Delek Logistics Partners Lp Financials

DKL

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Delek Logistics Partners Lp (DKL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DKL FY2025 2026-04-29

Stable operating cash generation is being consumed by a heavier reinvestment cycle, pushing the business toward debt-backed expansion.

In the latest year, operating cash flow still did not cover a $268M capex bill, so free cash flow fell to -$30.6M even with positive net income and sturdy operating cash coming in. Long-term debt also rose by roughly $670M over the last two fiscal years, pointing to an asset build financed externally and a more debt-reliant funding mix rather than a core business that stopped converting earnings into cash.

By the latest year, revenue was back above $1.0B, but gross margin had compressed to 21.2%, showing that added sales were not carrying the same unit economics as earlier periods. With return on assets down to 6.4% as the asset base expanded, this looks more like throughput-led growth on a larger footprint than margin-rich expansion.

Short-term liquidity looks less tight because the current ratio moved above 1.0x in the latest year after several sub-1.0x years. But cash was only $10.9M, so the easier day-to-day posture comes from broader working capital, which makes collections and other current assets more important than a large cash reserve.

Financial Health Signals

Financial Health Score 43/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Delek Logistics Partners Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Piotroski F-Score Partial

4/8

Delek Logistics Partners Lp passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.34x

For every $1 of reported earnings, Delek Logistics Partners Lp generates $1.34 in operating cash flow ($237.1M OCF vs $176.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.0x

Delek Logistics Partners Lp earns $1.0 in operating income for every $1 of interest expense ($181.8M vs $179.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.0B

YoY+7.7%

5Y CAGR+12.5%

10Y CAGR+5.6%

Delek Logistics Partners Lp generated $1.0B in revenue in fiscal year 2025. This represents an increase of 7.7% from the prior year.

EBITDA

$307.4M

YoY+2.8%

5Y CAGR+7.4%

10Y CAGR+12.2%

Delek Logistics Partners Lp's EBITDA was $307.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.8% from the prior year.

Net Income

$176.5M

YoY+23.7%

5Y CAGR+2.1%

10Y CAGR+10.3%

Delek Logistics Partners Lp reported $176.5M in net income in fiscal year 2025. This represents an increase of 23.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$30.6M

YoY-139.6%

Delek Logistics Partners Lp generated -$30.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 139.6% from the prior year.

Cash & Debt

$10.9M

YoY+102.3%

5Y CAGR+20.7%

Delek Logistics Partners Lp held $10.9M in cash against $2.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

21.2%

YoY-4.7pp

5Y CAGR-15.5pp

10Y CAGR-4.8pp

Delek Logistics Partners Lp's gross margin was 21.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.7 percentage points from the prior year.

Operating Margin

17.9%

YoY-3.6pp

5Y CAGR-14.0pp

10Y CAGR+4.8pp

Delek Logistics Partners Lp's operating margin was 17.9% in fiscal year 2025, reflecting core business profitability. This is down 3.6 percentage points from the prior year.

Net Margin

17.4%

YoY+2.2pp

5Y CAGR-10.9pp

10Y CAGR+6.2pp

Delek Logistics Partners Lp's net profit margin was 17.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.2 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$10.0M

Delek Logistics Partners Lp spent $10.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$267.8M

YoY+107.5%

5Y CAGR+82.4%

10Y CAGR+29.6%

Delek Logistics Partners Lp invested $267.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 107.5% from the prior year.

DKL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.0B+7.7%	$940.6M-7.8%	$1.0B-1.5%	$1.0B+47.9%	$700.9M+24.4%	$563.4M
Cost of Revenue	$798.2M+14.5%	$696.9M-5.2%	$735.4M-6.6%	$787.0M+62.3%	$484.8M+35.9%	$356.7M
Gross Profit	$215.2M-11.7%	$243.7M-14.5%	$285.0M+14.3%	$249.4M+15.4%	$216.1M+4.5%	$206.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$28.6M-20.3%	$35.9M+45.1%	$24.8M-27.5%	$34.2M+59.3%	$21.5M-5.0%	$22.6M
Operating Income	$181.8M-10.3%	$202.8M-15.1%	$238.9M+14.0%	$209.7M+10.1%	$190.5M+6.0%	$179.8M
Interest Expense	$179.3M+18.8%	$151.0M+5.4%	$143.2M+74.0%	$82.3M+63.9%	$50.2M+17.1%	$42.9M
Income Tax	$458K-4.4%	$479K-60.2%	$1.2M+215.4%	$382K+149.7%	$153K-31.4%	$223K
Net Income	$176.5M+23.7%	$142.7M+13.0%	$126.2M-20.6%	$159.1M-3.5%	$164.8M+3.5%	$159.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$297.5M+16.3%	$255.8M-2.1%	$261.3M+6.1%	$246.3M-1.4%	$249.9M+19.1%	$209.9M-2.0%	$214.1M-19.1%	$264.6M
Cost of Revenue	$250.6M+18.3%	$211.9M+2.2%	$207.3M+13.4%	$182.8M-6.8%	$196.2M+22.0%	$160.9M-2.6%	$165.2M-13.2%	$190.3M
Gross Profit	$46.9M+6.9%	$43.9M-18.7%	$54.0M-15.1%	$63.6M+18.3%	$53.8M+9.7%	$49.0M+0.3%	$48.8M-34.3%	$74.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.3M-32.3%	$6.3M+39.6%	$4.5M-49.5%	$8.9M+0.9%	$8.9M-4.9%	$9.3M-40.8%	$15.7M+161.7%	$6.0M
Operating Income	$40.0M+9.8%	$36.4M-19.7%	$45.4M-13.5%	$52.4M+10.2%	$47.6M+25.2%	$38.0M+19.5%	$31.8M-53.5%	$68.5M
Interest Expense	$51.6M+6.4%	$48.5M+1.0%	$48.0M+15.1%	$41.7M+1.5%	$41.1M+6.9%	$38.4M+3.8%	$37.0M+5.0%	$35.3M
Income Tax	$0+100.0%	-$313K-191.0%	$344K+40.4%	$245K+34.6%	$182K+437.0%	-$54K-136.0%	$150K+163.2%	$57K
Net Income	$32.4M	N/A	N/A	N/A	$39.0M	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DKL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.8B+36.1%	$2.0B+24.3%	$1.6B-2.2%	$1.7B+79.6%	$935.1M-2.2%	$956.4M
Current Assets	$400.8M+174.7%	$145.9M+91.3%	$76.3M+16.9%	$65.2M+183.2%	$23.0M-21.4%	$29.3M
Cash & Equivalents	$10.9M+102.3%	$5.4M+43.4%	$3.8M-52.9%	$8.0M+85.7%	$4.3M+1.2%	$4.2M
Inventory	$17.9M+230.1%	$5.4M+139.7%	$2.3M+52.7%	$1.5M-38.4%	$2.4M-23.1%	$3.1M
Accounts Receivable	N/A	N/A	N/A	$53.3M+246.6%	$15.4M-1.9%	$15.7M
Goodwill	$12.2M0.0%	$12.2M0.0%	$12.2M-54.9%	$27.1M+121.7%	$12.2M0.0%	$12.2M
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$356.5M+301.6%	$88.8M-2.0%	$90.6M-14.7%	$106.2M+9.7%	$96.8M+242.1%	$28.3M
Long-Term Debt	$2.3B+25.0%	$1.9B+12.0%	$1.7B+1.7%	$1.6B+83.2%	$899.0M	N/A
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.9B+4.7%	$2.8B+1.2%	$2.7B-0.2%	$2.8B+14.9%	$2.4B+17.3%	$2.0B+4.1%	$2.0B+20.8%	$1.6B
Current Assets	$536.3M+33.8%	$400.8M+4.7%	$382.8M-6.6%	$409.8M+161.2%	$156.9M+7.6%	$145.9M+69.8%	$85.9M-11.0%	$96.6M
Cash & Equivalents	$9.9M-9.0%	$10.9M+57.6%	$6.9M+381.3%	$1.4M-31.8%	$2.1M-60.9%	$5.4M-26.4%	$7.3M+43.2%	$5.1M
Inventory	$21.0M+17.0%	$17.9M-3.9%	$18.6M+8.7%	$17.1M+97.9%	$8.7M+59.6%	$5.4M+17.2%	$4.6M+163.8%	$1.8M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$12.2M0.0%	$12.2M0.0%	$12.2M0.0%	$12.2M0.0%	$12.2M0.0%	$12.2M0.0%	$12.2M0.0%	$12.2M
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$561.0M+57.4%	$356.5M-3.7%	$370.2M-16.4%	$442.6M+354.1%	$97.5M+9.8%	$88.8M+27.6%	$69.6M-0.6%	$70.0M
Long-Term Debt	$2.3B-2.1%	$2.3B+2.5%	$2.3B+3.5%	$2.2B+3.1%	$2.1B+14.4%	$1.9B-1.0%	$1.9B+20.9%	$1.6B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DKL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$237.1M+14.9%	$206.3M-8.4%	$225.3M+17.3%	$192.2M-30.2%	$275.2M+42.6%	$193.0M
Capital Expenditures	$267.8M+107.5%	$129.0M+34.3%	$96.1M-31.9%	$141.1M+512.1%	$23.1M+73.7%	$13.3M
Free Cash Flow	-$30.6M-139.6%	$77.3M-40.2%	$129.2M+153.0%	$51.1M-79.7%	$252.1M+40.3%	$179.7M
Investing Cash Flow	-$444.2M-15.5%	-$384.6M-329.1%	-$89.6M+88.4%	-$770.4M-4609.3%	-$16.4M+86.7%	-$123.1M
Financing Cash Flow	$212.6M+18.2%	$179.9M+228.6%	-$139.9M-124.0%	$581.9M+324.9%	-$258.8M-263.5%	-$71.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$10.0M	$0	$0	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$170.4M+294.3%	$43.2M-21.4%	$54.9M-48.9%	$107.4M+240.5%	$31.6M-36.8%	$49.9M+100.0%	$24.9M-71.5%	$87.6M
Capital Expenditures	$48.5M+58.5%	$30.6M-54.4%	$67.2M-41.3%	$114.5M+106.4%	$55.5M+20.5%	$46.0M-18.7%	$56.6M+273.6%	$15.2M
Free Cash Flow	$121.9M+867.9%	$12.6M+202.7%	-$12.3M-73.8%	-$7.1M+70.5%	-$23.9M-718.8%	$3.9M+112.2%	-$31.7M-143.7%	$72.5M
Investing Cash Flow	-$49.3M-51.5%	-$32.5M+49.1%	-$64.0M+43.3%	-$112.9M+51.9%	-$234.8M-235.1%	-$70.1M+76.6%	-$299.1M-5279.6%	-$5.6M
Financing Cash Flow	-$122.1M-1725.7%	-$6.7M-146.1%	$14.5M+201.1%	$4.8M-97.6%	$199.9M+997.4%	$18.2M-93.4%	$276.4M+419.0%	-$86.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	$0	$0-100.0%	$10.0M	$0	$0	$0

DKL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	21.2%-4.7pp	25.9%-2.0pp	27.9%+3.9pp	24.1%-6.8pp	30.8%-5.9pp	36.7%
Operating Margin	17.9%-3.6pp	21.6%-1.9pp	23.4%+3.2pp	20.2%-6.9pp	27.2%-4.7pp	31.9%
Net Margin	17.4%+2.2pp	15.2%+2.8pp	12.4%-3.0pp	15.3%-8.2pp	23.5%-4.8pp	28.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	6.3%-0.6pp	7.0%-0.7pp	7.7%-1.8pp	9.5%-8.2pp	17.6%+1.0pp	16.7%
Current Ratio	1.12-0.5	1.64+0.8	0.84+0.2	0.61+0.4	0.24-0.8	1.04
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	-3.0%-11.2pp	8.2%-4.4pp	12.7%+7.7pp	4.9%-31.0pp	36.0%+4.1pp	31.9%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	15.8%-1.4pp	17.2%-3.5pp	20.6%-5.2pp	25.8%+4.3pp	21.5%-1.8pp	23.4%+0.5pp	22.8%-5.3pp	28.1%
Operating Margin	13.5%-0.8pp	14.2%-3.1pp	17.4%-3.9pp	21.3%+2.2pp	19.0%+0.9pp	18.1%+3.3pp	14.9%-11.0pp	25.9%
Net Margin	10.9%	N/A	N/A	N/A	15.6%	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.1%	N/A	N/A	N/A	1.6%	N/A	N/A	N/A
Current Ratio	0.96-0.2	1.12+0.1	1.03+0.1	0.93-0.7	1.61-0.0	1.64+0.4	1.24-0.1	1.38
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	41.0%+36.0pp	4.9%+9.6pp	-4.7%-1.8pp	-2.9%+6.7pp	-9.6%-11.4pp	1.8%+16.6pp	-14.8%-42.2pp	27.4%

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Frequently Asked Questions

What is Delek Logistics Partners Lp's annual revenue?

Delek Logistics Partners Lp (DKL) reported $1.0B in total revenue for fiscal year 2025. This represents a 7.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Delek Logistics Partners Lp's revenue growing?

Delek Logistics Partners Lp (DKL) revenue grew by 7.7% year-over-year, from $940.6M to $1.0B in fiscal year 2025.

Is Delek Logistics Partners Lp profitable?

Yes, Delek Logistics Partners Lp (DKL) reported a net income of $176.5M in fiscal year 2025, with a net profit margin of 17.4%.

What is Delek Logistics Partners Lp's EBITDA?

Delek Logistics Partners Lp (DKL) had EBITDA of $307.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Delek Logistics Partners Lp have?

As of fiscal year 2025, Delek Logistics Partners Lp (DKL) had $10.9M in cash and equivalents against $2.3B in long-term debt.

What is Delek Logistics Partners Lp's gross margin?

Delek Logistics Partners Lp (DKL) had a gross margin of 21.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Delek Logistics Partners Lp's operating margin?

Delek Logistics Partners Lp (DKL) had an operating margin of 17.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Delek Logistics Partners Lp's net profit margin?

Delek Logistics Partners Lp (DKL) had a net profit margin of 17.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Delek Logistics Partners Lp's free cash flow?

Delek Logistics Partners Lp (DKL) generated -$30.6M in free cash flow during fiscal year 2025. This represents a -139.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Delek Logistics Partners Lp's operating cash flow?

Delek Logistics Partners Lp (DKL) generated $237.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Delek Logistics Partners Lp's total assets?

Delek Logistics Partners Lp (DKL) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Delek Logistics Partners Lp's capital expenditures?

Delek Logistics Partners Lp (DKL) invested $267.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Delek Logistics Partners Lp buy back shares?

Yes, Delek Logistics Partners Lp (DKL) spent $10.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Delek Logistics Partners Lp's current ratio?

Delek Logistics Partners Lp (DKL) had a current ratio of 1.12 as of fiscal year 2025, which is considered adequate.

What is Delek Logistics Partners Lp's return on assets (ROA)?

Delek Logistics Partners Lp (DKL) had a return on assets of 6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Delek Logistics Partners Lp's Piotroski F-Score?

Delek Logistics Partners Lp (DKL) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Delek Logistics Partners Lp's earnings high quality?

Delek Logistics Partners Lp (DKL) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Delek Logistics Partners Lp cover its interest payments?

Delek Logistics Partners Lp (DKL) has an interest coverage ratio of 1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Delek Logistics Partners Lp?

Delek Logistics Partners Lp (DKL) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.