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Delek US (DK) investor relations material
Delek US Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with adjusted EPS of $7.13, adjusted EBITDA of $759.6 million, and net income of $178 million, driven by SRE benefits, higher refining margins, and EOP initiatives.
Majority of 2019–2024 SRE petitions approved, resulting in a $280.8 million benefit and expected $400 million in monetization proceeds over the next 6–9 months.
EOP annual run-rate cash flow improvement guidance raised to at least $180 million, with $60 million recognized in Q3.
Strategic acquisitions of Gravity and H2O Midstream expanded logistics capabilities and contributed to segment growth.
Led peer group in total shareholder returns over the last twelve months, supported by consistent dividends and share repurchases.
Financial highlights
Q3 2025 adjusted net income was $434.2 million ($7.13 per share); adjusted EBITDA was $759.6 million; net income was $178 million ($2.93 per share).
Q3 2025 net revenues were $2,887.0 million, down from $3,042.4 million in Q3 2024.
Paid $15.3 million in dividends and repurchased ~$15 million in common stock during the quarter.
DKL increased its expected 2025 EBITDA range to $500–$520 million.
Cash and cash equivalents at quarter-end were $630.9 million, with $1,673.7 million in unused credit commitments.
Outlook and guidance
EOP annual run-rate cash flow improvement guidance increased to at least $180 million, with ~$60 million recognized in Q3 2025.
DKL full-year 2025 adjusted EBITDA guidance raised to $500–$520 million.
Q4 2025 guidance: Operating expenses $205–220 million, G&A $52–57 million, D&A $100–110 million, net interest $85–95 million.
Total crude throughput guidance: 252,000–284,000 bpd; total throughput: 271,000–303,000 bpd.
Focus remains on operational excellence, cash flow generation, and shareholder value.
Update on $400M historical SRE monetization
What drives the increased EOP cash flow target?
Next steps to unlock DKL midstream asset value?
Strategy for 2019-2022 SRE "invalid remedy"?
Detail wholesale business structural improvements
DKL sour gas processing expansion timeline?
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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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