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HF Sinclair Corp

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 31, 2025

DINO$97.18-0.6%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ____________

Commission File Number 001-41325

(Exact name of registrant as specified in its charter)

Delaware87-2092143
(State or other jurisdiction ofincorporation or organization)(I.R.S. Employer Identification No.)
Dallas, Texas75219
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code:(214)871-3555

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.01 par valueDINONew York Stock Exchange
Common Stock $0.01 par valueDINONYSE Texas, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

187,080,559 shares of Common Stock, par value $0.01 per share, were outstanding on July 25, 2025.

TABLE OF CONTENTS

Page
Forward-Looking Statements3
Definitions5
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements6
Consolidated Balance Sheets (Unaudited)6
Consolidated Statements of Income (Unaudited)7
Consolidated Statements of Comprehensive Income (Unaudited)8
Consolidated Statements of Cash Flows (Unaudited)9
Consolidated Statements of Equity (Unaudited)10
Notes to Consolidated Financial Statements (Unaudited):12
Note 1: Description of Business and Summary of Significant Accounting Policies12
Note 2: Cushing Connect Joint Venture12
Note 3: Revenues13
Note 4: Other Income (Expense), Net15
Note 5: Fair Value Measurements15
Note 6: Earnings Per Share17
Note 7: Stock-Based Compensation17
Note 8: Inventories18
Note 9: Accrued Liabilities and Other Long-Term Liabilities19
Note 10: Income Taxes19
Note 11: Debt20
Note 12: Derivative Instruments and Hedging Activities23
Note 13: Stockholders’ Equity25
Note 14: Other Comprehensive Income (Loss)25
Note 15: Commitments and Contingencies27
Note 16: Segment Information28
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations32
Overview32
Results of Operations34
Liquidity and Capital Resources44
Critical Accounting Estimates47
Risk Management47
Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles49
Item 3. Quantitative and Qualitative Disclosures About Market Risk53
Item 4. Controls and Procedures54
PART II - OTHER INFORMATION
Item 1. Legal Proceedings55
Item 1A. Risk Factors57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds57
Item 5. Other Information57
Item 6. Exhibits58
Signatures59
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.