 132.17M | 133.33M |
| Basic Shares Outstanding | 180.65M | 186.47M | 192.07M | 190.03M | 202.57M | 162.57M | 161.98M | 166.29M | 175.01M | 176.17M | 176.1M | 188.73M | 197.24M | 200.42M | 205.29M | 158.49M | 106.44M | 100.84M | 100.4M | 109.7M | 113.95M | 123.46M | 125.56M | 124.04M | 124.13M | 121.5M | 129.05M | 132.06M | 132.06M | 132.06M | 132.06M |
| Dividend Payout Ratio | - | 64.94% | 218.08% | 21.43% | 8.76% | 10.33% | - | 29.15% | 21.27% | 29.24% | - | 33.36% | 230.08% | 87.78% | 38.1% | 24.64% | 30.65% | 154.22% | 24.11% | 6.95% | 5.63% | 6.71% | 9.87% | 11.1% | 63.19% | 7.66% | 47.99% | 26.63% | 32.89% | 32.06% | 18.23% |
Commodity crack spread volatility
According to the latest quarterly financial data, DINO's revenue growth has exhibited significant volatility, swinging from a 19.1% contraction in 2024Q3 to an 11.8% expansion in 2026Q1, reflecting the inherent sensitivity of the company's top-line performance to regional crack spread fluctuations and seasonal demand cycles.
The recent return to positive revenue growth in 2026Q1 suggests a potential stabilization in throughput or pricing power within the PADD IV region. However, investors should monitor whether this trajectory is sustainable or merely a temporary recovery from the depressed levels observed throughout 2024.
As reported in recent income statements, DINO's gross margin has fluctuated wildly, reaching a peak of 20.6% in 2025Q3 before compressing to 2.0% by 2025Q4, underscoring the company's extreme exposure to feedstock cost volatility and the non-linear nature of refining profitability in inland markets.
The wide variance in gross margins indicates that DINO lacks the pricing power to fully insulate its bottom line from crude oil price spikes. This suggests that operational efficiency and feedstock optimization are the primary determinants of profitability rather than consistent brand-led pricing premiums.
Based on the provided financial figures, DINO's operating income has demonstrated high sensitivity to gross profit changes, with operating margins swinging from a negative 3.5% in 2024Q4 to a positive 11.9% in 2026Q1, highlighting the significant impact of fixed cost absorption on the company's bottom line.
The company's ability to scale operating income during periods of higher throughput suggests that fixed costs are well-managed, yet the rapid transition to operating losses during downturns warrants caution. Investors should interpret this as a high-beta profile where operational leverage acts as a double-edged sword.
Analysis of the reported income statements reveals that net income is frequently impacted by non-operating items and inventory accounting, as evidenced by the sharp swing from a $213.5 million loss in 2024Q4 to a $648.0 million profit in 2026Q1, suggesting underlying earnings quality is highly cyclical.
The frequent use of LIFO accounting likely masks the true cash-generating capability of the core refining business during periods of rapid commodity price movement. Analysts should look past the headline EPS figures to evaluate the underlying operational cash flow, which may be more stable than the reported net income suggests.
While 2026Q1 results show a strong rebound, historical data from 2024 and 2025 indicates that DINO's profitability is prone to sudden, deep contractions, suggesting that the current earnings expansion may be vulnerable to a reversal if regional crack spreads normalize or feedstock costs escalate unexpectedly.
The reliance on specific geographic premiums in PADD IV may be less of a permanent moat than the market assumes, especially if pipeline capacity constraints ease. Investors should monitor whether the recent margin expansion is driven by structural improvements or merely favorable, transient market conditions.
Quick answers to the most common questions about buying DINO stock.
For fiscal year 2025, HF Sinclair Corporation (DINO) reported total revenue of $26.87B. This represents a 3872.9% increase compared to $676.3M in 1996.
HF Sinclair Corporation (DINO) is profitable, generating $579.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
HF Sinclair Corporation (DINO) reported an operating income of $936.0M, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
HF Sinclair Corporation (DINO) generated $1.39B in gross profit for the year, representing a gross profit margin of 5.2%. This demonstrates the company's core pricing power and production efficiency.