DINOHIGH SIGNALFINANCIAL10-K

DINO delivered exceptional financial performance with operating income surging 255% to $927M and net income more than tripling to $579M, while simultaneously strengthening its balance sheet.

This represents a dramatic turnaround in profitability that far exceeds normal quarterly variations, indicating either a major operational improvement, significant one-time gains, or substantial changes in market conditions. The magnitude of these increases suggests investors should investigate the sustainability of these results and underlying drivers.

Comparing 2026-02-27 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

DINO showed extraordinary profit growth with operating income jumping 255% to $927M and net income increasing 227% to $579M, while operating cash flow grew a more moderate 18.5% to $1.3B. The company strengthened its balance sheet by increasing cash 22% to $978M and reducing current liabilities 18% to $2.5B, though it scaled back share buybacks by 47% to $354M. This financial profile suggests either exceptional market conditions, major operational improvements, or significant one-time items driving outsized profitability gains while management maintains financial discipline.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+255.2%
$261.0M$927.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+227.1%
$177.0M$579.0M

Net income grew 227.1% — bottom-line growth signals improving overall business health.

Share Buybacks
Cash Flow
-47.3%
$672.0M$354.0M

Buyback activity reduced 47.3% — capital being redeployed elsewhere or cash conservation underway.

Cash & Equivalents
Balance Sheet
+22.3%
$800.0M$978.0M

Cash grew 22.3% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
+18.5%
$1.1B$1.3B

Operating cash flow grew 18.5% — strong conversion of earnings to cash, healthy business fundamentals.

Current Liabilities
Balance Sheet
-18.3%
$3.0B$2.5B

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-20
ADDED
dino-20251231 0001915657 12/31 2025 FY false Chicago Stock Exchange, Inc.
Business and Properties 7 Company Overview 7 Refinery Operations 8 Renewables Operations 11 Marketing Operations 11 Lubricants and Specialties Operations 12 Midstream Operations 12 Additional Operations and Other Information 14 Item 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 59 Overview 60 Results of Operations 62 Liquidity and Capital Resources 70 Critical Accounting Policies and Estimates 74 Risk Management 75 Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles 77 Item 7A.
Ethanol means a high-octane gasoline blend stock that is used to make various grades of gasoline.
Light crude oil means a relatively expensive crude oil with a high API gravity characterized by low relative density and viscosity.
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REMOVED
Business and Properties 7 C ompany Overview 7 R efinery Operations 8 R enewables Ope rations 12 M arketing Operations 12 L ubricants and Specialties Operations 12 M idstream Operations 13 A dditional Ope rations and Other Information 15 Item 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 58 O verview 58 R esults of Operations 61 Liquidity and Capital Resources 70 C ritical Accounting Policies and Estimates 75 R isk Management 76 R econciliations to Amou nts Reported Under Generally Accept ed Accounting Principles 77 Item 7A.
( HEP ) with respect to time periods prior to completion of the merger of HEP with a wholly owned subsidiary of HF Sinclair on December 1, 2023 refer to HEP and its consolidated subsidiaries.
Ethanol means a high octane gasoline blend stock that is used to make various grades of gasoline.
5 Table of Content s Light crude oil means a relatively expensive crude oil with a high API gravity characterized by low relative density and viscosity.
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