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Delek US
Delek US (DK) investor relations material
Delek US 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
Q4 2025 marked a transformational year with strong operational performance, highlighted by net income of $78.3M ($1.26/share), adjusted net income of $143M ($2.31/share), and adjusted EBITDA of $374.8M, with significant progress in free cash flow and economic separation between DK and DKL.
The Enterprise Optimization Plan (EOP) drove substantial value, raising its annual run rate target to at least $200M, with $50M realized in Q4, reflecting ongoing improvements in cash flow and operational efficiency.
Restructured Inventory Intermediation Agreement is expected to generate at least $40M incremental free cash flow and improve liquidity.
Peer-leading capital returns were achieved, with 11% total shareholder return over the last twelve months, outperforming peers by 4%.
DKL achieved record adjusted EBITDA and announced 2026 guidance of $520–$560M, emphasizing its premier position in the Permian Basin and growing third-party cash flows.
Financial highlights
Q4 2025 adjusted net income was $143M ($2.31/share); adjusted EBITDA reached $374.8M; net income was $78.3M ($1.26/share).
Excluding SREs, Q4 adjusted EBITDA was $225.5M and adjusted EPS was $0.44; full-year 2025 adjusted EBITDA (excluding SREs) was $763M.
Cash flow from operations in Q4 was $503.8M, with $119M after adjusting for working capital and SREs, up $211M year-over-year.
Q4 2025 net revenues were $2.43B, cost of sales was $2.20B, and operating income was $164.6M.
Year-end 2025 consolidated net debt was $2.61B, with a cash balance of $625.8M.
Outlook and guidance
Q1 2026 throughput guidance: Tyler 70,000–74,000 bpd, El Dorado 66,000–71,000 bpd, Big Spring 22,000–28,000 bpd (due to turnaround), Krotz Springs 82,000–86,000 bpd; system throughput target 212,000–259,000 bpd.
Q1 2026 operating expenses expected at $210–$220M, G&A at $47–$52M, D&A at $100–$110M, and net interest expense at $75–$85M.
DKL 2026 adjusted EBITDA guidance is $520–$560M, with third-party EBITDA expected to exceed 80% and a $10M impact from Winter Storm Fern.
Focus remains on operational excellence, cost optimization, and disciplined capital allocation.
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Next Delek US earnings date
Q1 20266 May, 2026
Delek US
Next Delek US earnings date
Q1 20266 May, 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.
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