Delek Logistics Reports Record Fourth Quarter 2025 Results

Key Terms

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

distributable cash flow financial

Distributable cash flow is the amount of money a business generates from its operations that management considers available to pay dividends, buy back shares, or make other distributions to owners after setting aside what’s needed to keep the business running and meet routine obligations. Investors care because it shows how much real cash can be returned to them—like a household’s leftover paycheck after paying rent and groceries—and helps judge whether payouts are sustainable and backed by operations rather than accounting entries.

ebitda financial

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

sales-type lease financial

A sales-type lease is a contract where the party that owns an asset (the lessor) effectively sells it to a customer but keeps the right to receive lease payments, recording the transaction as a sale up front and then recognizing interest income over time. Think of it like a store that sells you a car on finance: the store books the sale immediately but still collects payments and interest, so profits and the asset’s removal from the balance sheet occur sooner. For investors this changes when revenue and profit show up, alters reported assets and liabilities, and affects measures like return on equity and cash flow timing.

leverage ratio financial

Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.

revolving credit facility financial

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

equity method investments financial

An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.

• Delek Logistics reported Net income of $47.3 million or $0.88 per unit
• Delivered record financial performance, Adjusted EBITDA of $142.3 million for the fourth quarter and $535.6 million for the year
• Progressed comprehensive acid gas injection (AGI) & sour gas treating solution at the Libby Gas Complex
• Initiated 2026 EBITDA Guidance of $520 - 560 million
• 2026 guidance reflects Increased economic separation from DK, as third-party EBITDA contribution to exceed 80%
• Continued our consistent distribution growth with our 52^nd consecutive quarterly increase to $1.125/unit

BRENTWOOD, Tenn.--(BUSINESS WIRE)-- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the fourth quarter 2025.

“Delek Logistics delivered another record year, driven by strong execution across our crude, gas, and water businesses and the continued dedication of our team,” said Avigal Soreq, President of Delek Logistics’ general partner. “2025 was a pivotal year for Delek Logistics, highlighted by the successful startup of the Libby 2 gas plant, acquisition of Gravity Water Midstream and the execution of strategic intercompany agreements, a combination of which has largely completed DKL's economic separation from its sponsor. We also made meaningful progress advancing sour gas gathering and acid gas injection capabilities, while achieving record crude gathering volumes in our Delaware Basin operations.”

“Based on this strong momentum, we are providing 2026 EBITDA guidance of $520 to $560 million, which includes ~$10 million in negative impact from Winter Storm Fern in the first quarter. In addition, we are proud to have delivered our 52nd consecutive quarterly distribution, marking 13 consecutive years of distribution growth,” Soreq continued. “Looking ahead to 2026, we are increasingly optimistic about the opportunities in front of us, driven by the continued advancement of our integrated acid gas injection and sour gas treating solution at the Libby Complex. This industry leading sour gas solution will set DKL for multi year growth in the Delaware Basin and allow it to further expand its "Full-Suite" strategy. We remain committed to strengthening and growing Delek Logistics through a prudent management of liquidity and leverage, and a continued focus on long-term value creation for our unitholders," Mr. Soreq continued.

Delek Logistics reported fourth quarter 2025 net income of $47.3 million or $0.88 per diluted common limited partner unit. This compares to net income of $35.3 million, or $0.68 per diluted common limited partner unit, in the fourth quarter 2024. Net cash provided by operating activities was $43.2 million in the fourth quarter 2025 compared to $49.9 million in the fourth quarter 2024. Distributable cash flow, as adjusted was $73.3 million in the fourth quarter 2025, compared to $69.5 million in the fourth quarter 2024.

For the fourth quarter 2025, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $98.2 million compared to $80.9 million in the fourth quarter 2024. The fourth quarter 2025 EBITDA included $0.3 million of transaction costs, $(0.3) million of DPG inventory and $44.1 million of sales-type lease accounting impacts. For the fourth quarter 2025, Adjusted EBITDA was $142.3 million compared to $114.3 million in the fourth quarter 2024.

Distribution and Liquidity

On January 26, 2026, Delek Logistics declared a quarterly cash distribution of $1.125 per common limited partner unit for the fourth quarter 2025. This distribution was paid on February 12, 2026 to unitholders of record on February 5, 2026. This represents a 0.4% increase from the third quarter 2025 distribution of $1.120 per common limited partner unit, and a 1.8% increase over Delek Logistics’ fourth quarter 2024 distribution of $1.105 per common limited partner unit.

As of December 31, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $10.9 million and a leverage ratio of approximately 4.07x⁽¹⁾. Additional borrowing capacity under the $1.2 billion third party revolving credit facility was $0.9 billion.

Consolidated Operating Results

Adjusted EBITDA in the fourth quarter 2025 was $142.3 million compared to $114.3 million in the fourth quarter 2024. The $28.0 million increase in Adjusted EBITDA reflects the results of H2O Midstream and Gravity operations, as well as impacts from the W2W dropdown, and an increase in wholesale margins.

Gathering and Processing Segment

Adjusted EBITDA in the fourth quarter 2025 was $70.9 million compared with $66.0 million in the fourth quarter 2024. The increase was primarily due to incremental EBITDA from the Gravity and H2O Midstream acquisitions.

Wholesale Marketing and Terminalling Segment

Adjusted EBITDA in the fourth quarter 2025 was $20.9 million, compared with fourth quarter 2024 Adjusted EBITDA of $21.2 million. The decrease was primarily due to assignment of the Big Spring refinery marketing agreement to Delek Holdings, which was partially offset by an increase in wholesale margins.

Storage and Transportation Segment

Adjusted EBITDA in the fourth quarter 2025 was $34.7 million, compared with $17.8 million in the fourth quarter 2024. The increase was primarily due to increased interest income from sales-type leases.

Investments in Pipeline Joint Ventures Segment

During the fourth quarter 2025, income from equity method investments was $19.2 million compared to $11.3 million in the fourth quarter 2024. The increase was primarily due to the impacts of the W2W dropdown, partially offset by a decrease in income from our investments in our other joint ventures.

Corporate

Adjusted EBITDA in the fourth quarter 2025 was a loss of $10.0 million compared to a loss of $9.0 million in the fourth quarter 2024.

Fourth Quarter 2025 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its fourth quarter 2025 results on Friday, November 7, 2025 at 11:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.

About Delek Logistics Partners, LP

Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline and other transportation services primarily for crude oil and natural gas customers, storage, wholesale marketing and terminalling services primarily for intermediate and refined product customers, and water disposal and recycling services. Delek US Holdings, Inc. ("Delek US") owns the general partner interest as well as a majority limited partner interest in Delek Logistics, and is also a significant customer.

Safe Harbor Provisions Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or similar expressions, as well as statements in the future tense. Forward-looking statements include, but are not limited to, anticipated performance and financial position; statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream acquisitions; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth.

Investors are cautioned that the following important factors, including among others, may affect these forward-looking statements: the fact that a significant portion of Delek Logistics' revenue is derived from Delek US, thereby subjecting us to Delek US' business risks; political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; Delek Logistics' ability to realize cost reductions; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; risks and uncertainties with respect to the possible benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity transactions, as well as from integration post-closing; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; projected capital expenditures; scheduled turnaround activity; the results of our investments in joint ventures; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission.

Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved.

Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation.

DPG Drop

On May 1, 2025, Delek Holdings transferred the Delek Permian Gathering purchasing and blending business to Delek Logistics (the "DPG Dropdown”). In connection with the DPG Dropdown, Delek Logistics assumed all of Delek Holdings’ rights and obligations to purchase crude oil under certain contracts associated with Delek Logistics' existing Midland Gathering System. In addition, line fill inventory amounting to $6.9 million was transferred to Delek Logistics. Total consideration included the cancellation of $58.8 million in existing receivables owed to Delek Logistics by Delek Holdings.

Sales-Type Leases

During the third quarter of 2024, Delek Logistics and Delek US renewed and amended certain commercial agreements. These amendments required the embedded leases within these agreements to be reassessed under Accounting Standards Codification 842, Leases. As a result of these amendments, certain of these agreements met the criteria to be accounted for as sales-type leases. Therefore, portions of our payments received for minimum volume commitments under agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues.

Non-GAAP Disclosures

Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:

• Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before interest, income taxes, depreciation and amortization, including amortization of customer contract intangible assets, which is included as a component of net revenues, and proportional interest, taxes, depreciation and amortization of equity method investments.
• Adjusted EBITDA - EBITDA adjusted for (i) significant, infrequently occurring transaction costs and (ii) throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting.
• Distributable cash flow - calculated as net cash flow from operating activities adjusted for changes in assets and liabilities, maintenance capital expenditures net of reimbursements, sales-type lease receipts, net of income recognized and other adjustments not expected to settle in cash.
• Distributable cash flow, as adjusted - calculated as distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.

Our EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted, measures are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

• Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA and Adjusted EBITDA, financing methods;
• the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;
• Delek Logistics' ability to incur and service debt and fund capital expenditures; and
• the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of these non-GAAP measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance and liquidity for current and comparative periods. Non-GAAP measures should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings, net cash provided by operating activities and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted may be defined differently by other partnerships in our industry, our definitions may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. However, due to the inherent difficulty and impracticability of estimating certain amounts required by U.S. GAAP with a reasonable degree of certainty at this time without unreasonable effort and imprecision, we have not provided a reconciliation of forward-looking Adjusted EBITDA guidance.

___________________
(1)	Leverage ratio as of December 31, 2025 includes adjustments relating to timing of debt settlements with our sponsor and our updated definition of EBITDA to include proportional EBITDA of our equity method investments.

Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit data)
	December 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	10,892			$	5,384
Accounts receivable		114,544				54,725
Accounts receivable from related parties		216,641				33,313
Lease receivable - affiliate		36,362				22,783
Inventory		17,913				5,427
Other current assets		4,416				24,260
Total current assets		400,768				145,892
Property, plant and equipment:
Property, plant and equipment		1,827,530				1,375,391
Less: accumulated depreciation		(403,523	)			(311,070	)
Property, plant and equipment, net		1,424,007				1,064,321
Equity method investments		340,070				317,152
Customer relationship intangibles, net		233,022				186,911
Other intangibles, net		137,439				94,547
Goodwill		12,203				12,203
Operating lease right-of-use assets		11,683				16,654
Finance lease right-of-use assets		27,802				883
Net lease investment - affiliate		185,656				193,126
Other non-current assets		6,618				9,870
Total assets	$	2,779,268			$	2,041,559
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	292,908			$	41,380
Interest payable		30,557				30,665
Excise and other taxes payable		16,569				6,764
Current portion of operating lease liabilities		3,027				5,117
Current portion of finance lease liabilities		8,310				223
Accrued expenses and other current liabilities		5,122				4,629
Total current liabilities		356,493				88,778
Non-current liabilities:
Long-term debt, net of current portion		2,344,420				1,875,397
Operating lease liabilities, net of current portion		3,551				6,004
Finance lease liabilities, net of current portion		20,289				613
Asset retirement obligations		24,278				15,639
Other non-current liabilities		24,123				19,600
Total non-current liabilities		2,416,661				1,917,253
Total liabilities		2,773,154				2,006,031
Equity:
Common unitholders - public; 19,643,923 units issued and outstanding at December 31, 2025 (17,374,618 at December 31, 2024)		510,376				440,957
Common unitholders - Delek Holdings; 33,868,203 units issued and outstanding at December 31, 2025 (34,111,278 at December 31, 2024)		(504,262	)			(405,429	)
Total equity		6,114				35,528
Total liabilities and equity	$	2,779,268			$	2,041,559

Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net revenues:
Affiliate	$	128,051			$	106,430			$	499,471			$	517,782
Third party		127,715				103,433				513,852				422,854
Net revenues		255,766				209,863				1,013,323				940,636
Cost of sales:
Cost of materials and other - affiliate		82,374				69,359				342,237				349,321
Cost of materials and other - third party		48,788				35,114				167,062				134,414
Operating expenses (excluding depreciation and amortization presented below)		45,125				33,125				166,752				122,020
Depreciation and amortization		35,597				23,253				122,102				91,135
Total cost of sales		211,884				160,851				798,153				696,890
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)		340				145				1,625				714
General and administrative expenses		6,311				9,320				28,639				35,944
Depreciation and amortization		391				1,216				3,498				5,240
Other operating expense (income), net		399				316				(436	)			(978	)
Total operating costs and expenses		219,325				171,848				831,479				737,810
Operating income		36,441				38,015				181,844				202,826
Interest income		(39,716	)			(24,294	)			(112,517	)			(47,792	)
Interest expense		48,493				38,413				179,296				150,960
Income from equity method investments		(19,229	)			(11,327	)			(61,793	)			(43,301	)
Other income, net		(86	)			(28	)			(60	)			(205	)
Total non-operating expenses, net		(10,538	)			2,764				4,926				59,662
Income before income taxes		46,979				35,251				176,918				143,164
Income tax (benefit) expense		(313	)			(54	)			458				479
Net income		47,292				35,305				176,460				142,685
Comprehensive income		47,292				35,305			$	176,460			$	142,685
Less: Preferred unitholder's interest in net income		—				768				—				768
Net income attributable to limited partners	$	47,292			$	34,537			$	176,460			$	141,917
Net income per unit:
Basic	$	0.88			$	0.68			$	3.30			$	2.99
Diluted	$	0.88			$	0.68			$	3.30			$	2.99
Weighted average common units outstanding:
Basic		53,487,965				51,038,367				53,501,020				47,452,138
Diluted		53,550,872				51,068,930				53,552,206				47,479,248

Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)	Three Months Ended December 31,								Year Ended December 31,
(Unaudited)		2025				2024				2025				2024
Cash flows from operating activities
Net cash provided by operating activities	$	43,205			$	49,898			$	237,115			$	206,339
Cash flows from investing activities
Net cash used in investing activities		(32,539	)			(70,051	)			(444,200	)			(384,579	)
Cash flows from financing activities
Net cash (used in) provided by financing activities		(6,686	)			18,220				212,593				179,869
Net increase (decrease) in cash and cash equivalents		3,980				(1,933	)			5,508				1,629
Cash and cash equivalents at the beginning of the period		6,912				7,317				5,384				3,755
Cash and cash equivalents at the end of the period	$	10,892			$	5,384			$	10,892			$	5,384

Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)
(In thousands)
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Reconciliation of Net Income to EBITDA:
Net income	$	47,292			$	35,305			$	176,460			$	142,685
Add:
Income tax (benefit) expense		(313	)			(54	)			458				479
Depreciation and amortization		35,988				24,469				125,600				96,375
Amortization of marketing contract intangible		—				—				—				4,206
Proportional interest, taxes, depreciation and amortization from equity-method investments		6,474				7,045				26,357				15,797
Interest expense, net		8,777				14,119				66,779				103,168
EBITDA		98,218				80,884				395,654				362,710
Asset Impairment		—				—				2,802				—
Throughput and storage fees for sales-type leases		44,059				30,663				129,706				59,635
DPG Inventory Impact		(339	)			—				661				—
Transaction costs		336				2,740				6,744				11,416
Adjusted EBITDA	$	142,274			$	114,287			$	535,567			$	433,761
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities	$	43,205			$	49,898			$	237,115			$	206,339
Changes in assets and liabilities		26,688				17,601				41,729				48,769
Non-cash lease expense		(1,200	)			(2,423	)			(6,245	)			(8,112	)
Net distributions from equity method investments in investing activities		1,391				900				13,559				4,277
Regulatory and sustaining capital expenditures not distributable		(4,965	)			(4,976	)			(15,808	)			(12,658	)
Reimbursement from Delek Holdings for capital expenditures		20				53				48				335
Sales-type lease receipts, net of income recognized		8,752				6,369				17,189				11,843
Accretion		(833	)			(356	)			(2,617	)			(920	)
Deferred income taxes		191				(28	)			(255	)			(479	)
Gain on disposal of assets		(259	)			(317	)			3,602				6,410
Distributable Cash Flow		72,990				66,721				288,317				255,804
Transaction costs		336				2,740				6,744				11,416
Distributable Cash Flow, as adjusted (1)	$	73,326			$	69,461			$	295,061			$	267,220

(1)	Distributable cash flow adjusted to exclude transaction costs primarily associated with the H2O Midstream Acquisition and Gravity Acquisition.

Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation (Unaudited)
(In thousands)
	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Distributions to partners of Delek Logistics, LP	$	60,201		$	59,302		$	239,031		$	217,699
Distributable cash flow	$	72,990		$	66,721		$	288,317		$	255,804
Distributable cash flow coverage ratio (1)	1.21x			1.13x			1.21x			1.18x
Distributable cash flow, as adjusted		73,326			69,461			295,061			267,220
Distributable cash flow coverage ratio, as adjusted (2)	1.22x			1.17x			1.23x			1.23x

(1)	Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.
(2)	Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period.

Delek Logistics Partners, LP
Segment Data (Unaudited)
(In thousands)
		Three Months Ended December 31, 2025
		Gathering and Processing				Wholesale Marketing and Terminalling				Storage and Transportation				Investments in Pipeline Joint Ventures			Corporate and Other				Consolidated
Net revenues:
Affiliate		$	41,500			$	63,116			$	23,435			$	—		$	—			$	128,051
Third party			88,018				38,464				1,233				—			—				127,715
Total revenue		$	129,518			$	101,580			$	24,668			$	—		$	—			$	255,766
Adjusted EBITDA		$	70,888			$	20,923			$	34,716			$	25,704		$	(9,956	)		$	142,275
Asset Impairment			—				—				—				—			—				—
Transaction costs			—				—				—				—			336				336
DPG Inventory Impact			(339	)			—				—				—			—				(339	)
Throughput and storage fees for sales-type leases			13,137				4,368				26,554				—			—				44,059
Segment EBITDA		$	58,090			$	16,555			$	8,162			$	25,704		$	(10,292	)		$	98,219
Depreciation and amortization		$	32,842			$	750			$	1,640			$	—		$	756				35,988
Proportional interest, taxes, depreciation and amortization from equity-method investments		$	—			$	—			$	—			$	6,475		$	—				6,475
Interest income		$	(10,468	)		$	(3,914	)		$	(25,334	)		$	—		$	—				(39,716	)
Interest expense		$	—			$	—			$	—			$	—		$	48,493				48,493
Income tax benefit																						(313	)
Net income																					$	47,292

		Three Months Ended December 31, 2024
		Gathering and Processing				Wholesale Marketing and Terminalling				Storage and Transportation				Investments in Pipeline Joint Ventures				Corporate and Other				Consolidated
Net revenues:
Affiliate		$	36,771			$	46,040			$	23,619			$	—			$	—			$	106,430
Third party			57,895				43,674				1,864				—				—				103,433
Total revenue		$	94,666			$	89,714			$	25,483			$	—			$	—			$	209,863
Adjusted EBITDA		$	65,960			$	21,161			$	17,798			$	18,372			$	(9,004	)		$	114,287
Transaction costs			—				—				—				—				2,740				2,740
Throughput and storage fees not included in revenue			13,629				5,156				11,878				—				—				30,663
Segment EBITDA		$	52,331			$	16,005			$	5,920			$	18,372			$	(11,744	)		$	80,884
Depreciation and amortization		$	23,504			$	(887	)		$	1,094			$	—			$	758				24,469
Proportional interest, taxes, depreciation and amortization from equity-method investments		$	—			$	—			$	—			$	7,045			$	—				7,045
Amortization of marketing contract intangible		$	—			$	—			$	—			$	—			$	—				—
Interest income			(11,779	)			(4,839	)			(7,676	)			—				—				(24,294	)
Interest expense		$	—			$	—			$	—			$	—			$	38,413				38,413
Income tax expense																							(54	)
Net income																						$	35,305

		Year Ended December 31, 2025
		Gathering and Processing				Wholesale Marketing and Terminalling				Storage and Transportation				Investments in Pipeline Joint Ventures			Corporate and Other				Consolidated
Net revenues:
Affiliate		$	170,330			$	237,007			$	92,134			$	—		$	—			$	499,471
Third party			327,767				180,628				5,457				—			—				513,852
Total revenue		$	498,097			$	417,635			$	97,591			$	—		$	—			$	1,013,323
Adjusted EBITDA		$	312,734			$	83,354			$	85,395			$	88,150		$	(34,066	)		$	535,567
			—				2,802				—				—			—				2,802
Transaction costs			—				—				—				—			6,744				6,744
DPG Inventory Impact			661				—				—				—			—				661
Throughput and storage fees for sales-type leases			52,546				17,618				59,542				—			—				129,706
Segment EBITDA		$	259,527			$	62,934			$	25,853			$	88,150		$	(40,810	)		$	395,654
Depreciation and amortization			113,451				3,465				5,633				—			3,051				125,600
Proportional interest, taxes, depreciation and amortization from equity-method investments			—				—				—				26,357			—				26,357
Interest income			(43,764	)			(16,154	)			(52,599	)			—			—				(112,517	)
Interest expense			—				—				—				—			179,296				179,296
Income tax expense																						458
Net income																					$	176,460

		Year Ended December 31, 2024
		Gathering and Processing				Wholesale Marketing and Terminalling				Storage and Transportation				Investments in Pipeline Joint Ventures			Corporate and Other				Consolidated
Net revenues:
Affiliate		$	180,763			$	221,503			$	115,516			$	—		$	—			$	517,782
Third party			183,956				230,019				8,879				—			—				422,854
Total revenue		$	364,719			$	451,522			$	124,395			$	—		$	—			$	940,636
Adjusted EBITDA		$	233,423			$	101,335			$	72,081			$	59,098		$	(32,176	)		$	433,761
Transaction costs			—				—				—				—			11,416				11,416
Throughput and storage fees not included in revenue			26,273				9,606				23,756				—			—				59,635
Segment EBITDA		$	207,150			$	91,729			$	48,325			$	59,098		$	(43,592	)		$	362,710
Depreciation and amortization			80,144				5,256				7,609				—			3,366				96,375
Proportional interest, taxes, depreciation and amortization from equity-method investments			—				—				—				15,797			—				15,797
Amortization of marketing contract intangible			—				4,206				—				—			—				4,206
Interest income			(23,338	)			(8,546	)			(15,908	)			—			—				(47,792	)
Interest expense			—				—				—				—			150,960				150,960
Income tax expense																						479
Net income																					$	142,685

Delek Logistics Partners, LP
Segment Capital Spending
(In thousands)
	Three Months Ended December 31,							Year Ended December 31,
Gathering and Processing	2025 (1)				2024			2025 (1)				2024
Regulatory capital spending	$	321			$	—		$	596			$	—
Sustaining capital spending		2,952				307			8,249				1,599
Growth capital spending		24,662				44,460			235,909				127,328
Segment capital spending		27,935				44,767			244,754				128,927
Wholesale Marketing and Terminalling
Regulatory capital spending		329				385			474				791
Sustaining capital spending		291				1,119			874				1,936
Growth capital spending		—				—			—				—
Segment capital spending		620				1,504			1,348				2,727
Storage and Transportation
Regulatory capital spending		370				467			1,657				1,155
Sustaining capital spending		603				2,698			2,858				7,177
Growth capital spending		1,520				—			1,520				—
Segment capital spending		2,493				3,165			6,035				8,332
Consolidated
Regulatory capital spending		1,020				852			2,727				1,946
Sustaining capital spending		3,846				4,124			11,981				10,712
Growth capital spending		26,182				44,460			237,429				127,328
Total capital spending	$	31,048			$	49,436		$	252,137			$	139,986

(1)	Amounts exclude capitalized interest and internal labor costs of $2.6 million for the three months ended December 31, 2025 and $22.2 million for the year ended December 31, 2025.

Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
Crude pipelines (non-gathered)		59,551			64,920			66,125			69,903
Refined products pipelines to Enterprise Systems		49,198			57,513			54,616			59,136
El Dorado Gathering System		8,483			13,883			9,454			11,568
East Texas Crude Logistics System		33,771			35,046			31,296			34,711
Midland Gathering System		237,681			200,705			219,782			217,847
Plains Connection System		206,493			360,725			182,523			333,405
Delaware Gathering Assets:
Natural Gas Gathering and Processing (Mcfd(1))		64,940			71,078			62,111			74,831
Crude Oil Gathering (average bpd)		140,790			123,346			138,575			123,978
Water Disposal and Recycling (average bpd)		98,040			144,414			107,415			128,539
Midland Water Gathering System:
Water Disposal and Recycling (average bpd) (2)		613,869			274,361			587,419			280,955
Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) (3)		69,369			63,022			68,052			67,682
Big Spring marketing throughputs (average bpd) (4)		—			—			—			44,999
West Texas marketing throughputs (average bpd)		10,753			7,472			8,737			5,828
West Texas gross margin per barrel	$	3.48		$	4.35		$	3.42		$	3.18
Terminalling throughputs (average bpd) (5)		147,041			151,309			145,237			154,217

(1)	Mcfd - average thousand cubic feet per day.
(2)	Consists of volumes of H2O Midstream and Gravity. 2024 H2O Midstream volumes are from September 11, 2024 through December 31, 2024. Gravity volumes are from January 2, 2025, to December 31, 2025.
(3)	Excludes jet fuel and petroleum coke.
(4)	Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings.
(5)	Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, our El Dorado and North Little Rock, Arkansas terminals and our Memphis and Nashville, Tennessee terminals.

 

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Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (https://www.deleklogistics.com/investor-relations), news webpage (https://www.deleklogistics.com/news-releases) and its X account (@DelekLogistics).

Source: Delek Logistics Partners, LP