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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Delek US
Delek US (DK) investor relations material
Delek US Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Aug, 2026
Executive summary
Achieved strong Q2 2026 results with net income of $180.1M, reversing a prior year loss, driven by higher crack spreads, favorable crude differentials, and operational excellence.
Adjusted net income was $343.9M ($5.48/share), with adjusted EBITDA of $638.7M, supported by high distillate yields and improved BSR performance.
Enterprise Optimization Plan (EOP) and strategic initiatives, including refinancing and asset transactions, drove significant free cash flow and margin improvements.
Maintained disciplined capital allocation, returning $51.2M to shareholders via dividends and buybacks in 2026.
No further planned refinery turnarounds for 2026, positioning the system to capture margin benefits.
Financial highlights
Q2 2026 net income attributable to shareholders was $169.5M ($2.71/share); adjusted net income was $343.9M ($5.48/share); adjusted EBITDA reached $638.7M.
Q2 2026 net revenues rose 47.8% year-over-year to $4,087.0M; gross margin was $474.8M.
Refining segment adjusted EBITDA was $566.2M, up from $114.8M year-over-year; logistics segment adjusted EBITDA was $143.5M.
Operating cash flow for the first half of 2026 was $724.2M; cash balance at June 30, 2026 was $628.6M.
Net debt (consolidated) was $2.56B; long-term debt at June 30, 2026 was $3.19B.
Outlook and guidance
Management expects to benefit from a constructive margin environment in H2 2026, focusing on operational reliability and capital discipline.
Logistics segment is on track to meet annual adjusted EBITDA guidance of $520–560M.
Q3 2026 guidance: operating expenses $220–230M, G&A $50–55M, depreciation $110–120M, net interest $75–85M; crude throughput expected at 284,000–316,000 bpd.
Capital spending forecast for 2026 revised to $500M–$550M, emphasizing regulatory, maintenance, and growth projects.
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Latest events from Delek US
- Board recommends approval of all director nominees, executive pay, incentive plan, and auditor.DK
Proxy filing - Adjusted EBITDA rose to $211.7M as refining margins improved and operational execution strengthened.DKQ1 2026
- All management proposals passed, including director elections and incentive plan approval.DKAGM 2026
- 2026 incentive plan share increase reduced to 1,300,000 after ISS feedback.DKProxy filing
- Board recommends voting for all proposals, highlighting governance, compensation, and ESG focus.DKProxy Filing
- Q4 2025 saw robust EBITDA and cash flow gains, driven by EOP and regulatory relief.DKQ4 2025
- Q2 net loss, record throughput, and asset sales to deliver $500M+ cash inflow.DKQ2 2024
- Q3 2024: $93M adjusted net loss, record Logistics EBITDA, retail sale, and $100M optimization plan.DKQ3 2024
- Q4 net loss of $414M, but logistics growth and cost actions set up stronger 2025 cash flow.DKQ4 2024
Next Delek US earnings date
Q3 20266 Nov, 2026
Delek US
Next Delek US earnings date
Q3 20266 Nov, 2026
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Frequently asked questions
Delek US Holdings Inc is a diversified downstream energy company engaged in petroleum refining, logistics, and retail marketing. The company operates oil refineries, pipeline networks, and convenience stores primarily in the southern United States. Delek serves commercial and retail customers with transportation fuels and related products. The company is headquartered in Brentwood, Tennessee, and its shares are listed on the NYSE.