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HF Sinclair cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.6B in Q3 2026 · $3.3B over twelve months

Operating cash flow$1.8B
Capital spending−$137M
Free cash flow+$1.6B
Cash / net income0.9×
Cash conversion cycle26 days

Analysis

In Q3 2026, HF Sinclair generated $1.8B of operating cash flow and spent $137M on capital projects, leaving free cash flow of $1.6B. That is $959M more than in Q3 2025 ($688M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.8B; the largest uses were buybacks ($872M), capital spending ($488M), dividends ($365M); besides operations, cash came from asset & business sales ($1.0M); the cash balance rose by $1.9B.

Operating cash flow was $1.8B against net income of $2.0B — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$390M, accrued liabilities −$346M, income taxes payable +$296M.

Its cash conversion cycle was 26 days (receivables 16 + inventory 40 − payables 30).

Free cash flow

HF Sinclair: free cash flow by quarterHF Sinclair: free cash flow by quarter−$313MQ4 2024−$175MQ1 2025$476MQ2 2025$688MQ3 2025−$123MQ4 2025$355MQ1 2026$1.4BQ2 2026$1.6BQ3 2026
Operating cash flow less capital spending.
HF Sinclair: operating cash flow against capital spendingHF Sinclair: operating cash flow against capital spendingOperating cash flowCapital spending−$140M$173MQ4 2024−$89.0M$86.0MQ1 2025$587M$111MQ2 2025$809M$121MQ3 2025$8.0M$131MQ4 2025$457M$102MQ1 2026$1.5B$118MQ2 2026$1.8B$137MQ3 2026
Latest (Q3 2026): Operating cash flow $1.8B, Capital spending $137M.

Capital allocation, year by year

HF Sinclair: where the cash came from (up) and went (down), by fiscal yearHF Sinclair: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $407MFY2021: Net borrowing −$77.5MFY2021: Asset sales $106MFY2021: Capital spending −$725MFY2021: Acquisitions −$624MFY2021: Buybacks −$7.1MFY2021: Dividends −$57.7M$513MFY2021FY2022: Operating cash flow $3.8BFY2022: Net borrowing $175MFY2022: Asset sales $3.0MFY2022: Capital spending −$524MFY2022: Acquisitions −$251MFY2022: Buybacks −$1.4BFY2022: Dividends −$256M$4.0BFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing −$533MFY2023: Asset sales $17.0MFY2023: Capital spending −$385MFY2023: Buybacks −$999MFY2023: Dividends −$341M$2.3BFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$106MFY2024: Asset sales $4.0MFY2024: Capital spending −$470MFY2024: Buybacks −$672MFY2024: Dividends −$386M$1.1BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing $113MFY2025: Asset sales $6.0MFY2025: Capital spending −$449MFY2025: Buybacks −$354MFY2025: Dividends −$376M$1.4BFY2025
Over these 5 years operating cash flow totalled $8.9B; the largest uses were buybacks ($3.4B) and capital spending ($2.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.3B
Debt$2.8B
Net cash$559M

HF Sinclair funds itself: free cash flow was $3.3B over the last twelve months, and $3.3B of cash and investments stands against $2.8B of debt.

HF Sinclair: debt maturities by year (FY2025)HF Sinclair: debt maturities by year (FY2025)$500MYear 3$400MYear 5$1.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.3B of cash and investments now.

Where the cash came from and went

HF Sinclair: sources (+) and uses (−) of cash, Q3 2026HF Sinclair: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.8BCash drawn (+) / kept (−)−$1.1BBuybacks−$479MCapital spending−$137MDividends−$93.0MPartners−$3.0MOther financing−$2.0MOther investing$1.0M
HF Sinclair: sources (+) and uses (−) of cash, TTM to Q3 2026HF Sinclair: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.8BCash drawn (+) / kept (−)−$1.9BBuybacks−$872MCapital spending−$488MDividends−$365MOther investing−$104MOther financing−$32.0MNet borrowing (+) / repaid (−)−$9.0MPartners−$7.0MAsset & business sales$1.0MExchange rates−$1.0M

From profit to cash

HF Sinclair: net income to operating cash flow, Q3 2026HF Sinclair: net income to operating cash flow, Q3 2026Net income$2.0BDepreciation & amortization$278MStock-based pay$11.0MDeferred taxes$10.0MImpairments$28.0MGains on disposals$1.0MOther non-cash$25.0MReceivables−$390MInventory−$128MPayables$91.0MAccrued liabilities−$346MPrepaid and other assets$7.0MIncome taxes payable$296MOperating cash flow$1.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202616403026
Q2 202616342723
Q1 202619443529
Q4 202518403127
Q3 202517413226
Q2 202518433229
Q1 202518443329
Q4 202418403127

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.8B−$137M—−$479M−$93.0M—−$1.1B$1.6B
Q2 2026$1.5B−$118M—−$179M−$89.0M—−$1.1B$1.4B
Q1 2026$457M−$102M−$38.0M−$76.0M−$91.0M—−$170M$355M
Q4 2025$8.0M−$131M—−$138M−$92.0M$1.0M$473M−$123M
Q3 2025$809M−$121M—−$166M−$94.0M$83.0M−$577M$688M
Q2 2025$587M−$111M—−$50.0M−$95.0M−$5.0M−$327M$476M
Q1 2025−$89.0M−$86.0M——−$95.0M$34.0M$253M−$175M
Q4 2024−$140M−$173M—−$4.0M−$95.0M−$3.0M$429M−$313M

HF Sinclair: income statement and cash flow

HF Sinclair, Q3 2026: revenue $10.9B (+50% year over year), operating margin 24.6%. The chart follows the revenue to costs, profit and cash.

HF Sinclair: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.