Delek US Holdings, Inc. (DK)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$12.1B

Revenue growth

11.4%

Net income, last twelve months

$224.5M

Earnings per share

$3.53

Gross margin

7.1%

Operating margin

4.8%

Net margin

1.9%

Free cash flow

$681.3M

Return on equity

53.1%

Market value

$4.3B

Price to earnings

19.9x

Dividend yield

1.5%

Cash

$628.6M

Debt

$3.2B

Debt to equity

7.55

Shares outstanding

61.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 7 August 2026.

• Net income turned to a profit. Net income attributable to Delek was $169.5 million, or $2.71 per diluted share, compared with a loss of $(106.4) million, or $(1.76) per share, a year earlier. Adjusted net income was $343.9 million, or $5.48 per share.
• Adjusted EBITDA rose to $638.7 million. Adjusted EBITDA was $638.7 million, against $177.9 million a year earlier. For the six months, adjusted EBITDA was $850.4 million compared with $211.5 million.
• RVO adjustment shown separately. Excluding the RVO adjustment, adjusted EPS was $3.64 per share and adjusted EBITDA was $490.1 million. The RVO adjustment for the quarter was $148.6 million before tax in the non-GAAP reconciliation.
• Six-month net loss narrowed. For the six months, net loss attributable to Delek was $(31.8) million, or $(0.52) per diluted share, compared with $(279.1) million a year earlier.
• Refining EBITDA rose on crack spreads. Refining Adjusted EBITDA was $566.2 million against $114.8 million. Management attributed the rise to higher refining margin from increased crack spreads, which averaged 136.0% above prior-year levels.
• Refining margin per barrel rose. Total refining production margin was $19.84 per barrel of throughput, against $8.03. Total throughput was 315,555 bpd against 316,325 bpd, and operating expenses were $5.32 per barrel against $5.17.
• Margins per barrel by refinery. Per-barrel production margins were $23.30 at Tyler, $16.40 at El Dorado, $20.47 at Big Spring and $19.55 at Krotz Springs, against $9.95, $5.21, $9.65 and $7.59 a year earlier.
• Inventory impact adjusted out of EBITDA. Adjusted EBITDA was affected by an other inventory impact adjusting item of $(157.3) million, against $41.9 million in the prior-year quarter.
• Crude utilization was 100.2%. Crude throughput was 100.2% of the 302,000 bpd nameplate capacity, against 100.9% a year earlier. Year-to-date utilization was 89.6% against 95.6%.
• Logistics EBITDA rose year over year. Logistics segment Adjusted EBITDA was $143.5 million against $127.4 million, reflecting higher wholesale margins and increased interest income related to sales-type leases.
• Delek Logistics had its best quarter. Delek Logistics reported adjusted EBITDA of $143.5 million, which the release describes as its best quarter. The release says DKL is well positioned against its annual EBITDA guidance.
• Wholesale margin per barrel fell. West Texas wholesale marketing margin was $2.88 per barrel, against $4.12. Terminalling throughputs rose to 159,363 bpd from 150,971 bpd.
• Total production and diesel output rose. Total refinery production averaged 312,410 bpd against 311,298 bpd. Tyler diesel and jet output was 34,378 bpd against 33,370 bpd, and El Dorado gasoline was 41,851 bpd against 38,263 bpd.
• Big Spring margin per barrel rose. Big Spring throughput averaged 70,137 bpd against 75,659 bpd. Refining production margin was $20.47 per barrel against $9.65, and operating expenses were $6.43 per barrel against $6.67.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 201 held.

Every filing

The newest filings with the SEC of 351 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

337 funds held it at 30 Jun 2026: 157 added and 93 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• ExxonMobil Holdings Corp. (XOM): revenue $368.8B, market value $748.7B
• Chevron Corp. (CVX): revenue $215.3B, market value $453.1B
• ConocoPhillips (COP): revenue $63.3B, market value $179.1B
• BP plc (BP): revenue $192.5B, market value $136.9B
• Marathon Petroleum Corp. (MPC): revenue $153.6B, market value $123.8B
• Equinor ASA (EQNR): revenue $106.5B, market value $119.2B
• Valero Energy Corp. (VLO): revenue $153.3B, market value $108.3B
• Phillips 66 (PSX): revenue $168.2B, market value $106.7B
• Suncor Energy Inc. (SU): revenue $37.5B, market value $92.5B
• PBF Energy Inc. (PBF): revenue $34.4B, market value $8.9B

What the company does

Delek US Holdings, Inc. is an integrated downstream energy business with two reportable segments, refining and logistics. The refining segment runs four refineries in Texas, Arkansas and Louisiana with a combined 302,000 bpd of crude throughput capacity. That segment is Delek Logistics, a publicly traded master limited partnership in which Delek held a 63.3% limited partner interest at 31 December 2025. The company had 1,902 full-time employees and leases its corporate headquarters in Brentwood, Tennessee.

How the business is organised

Delek used to report three segments. In September 2024 it sold 100% of the equity in four subsidiaries that operated 249 retail fuel and convenience stores to a subsidiary of FEMSA, and the stores are now reported as discontinued operations. Corporate, Other and Eliminations holds corporate activities and small operations such as Canadian crude trading.

The refining segment also includes wholesale crude operations and a 50% interest in a joint venture that owns asphalt terminals in the southwestern United States. It owns three biodiesel facilities in Crossett, Arkansas, Cleburne, Texas and New Albany, Mississippi, with 40 million gallons of annual capacity. These were idled in the second quarter of 2024 while the company looks at alternatives.

The four refineries

All four refineries sit in the Gulf Coast Region (PADD III).

- Tyler, Texas: 75,000 bpd, designed mainly for light sweet crude, with a Complexity Index of 9.4. - El Dorado, Arkansas: 80,000 bpd, able to run crude from light sweet to heavy sour, with a Complexity Index of 10.1. The filing says it is the largest refinery in Arkansas, with more than 90% of state-wide refining capacity. - Big Spring, Texas: 73,000 bpd, on 1,306 acres in the Permian Basin, with a Complexity Index of 11.6. It is the closest refinery to Midland. - Krotz Springs, Louisiana: 74,000 bpd, on the Atchafalaya River, with a Complexity Index of 8.5. It is designed mainly for light sweet crude.

The refineries make gasoline, diesel, jet fuel and other products, including propylene, asphalt, petroleum coke and sulfur. Tyler, El Dorado and Big Spring also produce military specification or commercial jet fuel. Gasoline, distillate and jet fuel make up most of the output. Asphalt and roofing flux are a smaller share.

Crude supply and customers

Delek buys more crude oil than its refineries process, using long-term acreage dedication agreements and short-term purchase agreements. WTI crude was 75.0% of the crude slate. Existing agreements with third-party pipelines and Delek Logistics allow about 200,000 bpd of West Texas crude to reach the refineries.

Refined products go to wholesale and branded customers in Texas, Oklahoma, New Mexico, Arizona, Arkansas, Tennessee, Illinois, California and the Ohio River Valley. They move through terminals and exchanges, including on the Enterprise Pipeline System and the Colonial Pipeline System. Customers at Tyler include major oil companies, independent refiners and marketers, jobbers, distributors in the U.S. and Mexico, utility and transportation companies, the U.S. government and independent retail fuel operators.

Delek compares each refinery's margin to a Gulf Coast crack spread. It uses the 5-3-2 for Tyler and El Dorado, the 3-2-1 for Big Spring and the 2-1-1 for Krotz Springs. The refineries cannot blend enough renewable fuel to meet their Renewable Fuel Standard obligations, so they buy RINs.

Delek Logistics

Delek Logistics earns fees for gathering, transporting, offloading and storing crude oil and natural gas, for storing intermediate products and feedstocks, for marketing and distributing refined products, and for disposing of and recycling water.

- about 390 miles of crude oil transportation pipelines - about 169 miles of refined product pipelines - a crude oil gathering system of about 767 miles - 9 light product terminals - about 11.3 million barrels of active shell capacity - 195 MMcf/d of natural gas processing capacity - 310 MBbl/d of water disposal capacity in the Delaware Basin - water operations in the Midland Basin, the Delaware Basin and North Dakota - 161 tractors and 306 trailers

It also holds joint venture stakes in four pipeline interests: RIO Pipeline (33%), Caddo Pipeline (50%), Red River Pipeline (33%) and W2W Holdings (50%), which holds a 15.6% indirect interest in the Wink to Webster pipeline.

Much of its work supports the Tyler, El Dorado and Big Spring refineries under long-term, fee-based agreements with Delek. Most have initial terms of five to ten years and carry minimum volume commitments. Third parties are also customers, including major oil companies, independent refiners and marketers, jobbers and distributors.

Competition and seasonality

Refining competitors include integrated national and multinational oil companies and independent refiners, mainly in the Mid-Continent and Gulf Coast Regions. The filing lists these competitive factors: crude and feedstock costs, price differences between crude grades, product margins, reliability, product mix, and distribution costs.

Gasoline and asphalt demand is generally higher in summer, and the company says operating results are generally lower in the first and fourth quarters.

Regulation and people

Delek is subject to federal, state and local environmental and safety laws, enforced by agencies including the EPA, the U.S. Department of Transportation and OSHA. Certain pipelines are regulated by FERC under the Interstate Commerce Act, and the Pipeline and Hazardous Materials Safety Administration regulates pipeline safety.

Of the 1,902 full-time employees, 26.6% (approximately 505) were covered by a collective bargaining agreement. Safety programs include 10 "Life Saving Rules", the "Drive Zero" effort and an annual company-wide "Safety Day".

*From Delek US Holdings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1694426/000162828026012664/dk-20251231.htm)*

From the company's 10-K.