HF Sinclair Corp
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
DINO$98.76-1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In millions)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $586 | $184 | $1,711 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 909 | 832 | 771 |
| Asset impairments | 3 | 17 | — |
| Lower of cost or market inventory valuation adjustments | 417 | (43) | 271 |
| Earnings of equity method investments, net of distributions | (1) | 1 | 8 |
| Loss on early extinguishment of debt | 24 | — | — |
| Gain on sale of assets | (2) | (2) | (7) |
| Loss on sale of equity method investment | 47 | — | — |
| Deferred income tax expense (benefit) | 7 | (49) | 193 |
| Equity-based compensation expense | 33 | 23 | 41 |
| Change in fair value of derivative instruments | 64 | (34) | 17 |
| (Increase) decrease in current assets: | |||
| Accounts receivable | 123 | 463 | (17) |
| Inventories | (171) | 138 | 30 |
| Income taxes receivable | 24 | (14) | (3) |
| Prepayments and other | 2 | 11 | 8 |
| Increase (decrease) in current liabilities: | |||
| Accounts payable | (345) | 25 | (109) |
| Income taxes payable | 2 | (6) | 1 |
| Accrued liabilities | 62 | (63) | (30) |
| Turnaround expenditures | (437) | (413) | (556) |
| Other, net | (32) | 40 | (32) |
| Net cash provided by operating activities | 1,315 | 1,110 | 2,297 |
| Cash flows from investing activities: | |||
| Additions to properties, plants and equipment | (449) | (470) | (385) |
| Purchase of precious metals | (72) | — | — |
| Proceeds from sale of assets | 6 | 4 | 17 |
| Other, net | (1) | (2) | (3) |
| Net cash used for investing activities | (516) | (468) | (371) |
| Cash flows from financing activities: | |||
| Borrowings under credit agreements | — | — | 60 |
| Repayments under credit agreements | (350) | (106) | (273) |
| Proceeds from issuance of senior notes | 1,890 | — | — |
| Redemption of senior notes | (1,416) | — | (308) |
| Purchase of treasury stock, inclusive of excise tax | (354) | (672) | (999) |
| Dividends | (376) | (386) | (341) |
| Distributions to noncontrolling interest | (10) | (7) | (102) |
| Proceeds from financing arrangements | 133 | — | — |
| Payments on financing arrangements | (109) | — | — |
| Payments on finance leases | (11) | (11) | (12) |
| HEP Merger Transaction consideration | — | — | (268) |
| Deferred financing costs | (25) | — | (1) |
| Other, net | (3) | — | — |
| Net cash used for financing activities | (631) | (1,182) | (2,244) |
| Effect of exchange rate on cash flow | 10 | (14) | 7 |
| Cash and cash equivalents: | |||
| Net change for the period | 178 | (554) | (311) |
| Cash and cash equivalents at beginning of period | 800 | 1,354 | 1,665 |
| Cash and cash equivalents at end of period | $978 | $800 | $1,354 |
| Supplemental information: | |||
| Cash paid for interest | $(139) | $(164) | $(203) |
| Increase (decrease) in accrued and unpaid capital expenditures | $16 | $(1) | $(6) |
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