DK
Delek US Holdings, Inc.31.83
-2.15-6.33%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reinforces EOP, defends SREs
Q&A largely reaffirmed prepared remarks on strong Q4 execution and raised EOP targets, but surfaced incremental color on ongoing upside: EOP has become organizational culture with more gains ahead beyond $200M run-rate. Management robustly defended SRE program's staying power against risks to 2025+ RINs, yet stayed non-specific on approval odds. DKL advanced to 82% third-party EBITDA via asset swaps, nearing sum-of-parts goals without material EBITDA boost. Big Spring turnaround emphasizes reliability over new capex. EOP is now company lifestyle. Confident tone persists; watch DKL value unlock paths.
Key Stats
Market Cap
1.91BP/E (TTM)
-Basic EPS (TTM)
-8.11Dividend Yield
0.03%Recent Filings
8-K
Q4 profit swing, EBITDA soars
Delek US swung to Q4 net income of $78.3M ($1.26/share) from a $413.8M loss last year, with adjusted EBITDA hitting $374.8M versus $(15.2)M. Refining surged on 66% higher crack spreads and $75.3M SRE relief, while Enterprise Optimization Plan delivered $50M in quarterly cash flow gains. Inventory deal revamp adds $40M FCF. DKL eyes $520-560M 2026 EBITDA.
10-K
FY2025 results
Delek US Holdings swung to a slim FY2025 net profit of $43.3M from a $520.9M loss in 2024, propelled by refining margins that doubled to $1.39B on 16% wider Gulf Coast crack spreads and $356M RIN relief from EPA small refinery exemptions. Q4 accelerated momentum with steady 94.5% crude utilization versus 93.1% prior year, while logistics EBITDA edged up 8% to $369M on Gravity and H2O water acquisitions adding Permian scale. Debt climbed to $3.3B after $700M notes issuance, yet $2.2B liquidity endures with $1.6B revolver availability. Buybacks consumed $79M of $464M authorization. Disruptions from refining outages could stall quarterly throughput gains.
8-K
Quarterly dividend approved
8-K
EOP boosts FCF $180M+
Delek US Holdings rolled out its January 2026 investor presentation under Item 7.01, highlighting the Enterprise Optimization Plan to boost standalone free cash flow by at least $180M annually, plus $150M+ from Delek Logistics distributions. IIA revamp adds $30-50M more. 2026 capex guidance: $200-220M, with BSR turnaround in 1Q targeting reliability gains. Free cash flow surges.
10-Q
Q3 FY2025 results
Delek US Holdings swung to $178M net income attributable ($2.93 diluted EPS) for Q3 ended September 30, 2025, from a $76.8M loss y/y, as refining revenue dipped 5.1% to $2.89B yet operating income rocketed to $295.7M (derived: +$417.6M y/y) on wider crack spreads and $280.8M small refinery exemption RIN relief. Logistics added steady lift from Gravity ($300.8M cash/stock closed Jan 2025, $98.2M intangibles over 32 years) and H2O acquisitions. Cash fell to $630.9M amid $387M capex, but $1.7B revolver availability holds firm; debt climbed to $3.2B. Refining margins crush prior year. RIN volatility lingers.
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