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Delek US (DK) investor relations material
Delek US Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record throughput and strong operational performance, with notable improvements at multiple refineries and robust reliability in Q2 2025.
Net loss attributable to shareholders was $106.4 million ($(1.76)/share); adjusted net loss was $33.1 million ($(0.56)/share) for Q2 2025.
Adjusted EBITDA reached $170.2 million, up from $107.5 million in Q2 2024.
EOP exceeded expectations, delivering ~$30 million in Q2 improvements and raising the annual run-rate target to $130–$170 million.
Strategic acquisitions (Gravity, H2O Midstream) and the Libby 2 gas plant commissioning supported logistics growth and economic separation.
Financial highlights
Q2 2025 net revenues: $2.76 billion, down 16.4% year-over-year; YTD 2025: $5.41 billion.
Q2 2025 net loss: $106.4 million ($(1.76)/share); adjusted net loss: $33.1 million ($(0.56)/share).
Adjusted EBITDA was $170.2 million in Q2 2025, up from $107.5 million in Q2 2024.
Cash and cash equivalents at quarter-end: $615.5 million; consolidated net debt: $2,485.2 million.
Capital expenditures YTD 2025 totaled $296.6 million, with $141 million in refining and $191.1 million in logistics.
Outlook and guidance
EOP run-rate cash flow improvement target raised to $130–$170 million; $30 million realized in Q2.
Logistics segment 2025 adjusted EBITDA guidance: $480–$520 million.
Q3 2025 throughput guidance: 302,000–317,000 bpd; operating expenses: $210–$225 million; G&A: $52–$57 million.
Depreciation and amortization expected at $100–$110 million; net interest expense at $85–$95 million.
Management expects continued market volatility due to geopolitical risks and commodity price fluctuations.
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