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Delek US Holdings Reports First Quarter 2026 ResultsApril 29, 2026 6:30 AM
Business Wire
Delek US reported a first quarter net loss of $201.3 million or $(3.34) per share, adjusted net income of $4.7 million or $0.08 per share and adjusted EBITDA of $211.7 million
Excluding the impacts of the RVO adjustment, adjusted EPS was $(0.98) per share and adjusted EBITDA was $129.4 million
Completed the Big Spring Refinery turnaround safely, within budget and on time
Improves overall refining profitability through better margin capture and lower costs
Advanced key objectives of Enterprise Optimization Plan (“EOP”), increasing the annual run-rate cash flow improvements to ~$220 million from ~$200 million
Announced refinancing of the revolving credit facilities for both Delek and Delek Logistics, increasing our consolidated borrowing capacity by $300 million and extending maturities to 2031
DKL Successfully completed drilling of its first acid gas injection ("AGI") well, progressing DKL's key sour gas processing, treating and handling solution in the Delaware basin
Paid $15.6 million of dividends and announced regular quarterly dividend of $0.255 per share
Delek US Holdings, Inc. (NYSE: DK) (“Delek US”, "Company") today announced financial results for its first quarter ended March 31, 2026.
“2026 is off to a strong start as we continue to build on the momentum established last year, further enhancing our cash flow profile through disciplined execution of our Enterprise Optimization Plan and advancing several other value creation initiatives,” said Avigal Soreq, President and Chief Executive Officer of Delek US. “A key highlight of the quarter was the successful completion of our Big Spring refinery turnaround, which was executed safely, on time, and on budget. With the full system now back online, we are well positioned to capture improved margins and meet demand during the upcoming driving season.”
“Delek Logistics Partners continues to demonstrate the strength and resilience of its integrated 3 stream service business model, supported by increasing third-party cash flows and optimization of its existing asset base. The steady ramp-up of our Delaware Basin Libby 2 Plant and our comprehensive sour gas capabilities reinforce DKL’s competitive position and support its attractive 2026 outlook. The economic separation between DK and DKL continues to increase, enhancing DKL’s financial flexibility and increasing valuation visibility at DK and DKL on a standalone basis.”
“Looking ahead, we are excited about the remainder of the year as we operate our full system and leverage our enhanced reliability to drive performance. We remain focused on safe and efficient operations, disciplined capital allocation, and adding incremental value creating initiatives to achieve our Sum of the Parts goals,” Soreq concluded.
Delek US Results
Three Months Ended March 31,
($ in millions, except per share data)
2026
2025
Net income (loss) attributable to Delek
$
(201.3
)
$
(172.7
)
Total diluted income (loss) per share
$
(3.34
)
$
(2.78
)
Adjusted net income (loss)
$
4.7
$
(144.4
)
Adjusted net income (loss) per share
$
0.08
$
(2.32
)
Adjusted EBITDA
$
211.7
$
33.6
Refining Segment
The refining segment Adjusted EBITDA was $155.3 million in the first quarter 2026 compared with $(27.0) million in the same quarter last year, which reflects an increase in refining margin driven by increased crack spreads. During the first quarter 2026, Delek US's benchmark crack spreads were up an average of 63.8% from prior-year levels. Adjusted EBITDA was also impacted by inventory adjustments of $(17.6) million and $26.2 million for first quarter 2026 and 2025, respectively.
Logistics Segment
The logistics segment Adjusted EBITDA in the first quarter 2026 was $132.4 million compared with $123.2 million in the prior-year quarter. The increase over last year's first quarter reflects higher margins in the wholesale business and increased interest income related to sales-type leases.
Shareholder Distributions
On April 20, 2026, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on May 8, 2026 to shareholders of record on May 1, 2026.
Liquidity
As of March 31, 2026, Delek US had a cash balance of $624.1 million and total consolidated long-term debt of $3,183.1 million, resulting in net debt of $2,559.0 million. As of March 31, 2026, Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") had $9.9 million of cash and $2,294.6 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $614.2 million in cash and $888.5 million of long-term debt, or a $274.3 million net debt position.
First Quarter 2026 Results | Conference Call Information
Delek US will hold a conference call to discuss its first quarter 2026 results on Wednesday, April 29, 2026 at 9:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days.
Investors may also wish to listen to Delek Logistics’ (NYSE: DKL) first quarter 2026 earnings conference call that will be held on Wednesday, April 29, 2026 at 11:30 a.m. Central Time and review Delek Logistics’ earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% (including the general partner interest) of Delek Logistics Partners, LP at March 31, 2026.
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if", “potential,” “expect” or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding anticipated performance and financial position; cost reductions; throughput at the Company’s refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance of our midstream growth initiatives, and the flexibility, benefits and expected returns therefrom; and projected benefits of Delek Logistics' acquisition of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream businesses.
Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering, Permian Gathering, H2O Midstream or Gravity businesses following their acquisition; Delek US' ability to realize cost reductions; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible benefits of the H2O Midstream and Gravity transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging and/or legislation changing renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Midland Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US’ filings with the United States Securities and Exchange Commission (the “SEC”), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC.
Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation.
Non-GAAP Disclosures:
Our management uses certain “non-GAAP” operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:
Adjusting items - certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends;
Adjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period;
Adjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution;
Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation, amortization and proportional interest, taxes, depreciation and amortization of equity method investments;
Adjusted EBITDA - calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests;
Refining margin - calculated as gross margin (which we define as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales;
Adjusted refining margin - calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit), unrealized hedging (gain) loss and intercompany lease impacts;
Refining production margin - calculated based on the regional market sales price of refined products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure reflects the economics of each refinery exclusive of the financial impact of inventory price risk mitigation programs and marketing uplift strategies;
Refining production margin per throughput barrel - calculated as refining production margin divided by our average refining throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and
Net debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date.
We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. “Net debt,” also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet.
Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Refining Margin and Refining Production Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US' definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
($ in millions, except share and per share data)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
624.1
$
625.8
Accounts receivable, net
942.7
648.7
Inventories, net of inventory valuation reserves
931.0
726.0
Other current assets
149.9
67.5
Total current assets
2,647.7
2,068.0
Property, plant and equipment:
Property, plant and equipment
5,811.3
5,586.9
Less: accumulated depreciation
(2,399.9
)
(2,314.4
)
Property, plant and equipment, net
3,411.4
3,272.5
Operating lease right-of-use assets
69.9
71.4
Goodwill
475.3
475.3
Other intangibles, net
404.2
405.7
Equity method investments
424.4
427.7
Other non-current assets
137.0
127.1
Total assets
$
7,569.9
$
6,847.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,309.7
$
1,633.8
Current portion of long-term debt
9.5
9.5
Current portion of operating lease liabilities
26.3
27.2
Accrued expenses and other current liabilities
1,149.1
858.9
Total current liabilities
3,494.6
2,529.4
Non-current liabilities:
Long-term debt, net of current portion
3,173.6
3,223.6
Obligation under Inventory Intermediation Agreement
230.5
119.5
Environmental liabilities, net of current portion
30.9
31.1
Asset retirement obligations
35.1
34.0
Deferred tax liabilities
159.5
217.9
Operating lease liabilities, net of current portion
42.9
46.1
Other non-current liabilities
100.8
98.8
Total non-current liabilities
3,773.3
3,771.0
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding
—
—
Common stock, $0.01 par value, 110,000,000 shares authorized, 78,793,863 shares and 77,357,447 shares issued at March 31, 2026, and December 31, 2025, respectively
0.8
0.8
Additional paid-in capital
1,274.4
1,290.9
Accumulated other comprehensive loss
—
—
Treasury stock, 17,575,527 shares, at cost, at March 31, 2026, and December 31, 2025, respectively
(694.1
)
(694.1
)
Retained earnings (deficit)
(528.6
)
(311.1
)
Non-controlling interests in subsidiaries
249.5
260.8
Total stockholders’ equity
302.0
547.3
Total liabilities and stockholders’ equity
$
7,569.9
$
6,847.7
Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (Loss) (Unaudited)
($ in millions, except share and per share data)
Three Months Ended March 31,
2026
2025
Net revenues
$
2,653.1
$
2,641.9
Cost of sales:
Cost of materials and other
2,465.8
2,399.5
Operating expenses (excluding depreciation and amortization presented below)
219.9
211.1
Depreciation and amortization
97.6
95.0
Total cost of sales
2,783.3
2,705.6
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)
1.6
1.3
General and administrative expenses
44.0
61.5
Depreciation and amortization
5.7
6.3
Asset impairment
—
—
Other operating expense (income), net
(2.2
)
(7.0
)
Total operating costs and expenses
2,832.4
2,767.7
Operating income (loss)
(179.3
)
(125.8
)
Interest expense, net
84.5
84.1
Income from equity method investments
(14.6
)
(13.3
)
Other expense (income), net
(0.3
)
(1.6
)
Total non-operating expense, net
69.6
69.2
Income (loss) from continuing operations before income tax expense (benefit)
(248.9
)
(195.0
)
Income tax expense (benefit)
(58.2
)
(36.8
)
Income (loss) from continuing operations, net of tax
(190.7
)
(158.2
)
Discontinued operations:
Income (loss) from discontinued operations
(0.3
)
(0.4
)
Income tax expense (benefit)
(0.1
)
(0.1
)
Income (loss) from discontinued operations, net of tax
(0.2
)
(0.3
)
Net income (loss)
(190.9
)
(158.5
)
Net income attributed to non-controlling interests
10.4
14.2
Net income (loss) attributable to Delek
$
(201.3
)
$
(172.7
)
Basic income (loss) per share:
Income (loss) from continuing operations
$
(3.34
)
$
(2.78
)
Income (loss) from discontinued operations
$
—
$
—
Total basic income (loss) per share
$
(3.34
)
$
(2.78
)
Diluted income (loss) per share:
Income (loss) from continuing operations
$
(3.34
)
$
(2.78
)
Income (loss) from discontinued operations
$
—
$
—
Total diluted income (loss) per share
$
(3.34
)
$
(2.78
)
Weighted average common shares outstanding:
Basic
60,255,377
62,115,776
Diluted
60,255,377
62,115,776
Delek US Holdings, Inc.
Condensed Consolidated Cash Flow Data (Unaudited)
($ in millions)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Cash provided by (used in) operating activities - continuing operations
$
461.3
$
(62.1
)
Cash provided by (used in) operating activities - discontinued operations
(0.2
)
(0.3
)
Net cash provided by (used in) operating activities
461.1
(62.4
)
Cash flows from investing activities:
Net cash used in investing activities
(190.3
)
(314.6
)
Cash flows from financing activities:
Net cash provided by (used in) financing activities
(272.5
)
265.2
Net decrease in cash and cash equivalents
(1.7
)
(111.8
)
Cash and cash equivalents at the beginning of the period
625.8
735.6
Cash and cash equivalents at the end of the period
624.1
623.8
Working Capital Impacts Included in Cash Flows from Operating Activities from Continuing Operations
($ in millions)
Three Months Ended March 31,
2026
2025
Favorable (unfavorable) cash flow working capital changes (1)
$
600.9
$
25.6
(1) Includes obligations under the inventory intermediation agreement.
Significant Transactions During the Quarter Impacting Results:
Restructuring Costs
In 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. For the first quarter 2026, we recorded restructuring costs totaling $2.7 million ($2.1 million after-tax) associated with our business transformation. Restructuring costs of $1.7 million are recorded in general and administrative expenses and $1.0 million are included in operating expenses in our condensed consolidated statements of income.
General and Administrative Expenses
Excluding transaction costs and restructuring costs, general and administrative expenses were $40.2 million for the three months ended March 31, 2026.
Transactions with Delek Logistics
In January 2026, we entered into asset purchase agreements with Delek Logistics, pursuant to which we agreed to acquire a Tyler refinery tank for total consideration of $19.0 million and El Dorado tank and terminal assets for total consideration of $66.0 million. The Tyler Tank Purchase closed on April 1, 2026 with consideration paid through transfer of Delek Logistics common units, based on a 30-day volume weighted average unit price. The El Dorado Terminal Purchase is expected to close on October 1, 2027, subject to the satisfaction of customary closing conditions.
Other Inventory Impact
"Other inventory impact" is primarily calculated by multiplying the number of barrels sold during the period by the difference between current period weighted average purchase cost per barrel directly related to our refineries and per barrel cost of materials and other for the period recognized on a first-in, first-out basis directly related to our refineries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical refining margins to current period average crack spreads, as well as provides a means to better compare our results to peers.
Intercompany Leases
As a result of amendments to intercompany lease agreements in August 2024, we had to reassess lease classification for the agreements that contain leases under Accounting Standards Codification 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and finance leases for the Refining segment. Therefore, portions of the minimum volume commitments under these agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Refining segment, as the underlying lease was reclassified from an operating lease to a finance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.
Revolving Credit Facilities
On March 26, 2026, Delek Logistics Partners, LP entered into a new credit agreement that provides for revolving commitments up to $1,300.0 million in the aggregate with a sublimit up to $150.0 million for letters of credit and up to $50.0 million for swing line loans.
On April 9, 2026, the Company entered into Amendment No. 4 to Third Amended and Restated Credit Agreement. Amendment No. 4, among other modifications, (i) increases the revolving loan commitments from $1,100.0 million to $1,250.0 million, (ii) extends the maturity date of the Delek Revolving Credit Facility from October 26, 2027 to April 9, 2031, (iii) reduces the interest rate margins applicable to the Delek Revolving Credit Facility by 0.25% and (iv) amends certain thresholds for obligations under the Existing ABL Credit Agreement.
Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss)
Three Months Ended March 31,
$ in millions (unaudited)
2026
2025
Reported net income (loss) attributable to Delek US
$
(201.3
)
$
(172.7
)
Adjusting items (1)
Inventory and other LCM valuation (benefit) loss
(8.7
)
0.2
Tax effect
2.0
—
Inventory and other LCM valuation (benefit) loss, net
(6.7
)
0.2
Other inventory impact
(17.6
)
26.2
Tax effect
4.0
(5.9
)
Other inventory impact, net (2)
(13.6
)
20.3
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
23.9
(1.6
)
Tax effect
(5.4
)
0.4
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net
18.5
(1.2
)
Transaction related expenses
2.1
3.5
Tax effect
(0.5
)
(0.8
)
Transaction related expenses, net
1.6
2.7
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts
180.8
(0.2
)
Tax effect
(40.7
)
—
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts, net
140.1
(0.2
)
Restructuring costs
2.7
8.4
Tax effect
(0.6
)
(1.9
)
Restructuring costs, net (2)
2.1
6.5
Renewable volume obligation short related to small refinery exemptions(4)
82.3
—
Tax effect
(18.5
)
—
Renewable volume obligation short related to small refinery exemptions, net
63.8
—
DPG inventory adjustment
0.3
—
Tax effect
(0.1
)
—
DPG inventory adjustment, net (3)
0.2
—
Total Adjusting items (1)
206.0
28.3
Adjusted net income (loss)
$
4.7
$
(144.4
)
(1)
All adjustments have been tax effected using the estimated marginal income tax rate, as applicable.
(2)
See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(3)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(4)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share
Three Months Ended March 31,
$ per share (unaudited)
2026
2025
Reported diluted net income (loss) per share
$
(3.34
)
$
(2.78
)
Adjusting items, after tax (per share) (1) (2)
Net inventory and other LCM valuation (benefit) loss
(0.11
)
—
Other inventory impact (3)
(0.23
)
0.33
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
0.31
(0.02
)
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts
2.33
—
Transaction related expenses
0.03
0.04
Restructuring costs (3)
0.03
0.11
Renewable volume obligation short related to small refinery exemptions (5)
1.06
—
DPG inventory adjustment, net (4)
—
—
Total Adjusting items (1)
3.42
0.46
Adjusted net income (loss) per share
$
0.08
$
(2.32
)
(1)
The adjustments have been tax effected using the estimated marginal tax rate, as applicable.
(2)
For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.
(3)
See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(4)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(5)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA
Three Months Ended March 31,
$ in millions (unaudited)
2026
2025
Reported net income (loss) attributable to Delek US
$
(201.3
)
$
(172.7
)
Add:
Interest expense, net
84.5
84.1
Income tax expense (benefit)
(58.3
)
(36.9
)
Depreciation and amortization
103.3
101.3
Proportional interest, taxes, depreciation and amortization from equity-method investments
7.3
7.1
EBITDA attributable to Delek US
(64.5
)
(17.1
)
Adjusting items
Net inventory and other LCM valuation (benefit) loss
(8.7
)
0.2
Other inventory impact (1)
(17.6
)
26.2
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
23.9
(1.6
)
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts
180.8
(0.2
)
Transaction related expenses
2.1
3.5
Restructuring costs (1)
2.7
8.4
Renewable volume obligation short related to small refinery exemptions(3)
82.3
—
DPG inventory adjustment (2)
0.3
—
Net income attributable to non-controlling interest
10.4
14.2
Total Adjusting items
276.2
50.7
Adjusted EBITDA
$
211.7
$
33.6
(1)
See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(2)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(3)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
Three Months Ended March 31, 2026
$ in millions (unaudited)
Refining
Logistics
Segment Total
Corporate, Other and Eliminations
Consolidated
Segment EBITDA Attributable to Delek US
$
79.2
$
94.9
$
174.1
$
(238.6
)
$
(64.5
)
Adjusting items
Net inventory and other LCM valuation (benefit) loss
(8.7
)
—
(8.7
)
—
(8.7
)
Other inventory impact (1)
(17.6
)
—
(17.6
)
—
(17.6
)
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
23.3
0.6
23.9
—
23.9
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts
22.3
—
22.3
158.5
180.8
Restructuring costs (1)
—
—
—
2.7
2.7
Transaction related expenses
—
1.2
1.2
0.9
2.1
Renewable volume obligation short related to small refinery exemptions (3)
82.3
—
82.3
—
82.3
DPG inventory adjustment (2)
—
0.3
0.3
—
0.3
Intercompany lease impacts (1)
(25.5
)
35.4
9.9
(9.9
)
—
Net income attributable to non-controlling interest
—
—
—
10.4
10.4
Total Adjusting items
76.1
37.5
113.6
162.6
276.2
Adjusted Segment EBITDA
$
155.3
$
132.4
$
287.7
$
(76.0
)
$
211.7
Three Months Ended March 31, 2025
$ in millions (unaudited)
Refining
Logistics
Segment Total
Corporate, Other and Eliminations
Consolidated
Segment EBITDA Attributable to Delek US
$
(15.8
)
$
92.2
$
76.4
$
(93.5
)
$
(17.1
)
Adjusting items
Net inventory and other LCM valuation (benefit) loss
0.2
—
0.2
—
0.2
Other inventory impact (1)
26.2
—
26.2
—
26.2
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
(1.6
)
—
(1.6
)
—
(1.6
)
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts
(5.5
)
—
(5.5
)
5.3
(0.2
)
Restructuring costs
0.3
—
0.3
8.1
8.4
Transaction related expenses
—
3.3
3.3
0.2
3.5
Intercompany lease impacts (1)
(30.8
)
27.7
(3.1
)
3.1
—
Net income attributable to non-controlling interest
—
—
—
14.2
14.2
Total Adjusting items
(11.2
)
31.0
19.8
30.9
50.7
Adjusted Segment EBITDA
$
(27.0
)
$
123.2
$
96.2
$
(62.6
)
$
33.6
(1)
See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(2)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(3)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Refining Segment Selected Financial Information
Three Months Ended March 31,
2026
2025
Total Refining Segment
(Unaudited)
Days in period
90
90
Total sales volume - refined product (average barrels per day ("bpd")) (1)
274,376
294,892
Total production (average bpd)
257,659
285,570
Crude oil
238,338
272,183
Other feedstocks
21,692
17,020
Total throughput (average bpd)
260,030
289,203
Total refining production margin per bbl total throughput
$
12.13
$
5.75
Total refining operating expenses per bbl total throughput
$
6.16
$
6.00
Total refining production margin ($ in millions)
$
283.8
$
149.6
Supply, marketing and other ($ millions) (2)
(61.3
)
(23.7
)
Total adjusted refining margin ($ in millions)
$
222.5
$
125.9
Total crude slate details
Total crude slate: (% based on amount received in period)
WTI crude oil
80.4
%
66.2
%
Gulf Coast Sweet crude
4.6
%
8.7
%
Local Arkansas crude oil
3.7
%
3.8
%
Other
11.3
%
21.3
%
Crude utilization (% based on nameplate capacity) (4)
78.9
%
90.1
%
Tyler, TX Refinery
Days in period
90
90
Products manufactured (average bpd):
Gasoline
37,956
34,214
Diesel/Jet
30,236
30,415
Petrochemicals, LPG, NGLs
1,816
1,861
Other
22
1,405
Total production
70,030
67,895
Throughput (average bpd):
Crude oil
68,035
68,460
Other feedstocks
3,616
770
Total throughput
71,651
69,230
Tyler refining production margin ($ in millions)
$
104.9
$
48.7
Per barrel of throughput:
Tyler refining production margin
$
16.27
$
7.82
Operating expenses
$
5.64
$
5.69
Crude Slate: (% based on amount received in period)
WTI crude oil
79.5
%
73.7
%
East Texas crude oil
18.8
%
25.2
%
Other
1.7
%
1.1
%
Capture rate (3)
60.9
%
46.1
%
El Dorado, AR Refinery
Days in period
90
90
Products manufactured (average bpd):
Gasoline
37,534
37,350
Diesel/Jet
26,054
27,941
Petrochemicals, LPG, NGLs
1,304
941
Asphalt
5,362
6,843
Other
1,521
1,569
Total production
71,775
74,644
Throughput (average bpd):
Crude oil
69,909
71,921
Other feedstocks
2,933
3,840
Total throughput
72,842
75,761
Refining Segment Selected Financial Information (continued)
Three Months Ended March 31,
2026
2025
El Dorado refining production margin ($ in millions)
$
61.9
$
26.1
Per barrel of throughput:
El Dorado refining production margin
$
9.44
$
3.83
Operating expenses
$
5.68
$
5.16
Crude Slate: (% based on amount received in period)
WTI crude oil
85.5
%
68.5
%
Local Arkansas crude oil
12.9
%
14.4
%
Other
1.6
%
17.1
%
Capture rate (3)
35.3
%
22.6
%
Big Spring, TX Refinery
Days in period
90
90
Products manufactured (average bpd):
Gasoline
15,714
29,399
Diesel/Jet
10,463
19,023
Petrochemicals, LPG, NGLs
1,150
3,142
Asphalt
1,224
2,543
Other
1,802
3,878
Total production
30,353
57,985
Throughput (average bpd):
Crude oil
28,718
53,321
Other feedstocks
1,816
6,094
Total throughput
30,534
59,415
Big Spring refining production margin ($ in millions)
$
21.6
$
26.0
Per barrel of throughput:
Big Spring refining production margin
$
7.85
$
4.86
Operating expenses
$
10.21
$
8.36
Crude Slate: (% based on amount received in period)
WTI crude oil
72.3
%
62.7
%
WTS crude oil
27.7
%
37.3
%
Capture rate (3)
31.5
%
30.2
%
Krotz Springs, LA Refinery
Days in period
90
90
Products manufactured (average bpd):
Gasoline
46,713
43,163
Diesel/Jet
30,954
32,321
Heavy oils
1,567
3,231
Petrochemicals, LPG, NGLs
6,267
6,331
Other
—
—
Total production
85,501
85,046
Throughput (average bpd):
Crude oil
71,676
78,481
Other feedstocks
13,327
6,316
Total throughput
85,003
84,797
Krotz Springs refining production margin ($ in millions)
$
95.4
$
48.8
Per barrel of throughput:
Krotz Springs refining production margin
$
12.48
$
6.40
Operating expenses
$
5.57
$
5.36
Crude Slate: (% based on amount received in period)
WTI Crude
79.4
%
59.9
%
Gulf Coast Sweet Crude
16.0
%
30.3
%
Other
4.6
%
9.8
%
Capture rate (3)
55.3
%
52.5
%
(1)
Includes sales to other segments which are eliminated in consolidation.
(2)
Supply, marketing and other activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory, the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations and our 50% interest in a joint venture that owns asphalt terminals. Formally known as Trading & Supply.
(3)
Defined as refining production margin divided by the respective crack spread. See page 17 for crack spread information.
(4)
Crude throughput as % of total nameplate capacity of 302,000 bpd.
Logistics Segment Selected Information
Three Months Ended March 31,
2026
2025
(Unaudited)
Gathering & Processing: (average bpd)
Lion Pipeline System:
Crude pipelines (non-gathered)
62,758
61,888
Refined products pipelines
44,658
56,010
SALA Gathering System
9,220
10,321
East Texas Crude Logistics System
27,284
26,918
Midland Gathering Assets
218,203
246,090
Plains Connection System
212,359
179,240
Delaware Gathering Assets:
Natural gas gathering and processing (Mcfd) (1)
63,903
59,809
Crude oil gathering (average bpd)
129,451
122,226
Water disposal and recycling (average bpd)
111,173
128,499
Midland Water Gathering System: (2)
Water disposal and recycling (average bpd) (2)(3)
565,411
632,972
Wholesale Marketing & Terminalling:
East Texas - Tyler Refinery sales volumes (average bpd) (4)
—
67,876
West Texas wholesale marketing throughputs (average bpd)
11,771
10,826
West Texas wholesale marketing margin per barrel
$
4.42
$
1.64
Terminalling throughputs (average bpd) (5)
135,744
135,404
(1)
Mcfd - average thousand cubic feet per day.
(2)
Consists of volumes of H2O Midstream and Gravity.
(3)
Gravity volumes in 2025 are from January 2, 2025 through March 31, 2025.
(4)
Excludes jet fuel and petroleum coke.
(5)
Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock, Arkansas terminals and Memphis and Nashville, Tennessee terminals.
Supplemental Information
Schedule of Selected Segment Financial Data, Pricing Statistics Impacting our Refining Segment, and Other Reconciliations of Amounts Reported Under U.S. GAAP
Three Months Ended March 31, 2026
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and Eliminations
Consolidated
Net revenues (excluding intercompany fees and revenues)
$
2,522.3
$
130.8
$
2,653.1
$
—
$
2,653.1
Inter-segment fees and revenues
108.2
166.7
274.9
(274.9
)
—
Total revenues
$
2,630.5
$
297.5
$
2,928.0
$
(274.9
)
$
2,653.1
Cost of sales
2,617.3
253.6
2,870.9
(87.6
)
2,783.3
Gross margin
$
13.2
$
43.9
$
57.1
$
(187.3
)
$
(130.2
)
Three Months Ended March 31, 2025
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and Eliminations
Consolidated
Net revenues (excluding intercompany fees and revenues)
$
2,518.3
$
123.6
$
2,641.9
$
—
$
2,641.9
Inter-segment fees and revenues
90.0
126.3
216.3
(216.3
)
—
Total revenues
$
2,608.3
$
249.9
$
2,858.2
$
(216.3
)
$
2,641.9
Cost of sales
2,700.9
199.3
2,900.2
(194.6
)
2,705.6
Gross margin
$
(92.6
)
$
50.6
$
(42.0
)
$
(21.7
)
$
(63.7
)
Pricing Statistics
Three Months Ended March 31,
(average for the period presented)
2026
2025
WTI — Cushing crude oil (per barrel)
$
72.67
$
71.47
WTI — Midland crude oil (per barrel)
$
72.57
$
72.52
WTS — Midland crude oil (per barrel)
$
69.91
$
71.95
LLS (per barrel)
$
73.68
$
74.35
Brent (per barrel)
$
77.90
$
74.98
U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1)
$
26.71
$
16.97
U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1)
$
24.90
$
16.11
U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1)
$
22.56
$
12.20
U.S. Gulf Coast Unleaded Gasoline (per gallon)
$
2.09
$
1.98
Gulf Coast Ultra-low sulfur diesel (per gallon)
$
2.74
$
2.29
U.S. Gulf Coast high sulfur diesel (per gallon)
$
2.49
$
2.12
Natural gas (per MMBTU)
$
3.48
$
3.87
(1)
For our Tyler and El Dorado refineries, we compare our per barrel refining product margin to the Gulf Coast 5-3-2 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Big Spring refinery, we compare our per barrel refining margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery's crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery’s crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery’s crude oil input is primarily comprised of LLS and WTI Midland.
Other Reconciliations of Amounts Reported Under U.S. GAAP
$ in millions (unaudited)
Three Months Ended March 31,
Reconciliation of gross margin to Refining margin to Adjusted refining margin
2026
2025
Gross margin
$
13.2
$
(92.6
)
Add back (items included in cost of sales):
Operating expenses (excluding depreciation and amortization)
150.2
158.1
Depreciation and amortization
65.3
71.9
Refining margin
$
228.7
$
137.4
Adjusting items
Net inventory and other LCM valuation loss (benefit)
(8.7
)
0.2
Other inventory impact (1)
(17.6
)
26.2
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
23.3
(1.6
)
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements
22.3
(5.5
)
Intercompany lease impacts (1)
(25.5
)
(30.8
)
Total Adjusting items
(6.2
)
(11.5
)
Adjusted refining margin
$
222.5
$
125.9
(1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
Calculation of Net Debt
March 31, 2026
December 31, 2025
Long-term debt - current portion
$
9.5
$
9.5
Long-term debt - non-current portion
3,173.6
3,223.6
Total long-term debt
3,183.1
3,233.1
Less: Cash and cash equivalents
624.1
625.8
Net debt - consolidated
2,559.0
2,607.3
Less: DKL net debt
2,284.7
2,333.5
Net debt, excluding DKL
$
274.3
$
273.8
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429735786/en/
Investor/Media Relations Contacts:
investor.relations@delekus.com
Information about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), news webpage (www.delekus.com/news) and its X account (@DelekUSHoldings).
Original: Delek US Holdings Reports First Quarter 2026 Results
US Market News
3月前
Delek US Holdings Reports Fourth Quarter 2025 ResultsFebruary 27, 2026 6:30 AM
Business Wire
Delek US reported fourth quarter net income of $78.3 million or $1.26 per share, adjusted net income of $143.0 million or $2.31 per share and adjusted EBITDA of $374.8 million
Excluding the impacts of SREs, adjusted EPS was $0.44 per share and adjusted EBITDA was $225.5 million
Further advanced key objectives of Enterprise Optimization Plan (“EOP”)
Increased the annual run-rate cash flow improvements to ~$200 million
Recognized ~$50 million of improvements in 4Q'25
Announced restructuring of its Inventory Intermediation Agreement which will result in incremental free cash flow generation of at least $40 million
Delek Logistics reported record financial performance and initiated 2026 adjusted EBITDA guidance of $520 million to $560 million
Delek US purchased ~$20 million in DK common stock during the quarter
Paid $15.3 million of dividends and announced regular quarterly dividend of $0.255 per share
Delek US Holdings, Inc. (NYSE: DK) (“Delek US”, “Company”) today announced financial results for its fourth quarter ended December 31, 2025.
“2025 has been a transformational year for DK in improving its cash flow profile through successful implementation of the Enterprise Optimization Plan, reducing the costs of Inventory Intermediation Agreements, and progressing its economic separation with Delek Logistics,” said Avigal Soreq, President and Chief Executive Officer of Delek US. “We are very proud of the continuous improvement culture we are building at Delek and look forward to driving incremental free cash flow improvement through continued operational excellence, cost optimization, and disciplined capital allocation.”
“DKL continues to strengthen its premier position in the Permian Basin, supported by the ongoing ramp-up of our gas processing facilities and continued investment in sour gas handling, treating, and processing capabilities. The ongoing growth in third-party cash flows has allowed DKL to largely separate economically from DK while maintaining its strong organic growth reflected in DKL’s 2026 guidance of $520 to $560 million. This guidance reflects the durability of DKL's platform, the benefits of DKL's strong three stream business model and its investments in creating a peer leading sour gas gathering and acid gas injection solution.”
“Looking ahead, we remain focused on operating safely and reliably, successfully completing our ongoing Big Spring turnaround, advancing our sum-of-the-parts strategy, enhancing cash flow generation, and delivering sustainable long-term value for shareholders while maintaining financial strength and flexibility,” Soreq concluded.
Delek US Results
Three Months Ended December 31,
Year Ended December 31,
($ in millions, except per share data)
2025
2024
2025
2024
Net income (loss) attributable to Delek
$
78.3
$
(413.8
)
$
(22.8
)
$
(560.4
)
Total diluted income (loss) per share
$
1.26
$
(6.55
)
$
(0.38
)
$
(8.77
)
Adjusted net income (loss)
$
143.0
$
(160.5
)
$
399.7
$
(338.9
)
Adjusted net income (loss) per share
$
2.31
$
(2.54
)
$
6.60
$
(5.31
)
Adjusted EBITDA
$
374.8
$
(15.2
)
$
1,353.0
$
341.8
Refining Segment
The refining segment Adjusted EBITDA was $314.1 million in the fourth quarter 2025 compared with $(68.7) million in the same quarter last year, which reflects an increase in refining margin driven by increased crack spreads and continued benefit of the small refinery exemptions granted earlier this year. During the fourth quarter 2025, Delek US's benchmark crack spreads were up an average of 66.0% from prior-year levels. Adjusted EBITDA was also impacted favorably by other inventory impacts of $41.0 million and $43.9 million for fourth quarter 2025 and 2024, respectively.
The regulatory relief received under the renewable fuel standards resulted in a reduction within cost of materials of $75.3 million in the fourth quarter bringing the YTD reduction to $356.1 million
Logistics Segment
The logistics segment Adjusted EBITDA in the fourth quarter 2025 was $141.9 million compared with $114.3 million in the prior-year quarter. The increase over last year's fourth quarter was driven by the impact of the W2W dropdown and incremental contribution due to the H2O Midstream Acquisition on September 11, 2024, the Gravity Acquisition on January 2, 2025, and the increase in wholesale margins.
Shareholder Distributions
On February 18, 2026, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on March 9, 2026 to shareholders of record on March 2, 2026.
Liquidity
As of December 31, 2025, Delek US had a cash balance of $625.8 million and total consolidated long-term debt of $3,233.1 million, resulting in net debt of $2,607.3 million. As of December 31, 2025, Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) had $10.9 million of cash and $2,344.4 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $614.9 million in cash and $888.7 million of long-term debt, or a $273.8 million net debt position.
Fourth Quarter 2025 Results | Conference Call Information
Delek US will hold a conference call to discuss its fourth quarter 2025 results on Friday, February 27, 2026 at 9:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days.
Investors may also wish to listen to Delek Logistics’ (NYSE: DKL) fourth quarter 2025 earnings conference call that will be held on Friday, February 27, 2026 at 11:00 a.m. Central Time and review Delek Logistics’ earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% (including the general partner interest) of Delek Logistics Partners, LP at December 31, 2025.
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if", “potential,” “expect” or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding anticipated performance and financial position; cost reductions; throughput at the Company’s refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance of our midstream growth initiatives, and the flexibility, benefits and expected returns therefrom; and projected benefits of Delek Logistics' acquisition of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream businesses.
Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering, Permian Gathering, H2O Midstream or Gravity businesses following their acquisition; Delek US' ability to realize cost reductions; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible benefits of the H2O Midstream and Gravity transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging and/or legislation changing renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Midland Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US’ filings with the United States Securities and Exchange Commission (the “SEC”), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC.
Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation.
Non-GAAP Disclosures:
Our management uses certain “non-GAAP” operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:
Adjusting items - certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends;
Adjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period;
Adjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution;
Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation, amortization and proportional interest, taxes, depreciation and amortization of equity method investments;
Adjusted EBITDA - calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests;
Refining margin - calculated as gross margin (which we define as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales;
Adjusted refining margin - calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit), unrealized hedging (gain) loss and intercompany lease impacts;
Refining production margin - calculated based on the regional market sales price of refined products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure reflects the economics of each refinery exclusive of the financial impact of inventory price risk mitigation programs and marketing uplift strategies;
Refining production margin per throughput barrel - calculated as refining production margin divided by our average refining throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and
Net debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date.
We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. “Net debt,” also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet.
Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Refining Margin and Refining Production Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US' definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
($ in millions, except share and per share data)
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
625.8
$
735.6
Accounts receivable, net
648.7
617.6
Inventories, net of inventory valuation reserves
726.0
893.2
Other current assets
67.5
85.5
Total current assets
2,068.0
2,331.9
Property, plant and equipment:
Property, plant and equipment
5,586.9
4,948.4
Less: accumulated depreciation
(2,314.4
)
(2,008.4
)
Property, plant and equipment, net
3,272.5
2,940.0
Operating lease right-of-use assets
71.4
92.2
Goodwill
475.3
475.3
Other intangibles, net
405.7
321.6
Equity method investments
427.7
392.9
Other non-current assets
127.1
111.9
Total assets
$
6,847.7
$
6,665.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,633.8
$
1,813.8
Current portion of long-term debt
9.5
9.5
Current portion of operating lease liabilities
27.2
43.2
Accrued expenses and other current liabilities
858.9
649.5
Total current liabilities
2,529.4
2,516.0
Non-current liabilities:
Long-term debt, net of current portion
3,223.6
2,755.7
Obligation under Inventory Intermediation Agreement
119.5
408.7
Environmental liabilities, net of current portion
31.1
33.3
Asset retirement obligations
34.0
24.7
Deferred tax liabilities
217.9
214.8
Operating lease liabilities, net of current portion
46.1
54.8
Other non-current liabilities
98.8
82.6
Total non-current liabilities
3,771.0
3,574.6
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding
—
—
Common stock, $0.01 par value, 110,000,000 shares authorized, 77,357,447 shares and 80,127,994 shares issued at December 31, 2025 and December 31, 2024, respectively
0.8
0.8
Additional paid-in capital
1,290.9
1,215.9
Accumulated other comprehensive loss
—
(4.1
)
Treasury stock, 17,575,527 shares, at cost, at December 31, 2025 and December 31, 2024, respectively
(694.1
)
(694.1
)
Retained earnings (deficit)
(311.1
)
(205.7
)
Non-controlling interests in subsidiaries
260.8
262.4
Total stockholders’ equity
547.3
575.2
Total liabilities and stockholders’ equity
$
6,847.7
$
6,665.8
Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (Loss) (Unaudited)
($ in millions, except share and per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net revenues
$
2,429.4
$
2,373.7
$
10,722.9
$
11,852.2
Cost of sales:
Cost of materials and other
1,893.4
2,234.7
8,873.6
10,781.8
Operating expenses (excluding depreciation and amortization presented below)
214.2
183.5
862.9
763.8
Depreciation and amortization
95.9
90.1
374.3
349.7
Total cost of sales
2,203.5
2,508.3
10,110.8
11,895.3
Insurance proceeds
—
(5.6
)
(0.1
)
(20.6
)
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)
2.0
(2.3
)
9.0
3.4
General and administrative expenses
54.6
61.2
269.5
252.8
Depreciation and amortization
5.2
6.2
23.5
24.8
Asset impairment
1.4
212.2
17.7
243.5
Other operating income, net
(1.9
)
(2.9
)
(8.5
)
(55.5
)
Total operating costs and expenses
2,264.8
2,777.1
10,421.9
12,343.7
Operating income (loss)
164.6
(403.4
)
301.0
(491.5
)
Interest expense, net
82.2
68.9
345.3
313.0
Income from equity method investments
(22.8
)
(14.8
)
(89.5
)
(92.2
)
Other expense (income), net
2.9
(5.2
)
6.3
(6.3
)
Total non-operating expense, net
62.3
48.9
262.1
214.5
Income (loss) from continuing operations before income tax expense (benefit)
102.3
(452.3
)
38.9
(706.0
)
Income tax expense (benefit)
4.2
(51.2
)
(6.8
)
(107.9
)
Income (loss) from continuing operations, net of tax
98.1
(401.1
)
45.7
(598.1
)
Discontinued operations:
(Loss) income from discontinued operations; including gain on sale of discontinued operations
(1.2
)
(1.9
)
(3.0
)
105.9
Income tax (benefit) expense
(0.2
)
(0.9
)
(0.6
)
28.7
(Loss) income from discontinued operations, net of tax
(1.0
)
(1.0
)
(2.4
)
77.2
Net income (loss)
97.1
(402.1
)
43.3
(520.9
)
Net income attributed to non-controlling interests
18.8
11.7
66.1
39.5
Net income (loss) attributable to Delek
$
78.3
$
(413.8
)
$
(22.8
)
$
(560.4
)
Basic income (loss) per share:
Income (loss) from continuing operations
$
1.32
$
(6.53
)
$
(0.34
)
$
(9.98
)
(Loss) income from discontinued operations
(0.02
)
(0.02
)
$
(0.04
)
$
1.21
Total basic income (loss) per share
$
1.30
$
(6.55
)
$
(0.38
)
$
(8.77
)
Diluted income (loss) per share:
Income (loss) from continuing operations
$
1.28
$
(6.53
)
$
(0.34
)
$
(9.98
)
(Loss) income from discontinued operations
(0.02
)
(0.02
)
$
(0.04
)
$
1.21
Total diluted income (loss) per share
$
1.26
$
(6.55
)
$
(0.38
)
$
(8.77
)
Weighted average common shares outstanding:
Basic
60,030,006
63,234,505
60,703,554
63,882,219
Diluted
61,926,891
63,234,505
60,703,554
63,882,219
Delek US Holdings, Inc.
Condensed Consolidated Cash Flow Data (Unaudited)
($ in millions)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Cash flows from operating activities:
Cash provided by (used in) operating activities - continuing operations
$
503.8
$
(162.6
)
$
538.2
$
(83.7
)
Cash (used in) provided by operating activities - discontinued operations
(1.0
)
(0.9
)
(2.4
)
16.9
Net cash provided by (used in) operating activities
502.8
(163.5
)
535.8
(66.8
)
Cash flows from investing activities:
Cash used in investing activities - continuing operations
(116.9
)
(215.8
)
(697.9
)
(603.2
)
Cash provided by investing activities - discontinued operations
—
—
—
361.7
Net cash used in investing activities
(116.9
)
(215.8
)
(697.9
)
(241.5
)
Cash flows from financing activities:
Cash (used in) provided by financing activities - continuing operations
(391.0
)
77.3
52.3
221.7
Net (used in) cash provided by financing activities
(391.0
)
77.3
52.3
221.7
Net decrease in cash and cash equivalents
(5.1
)
(302.0
)
(109.8
)
(86.6
)
Cash and cash equivalents at the beginning of the period
630.9
1,037.6
735.6
822.2
Cash and cash equivalents at the end of the period
625.8
735.6
625.8
735.6
Working Capital Impacts Included in Cash Flows from Operating Activities from Continuing Operations
($ in millions)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Favorable (unfavorable) cash flow working capital changes (1)
$
25.8
$
(71.1
)
$
(2.9
)
$
39.2
(1) Includes obligations under the inventory intermediation agreement.
Significant Transactions During the Quarter Impacting Results:
Restructuring Costs
In 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. For the fourth quarter 2025, we recorded restructuring costs totaling $18.8 million ($14.6 million after-tax) associated with our business transformation. Restructuring costs of $10.4 million are recorded in general and administrative expenses, $5.7 million are included in operating expenses, and $2.7 million are included in other operating (income) and expense in our condensed consolidated statements of income.
General and Administrative Expenses
Excluding transaction costs and restructuring costs, general and administrative expenses were $43.4 million for the three months ended December 31, 2025.
Citi Inventory Intermediation Agreement Amendment
In the fourth quarter, we amended the Inventory Intermediation Agreement, further reducing interest expense and other associated fees while increasing our flexibility on liquidity and inventory financing options for all refineries associated with the Inventory Intermediation Agreement. We exercised optionality to exclude certain volumes related to the agreement and our obligation under the agreement was reduced by $289.2 million between December 31, 2024 and December 31, 2025.
Other Inventory Impact
“Other inventory impact” is primarily calculated by multiplying the number of barrels sold during the period by the difference between current period weighted average purchase cost per barrel directly related to our refineries and per barrel cost of materials and other for the period recognized on a first-in, first-out basis directly related to our refineries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical refining margins to current period average crack spreads, as well as provides a means to better compare our results to peers.
Small Refinery Exemptions
In August of 2025, the United States Environmental Protection Agency (“EPA”) announced its decisions on the backlog of 175 Small Refinery Exemption (“SRE”) petitions from refineries seeking an exemption from their Renewable Fuel Standard obligations. Delek fully complied with Renewable Identification Number (“RIN”) obligations for all years, incurring significant costs to finance our compliance.
EPA granted Delek full and partial exemptions for substantially all of our 20 petitions for the 2019-2024 calendar years. Because RINs are valid for a one-year period, a majority of the refunded RINs were expired and therefore had no value, and are the subject of ongoing litigation. The RINs received from prior year SREs resulted in a reduction of our Consolidated Net RIN Obligation and therefore a reduction within cost of materials and other of approximately $75.3 million in the fourth quarter of 2025.
Intercompany Leases
As a result of amendments to intercompany lease agreements in August 2024, we had to reassess lease classification for the agreements that contain leases under Accounting Standards Codification 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and finance leases for the Refining segment. Therefore, portions of the minimum volume commitments under these agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Refining segment, as the underlying lease was reclassified from an operating lease to a finance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.
Subsequent Events - Transactions with Delek Logistics
In January 2026, we entered into asset purchase agreements with Delek Logistics, pursuant to which we agreed to acquire a Tyler refinery tank for total consideration of $19.0 million and El Dorado tank and terminal assets for total consideration of $66.0 million. The Tyler Tank Purchase and the El Dorado Terminal Purchase are expected to close on April 1, 2026 and October 1, 2027, respectively.
Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss)
Three Months Ended December 31,
Year Ended December 31,
$ in millions (unaudited)
2025
2024
2025
2024
Reported net income (loss) attributable to Delek US
$
78.3
$
(413.8
)
$
(22.8
)
$
(560.4
)
Adjusting items (1)
Inventory and other LCM valuation (benefit) loss
(30.8
)
(0.2
)
8.4
(10.7
)
Tax effect
6.9
—
(1.9
)
2.4
Inventory and other LCM valuation (benefit) loss, net
(23.9
)
(0.2
)
6.5
(8.3
)
Other inventory impact
41.0
43.9
176.6
82.9
Tax effect
(9.2
)
(9.9
)
(39.7
)
(18.7
)
Other inventory impact, net (2)
31.8
34.0
136.9
64.2
Business interruption insurance and settlement recoveries
—
—
—
(10.6
)
Tax effect
—
—
—
2.4
Business interruption insurance and settlement recoveries, net
—
—
—
(8.2
)
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
0.1
0.1
(1.0
)
1.2
Tax effect
—
(0.1
)
0.2
(0.3
)
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net
0.1
—
(0.8
)
0.9
Transaction related expenses
0.8
3.8
9.1
24.8
Tax effect
(0.1
)
(0.9
)
(2.0
)
(5.6
)
Transaction related expenses, net
0.7
2.9
7.1
19.2
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation
(21.2
)
1.8
4.5
5.5
Tax effect
4.8
(0.4
)
(1.0
)
(1.2
)
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation, net (3)
(16.4
)
1.4
3.5
4.3
Restructuring costs
18.8
3.3
86.8
62.8
Tax effect
(4.2
)
(0.7
)
(19.5
)
(14.1
)
Restructuring costs, net (2)
14.6
2.6
67.3
48.7
Renewable volume obligation short related to small refinery exemptions(5)
74.0
—
234.2
—
Tax effect
(16.7
)
—
(52.7
)
—
Renewable volume obligation short related to small refinery exemptions, net
57.3
—
181.5
—
Goodwill impairment
—
212.2
—
212.2
Tax effect
—
—
—
—
Goodwill impairment, net
—
212.2
—
212.2
Property settlement
—
—
—
(53.4
)
Tax effect
—
—
—
12.0
Property settlement, net
—
—
—
(41.4
)
Gain on sale of Retail Stores
—
0.9
—
(97.5
)
Tax effect
—
(0.5
)
—
27.4
Gain on sale of Retail Stores, net
—
0.4
—
(70.1
)
Impairment of investments held at cost and other assets
1.4
—
26.3
—
Tax effect
(0.3
)
—
(5.9
)
—
Impairment of investments held at cost and other assets, net(2)
1.1
—
20.4
—
DPG inventory adjustment
(0.8
)
—
0.1
—
Tax effect
0.2
—
—
—
DPG inventory adjustment, net (4)
(0.6
)
—
0.1
—
Total Adjusting items (1)
64.7
253.3
422.5
221.5
Adjusted net income (loss)
$
143.0
$
(160.5
)
$
399.7
$
(338.9
)
(1)
All adjustments have been tax effected using the estimated marginal income tax rate, as applicable.
(2)
See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
(3)
Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(4)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(5)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share
Three Months Ended December 31,
Year Ended December 31,
$ per share (unaudited)
2025
2024
2025
2024
Reported diluted net income (loss) per share
$
1.26
$
(6.55
)
$
(0.38
)
$
(8.77
)
Adjusting items, after tax (per share) (1) (2)
Net inventory and other LCM valuation (benefit) loss
(0.39
)
—
0.11
(0.13
)
Other inventory impact (3)
0.51
0.53
2.26
1.00
Business interruption insurance and settlement recoveries
—
—
—
(0.13
)
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
—
—
(0.01
)
0.01
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (4)
(0.26
)
0.02
0.06
0.07
Transaction related expenses
0.01
0.05
0.12
0.30
Restructuring costs (3)
0.24
0.04
1.11
0.77
Renewable volume obligation short related to small refinery exemptions (6)
0.93
—
2.99
—
Goodwill impairment
—
3.36
—
3.32
Property settlement
—
—
—
(0.65
)
Gain on sale of Retail Stores
—
0.01
—
(1.10
)
Impairment of investments held at cost and other assets (3)
0.02
—
0.34
—
DPG inventory adjustment, net (5)
(0.01
)
—
—
—
Total Adjusting items (1)
1.05
4.01
6.98
3.46
Adjusted net income (loss) per share
$
2.31
$
(2.54
)
$
6.60
$
(5.31
)
(1)
The adjustments have been tax effected using the estimated marginal tax rate, as applicable.
(2)
For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.
(3)
See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
(4)
Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(5)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(6)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA
Three Months Ended December 31,
Year Ended December 31,
$ in millions (unaudited)
2025
2024
2025
2024
Reported net income (loss) attributable to Delek US
$
78.3
$
(413.8
)
$
(22.8
)
$
(560.4
)
Add:
Interest expense, net
82.2
68.9
345.3
313.1
Income tax benefit
4.0
(52.1
)
(7.4
)
(79.2
)
Depreciation and amortization
101.1
96.3
397.8
383.5
Proportional interest, taxes, depreciation and amortization from equity-method investments
7.1
8.0
29.0
28.1
EBITDA attributable to Delek US
272.7
(292.7
)
741.9
85.1
Adjusting items
Net inventory and other LCM valuation (benefit) loss
(30.8
)
(0.2
)
8.4
(10.7
)
Other inventory impact (1)
41.0
43.9
176.6
82.9
Business interruption insurance and settlement recoveries
—
—
—
(10.6
)
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
0.1
0.1
(1.0
)
1.2
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)
(21.2
)
1.8
4.5
5.5
Transaction related expenses
0.8
3.8
9.1
24.8
Restructuring costs (1)
18.8
3.3
86.8
62.8
Renewable volume obligation short related to small refinery exemptions(4)
74.0
—
234.2
—
Goodwill impairment
—
212.2
—
212.2
Property settlement
—
—
—
(53.4
)
Gain on sale of Retail Stores
—
0.9
—
(97.5
)
Impairment of investments held at cost and other assets(1)
1.4
—
26.3
—
DPG inventory adjustment (3)
(0.8
)
—
0.1
—
Net income attributable to non-controlling interest
18.8
11.7
66.1
39.5
Total Adjusting items
102.1
277.5
611.1
256.7
Adjusted EBITDA
$
374.8
$
(15.2
)
$
1,353.0
$
341.8
(1)
See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
(2)
Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(3)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(4)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations
Three Months Ended December 31,
Year Ended December 31,
$ in millions (unaudited)
2025
2024
2025
2024
Reported income (loss) from continuing operations, net of tax
$
98.1
$
(401.1
)
$
45.7
$
(598.1
)
Add:
Interest expense, net
82.2
68.9
345.3
313.0
Income tax benefit
4.2
(51.2
)
(6.8
)
(107.9
)
Depreciation and amortization
101.1
96.3
397.8
374.5
Proportional interest, taxes, depreciation and amortization from equity-method investments
7.1
8.0
29.0
28.1
EBITDA attributable to Delek US
292.7
(279.1
)
811.0
9.6
Adjusting items
Net inventory and other LCM valuation (benefit) loss
(30.8
)
(0.2
)
8.4
(10.7
)
Other inventory impact (1)
41.0
43.9
176.6
82.9
Business interruption insurance and settlement recoveries
—
—
—
(10.6
)
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
0.1
0.1
(1.0
)
1.2
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)
(21.2
)
1.8
4.5
5.5
Transaction related expenses
0.8
3.3
9.1
14.9
Restructuring costs (1)
18.8
3.3
86.8
62.8
Renewable volume obligation short related to small refinery exemptions(4)
74.0
—
234.2
—
Goodwill impairment
—
212.2
—
212.2
Property settlement
—
—
—
(53.4
)
Impairment of investments held at cost and other assets(1)
1.4
—
26.3
—
DPG inventory adjustment (3)
(0.8
)
—
0.1
—
Total Adjusting items
83.3
264.4
545.0
304.8
Adjusted EBITDA from continuing operations
$
376.0
$
(14.7
)
$
1,356.0
$
314.4
(1)
See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
(2)
Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(3)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(4)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations
Three Months Ended December 31,
Year Ended December 31,
$ in millions (unaudited)
2025
2024
2025
2024
Reported (loss) income from discontinued operations, net of tax
$
(1.0
)
$
(1.0
)
$
(2.4
)
$
77.2
Add:
Interest expense, net
—
—
—
0.1
Income tax (benefit) expense
(0.2
)
(0.9
)
(0.6
)
28.7
Depreciation and amortization
—
—
—
9.0
EBITDA attributable to discontinued operations
(1.2
)
(1.9
)
(3.0
)
115.0
Adjusting items
Transaction costs
—
0.5
—
9.9
Gain on sale of Retail Stores
—
0.9
—
(97.5
)
Total Adjusting items
—
1.4
—
(87.6
)
Adjusted EBITDA from discontinued operations
$
(1.2
)
$
(0.5
)
$
(3.0
)
$
27.4
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations
Three Months Ended December 31, 2025
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and
Eliminations
Consolidated
Segment EBITDA Attributable to Delek US
$
258.3
$
98.2
$
356.5
$
(63.8
)
$
292.7
Adjusting items
Net inventory and other LCM valuation (benefit) loss
(30.8
)
—
(30.8
)
—
(30.8
)
Other inventory impact (1)
41.0
—
41.0
—
41.0
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
0.1
—
0.1
—
0.1
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)
—
—
—
(21.2
)
(21.2
)
Transaction related expenses
—
0.4
0.4
0.4
0.8
Restructuring costs (1)
0.4
—
0.4
18.4
18.8
Renewable volume obligation short related to small refinery exemptions (5)
74.0
—
74.0
—
74.0
Intercompany lease impacts (1)
(28.9
)
44.1
15.2
(15.2
)
—
Impairment of investments held at cost and other assets (1)
—
—
—
1.4
1.4
DPG inventory adjustment (4)
—
(0.8
)
(0.8
)
—
(0.8
)
Total Adjusting items
55.8
43.7
99.5
(16.2
)
83.3
Adjusted Segment EBITDA from continuing operations
$
314.1
$
141.9
$
456.0
$
(80.0
)
$
376.0
Three Months Ended December 31, 2024
$ in millions (unaudited)
Refining (3)
Logistics
Segment
Total
Corporate,
Other and
Eliminations (3)
Consolidated
Segment EBITDA Attributable to Delek US
$
(292.3
)
$
80.9
$
(211.4
)
$
(67.7
)
$
(279.1
)
Adjusting items
Net inventory and other LCM valuation (benefit) loss
(0.2
)
—
(0.2
)
—
(0.2
)
Other inventory impact (1)
43.9
—
43.9
—
43.9
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
0.1
—
0.1
—
0.1
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements
1.8
—
1.8
—
1.8
Transaction related expenses
—
2.7
2.7
0.6
3.3
Restructuring costs
—
—
—
3.3
3.3
Goodwill impairment
212.2
—
212.2
—
212.2
Intercompany lease impacts (1)
(34.2
)
30.7
(3.5
)
3.5
—
Total Adjusting items
223.6
33.4
257.0
7.4
264.4
Adjusted Segment EBITDA from continuing operations
$
(68.7
)
$
114.3
$
45.6
$
(60.3
)
$
(14.7
)
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations
Year Ended December 31, 2025
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and
Eliminations
Consolidated
Segment EBITDA Attributable to Delek US
$
803.4
$
395.6
$
1,199.0
$
(388.0
)
$
811.0
Adjusting items
Net inventory and other LCM valuation (benefit) loss
8.4
—
8.4
—
8.4
Other inventory impact (1)
176.6
—
176.6
—
176.6
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
(1.0
)
—
(1.0
)
—
(1.0
)
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)
(5.5
)
—
(5.5
)
10.0
4.5
Restructuring costs (1)
1.4
—
1.4
85.4
86.8
Transaction related expenses
—
6.8
6.8
2.3
9.1
Renewable volume obligation short related to small refinery exemptions (5)
234.2
—
234.2
—
234.2
Impairment of investments held at cost and other assets(1)
—
2.8
2.8
23.5
26.3
DPG inventory adjustment (4)
—
0.1
0.1
—
0.1
Intercompany lease impacts (1)
(118.2
)
129.7
11.5
(11.5
)
—
Total Adjusting items
295.9
139.4
435.3
109.7
545.0
Adjusted Segment EBITDA from continuing operations
$
1,099.3
$
535.0
$
1,634.3
$
(278.3
)
$
1,356.0
Year Ended December 31, 2024
$ in millions (unaudited)
Refining (3)
Logistics
Segment Total
Corporate, Other and Eliminations (3)
Consolidated
Segment EBITDA Attributable to Delek US
$
(156.3
)
$
358.5
$
202.2
$
(192.6
)
$
9.6
Adjusting items
Net inventory and other LCM valuation (benefit) loss
(10.7
)
—
(10.7
)
—
(10.7
)
Other inventory impact (1)
82.9
—
82.9
—
82.9
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
1.2
—
1.2
—
1.2
Unrealized RINs hedging gain (loss) where the hedged item is not yet recognized in the financial statements
5.5
—
5.5
—
5.5
Restructuring costs
36.6
—
36.6
26.2
62.8
Transaction related expenses
—
11.4
11.4
3.5
14.9
Business interruption insurance recoveries
(10.6
)
—
(10.6
)
—
(10.6
)
Goodwill impairment
212.2
—
212.2
—
212.2
Property settlement
—
—
—
(53.4
)
(53.4
)
Intercompany lease impacts (1)
(66.3
)
59.6
(6.7
)
6.7
—
Total Adjusting items
250.8
71.0
321.8
(17.0
)
304.8
Adjusted Segment EBITDA from continuing operations
$
94.5
$
429.5
$
524.0
$
(209.6
)
$
314.4
(1)
See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
(2)
Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(3)
During the second quarter 2024, we realigned our reportable segments for financial reporting purposes to reflect changes in the manner in which our chief operating decision maker, or CODM, assesses financial information for decision-making purposes. The change represents reporting the operating results of our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S. within the refining segment. Prior to this change, these operating results were reported as part of corporate, other and eliminations. While this reporting change did not change our consolidated results, segment data for previous years has been restated and is consistent with the current year presentation.
(4)
Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(5)
Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Refining Segment Selected Financial Information
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Total Refining Segment
(Unaudited)
(Unaudited)
Days in period
92
92
365
366
Total sales volume - refined product (average barrels per day (“bpd”)) (1)
296,724
271,333
306,152
301,834
Total production (average bpd)
292,553
262,918
299,836
292,817
Crude oil
261,080
252,170
285,496
281,271
Other feedstocks
33,683
14,346
18,161
15,380
Total throughput (average bpd)
294,763
266,516
303,657
296,651
Total refining production margin per bbl total throughput
$
10.49
$
3.71
$
8.50
$
7.10
Total refining operating expenses per bbl total throughput
$
5.42
$
5.46
$
5.50
$
5.37
Total refining production margin ($ in millions)
$
284.6
$
90.9
$
942.6
$
771.2
Supply, marketing and other ($ millions) (2)
98.3
(34.6
)
511.6
(123.0
)
Total adjusted refining margin ($ in millions)
$
382.9
$
56.3
$
1,454.2
$
648.2
Total crude slate details
Total crude slate: (% based on amount received in period)
WTI crude oil
78.4
%
66.3
%
75.0
%
69.9
%
Gulf Coast Sweet crude
5.0
%
6.7
%
6.3
%
7.3
%
Local Arkansas crude oil
3.4
%
3.9
%
3.4
%
3.4
%
Other
13.2
%
23.1
%
15.3
%
19.4
%
Crude utilization (% based on nameplate capacity) (4)
86.5
%
83.5
%
94.5
%
93.1
%
Tyler, TX Refinery
Days in period
92
92
365
366
Products manufactured (average bpd):
Gasoline
43,560
33,052
38,055
35,723
Diesel/Jet
32,593
29,568
32,470
31,755
Petrochemicals, LPG, NGLs
2,175
1,983
2,051
2,319
Other
521
426
855
849
Total production
78,849
65,029
73,431
70,646
Throughput (average bpd):
Crude oil
75,606
65,060
73,091
70,009
Other feedstocks
4,567
1,279
1,922
2,299
Total throughput
80,173
66,339
75,013
72,308
Tyler refining production margin ($ in millions)
$
91.9
$
40.6
$
287.2
$
265.2
Per barrel of throughput:
Tyler refining production margin
$
12.45
$
6.66
$
10.49
$
10.02
Operating expenses
$
4.93
$
5.51
$
5.02
$
5.04
Crude Slate: (% based on amount received in period)
WTI crude oil
75.8
%
74.5
%
74.8
%
79.2
%
East Texas crude oil
20.5
%
25.2
%
22.9
%
20.4
%
Other
3.7
%
0.3
%
2.3
%
0.4
%
Capture rate (3)
57.1
%
48.4
%
51.4
%
57.0
%
El Dorado, AR Refinery
Days in period
92
92
365
366
Products manufactured (average bpd):
Gasoline
36,604
37,814
38,138
38,215
Diesel/Jet
25,820
27,628
29,118
29,843
Petrochemicals, LPG, NGLs
1,212
918
1,097
1,205
Asphalt
5,054
8,412
6,749
8,739
Other
1,096
1,076
1,149
1,237
Total production
69,786
75,848
76,251
79,239
Throughput (average bpd):
Crude oil
67,659
73,215
74,712
77,993
Other feedstocks
2,983
4,034
2,960
2,886
Total throughput
70,642
77,249
77,672
80,879
Refining Segment Selected Financial Information (continued)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
El Dorado refining production margin ($ in millions)
$
54.4
$
4.0
$
175.8
$
101.0
Per barrel of throughput:
El Dorado refining production margin
$
8.37
$
0.56
$
6.20
$
3.41
Operating expenses
$
5.51
$
4.78
$
4.86
$
4.65
Crude Slate: (% based on amount received in period)
WTI crude oil
84.9
%
64.9
%
81.0
%
66.5
%
Local Arkansas crude oil
13.7
%
13.1
%
13.2
%
12.2
%
Other
1.4
%
22.0
%
5.8
%
21.3
%
Capture rate (3)
38.4
%
4.1
%
30.4
%
19.4
%
Big Spring, TX Refinery
Days in period
92
92
365
366
Products manufactured (average bpd):
Gasoline
33,782
36,757
33,227
33,888
Diesel/Jet
21,509
24,784
23,403
25,157
Petrochemicals, LPG, NGLs
1,683
4,949
3,139
4,710
Asphalt
1,438
2,986
2,003
2,774
Other
3,502
2,670
3,982
3,883
Total production
61,914
72,146
65,754
70,412
Throughput (average bpd):
Crude oil
59,677
66,919
63,145
66,123
Other feedstocks
3,115
5,981
3,871
4,975
Total throughput
62,792
72,900
67,016
71,098
Big Spring refining production margin ($ in millions)
$
66.7
$
33.8
$
230.0
$
215.4
Per barrel of throughput:
Big Spring refining production margin
$
11.54
$
5.04
$
9.40
$
8.28
Operating expenses
$
6.40
$
6.29
$
7.11
$
6.66
Crude Slate: (% based on amount received in period)
WTI crude oil
77.8
%
70.1
%
74.0
%
70.4
%
WTS crude oil
22.2
%
29.9
%
26.0
%
29.6
%
Capture rate (3)
56.3
%
38.6
%
48.1
%
48.9
%
Krotz Springs, LA Refinery
Days in period
92
92
365
366
Products manufactured (average bpd):
Gasoline
44,439
18,516
42,614
34,268
Diesel/Jet
29,903
18,957
32,070
28,125
Heavy oils
1,361
9,202
3,260
3,641
Petrochemicals, LPG, NGLs
6,302
2,791
6,456
4,942
Other
—
429
—
1,544
Total production
82,005
49,895
84,400
72,520
Throughput (average bpd):
Crude oil
58,137
46,976
74,548
67,146
Other feedstocks
23,019
3,052
9,408
5,220
Total throughput
81,156
50,028
83,956
72,366
Krotz Springs refining production margin ($ in millions)
$
71.6
$
12.5
$
249.6
$
189.6
Per barrel of throughput:
Krotz Springs refining production margin
$
9.59
$
2.71
$
8.14
$
7.16
Operating expenses
$
5.06
$
5.27
$
5.22
$
5.23
Crude Slate: (% based on amount received in period)
WTI Crude
75.2
%
52.6
%
69.9
%
63.7
%
Gulf Coast Sweet Crude
22.9
%
35.0
%
24.1
%
29.7
%
Other
1.9
%
12.4
%
6.0
%
6.6
%
Capture rate (3)
52.2
%
27.8
%
51.4
%
53.4
%
(1)
Includes sales to other segments which are eliminated in consolidation.
(2)
Supply, marketing and other activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory, the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations and our 50% interest in a joint venture that owns asphalt terminals. Formally known as Trading & Supply.
(3)
Defined as refining production margin divided by the respective crack spread. See page 21 for crack spread information.
(4)
Crude throughput as % of total nameplate capacity of 302,000 bpd.
Logistics Segment Selected Information
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
Gathering & Processing: (average bpd)
Lion Pipeline System:
Crude pipelines (non-gathered)
59,551
64,920
66,125
69,903
Refined products pipelines
49,198
57,513
54,616
59,136
SALA Gathering System
8,483
13,883
9,454
11,568
East Texas Crude Logistics System
33,771
35,046
31,296
34,711
Midland Gathering Assets
237,681
200,705
219,782
217,847
Plains Connection System
206,493
360,725
182,523
333,405
Delaware Gathering Assets:
Natural gas gathering and processing (Mcfd) (1)
64,940
71,078
62,111
74,831
Crude oil gathering (average bpd)
140,790
123,346
138,575
123,978
Water disposal and recycling (average bpd)
98,040
144,414
107,415
128,539
Midland Water Gathering System: (2)
Water disposal and recycling (average bpd) (2)(3)
613,869
274,361
587,419
280,955
Wholesale Marketing & Terminalling:
East Texas - Tyler Refinery sales volumes (average bpd) (4)
69,369
63,022
68,052
67,682
Big Spring wholesale marketing throughputs (average bpd)(5)
—
—
—
44,999
West Texas wholesale marketing throughputs (average bpd)
10,753
7,472
8,737
5,828
West Texas wholesale marketing margin per barrel
$
3.48
$
4.35
$
3.42
$
3.18
Terminalling throughputs (average bpd) (6)
147,041
151,309
145,237
154,217
(1)
Mcfd - average thousand cubic feet per day.
(2)
Consists of volumes of H2O Midstream and Gravity.
(3)
Gravity 2025 are from January 2, 2025 through December 31, 2025.
(4)
Excludes jet fuel and petroleum coke.
(5)
Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings.
(6)
Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock, Arkansas terminals and Memphis and Nashville, Tennessee terminals.
Supplemental Information
Schedule of Selected Segment Financial Data, Pricing Statistics Impacting our Refining Segment, and Other Reconciliations of Amounts Reported Under U.S. GAAP
Selected Segment Financial Data
Three Months Ended December 31, 2025
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and
Eliminations
Consolidated
Net revenues (excluding intercompany fees and revenues)
$
2,301.8
$
127.6
$
2,429.4
$
—
$
2,429.4
Inter-segment fees and revenues
82.3
128.1
210.4
(210.4
)
—
Total revenues
$
2,384.1
$
255.7
$
2,639.8
$
(210.4
)
$
2,429.4
Cost of sales
2,194.3
214.9
2,409.2
(205.7
)
2,203.5
Gross margin
$
189.8
$
40.8
$
230.6
$
(4.7
)
$
225.9
Three Months Ended December 31, 2024
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and
Eliminations
Consolidated
Net revenues (excluding intercompany fees and revenues)
$
2,270.3
$
103.4
$
2,373.7
$
—
$
2,373.7
Inter-segment fees and revenues (1)
69.4
106.4
175.8
(175.8
)
—
Total revenues
$
2,339.7
$
209.8
$
2,549.5
$
(175.8
)
$
2,373.7
Cost of sales
2,502.7
163.9
2,666.6
(158.3
)
2,508.3
Gross margin
$
(163.0
)
$
45.9
$
(117.1
)
$
(17.5
)
$
(134.6
)
Year Ended December 31, 2025
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and
Eliminations
Consolidated
Net revenues (excluding intercompany fees and revenues)
$
10,209.1
$
513.8
$
10,722.9
$
—
$
10,722.9
Inter-segment fees and revenues
342.2
499.5
841.7
(841.7
)
—
Total revenues
$
10,551.3
$
1,013.3
$
11,564.6
$
(841.7
)
$
10,722.9
Cost of sales
10,042.0
810.2
10,852.2
(741.4
)
10,110.8
Gross margin
$
509.3
$
203.1
$
712.4
$
(100.3
)
$
612.1
Year Ended December 31, 2024
$ in millions (unaudited)
Refining
Logistics
Segment
Total
Corporate,
Other and
Eliminations
Consolidated
Net revenues (excluding intercompany fees and revenues)
$
11,142.4
$
422.8
$
11,565.2
$
—
$
11,565.2
Inter-segment fees and revenues (1)
640.6
517.8
1,158.4
(871.4
)
287.0
Total revenues
$
11,783.0
$
940.6
$
12,723.6
$
(871.4
)
$
11,852.2
Cost of sales
12,009.5
703.0
12,712.5
(817.2
)
11,895.3
Gross margin
$
(226.5
)
$
237.6
$
11.1
$
(54.2
)
$
(43.1
)
(1)
Intercompany fees and sales for the refining segment include revenues of $— million and $287.0 million during the year ended December 31, 2024, respectively, to the Retail Stores, the operations of which are reported in discontinued operations.
Pricing Statistics
Three Months Ended December 31,
Year Ended December 31,
(average for the period presented)
2025
2024
2025
2024
WTI — Cushing crude oil (per barrel)
$
59.24
$
70.42
$
64.87
$
75.88
WTI — Midland crude oil (per barrel)
$
59.77
$
71.19
$
65.59
$
76.85
WTS — Midland crude oil (per barrel)
$
58.32
$
70.12
$
64.71
$
75.95
LLS (per barrel)
$
60.96
$
72.57
$
67.15
$
78.30
Brent (per barrel)
$
63.08
$
74.01
$
68.19
$
79.84
U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1)
$
21.81
$
13.74
$
20.42
$
17.58
U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1)
$
20.51
$
13.05
$
19.56
$
16.94
U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1)
$
18.37
$
9.77
$
15.83
$
13.40
U.S. Gulf Coast Unleaded Gasoline (per gallon)
$
1.74
$
1.90
$
1.91
$
2.13
Gulf Coast Ultra-low sulfur diesel (per gallon)
$
2.21
$
2.15
$
2.21
$
2.36
U.S. Gulf Coast high sulfur diesel (per gallon)
$
1.98
$
2.02
$
2.00
$
1.98
Natural gas (per MMBTU)
$
4.04
$
2.98
$
3.62
$
2.42
(1)
For our Tyler and El Dorado refineries, we compare our per barrel refining product margin to the Gulf Coast 5-3-2 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Big Spring refinery, we compare our per barrel refining margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery's crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery’s crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery’s crude oil input is primarily comprised of LLS and WTI Midland.
Other Reconciliations of Amounts Reported Under U.S. GAAP
$ in millions (unaudited)
Three Months Ended December 31,
Year Ended December 31,
Reconciliation of gross margin to Refining margin to Adjusted refining margin
2025
2024
2025
2024
Gross margin
$
189.8
$
(163.0
)
$
509.3
$
(226.5
)
Add back (items included in cost of sales):
Operating expenses (excluding depreciation and amortization)
147.0
137.2
614.6
596.6
Depreciation and amortization
64.7
70.7
270.0
265.5
Refining margin
$
401.5
$
44.9
$
1,393.9
$
635.6
Adjusting items
Net inventory and other LCM valuation loss (benefit)
(30.8
)
(0.2
)
8.4
(10.7
)
Other inventory impact (1)
41.0
43.9
176.6
82.9
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements
0.1
0.1
(1.0
)
1.2
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements
—
1.8
(5.5
)
5.5
Intercompany lease impacts (1)
(28.9
)
(34.2
)
(118.2
)
(66.3
)
Total Adjusting items
(18.6
)
11.4
60.3
12.6
Adjusted refining margin
$
382.9
$
56.3
$
1,454.2
$
648.2
(1)
See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
Calculation of Net Debt
December 31, 2025
December 31, 2024
Long-term debt - current portion
$
9.5
$
9.5
Long-term debt - non-current portion
3,223.6
2,755.7
Total long-term debt
3,233.1
2,765.2
Less: Cash and cash equivalents
625.8
735.6
Net debt - consolidated
2,607.3
2,029.6
Less: DKL net debt
2,333.5
1,870.0
Net debt, excluding DKL
$
273.8
$
159.6
View source version on businesswire.com: https://www.businesswire.com/news/home/20260227707703/en/
Investor/Media Relations Contacts:
investor.relations@delekus.com
Information about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), news webpage (www.delekus.com/news) and its X account (@DelekUSHoldings).
Original: Delek US Holdings Reports Fourth Quarter 2025 Results
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