HF Sinclair Corp
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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.
Mar 31, 2026 · Filed May 1, 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 March 31, 2026
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)
| Delaware | 87-2092143 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. Employer Identification No.) |
| Dallas, Texas | 75219 |
| (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 class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock $0.01 par value | DINO | New York Stock Exchange |
| NYSE 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☒
180,275,437 shares of Common Stock, par value $0.01 per share, were outstanding on April 27, 2026.
TABLE OF CONTENTS
| Page | |
|---|---|
| Forward-Looking Statements | 3 |
| Definitions | 5 |
| PART I - FINANCIAL INFORMATION | |
| Item 1. Financial Statements | 6 |
| Consolidated Balance Sheets (Unaudited) | 6 |
| Consolidated Statements of Operations (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): | 11 |
| Note 1: Description of Business and Basis of Presentation | 11 |
| Note 2: Cushing Connect Joint Venture | 12 |
| Note 3: Revenues | 13 |
| Note 4: Other Income (Expense), Net | 14 |
| Note 5: Fair Value Measurements | 15 |
| Note 6: Earnings (Loss) Per Share | 16 |
| Note 7: Stock-Based Compensation | 17 |
| Note 8: Inventories | 17 |
| Note 9: Accrued Liabilities and Other Long-Term Liabilities | 18 |
| Note 10: Income Taxes | 19 |
| Note 11: Debt | 19 |
| Note 12: Derivative Instruments and Hedging Activities | 20 |
| Note 13: Stockholders’ Equity | 23 |
| Note 14: Other Comprehensive Income (Loss) | 23 |
| Note 15: Commitments and Contingencies | 24 |
| Note 16: Segment Information | 24 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| Overview | 27 |
| Results of Operations | 29 |
| Liquidity and Capital Resources | 37 |
| Critical Accounting Estimates | 39 |
| Risk Management | 39 |
| Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles | 41 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 45 |
| Item 4. Controls and Procedures | 46 |
| PART II - OTHER INFORMATION | |
| Item 1. Legal Proceedings | 47 |
| Item 1A. Risk Factors | 47 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 48 |
| Item 5. Other Information | 48 |
| Item 6. Exhibits | 49 |
| Signatures | 50 |
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