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Delek Logistics Partners
Delek Logistics Partners (DKL) investor relations material
Delek Logistics Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved record Adjusted EBITDA of $535.6 million for 2025, driven by strong execution and integration of H2O and Gravity acquisitions, and record net income of $47.3 million for Q4 2025.
Expanded as a full-service provider in the Permian Basin, advancing natural gas, crude, and water businesses.
Completed major projects including the Libby 2 gas processing plant, Gravity Water Midstream acquisition, and DPG Dropdown.
2026 EBITDA guidance set at $520 million-$560 million, reflecting continued growth opportunities and including a ~$10 million negative impact from Winter Storm Fern.
Board approved 52nd consecutive quarterly distribution increase to $1.125 per unit, marking 13 years of growth.
Financial highlights
Q4 2025 Adjusted EBITDA reached $142.3 million, up from $114 million year-over-year, and full-year 2025 Adjusted EBITDA was $535.6 million, up from $433.8 million in 2024.
Q4 2025 net income rose 34% year-over-year to $47.3 million; distributable cash flow as adjusted was $73.3 million, with a DCF coverage ratio of 1.22x.
Gathering and Processing segment Adjusted EBITDA was $71 million in Q4 2025, up from $66 million in Q4 2024, driven by acquisitions.
Storage and transportation Adjusted EBITDA rose to $35 million from $18 million year-over-year, reflecting asset sales and increased interest income.
Pipeline joint venture segment contributed $26 million in Q4 2025, up from $18 million in Q4 2024.
Outlook and guidance
2026 EBITDA guidance range of $520 million-$560 million, supported by growth in gas, crude, and water segments, and including Winter Storm Fern impact.
Third-party EBITDA contribution expected to exceed 80% in 2026, increasing independence from sponsor.
Anticipate step change in gas utilization as sour gas infrastructure is completed, with further expansion possible.
Focus remains on maintaining leverage and coverage targets while pursuing accretive growth.
Future of DKL's economic separation from DK
Libby Complex next processing expansion plans
DKL's M&A criteria and valuation perspective
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Next Delek Logistics Partners earnings date
Q1 20266 May, 2026
Delek Logistics Partners
Next Delek Logistics Partners earnings date
Q1 20266 May, 2026
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Frequently asked questions
Delek Logistics Partners LP owns and operates logistics and marketing assets for crude oil, intermediate, and refined products. The company provides transportation, storage, wholesale marketing, and terminalling services primarily supporting Delek US Holdings and third-party customers. Delek Logistics operates pipelines, storage tanks, and terminals in the southern United States. The company is headquartered in Brentwood, Tennessee, and its shares are listed on the NYSE.
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