HF Sinclair’s Regulatory Windfall: Is the RINs Power Move No One Saw Coming?

HF Sinclair Corporation’s third quarter results of 2025 present a mixed picture of achievements and ongoing strategies that investors might weigh carefully. The company reported strong financial results with a net income of $403 million, or $2.15 per diluted share. After adjustments, the net income stood at $459 million, translating to $2.44 per diluted share, marking a significant increase from the previous year. The adjusted EBITDA also saw a substantial rise to $870 million compared to $316 million in the third quarter of 2024. On the positive side, HF Sinclair’s refining segment continues to show strength, reporting an adjusted EBITDA of $661 million, attributed to enhanced gross margins and government-granted small refinery exemptions (SREs) which produced a cumulative benefit of $115 million. Additionally, another $56 million represented a result of strategic trading optimizations. The company’s refining throughput was at its second-highest record, and operating expenses were reduced to $7.