Delek US (NYSE: DK) swings to Q4 profit with surging EBITDA and cash flow
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Delek US Holdings reported a strong turnaround for fourth quarter 2025. Net income was $78.3 million, or $1.26 per diluted share, compared with a large loss a year earlier. Adjusted net income reached $143.0 million, or $2.31 per share, and adjusted EBITDA was $374.8 million, up sharply from $(15.2) million.
Refining segment adjusted EBITDA rose to $314.1 million, helped by higher crack spreads, small refinery exemptions and a total refining production margin of $10.49 per barrel. Logistics adjusted EBITDA increased to $141.9 million, supported by acquisitions and stronger wholesale margins.
Management raised its Enterprise Optimization Plan run‑rate cash flow improvement target to at least $200 million and restructured an Inventory Intermediation Agreement expected to add at least $40 million of free cash flow. Delek Logistics issued 2026 adjusted EBITDA guidance of $520–$560 million. Delek US repurchased about $20 million of common stock, paid $15.3 million of dividends, and declared a quarterly dividend of $0.255 per share. Cash was $625.8 million and consolidated net debt was $2,607.3 million as of December 31, 2025.
Positive
- Major earnings and EBITDA turnaround: 2025 adjusted EBITDA rose to $1,353.0 million from $341.8 million in 2024, with Q4 2025 adjusted EBITDA of $374.8 million versus $(15.2) million a year earlier, indicating a substantially improved operating profile.
- Structural cash flow improvements: The Enterprise Optimization Plan run‑rate target increased to at least $200 million and the reworked Inventory Intermediation Agreement is expected to generate at least $40 million of additional free cash flow, supporting longer‑term cash generation.
- Stronger midstream platform and guidance: Delek Logistics reported record financial performance and issued 2026 adjusted EBITDA guidance of $520–$560 million, reinforcing a growing, largely third‑party midstream earnings base.
- Return of capital to shareholders: Delek US repurchased approximately $20 million of common stock, paid $15.3 million of dividends in the quarter, and declared a regular quarterly dividend of $0.255 per share.
Negative
- High leverage and interest burden: Consolidated net debt was $2,607.3 million at December 31, 2025, and 2025 net interest expense totaled $345.3 million, leaving the company meaningfully leveraged despite improved EBITDA.
- GAAP profitability still modest for the year: For full‑year 2025, net income attributable to Delek US was a small loss of $22.8 million despite strong non‑GAAP metrics, highlighting reliance on adjustments and special items to show earnings strength.
Insights
Q4 results show a major profitability rebound and stronger cash flow, but with considerable leverage.
Delek US moved from heavy losses in 2024 to solid profitability, with 2025 adjusted EBITDA of $1,353.0 million versus $341.8 million in 2024. Fourth quarter adjusted EBITDA of $374.8 million highlights materially better refining margins and meaningful benefit from small refinery exemptions and optimization efforts.
The Enterprise Optimization Plan now targets at least $200 million in annual run‑rate cash flow improvements, and the revamped Inventory Intermediation Agreement is expected to add at least $40 million of free cash flow. These initiatives, combined with Delek Logistics’ 2026 adjusted EBITDA guidance of $520–$560 million, frame a more cash‑generative profile.
At the same time, consolidated net debt of $2,607.3 million and annual net interest expense of $345.3 million in 2025 underscore a still‑leveraged capital structure. The company returned capital through roughly $20 million of share repurchases and $15.3 million of quarterly dividends, while ending 2025 with cash of $625.8 million. How effectively Delek sustains margins and executes its optimization and midstream strategies will be reflected in future quarterly results.
8-K Event Classification
32 items: 1.4, 2.02, 7.01, 7.4, 9.01, 29.5, 33.4, 43.7, 55.8, 68.3, 71.0, 83.3, 99.5, 102.1, 109.7, 139.4, 223.6, 232.8, 250.8, 256.7, 257.0, 262.3, 264.4, 277.5, 295.9, 304.8, 321.8, 330.6, 347.4, 435.3, 545.0, 611.1
32 items
Item 1.4
Item 1.4
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 7.4
Item 7.4
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 29.5
Item 29.5
Item 33.4
Item 33.4
Item 43.7
Item 43.7
Item 55.8
Item 55.8
Item 68.3
Item 68.3
Item 71.0
Item 71.0
Item 83.3
Item 83.3
Item 99.5
Item 99.5
Item 102.1
Item 102.1
Item 109.7
Item 109.7
Item 139.4
Item 139.4
Item 223.6
Item 223.6
Item 232.8
Item 232.8
Item 250.8
Item 250.8
Item 256.7
Item 256.7
Item 257.0
Item 257.0
Item 262.3
Item 262.3
Item 264.4
Item 264.4
Item 277.5
Item 277.5
Item 295.9
Item 295.9
Item 304.8
Item 304.8
Item 321.8
Item 321.8
Item 330.6
Item 330.6
Item 347.4
Item 347.4
Item 435.3
Item 435.3
Item 545.0
Item 545.0
Item 611.1
Item 611.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
 | |||||||||||
(Address of Principal Executive) | (Zip Code) | ||||||||||
(615 ) 771-6701
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition
On February 27, 2026, Delek US Holdings, Inc. (the "Company") announced its financial results for the quarter ended December 31, 2025. The full text of the press release is furnished as Exhibit 99.1 hereto.
The information in the attached Exhibit is being furnished pursuant to Item 2.02 “Results of Operations and Financial Condition” on Form 8-K. The information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
On February 27, 2026, the Company will use the materials included in Exhibit 99.2 (the "Earnings Call Slides") to this report in connection with the fourth quarter earnings call. The Earnings Call Slides are incorporated into this Item 7.01 by this reference and will also be available on the Company's website at www.delekus.com.
The information in this Item 7.01 is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Item 7.01 of this report will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or any of its affiliates.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 | Press Release of Delek US Holdings, Inc. issued on February 27, 2026. | |||||||
99.2 | Earnings Call Slides to be used on February 27, 2026. | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 27, 2026 | DELEK US HOLDINGS, INC. | ||||
/s/ Mark Hobbs | |||||
Name: Mark Hobbs | |||||
Title: Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||
Exhibit 99.1
Delek US Holdings Reports Fourth Quarter 2025 Results
•Delek US reported fourth quarter net income of $78.3 million or $1.26 per share, adjusted net income of $143.0 million or $2.31 per share and adjusted EBITDA of $374.8 million
•Excluding the impacts of SREs, adjusted EPS was $0.44 per share and adjusted EBITDA was $225.5 million
•Further advanced key objectives of Enterprise Optimization Plan ("EOP")
◦Increased the annual run-rate cash flow improvements to ~$200 million
◦Recognized ~$50 million of improvements in 4Q'25
•Announced restructuring of its Inventory Intermediation Agreement which will result in incremental free cash flow generation of at least $40 million
•Delek Logistics reported record financial performance and initiated 2026 adjusted EBITDA guidance of $520 million to $560 million
•Delek US purchased ~$20 million in DK common stock during the quarter
•Paid $15.3 million of dividends and announced regular quarterly dividend of $0.255 per share
BRENTWOOD, Tenn.-- February 27, 2026 -- Delek US Holdings, Inc. (NYSE: DK) (“Delek US”, "Company") today announced financial results for its fourth quarter ended December 31, 2025.
“2025 has been a transformational year for DK in improving its cash flow profile through successful implementation of the Enterprise Optimization Plan, reducing the costs of Inventory Intermediation Agreements, and progressing its economic separation with Delek Logistics” said Avigal Soreq, President and Chief Executive Officer of Delek US. “We are very proud of the continuous improvement culture we are building at Delek and look forward to driving incremental free cash flow improvement through continued operational excellence, cost optimization, and disciplined capital allocation.”
“DKL continues to strengthen its premier position in the Permian Basin, supported by the ongoing ramp-up of our gas processing facilities and continued investment in sour gas handling, treating, and processing capabilities. The ongoing growth in third-party cash flows has allowed DKL to largely separate economically from DK while maintaining its strong organic growth reflected in DKL’s 2026 guidance of $520 to $560 million. This guidance reflects the durability of DKL's platform, the benefits of DKL's strong three stream business model and its investments in creating a peer leading sour gas gathering and acid gas injection solution.”
“Looking ahead, we remain focused on operating safely and reliably, successfully completing our ongoing Big Spring turnaround, advancing our sum-of-the-parts strategy, enhancing cash flow generation, and delivering sustainable long-term value for shareholders while maintaining financial strength and flexibility,” Soreq concluded.
Delek US Results
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| ($ in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Net income (loss) attributable to Delek | $ | 78.3 | $ | (413.8) | $ | (22.8) | $ | (560.4) | ||||||||||||||||||
| Total diluted income (loss) per share | $ | 1.26 | $ | (6.55) | $ | (0.38) | $ | (8.77) | ||||||||||||||||||
| Adjusted net income (loss) | $ | 143.0 | $ | (160.5) | $ | 399.7 | $ | (338.9) | ||||||||||||||||||
| Adjusted net income (loss) per share | $ | 2.31 | $ | (2.54) | $ | 6.60 | $ | (5.31) | ||||||||||||||||||
| Adjusted EBITDA | $ | 374.8 | $ | (15.2) | $ | 1,353.0 | $ | 341.8 | ||||||||||||||||||
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Refining Segment
The refining segment Adjusted EBITDA was $314.1 million in the fourth quarter 2025 compared with $(68.7) million in the same quarter last year, which reflects an increase in refining margin driven by increased crack spreads and continued benefit of the small refinery exemptions granted earlier this year. During the fourth quarter 2025, Delek US's benchmark crack spreads were up an average of 66.0% from prior-year levels. Adjusted EBITDA was also impacted favorably by other inventory impacts of $41.0 million and $43.9 million for fourth quarter 2025 and 2024, respectively.
The regulatory relief received under the renewable fuel standards resulted in a reduction within cost of materials of $75.3 million in the fourth quarter bringing the YTD reduction to $356.1 million
Logistics Segment
The logistics segment Adjusted EBITDA in the fourth quarter 2025 was $141.9 million compared with $114.3 million in the prior-year quarter. The increase over last year's fourth quarter was driven by the impact of the W2W dropdown and incremental contribution due to the H2O Midstream Acquisition on September 11, 2024, the Gravity Acquisition on January 2, 2025, and the increase in wholesale margins.
Shareholder Distributions
On February 18, 2026, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on March 9, 2026 to shareholders of record on March 2, 2026.
Liquidity
As of December 31, 2025, Delek US had a cash balance of $625.8 million and total consolidated long-term debt of $3,233.1 million, resulting in net debt of $2,607.3 million. As of December 31, 2025, Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") had $10.9 million of cash and $2,344.4 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $614.9 million in cash and $888.7 million of long-term debt, or a $273.8 million net debt position.
Fourth Quarter 2025 Results | Conference Call Information
Delek US will hold a conference call to discuss its fourth quarter 2025 results on Friday, February 27, 2026 at 9:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days.
Investors may also wish to listen to Delek Logistics’ (NYSE: DKL) fourth quarter 2025 earnings conference call that will be held on Friday, February 27, 2026 at 11:00 a.m. Central Time and review Delek Logistics’ earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% (including the general partner interest) of Delek Logistics Partners, LP at December 31, 2025.
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", “potential,” “expect” or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding anticipated performance and financial position; cost reductions; throughput at the Company’s refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance of our midstream growth
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initiatives, and the flexibility, benefits and expected returns therefrom; and projected benefits of Delek Logistics' acquisition of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream businesses.
Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering, Permian Gathering, H2O Midstream or Gravity businesses following their acquisition; Delek US' ability to realize cost reductions; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible benefits of the H2O Midstream and Gravity transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging and/or legislation changing renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Midland Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US’ filings with the United States Securities and Exchange Commission (the “SEC”), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC.
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 US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation.
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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:
•Adjusting items - certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends;
•Adjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period;
•Adjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution;
•Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation, amortization and proportional interest, taxes, depreciation and amortization of equity method investments;
•Adjusted EBITDA - calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests;
•Refining margin - calculated as gross margin (which we define as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales;
•Adjusted refining margin - calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit), unrealized hedging (gain) loss and intercompany lease impacts;
•Refining production margin - calculated based on the regional market sales price of refined products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure reflects the economics of each refinery exclusive of the financial impact of inventory price risk mitigation programs and marketing uplift strategies;
•Refining production margin per throughput barrel - calculated as refining production margin divided by our average refining throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and
•Net debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date.
We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. “Net debt,” also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet.
Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Refining Margin and Refining Production Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US' definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.
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| Delek US Holdings, Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||||||||
($ in millions, except share and per share data) | ||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 625.8 | $ | 735.6 | ||||||||||
| Accounts receivable, net | 648.7 | 617.6 | ||||||||||||
| Inventories, net of inventory valuation reserves | 726.0 | 893.2 | ||||||||||||
| Other current assets | 67.5 | 85.5 | ||||||||||||
| Total current assets | 2,068.0 | 2,331.9 | ||||||||||||
| Property, plant and equipment: | ||||||||||||||
| Property, plant and equipment | 5,586.9 | 4,948.4 | ||||||||||||
| Less: accumulated depreciation | (2,314.4) | (2,008.4) | ||||||||||||
| Property, plant and equipment, net | 3,272.5 | 2,940.0 | ||||||||||||
| Operating lease right-of-use assets | 71.4 | 92.2 | ||||||||||||
| Goodwill | 475.3 | 475.3 | ||||||||||||
| Other intangibles, net | 405.7 | 321.6 | ||||||||||||
| Equity method investments | 427.7 | 392.9 | ||||||||||||
| Other non-current assets | 127.1 | 111.9 | ||||||||||||
| Total assets | $ | 6,847.7 | $ | 6,665.8 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 1,633.8 | $ | 1,813.8 | ||||||||||
| Current portion of long-term debt | 9.5 | 9.5 | ||||||||||||
| Current portion of operating lease liabilities | 27.2 | 43.2 | ||||||||||||
| Accrued expenses and other current liabilities | 858.9 | 649.5 | ||||||||||||
| Total current liabilities | 2,529.4 | 2,516.0 | ||||||||||||
| Non-current liabilities: | ||||||||||||||
| Long-term debt, net of current portion | 3,223.6 | 2,755.7 | ||||||||||||
| Obligation under Inventory Intermediation Agreement | 119.5 | 408.7 | ||||||||||||
| Environmental liabilities, net of current portion | 31.1 | 33.3 | ||||||||||||
| Asset retirement obligations | 34.0 | 24.7 | ||||||||||||
| Deferred tax liabilities | 217.9 | 214.8 | ||||||||||||
| Operating lease liabilities, net of current portion | 46.1 | 54.8 | ||||||||||||
| Other non-current liabilities | 98.8 | 82.6 | ||||||||||||
| Total non-current liabilities | 3,771.0 | 3,574.6 | ||||||||||||
| Stockholders’ equity: | ||||||||||||||
| Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding | — | — | ||||||||||||
| Common stock, $0.01 par value, 110,000,000 shares authorized, 77,357,447 shares and 80,127,994 shares issued at December 31, 2025 and December 31, 2024, respectively | 0.8 | 0.8 | ||||||||||||
| Additional paid-in capital | 1,290.9 | 1,215.9 | ||||||||||||
| Accumulated other comprehensive loss | — | (4.1) | ||||||||||||
| Treasury stock, 17,575,527 shares, at cost, at December 31, 2025 and December 31, 2024, respectively | (694.1) | (694.1) | ||||||||||||
| Retained earnings (deficit) | (311.1) | (205.7) | ||||||||||||
| Non-controlling interests in subsidiaries | 260.8 | 262.4 | ||||||||||||
| Total stockholders’ equity | 547.3 | 575.2 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 6,847.7 | $ | 6,665.8 | ||||||||||
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| Delek US Holdings, Inc. | ||||||||||||||||||||||||||
| Condensed Consolidated Statements of Income (Loss) (Unaudited) | ||||||||||||||||||||||||||
| ($ in millions, except share and per share data) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Net revenues | $ | 2,429.4 | $ | 2,373.7 | $ | 10,722.9 | $ | 11,852.2 | ||||||||||||||||||
| Cost of sales: | ||||||||||||||||||||||||||
| Cost of materials and other | 1,893.4 | 2,234.7 | 8,873.6 | 10,781.8 | ||||||||||||||||||||||
| Operating expenses (excluding depreciation and amortization presented below) | 214.2 | 183.5 | 862.9 | 763.8 | ||||||||||||||||||||||
| Depreciation and amortization | 95.9 | 90.1 | 374.3 | 349.7 | ||||||||||||||||||||||
| Total cost of sales | 2,203.5 | 2,508.3 | 10,110.8 | 11,895.3 | ||||||||||||||||||||||
| Insurance proceeds | — | (5.6) | (0.1) | (20.6) | ||||||||||||||||||||||
| Operating expenses related to wholesale business (excluding depreciation and amortization presented below) | 2.0 | (2.3) | 9.0 | 3.4 | ||||||||||||||||||||||
| General and administrative expenses | 54.6 | 61.2 | 269.5 | 252.8 | ||||||||||||||||||||||
| Depreciation and amortization | 5.2 | 6.2 | 23.5 | 24.8 | ||||||||||||||||||||||
| Asset impairment | 1.4 | 212.2 | 17.7 | 243.5 | ||||||||||||||||||||||
| Other operating income, net | (1.9) | (2.9) | (8.5) | (55.5) | ||||||||||||||||||||||
| Total operating costs and expenses | 2,264.8 | 2,777.1 | 10,421.9 | 12,343.7 | ||||||||||||||||||||||
| Operating income (loss) | 164.6 | (403.4) | 301.0 | (491.5) | ||||||||||||||||||||||
| Interest expense, net | 82.2 | 68.9 | 345.3 | 313.0 | ||||||||||||||||||||||
| Income from equity method investments | (22.8) | (14.8) | (89.5) | (92.2) | ||||||||||||||||||||||
| Other expense (income), net | 2.9 | (5.2) | 6.3 | (6.3) | ||||||||||||||||||||||
| Total non-operating expense, net | 62.3 | 48.9 | 262.1 | 214.5 | ||||||||||||||||||||||
| Income (loss) from continuing operations before income tax expense (benefit) | 102.3 | (452.3) | 38.9 | (706.0) | ||||||||||||||||||||||
| Income tax expense (benefit) | 4.2 | (51.2) | (6.8) | (107.9) | ||||||||||||||||||||||
| Income (loss) from continuing operations, net of tax | 98.1 | (401.1) | 45.7 | (598.1) | ||||||||||||||||||||||
| Discontinued operations: | ||||||||||||||||||||||||||
| (Loss) income from discontinued operations; including gain on sale of discontinued operations | (1.2) | (1.9) | (3.0) | 105.9 | ||||||||||||||||||||||
| Income tax (benefit) expense | (0.2) | (0.9) | (0.6) | 28.7 | ||||||||||||||||||||||
| (Loss) income from discontinued operations, net of tax | (1.0) | (1.0) | (2.4) | 77.2 | ||||||||||||||||||||||
| Net income (loss) | 97.1 | (402.1) | 43.3 | (520.9) | ||||||||||||||||||||||
| Net income attributed to non-controlling interests | 18.8 | 11.7 | 66.1 | 39.5 | ||||||||||||||||||||||
| Net income (loss) attributable to Delek | $ | 78.3 | $ | (413.8) | $ | (22.8) | $ | (560.4) | ||||||||||||||||||
| Basic income (loss) per share: | ||||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 1.32 | $ | (6.53) | $ | (0.34) | $ | (9.98) | ||||||||||||||||||
| (Loss) income from discontinued operations | (0.02) | (0.02) | $ | (0.04) | $ | 1.21 | ||||||||||||||||||||
| Total basic income (loss) per share | $ | 1.30 | $ | (6.55) | $ | (0.38) | $ | (8.77) | ||||||||||||||||||
| Diluted income (loss) per share: | ||||||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 1.28 | $ | (6.53) | $ | (0.34) | $ | (9.98) | ||||||||||||||||||
| (Loss) income from discontinued operations | (0.02) | (0.02) | $ | (0.04) | $ | 1.21 | ||||||||||||||||||||
| Total diluted income (loss) per share | $ | 1.26 | $ | (6.55) | $ | (0.38) | $ | (8.77) | ||||||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||||||||
| Basic | 60,030,006 | 63,234,505 | 60,703,554 | 63,882,219 | ||||||||||||||||||||||
| Diluted | 61,926,891 | 63,234,505 | 60,703,554 | 63,882,219 | ||||||||||||||||||||||
6 | | |||||
| Delek US Holdings, Inc. | ||||||||||||||||||||||||||
| Condensed Consolidated Cash Flow Data (Unaudited) | ||||||||||||||||||||||||||
| ($ in millions) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||||||||
| Cash provided by (used in) operating activities - continuing operations | $ | 503.8 | $ | (162.6) | $ | 538.2 | $ | (83.7) | ||||||||||||||||||
| Cash (used in) provided by operating activities - discontinued operations | (1.0) | (0.9) | (2.4) | 16.9 | ||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 502.8 | (163.5) | 535.8 | (66.8) | ||||||||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||||||||
| Cash used in investing activities - continuing operations | (116.9) | (215.8) | (697.9) | (603.2) | ||||||||||||||||||||||
| Cash provided by investing activities - discontinued operations | — | — | — | 361.7 | ||||||||||||||||||||||
| Net cash used in investing activities | (116.9) | (215.8) | (697.9) | (241.5) | ||||||||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||||||||
| Cash (used in) provided by financing activities - continuing operations | (391.0) | 77.3 | 52.3 | 221.7 | ||||||||||||||||||||||
| Net (used in) cash provided by financing activities | (391.0) | 77.3 | 52.3 | 221.7 | ||||||||||||||||||||||
| Net decrease in cash and cash equivalents | (5.1) | (302.0) | (109.8) | (86.6) | ||||||||||||||||||||||
| Cash and cash equivalents at the beginning of the period | 630.9 | 1,037.6 | 735.6 | 822.2 | ||||||||||||||||||||||
| Cash and cash equivalents at the end of the period | 625.8 | 735.6 | 625.8 | 735.6 | ||||||||||||||||||||||
| Working Capital Impacts Included in Cash Flows from Operating Activities from Continuing Operations | ||||||||||||||||||||||||||
| ($ in millions) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Favorable (unfavorable) cash flow working capital changes (1) | $ | 25.8 | $ | (71.1) | $ | (2.9) | $ | 39.2 | ||||||||||||||||||
(1) Includes obligations under the inventory intermediation agreement.
7 | | |||||
Significant Transactions During the Quarter Impacting Results:
Restructuring Costs
In 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. For the fourth quarter 2025, we recorded restructuring costs totaling $18.8 million ($14.6 million after-tax) associated with our business transformation. Restructuring costs of $10.4 million are recorded in general and administrative expenses, $5.7 million are included in operating expenses, and $2.7 million are included in other operating (income) and expense in our condensed consolidated statements of income.
General and Administrative Expenses
Excluding transaction costs and restructuring costs, general and administrative expenses were $43.4 million for the three months ended December 31, 2025.
Citi Inventory Intermediation Agreement Amendment
In the fourth quarter, we amended the Inventory Intermediation Agreement, further reducing interest expense and other associated fees while increasing our flexibility on liquidity and inventory financing options for all refineries associated with the Inventory Intermediation Agreement. We exercised optionality to exclude certain volumes related to the agreement and our obligation under the agreement was reduced by $289.2 million between December 31, 2024 and December 31, 2025.
Other Inventory Impact
"Other inventory impact" is primarily calculated by multiplying the number of barrels sold during the period by the difference between current period weighted average purchase cost per barrel directly related to our refineries and per barrel cost of materials and other for the period recognized on a first-in, first-out basis directly related to our refineries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical refining margins to current period average crack spreads, as well as provides a means to better compare our results to peers.
Small Refinery Exemptions
In August of 2025, the United States Environmental Protection Agency ("EPA") announced its decisions on the backlog of 175 Small Refinery Exemption ("SRE") petitions from refineries seeking an exemption from their Renewable Fuel Standard obligations. Delek fully complied with Renewable Identification Number (“RIN”) obligations for all years, incurring significant costs to finance our compliance.
EPA granted Delek full and partial exemptions for substantially all of our 20 petitions for the 2019-2024 calendar years. Because RINs are valid for a one-year period, a majority of the refunded RINs were expired and therefore had no value, and are the subject of ongoing litigation. The RINs received from prior year SREs resulted in a reduction of our Consolidated Net RIN Obligation and therefore a reduction within cost of materials and other of approximately $75.3 million in the fourth quarter of 2025.
Intercompany Leases
As a result of amendments to intercompany lease agreements in August 2024, we had to reassess lease classification for the agreements that contain leases under Accounting Standards Codification 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and finance leases for the Refining segment. Therefore, portions of the minimum volume commitments under these 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 in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Refining segment, as the underlying lease was reclassified from an operating lease to a finance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.
Subsequent Events - Transactions with Delek Logistics
In January 2026, we entered into asset purchase agreements with Delek Logistics, pursuant to which we agreed to acquire a Tyler refinery tank for total consideration of $19.0 million and El Dorado tank and terminal assets for total consideration of $66.0 million. The Tyler Tank Purchase and the El Dorado Terminal Purchase are expected to close on April 1, 2026 and October 1, 2027, respectively.
8 | | |||||
| Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss) | ||||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| $ in millions (unaudited) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Reported net income (loss) attributable to Delek US | $ | 78.3 | $ | (413.8) | $ | (22.8) | $ | (560.4) | ||||||||||||||||||
Adjusting items (1) | ||||||||||||||||||||||||||
| Inventory and other LCM valuation (benefit) loss | (30.8) | (0.2) | 8.4 | (10.7) | ||||||||||||||||||||||
| Tax effect | 6.9 | — | (1.9) | 2.4 | ||||||||||||||||||||||
| Inventory and other LCM valuation (benefit) loss, net | (23.9) | (0.2) | 6.5 | (8.3) | ||||||||||||||||||||||
| Other inventory impact | 41.0 | 43.9 | 176.6 | 82.9 | ||||||||||||||||||||||
| Tax effect | (9.2) | (9.9) | (39.7) | (18.7) | ||||||||||||||||||||||
Other inventory impact, net (2) | 31.8 | 34.0 | 136.9 | 64.2 | ||||||||||||||||||||||
| Business interruption insurance and settlement recoveries | — | — | — | (10.6) | ||||||||||||||||||||||
| Tax effect | — | — | — | 2.4 | ||||||||||||||||||||||
| Business interruption insurance and settlement recoveries, net | — | — | — | (8.2) | ||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.1 | 0.1 | (1.0) | 1.2 | ||||||||||||||||||||||
| Tax effect | — | (0.1) | 0.2 | (0.3) | ||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net | 0.1 | — | (0.8) | 0.9 | ||||||||||||||||||||||
| Transaction related expenses | 0.8 | 3.8 | 9.1 | 24.8 | ||||||||||||||||||||||
| Tax effect | (0.1) | (0.9) | (2.0) | (5.6) | ||||||||||||||||||||||
| Transaction related expenses, net | 0.7 | 2.9 | 7.1 | 19.2 | ||||||||||||||||||||||
| Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation | (21.2) | 1.8 | 4.5 | 5.5 | ||||||||||||||||||||||
| Tax effect | 4.8 | (0.4) | (1.0) | (1.2) | ||||||||||||||||||||||
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation, net (3) | (16.4) | 1.4 | 3.5 | 4.3 | ||||||||||||||||||||||
| Restructuring costs | 18.8 | 3.3 | 86.8 | 62.8 | ||||||||||||||||||||||
| Tax effect | (4.2) | (0.7) | (19.5) | (14.1) | ||||||||||||||||||||||
Restructuring costs, net (2) | 14.6 | 2.6 | 67.3 | 48.7 | ||||||||||||||||||||||
Renewable volume obligation short related to small refinery exemptions(5) | 74.0 | — | 234.2 | — | ||||||||||||||||||||||
| Tax effect | (16.7) | — | (52.7) | — | ||||||||||||||||||||||
| Renewable volume obligation short related to small refinery exemptions, net | 57.3 | — | 181.5 | — | ||||||||||||||||||||||
| Goodwill impairment | — | 212.2 | — | 212.2 | ||||||||||||||||||||||
| Tax effect | — | — | — | — | ||||||||||||||||||||||
| Goodwill impairment, net | — | 212.2 | — | 212.2 | ||||||||||||||||||||||
| Property settlement | — | — | — | (53.4) | ||||||||||||||||||||||
| Tax effect | — | — | — | 12.0 | ||||||||||||||||||||||
| Property settlement, net | — | — | — | (41.4) | ||||||||||||||||||||||
| Gain on sale of Retail Stores | — | 0.9 | — | (97.5) | ||||||||||||||||||||||
| Tax effect | — | (0.5) | — | 27.4 | ||||||||||||||||||||||
| Gain on sale of Retail Stores, net | — | 0.4 | — | (70.1) | ||||||||||||||||||||||
| Impairment of investments held at cost and other assets | 1.4 | — | 26.3 | — | ||||||||||||||||||||||
| Tax effect | (0.3) | — | (5.9) | — | ||||||||||||||||||||||
Impairment of investments held at cost and other assets, net(2) | 1.1 | — | 20.4 | — | ||||||||||||||||||||||
| DPG inventory adjustment | (0.8) | — | 0.1 | — | ||||||||||||||||||||||
| Tax effect | 0.2 | — | — | — | ||||||||||||||||||||||
DPG inventory adjustment, net (4) | (0.6) | — | 0.1 | — | ||||||||||||||||||||||
Total Adjusting items (1) | 64.7 | 253.3 | 422.5 | 221.5 | ||||||||||||||||||||||
| Adjusted net income (loss) | $ | 143.0 | $ | (160.5) | $ | 399.7 | $ | (338.9) | ||||||||||||||||||
9 | | |||||
(1) All adjustments have been tax effected using the estimated marginal income tax rate, as applicable.
(2) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(3) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(4) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(5) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
| Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share | ||||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| $ per share (unaudited) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Reported diluted net income (loss) per share | $ | 1.26 | $ | (6.55) | $ | (0.38) | $ | (8.77) | ||||||||||||||||||
Adjusting items, after tax (per share) (1) (2) | ||||||||||||||||||||||||||
| Net inventory and other LCM valuation (benefit) loss | (0.39) | — | 0.11 | (0.13) | ||||||||||||||||||||||
Other inventory impact (3) | 0.51 | 0.53 | 2.26 | 1.00 | ||||||||||||||||||||||
| Business interruption insurance and settlement recoveries | — | — | — | (0.13) | ||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | — | — | (0.01) | 0.01 | ||||||||||||||||||||||
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (4) | (0.26) | 0.02 | 0.06 | 0.07 | ||||||||||||||||||||||
| Transaction related expenses | 0.01 | 0.05 | 0.12 | 0.30 | ||||||||||||||||||||||
Restructuring costs (3) | 0.24 | 0.04 | 1.11 | 0.77 | ||||||||||||||||||||||
Renewable volume obligation short related to small refinery exemptions (6) | 0.93 | — | 2.99 | — | ||||||||||||||||||||||
| Goodwill impairment | — | 3.36 | — | 3.32 | ||||||||||||||||||||||
| Property settlement | — | — | — | (0.65) | ||||||||||||||||||||||
| Gain on sale of Retail Stores | — | 0.01 | — | (1.10) | ||||||||||||||||||||||
Impairment of investments held at cost and other assets (3) | 0.02 | — | 0.34 | — | ||||||||||||||||||||||
DPG inventory adjustment, net (5) | (0.01) | — | — | — | ||||||||||||||||||||||
Total Adjusting items (1) | 1.05 | 4.01 | 6.98 | 3.46 | ||||||||||||||||||||||
| Adjusted net income (loss) per share | $ | 2.31 | $ | (2.54) | $ | 6.60 | $ | (5.31) | ||||||||||||||||||
(1) The adjustments have been tax effected using the estimated marginal tax rate, as applicable.
(2) For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.
(3) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(4) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(5) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(6) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
10 | | |||||
| Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA | ||||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| $ in millions (unaudited) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Reported net income (loss) attributable to Delek US | $ | 78.3 | $ | (413.8) | $ | (22.8) | $ | (560.4) | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Interest expense, net | 82.2 | 68.9 | 345.3 | 313.1 | ||||||||||||||||||||||
| Income tax benefit | 4.0 | (52.1) | (7.4) | (79.2) | ||||||||||||||||||||||
| Depreciation and amortization | 101.1 | 96.3 | 397.8 | 383.5 | ||||||||||||||||||||||
| Proportional interest, taxes, depreciation and amortization from equity-method investments | 7.1 | 8.0 | 29.0 | 28.1 | ||||||||||||||||||||||
| EBITDA attributable to Delek US | 272.7 | (292.7) | 741.9 | 85.1 | ||||||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||
| Net inventory and other LCM valuation (benefit) loss | (30.8) | (0.2) | 8.4 | (10.7) | ||||||||||||||||||||||
Other inventory impact (1) | 41.0 | 43.9 | 176.6 | 82.9 | ||||||||||||||||||||||
| Business interruption insurance and settlement recoveries | — | — | — | (10.6) | ||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.1 | 0.1 | (1.0) | 1.2 | ||||||||||||||||||||||
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) | (21.2) | 1.8 | 4.5 | 5.5 | ||||||||||||||||||||||
| Transaction related expenses | 0.8 | 3.8 | 9.1 | 24.8 | ||||||||||||||||||||||
Restructuring costs (1) | 18.8 | 3.3 | 86.8 | 62.8 | ||||||||||||||||||||||
Renewable volume obligation short related to small refinery exemptions(4) | 74.0 | — | 234.2 | — | ||||||||||||||||||||||
| Goodwill impairment | — | 212.2 | — | 212.2 | ||||||||||||||||||||||
| Property settlement | — | — | — | (53.4) | ||||||||||||||||||||||
| Gain on sale of Retail Stores | — | 0.9 | — | (97.5) | ||||||||||||||||||||||
Impairment of investments held at cost and other assets(1) | 1.4 | — | 26.3 | — | ||||||||||||||||||||||
DPG inventory adjustment (3) | (0.8) | — | 0.1 | — | ||||||||||||||||||||||
| Net income attributable to non-controlling interest | 18.8 | 11.7 | 66.1 | 39.5 | ||||||||||||||||||||||
| Total Adjusting items | 102.1 | 277.5 | 611.1 | 256.7 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 374.8 | $ | (15.2) | $ | 1,353.0 | $ | 341.8 | ||||||||||||||||||
(1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
11 | | |||||
| Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations | ||||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| $ in millions (unaudited) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Reported income (loss) from continuing operations, net of tax | $ | 98.1 | $ | (401.1) | $ | 45.7 | $ | (598.1) | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Interest expense, net | 82.2 | 68.9 | 345.3 | 313.0 | ||||||||||||||||||||||
| Income tax benefit | 4.2 | (51.2) | (6.8) | (107.9) | ||||||||||||||||||||||
| Depreciation and amortization | 101.1 | 96.3 | 397.8 | 374.5 | ||||||||||||||||||||||
Proportional interest, taxes, depreciation and amortization from equity-method investments | 7.1 | 8.0 | 29.0 | 28.1 | ||||||||||||||||||||||
| EBITDA attributable to Delek US | 292.7 | (279.1) | 811.0 | 9.6 | ||||||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||
| Net inventory and other LCM valuation (benefit) loss | (30.8) | (0.2) | 8.4 | (10.7) | ||||||||||||||||||||||
Other inventory impact (1) | 41.0 | 43.9 | 176.6 | 82.9 | ||||||||||||||||||||||
| Business interruption insurance and settlement recoveries | — | — | — | (10.6) | ||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.1 | 0.1 | (1.0) | 1.2 | ||||||||||||||||||||||
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) | (21.2) | 1.8 | 4.5 | 5.5 | ||||||||||||||||||||||
| Transaction related expenses | 0.8 | 3.3 | 9.1 | 14.9 | ||||||||||||||||||||||
Restructuring costs (1) | 18.8 | 3.3 | 86.8 | 62.8 | ||||||||||||||||||||||
Renewable volume obligation short related to small refinery exemptions(4) | 74.0 | — | 234.2 | — | ||||||||||||||||||||||
| Goodwill impairment | — | 212.2 | — | 212.2 | ||||||||||||||||||||||
| Property settlement | — | — | — | (53.4) | ||||||||||||||||||||||
Impairment of investments held at cost and other assets(1) | 1.4 | — | 26.3 | — | ||||||||||||||||||||||
DPG inventory adjustment (3) | (0.8) | — | 0.1 | — | ||||||||||||||||||||||
| Total Adjusting items | 83.3 | 264.4 | 545.0 | 304.8 | ||||||||||||||||||||||
| Adjusted EBITDA from continuing operations | $ | 376.0 | $ | (14.7) | $ | 1,356.0 | $ | 314.4 | ||||||||||||||||||
(1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
12 | | |||||
| Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations | ||||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| $ in millions (unaudited) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Reported (loss) income from discontinued operations, net of tax | $ | (1.0) | $ | (1.0) | $ | (2.4) | $ | 77.2 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||||
| Interest expense, net | — | — | — | 0.1 | ||||||||||||||||||||||
| Income tax (benefit) expense | (0.2) | (0.9) | (0.6) | 28.7 | ||||||||||||||||||||||
| Depreciation and amortization | — | — | — | 9.0 | ||||||||||||||||||||||
| EBITDA attributable to discontinued operations | (1.2) | (1.9) | (3.0) | 115.0 | ||||||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||
| Transaction costs | — | 0.5 | — | 9.9 | ||||||||||||||||||||||
| Gain on sale of Retail Stores | — | 0.9 | — | (97.5) | ||||||||||||||||||||||
| Total Adjusting items | — | 1.4 | — | (87.6) | ||||||||||||||||||||||
| Adjusted EBITDA from discontinued operations | $ | (1.2) | $ | (0.5) | $ | (3.0) | $ | 27.4 | ||||||||||||||||||
13 | | |||||
| Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations | ||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining | Logistics | Segment Total | Corporate, Other and Eliminations | Consolidated | |||||||||||||||||||||||||||
| Segment EBITDA Attributable to Delek US | $ | 258.3 | $ | 98.2 | $ | 356.5 | $ | (63.8) | $ | 292.7 | ||||||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||||||||
| Net inventory and other LCM valuation (benefit) loss | (30.8) | — | (30.8) | — | (30.8) | |||||||||||||||||||||||||||
Other inventory impact (1) | 41.0 | — | 41.0 | — | 41.0 | |||||||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.1 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) | — | — | — | (21.2) | (21.2) | |||||||||||||||||||||||||||
| Transaction related expenses | — | 0.4 | 0.4 | 0.4 | 0.8 | |||||||||||||||||||||||||||
Restructuring costs (1) | 0.4 | — | 0.4 | 18.4 | 18.8 | |||||||||||||||||||||||||||
Renewable volume obligation short related to small refinery exemptions (5) | 74.0 | — | 74.0 | — | 74.0 | |||||||||||||||||||||||||||
Intercompany lease impacts (1) | (28.9) | 44.1 | 15.2 | (15.2) | — | |||||||||||||||||||||||||||
Impairment of investments held at cost and other assets (1) | — | — | — | 1.4 | 1.4 | |||||||||||||||||||||||||||
DPG inventory adjustment (4) | — | (0.8) | (0.8) | — | (0.8) | |||||||||||||||||||||||||||
| Total Adjusting items | 55.8 | 43.7 | 99.5 | (16.2) | 83.3 | |||||||||||||||||||||||||||
| Adjusted Segment EBITDA from continuing operations | $ | 314.1 | $ | 141.9 | $ | 456.0 | $ | (80.0) | $ | 376.0 | ||||||||||||||||||||||
Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining (3) | Logistics | Segment Total | Corporate, Other and Eliminations (3) | Consolidated | |||||||||||||||||||||||||||
| Segment EBITDA Attributable to Delek US | $ | (292.3) | $ | 80.9 | $ | (211.4) | $ | (67.7) | $ | (279.1) | ||||||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||||||||
| Net inventory and other LCM valuation (benefit) loss | (0.2) | — | (0.2) | — | (0.2) | |||||||||||||||||||||||||||
Other inventory impact (1) | 43.9 | — | 43.9 | — | 43.9 | |||||||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.1 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
| Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 1.8 | — | 1.8 | — | 1.8 | |||||||||||||||||||||||||||
| Transaction related expenses | — | 2.7 | 2.7 | 0.6 | 3.3 | |||||||||||||||||||||||||||
| Restructuring costs | — | — | — | 3.3 | 3.3 | |||||||||||||||||||||||||||
| Goodwill impairment | 212.2 | — | 212.2 | — | 212.2 | |||||||||||||||||||||||||||
Intercompany lease impacts (1) | (34.2) | 30.7 | (3.5) | 3.5 | — | |||||||||||||||||||||||||||
| Total Adjusting items | 223.6 | 33.4 | 257.0 | 7.4 | 264.4 | |||||||||||||||||||||||||||
| Adjusted Segment EBITDA from continuing operations | $ | (68.7) | $ | 114.3 | $ | 45.6 | $ | (60.3) | $ | (14.7) | ||||||||||||||||||||||
14 | | |||||
| Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations | ||||||||||||||||||||||||||||||||
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining | Logistics | Segment Total | Corporate, Other and Eliminations | Consolidated | |||||||||||||||||||||||||||
| Segment EBITDA Attributable to Delek US | $ | 803.4 | $ | 395.6 | $ | 1,199.0 | $ | (388.0) | $ | 811.0 | ||||||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||||||||
| Net inventory and other LCM valuation (benefit) loss | 8.4 | — | 8.4 | — | 8.4 | |||||||||||||||||||||||||||
Other inventory impact (1) | 176.6 | — | 176.6 | — | 176.6 | |||||||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (1.0) | — | (1.0) | — | (1.0) | |||||||||||||||||||||||||||
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) | (5.5) | — | (5.5) | 10.0 | 4.5 | |||||||||||||||||||||||||||
Restructuring costs (1) | 1.4 | — | 1.4 | 85.4 | 86.8 | |||||||||||||||||||||||||||
| Transaction related expenses | — | 6.8 | 6.8 | 2.3 | 9.1 | |||||||||||||||||||||||||||
Renewable volume obligation short related to small refinery exemptions (5) | 234.2 | — | 234.2 | — | 234.2 | |||||||||||||||||||||||||||
Impairment of investments held at cost and other assets(1) | — | 2.8 | 2.8 | 23.5 | 26.3 | |||||||||||||||||||||||||||
DPG inventory adjustment (4) | — | 0.1 | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Intercompany lease impacts (1) | (118.2) | 129.7 | 11.5 | (11.5) | — | |||||||||||||||||||||||||||
| Total Adjusting items | 295.9 | 139.4 | 435.3 | 109.7 | 545.0 | |||||||||||||||||||||||||||
| Adjusted Segment EBITDA from continuing operations | $ | 1,099.3 | $ | 535.0 | $ | 1,634.3 | $ | (278.3) | $ | 1,356.0 | ||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining (3) | Logistics | Segment Total | Corporate, Other and Eliminations (3) | Consolidated | |||||||||||||||||||||||||||
| Segment EBITDA Attributable to Delek US | $ | (156.3) | $ | 358.5 | $ | 202.2 | $ | (192.6) | $ | 9.6 | ||||||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||||||||
| Net inventory and other LCM valuation (benefit) loss | (10.7) | — | (10.7) | — | (10.7) | |||||||||||||||||||||||||||
Other inventory impact (1) | 82.9 | — | 82.9 | — | 82.9 | |||||||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 1.2 | — | 1.2 | — | 1.2 | |||||||||||||||||||||||||||
| Unrealized RINs hedging gain (loss) where the hedged item is not yet recognized in the financial statements | 5.5 | — | 5.5 | — | 5.5 | |||||||||||||||||||||||||||
| Restructuring costs | 36.6 | — | 36.6 | 26.2 | 62.8 | |||||||||||||||||||||||||||
| Transaction related expenses | — | 11.4 | 11.4 | 3.5 | 14.9 | |||||||||||||||||||||||||||
| Business interruption insurance recoveries | (10.6) | — | (10.6) | — | (10.6) | |||||||||||||||||||||||||||
| Goodwill impairment | 212.2 | — | 212.2 | — | 212.2 | |||||||||||||||||||||||||||
| Property settlement | — | — | — | (53.4) | (53.4) | |||||||||||||||||||||||||||
Intercompany lease impacts (1) | (66.3) | 59.6 | (6.7) | 6.7 | — | |||||||||||||||||||||||||||
| Total Adjusting items | 250.8 | 71.0 | 321.8 | (17.0) | 304.8 | |||||||||||||||||||||||||||
| Adjusted Segment EBITDA from continuing operations | $ | 94.5 | $ | 429.5 | $ | 524.0 | $ | (209.6) | $ | 314.4 | ||||||||||||||||||||||
(1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
(2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.
(3) During the second quarter 2024, we realigned our reportable segments for financial reporting purposes to reflect changes in the manner in which our chief operating decision maker, or CODM, assesses financial information for decision-making purposes. The change represents reporting the operating results of our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S. within the refining segment. Prior to this change, these operating results were reported as part of corporate, other and eliminations. While this reporting change did not change our consolidated results, segment data for previous years has been restated and is consistent with the current year presentation.
15 | | |||||
(4) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
(5) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
16 | | |||||
| Refining Segment Selected Financial Information | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Total Refining Segment | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||
| Days in period | 92 | 92 | 365 | 366 | ||||||||||||||||||||||
Total sales volume - refined product (average barrels per day ("bpd")) (1) | 296,724 | 271,333 | 306,152 | 301,834 | ||||||||||||||||||||||
| Total production (average bpd) | 292,553 | 262,918 | 299,836 | 292,817 | ||||||||||||||||||||||
| Crude oil | 261,080 | 252,170 | 285,496 | 281,271 | ||||||||||||||||||||||
| Other feedstocks | 33,683 | 14,346 | 18,161 | 15,380 | ||||||||||||||||||||||
| Total throughput (average bpd) | 294,763 | 266,516 | 303,657 | 296,651 | ||||||||||||||||||||||
| Total refining production margin per bbl total throughput | $ | 10.49 | $ | 3.71 | $ | 8.50 | $ | 7.10 | ||||||||||||||||||
| Total refining operating expenses per bbl total throughput | $ | 5.42 | $ | 5.46 | $ | 5.50 | $ | 5.37 | ||||||||||||||||||
| Total refining production margin ($ in millions) | $ | 284.6 | $ | 90.9 | $ | 942.6 | $ | 771.2 | ||||||||||||||||||
Supply, marketing and other ($ millions) (2) | 98.3 | (34.6) | 511.6 | (123.0) | ||||||||||||||||||||||
| Total adjusted refining margin ($ in millions) | $ | 382.9 | $ | 56.3 | $ | 1,454.2 | $ | 648.2 | ||||||||||||||||||
| Total crude slate details | ||||||||||||||||||||||||||
| Total crude slate: (% based on amount received in period) | ||||||||||||||||||||||||||
| WTI crude oil | 78.4 | % | 66.3 | % | 75.0 | % | 69.9 | % | ||||||||||||||||||
| Gulf Coast Sweet crude | 5.0 | % | 6.7 | % | 6.3 | % | 7.3 | % | ||||||||||||||||||
| Local Arkansas crude oil | 3.4 | % | 3.9 | % | 3.4 | % | 3.4 | % | ||||||||||||||||||
| Other | 13.2 | % | 23.1 | % | 15.3 | % | 19.4 | % | ||||||||||||||||||
Crude utilization (% based on nameplate capacity) (4) | 86.5 | % | 83.5 | % | 94.5 | % | 93.1 | % | ||||||||||||||||||
| Tyler, TX Refinery | ||||||||||||||||||||||||||
| Days in period | 92 | 92 | 365 | 366 | ||||||||||||||||||||||
| Products manufactured (average bpd): | ||||||||||||||||||||||||||
| Gasoline | 43,560 | 33,052 | 38,055 | 35,723 | ||||||||||||||||||||||
| Diesel/Jet | 32,593 | 29,568 | 32,470 | 31,755 | ||||||||||||||||||||||
| Petrochemicals, LPG, NGLs | 2,175 | 1,983 | 2,051 | 2,319 | ||||||||||||||||||||||
| Other | 521 | 426 | 855 | 849 | ||||||||||||||||||||||
| Total production | 78,849 | 65,029 | 73,431 | 70,646 | ||||||||||||||||||||||
| Throughput (average bpd): | ||||||||||||||||||||||||||
| Crude oil | 75,606 | 65,060 | 73,091 | 70,009 | ||||||||||||||||||||||
| Other feedstocks | 4,567 | 1,279 | 1,922 | 2,299 | ||||||||||||||||||||||
| Total throughput | 80,173 | 66,339 | 75,013 | 72,308 | ||||||||||||||||||||||
| Tyler refining production margin ($ in millions) | $ | 91.9 | $ | 40.6 | $ | 287.2 | $ | 265.2 | ||||||||||||||||||
| Per barrel of throughput: | ||||||||||||||||||||||||||
| Tyler refining production margin | $ | 12.45 | $ | 6.66 | $ | 10.49 | $ | 10.02 | ||||||||||||||||||
| Operating expenses | $ | 4.93 | $ | 5.51 | $ | 5.02 | $ | 5.04 | ||||||||||||||||||
| Crude Slate: (% based on amount received in period) | ||||||||||||||||||||||||||
| WTI crude oil | 75.8 | % | 74.5 | % | 74.8 | % | 79.2 | % | ||||||||||||||||||
| East Texas crude oil | 20.5 | % | 25.2 | % | 22.9 | % | 20.4 | % | ||||||||||||||||||
| Other | 3.7 | % | 0.3 | % | 2.3 | % | 0.4 | % | ||||||||||||||||||
Capture rate (3) | 57.1 | % | 48.4 | % | 51.4 | % | 57.0 | % | ||||||||||||||||||
| El Dorado, AR Refinery | ||||||||||||||||||||||||||
Days in period | 92 | 92 | 365 | 366 | ||||||||||||||||||||||
| Products manufactured (average bpd): | ||||||||||||||||||||||||||
| Gasoline | 36,604 | 37,814 | 38,138 | 38,215 | ||||||||||||||||||||||
| Diesel/Jet | 25,820 | 27,628 | 29,118 | 29,843 | ||||||||||||||||||||||
| Petrochemicals, LPG, NGLs | 1,212 | 918 | 1,097 | 1,205 | ||||||||||||||||||||||
| Asphalt | 5,054 | 8,412 | 6,749 | 8,739 | ||||||||||||||||||||||
| Other | 1,096 | 1,076 | 1,149 | 1,237 | ||||||||||||||||||||||
| Total production | 69,786 | 75,848 | 76,251 | 79,239 | ||||||||||||||||||||||
| Throughput (average bpd): | ||||||||||||||||||||||||||
| Crude oil | 67,659 | 73,215 | 74,712 | 77,993 | ||||||||||||||||||||||
| Other feedstocks | 2,983 | 4,034 | 2,960 | 2,886 | ||||||||||||||||||||||
| Total throughput | 70,642 | 77,249 | 77,672 | 80,879 | ||||||||||||||||||||||
17 | | |||||
| Refining Segment Selected Financial Information (continued) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| El Dorado refining production margin ($ in millions) | $ | 54.4 | $ | 4.0 | $ | 175.8 | $ | 101.0 | ||||||||||||||||||
| Per barrel of throughput: | ||||||||||||||||||||||||||
| El Dorado refining production margin | $ | 8.37 | $ | 0.56 | $ | 6.20 | $ | 3.41 | ||||||||||||||||||
| Operating expenses | $ | 5.51 | $ | 4.78 | $ | 4.86 | $ | 4.65 | ||||||||||||||||||
| Crude Slate: (% based on amount received in period) | ||||||||||||||||||||||||||
| WTI crude oil | 84.9 | % | 64.9 | % | 81.0 | % | 66.5 | % | ||||||||||||||||||
| Local Arkansas crude oil | 13.7 | % | 13.1 | % | 13.2 | % | 12.2 | % | ||||||||||||||||||
| Other | 1.4 | % | 22.0 | % | 5.8 | % | 21.3 | % | ||||||||||||||||||
Capture rate (3) | 38.4 | % | 4.1 | % | 30.4 | % | 19.4 | % | ||||||||||||||||||
| Big Spring, TX Refinery | ||||||||||||||||||||||||||
Days in period | 92 | 92 | 365 | 366 | ||||||||||||||||||||||
| Products manufactured (average bpd): | ||||||||||||||||||||||||||
| Gasoline | 33,782 | 36,757 | 33,227 | 33,888 | ||||||||||||||||||||||
| Diesel/Jet | 21,509 | 24,784 | 23,403 | 25,157 | ||||||||||||||||||||||
| Petrochemicals, LPG, NGLs | 1,683 | 4,949 | 3,139 | 4,710 | ||||||||||||||||||||||
| Asphalt | 1,438 | 2,986 | 2,003 | 2,774 | ||||||||||||||||||||||
| Other | 3,502 | 2,670 | 3,982 | 3,883 | ||||||||||||||||||||||
| Total production | 61,914 | 72,146 | 65,754 | 70,412 | ||||||||||||||||||||||
| Throughput (average bpd): | ||||||||||||||||||||||||||
| Crude oil | 59,677 | 66,919 | 63,145 | 66,123 | ||||||||||||||||||||||
| Other feedstocks | 3,115 | 5,981 | 3,871 | 4,975 | ||||||||||||||||||||||
| Total throughput | 62,792 | 72,900 | 67,016 | 71,098 | ||||||||||||||||||||||
| Big Spring refining production margin ($ in millions) | $ | 66.7 | $ | 33.8 | $ | 230.0 | $ | 215.4 | ||||||||||||||||||
| Per barrel of throughput: | ||||||||||||||||||||||||||
| Big Spring refining production margin | $ | 11.54 | $ | 5.04 | $ | 9.40 | $ | 8.28 | ||||||||||||||||||
| Operating expenses | $ | 6.40 | $ | 6.29 | $ | 7.11 | $ | 6.66 | ||||||||||||||||||
| Crude Slate: (% based on amount received in period) | ||||||||||||||||||||||||||
| WTI crude oil | 77.8 | % | 70.1 | % | 74.0 | % | 70.4 | % | ||||||||||||||||||
| WTS crude oil | 22.2 | % | 29.9 | % | 26.0 | % | 29.6 | % | ||||||||||||||||||
Capture rate (3) | 56.3 | % | 38.6 | % | 48.1 | % | 48.9 | % | ||||||||||||||||||
| Krotz Springs, LA Refinery | ||||||||||||||||||||||||||
Days in period | 92 | 92 | 365 | 366 | ||||||||||||||||||||||
| Products manufactured (average bpd): | ||||||||||||||||||||||||||
| Gasoline | 44,439 | 18,516 | 42,614 | 34,268 | ||||||||||||||||||||||
| Diesel/Jet | 29,903 | 18,957 | 32,070 | 28,125 | ||||||||||||||||||||||
| Heavy oils | 1,361 | 9,202 | 3,260 | 3,641 | ||||||||||||||||||||||
| Petrochemicals, LPG, NGLs | 6,302 | 2,791 | 6,456 | 4,942 | ||||||||||||||||||||||
| Other | — | 429 | — | 1,544 | ||||||||||||||||||||||
| Total production | 82,005 | 49,895 | 84,400 | 72,520 | ||||||||||||||||||||||
| Throughput (average bpd): | ||||||||||||||||||||||||||
| Crude oil | 58,137 | 46,976 | 74,548 | 67,146 | ||||||||||||||||||||||
| Other feedstocks | 23,019 | 3,052 | 9,408 | 5,220 | ||||||||||||||||||||||
| Total throughput | 81,156 | 50,028 | 83,956 | 72,366 | ||||||||||||||||||||||
| Krotz Springs refining production margin ($ in millions) | $ | 71.6 | $ | 12.5 | $ | 249.6 | $ | 189.6 | ||||||||||||||||||
| Per barrel of throughput: | ||||||||||||||||||||||||||
| Krotz Springs refining production margin | $ | 9.59 | $ | 2.71 | $ | 8.14 | $ | 7.16 | ||||||||||||||||||
| Operating expenses | $ | 5.06 | $ | 5.27 | $ | 5.22 | $ | 5.23 | ||||||||||||||||||
| Crude Slate: (% based on amount received in period) | ||||||||||||||||||||||||||
| WTI Crude | 75.2 | % | 52.6 | % | 69.9 | % | 63.7 | % | ||||||||||||||||||
| Gulf Coast Sweet Crude | 22.9 | % | 35.0 | % | 24.1 | % | 29.7 | % | ||||||||||||||||||
| Other | 1.9 | % | 12.4 | % | 6.0 | % | 6.6 | % | ||||||||||||||||||
Capture rate (3) | 52.2 | % | 27.8 | % | 51.4 | % | 53.4 | % | ||||||||||||||||||
(1) Includes sales to other segments which are eliminated in consolidation.
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(2) Supply, marketing and other activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory, the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations and our 50% interest in a joint venture that owns asphalt terminals. Formally known as Trading & Supply.
(3) Defined as refining production margin divided by the respective crack spread. See page 21 for crack spread information.
(4) Crude throughput as % of total nameplate capacity of 302,000 bpd.
| Logistics Segment Selected Information | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||||||||
| Gathering & Processing: (average bpd) | ||||||||||||||||||||||||||
| Lion Pipeline System: | ||||||||||||||||||||||||||
| Crude pipelines (non-gathered) | 59,551 | 64,920 | 66,125 | 69,903 | ||||||||||||||||||||||
| Refined products pipelines | 49,198 | 57,513 | 54,616 | 59,136 | ||||||||||||||||||||||
| SALA 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 Assets | 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: (2) | ||||||||||||||||||||||||||
Water disposal and recycling (average bpd) (2)(3) | 613,869 | 274,361 | 587,419 | 280,955 | ||||||||||||||||||||||
| Wholesale Marketing & Terminalling: | ||||||||||||||||||||||||||
East Texas - Tyler Refinery sales volumes (average bpd) (4) | 69,369 | 63,022 | 68,052 | 67,682 | ||||||||||||||||||||||
Big Spring wholesale marketing throughputs (average bpd)(5) | — | — | — | 44,999 | ||||||||||||||||||||||
| West Texas wholesale marketing throughputs (average bpd) | 10,753 | 7,472 | 8,737 | 5,828 | ||||||||||||||||||||||
| West Texas wholesale marketing margin per barrel | $ | 3.48 | $ | 4.35 | $ | 3.42 | $ | 3.18 | ||||||||||||||||||
Terminalling throughputs (average bpd) (6) | 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.
(3) Gravity 2025 are from January 2, 2025 through December 31, 2025.
(4) Excludes jet fuel and petroleum coke.
(5) Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings.
(6) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock, Arkansas terminals and Memphis and Nashville, Tennessee terminals.
19 | | |||||
| Supplemental Information | ||||||||||||||||||||
| Schedule of Selected Segment Financial Data, Pricing Statistics Impacting our Refining Segment, and Other Reconciliations of Amounts Reported Under U.S. GAAP | ||||||||||||||||||||
| Selected Segment Financial Data | Three Months Ended December 31, 2025 | |||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining | Logistics | Segment Total | Corporate, Other and Eliminations | Consolidated | |||||||||||||||||||||||||||
| Net revenues (excluding intercompany fees and revenues) | $ | 2,301.8 | $ | 127.6 | $ | 2,429.4 | $ | — | $ | 2,429.4 | ||||||||||||||||||||||
| Inter-segment fees and revenues | 82.3 | 128.1 | 210.4 | (210.4) | — | |||||||||||||||||||||||||||
| Total revenues | $ | 2,384.1 | $ | 255.7 | $ | 2,639.8 | $ | (210.4) | $ | 2,429.4 | ||||||||||||||||||||||
| Cost of sales | 2,194.3 | 214.9 | 2,409.2 | (205.7) | 2,203.5 | |||||||||||||||||||||||||||
| Gross margin | $ | 189.8 | $ | 40.8 | $ | 230.6 | $ | (4.7) | $ | 225.9 | ||||||||||||||||||||||
| Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining | Logistics | Segment Total | Corporate, Other and Eliminations | Consolidated | |||||||||||||||||||||||||||
| Net revenues (excluding intercompany fees and revenues) | $ | 2,270.3 | $ | 103.4 | $ | 2,373.7 | $ | — | $ | 2,373.7 | ||||||||||||||||||||||
Inter-segment fees and revenues (1) | 69.4 | 106.4 | 175.8 | (175.8) | — | |||||||||||||||||||||||||||
| Total revenues | $ | 2,339.7 | $ | 209.8 | $ | 2,549.5 | $ | (175.8) | $ | 2,373.7 | ||||||||||||||||||||||
| Cost of sales | 2,502.7 | 163.9 | 2,666.6 | (158.3) | 2,508.3 | |||||||||||||||||||||||||||
| Gross margin | $ | (163.0) | $ | 45.9 | $ | (117.1) | $ | (17.5) | $ | (134.6) | ||||||||||||||||||||||
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining | Logistics | Segment Total | Corporate, Other and Eliminations | Consolidated | |||||||||||||||||||||||||||
| Net revenues (excluding intercompany fees and revenues) | $ | 10,209.1 | $ | 513.8 | $ | 10,722.9 | $ | — | $ | 10,722.9 | ||||||||||||||||||||||
| Inter-segment fees and revenues | 342.2 | 499.5 | 841.7 | (841.7) | — | |||||||||||||||||||||||||||
| Total revenues | $ | 10,551.3 | $ | 1,013.3 | $ | 11,564.6 | $ | (841.7) | $ | 10,722.9 | ||||||||||||||||||||||
| Cost of sales | 10,042.0 | 810.2 | 10,852.2 | (741.4) | 10,110.8 | |||||||||||||||||||||||||||
| Gross margin | $ | 509.3 | $ | 203.1 | $ | 712.4 | $ | (100.3) | $ | 612.1 | ||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Refining | Logistics | Segment Total | Corporate, Other and Eliminations | Consolidated | |||||||||||||||||||||||||||
| Net revenues (excluding intercompany fees and revenues) | $ | 11,142.4 | $ | 422.8 | $ | 11,565.2 | $ | — | $ | 11,565.2 | ||||||||||||||||||||||
Inter-segment fees and revenues (1) | 640.6 | 517.8 | 1,158.4 | (871.4) | 287.0 | |||||||||||||||||||||||||||
| Total revenues | $ | 11,783.0 | $ | 940.6 | $ | 12,723.6 | $ | (871.4) | $ | 11,852.2 | ||||||||||||||||||||||
| Cost of sales | 12,009.5 | 703.0 | 12,712.5 | (817.2) | 11,895.3 | |||||||||||||||||||||||||||
| Gross margin | $ | (226.5) | $ | 237.6 | $ | 11.1 | $ | (54.2) | $ | (43.1) | ||||||||||||||||||||||
(1) Intercompany fees and sales for the refining segment include revenues of $— million and $287.0 million during the year ended December 31, 2024, respectively, to the Retail Stores, the operations of which are reported in discontinued operations.
20 | | |||||
| Pricing Statistics | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| (average for the period presented) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| WTI — Cushing crude oil (per barrel) | $ | 59.24 | $ | 70.42 | $ | 64.87 | $ | 75.88 | ||||||||||||||||||
| WTI — Midland crude oil (per barrel) | $ | 59.77 | $ | 71.19 | $ | 65.59 | $ | 76.85 | ||||||||||||||||||
| WTS — Midland crude oil (per barrel) | $ | 58.32 | $ | 70.12 | $ | 64.71 | $ | 75.95 | ||||||||||||||||||
| LLS (per barrel) | $ | 60.96 | $ | 72.57 | $ | 67.15 | $ | 78.30 | ||||||||||||||||||
| Brent (per barrel) | $ | 63.08 | $ | 74.01 | $ | 68.19 | $ | 79.84 | ||||||||||||||||||
U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1) | $ | 21.81 | $ | 13.74 | $ | 20.42 | $ | 17.58 | ||||||||||||||||||
U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1) | $ | 20.51 | $ | 13.05 | $ | 19.56 | $ | 16.94 | ||||||||||||||||||
U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1) | $ | 18.37 | $ | 9.77 | $ | 15.83 | $ | 13.40 | ||||||||||||||||||
| U.S. Gulf Coast Unleaded Gasoline (per gallon) | $ | 1.74 | $ | 1.90 | $ | 1.91 | $ | 2.13 | ||||||||||||||||||
| Gulf Coast Ultra-low sulfur diesel (per gallon) | $ | 2.21 | $ | 2.15 | $ | 2.21 | $ | 2.36 | ||||||||||||||||||
| U.S. Gulf Coast high sulfur diesel (per gallon) | $ | 1.98 | $ | 2.02 | $ | 2.00 | $ | 1.98 | ||||||||||||||||||
| Natural gas (per MMBTU) | $ | 4.04 | $ | 2.98 | $ | 3.62 | $ | 2.42 | ||||||||||||||||||
(1) For our Tyler and El Dorado refineries, we compare our per barrel refining product margin to the Gulf Coast 5-3-2 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Big Spring refinery, we compare our per barrel refining margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery's crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery’s crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery’s crude oil input is primarily comprised of LLS and WTI Midland.
21 | | |||||
| Other Reconciliations of Amounts Reported Under U.S. GAAP | ||||||||||||||||||||||||||
| $ in millions (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
| Reconciliation of gross margin to Refining margin to Adjusted refining margin | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Gross margin | $ | 189.8 | $ | (163.0) | $ | 509.3 | $ | (226.5) | ||||||||||||||||||
| Add back (items included in cost of sales): | ||||||||||||||||||||||||||
| Operating expenses (excluding depreciation and amortization) | 147.0 | 137.2 | 614.6 | 596.6 | ||||||||||||||||||||||
| Depreciation and amortization | 64.7 | 70.7 | 270.0 | 265.5 | ||||||||||||||||||||||
| Refining margin | $ | 401.5 | $ | 44.9 | $ | 1,393.9 | $ | 635.6 | ||||||||||||||||||
| Adjusting items | ||||||||||||||||||||||||||
| Net inventory and other LCM valuation loss (benefit) | (30.8) | (0.2) | 8.4 | (10.7) | ||||||||||||||||||||||
Other inventory impact (1) | 41.0 | 43.9 | 176.6 | 82.9 | ||||||||||||||||||||||
| Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.1 | 0.1 | (1.0) | 1.2 | ||||||||||||||||||||||
| Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements | — | 1.8 | (5.5) | 5.5 | ||||||||||||||||||||||
Intercompany lease impacts (1) | (28.9) | (34.2) | (118.2) | (66.3) | ||||||||||||||||||||||
| Total Adjusting items | (18.6) | 11.4 | 60.3 | 12.6 | ||||||||||||||||||||||
| Adjusted refining margin | $ | 382.9 | $ | 56.3 | $ | 1,454.2 | $ | 648.2 | ||||||||||||||||||
(1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.
| Calculation of Net Debt | December 31, 2025 | December 31, 2024 | ||||||||||||
| Long-term debt - current portion | $ | 9.5 | $ | 9.5 | ||||||||||
| Long-term debt - non-current portion | 3,223.6 | 2,755.7 | ||||||||||||
| Total long-term debt | 3,233.1 | 2,765.2 | ||||||||||||
| Less: Cash and cash equivalents | 625.8 | 735.6 | ||||||||||||
| Net debt - consolidated | 2,607.3 | 2,029.6 | ||||||||||||
| Less: DKL net debt | 2,333.5 | 1,870.0 | ||||||||||||
| Net debt, excluding DKL | $ | 273.8 | $ | 159.6 | ||||||||||
Investor/Media Relations Contacts:
investor.relations@delekus.com
Information about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), news webpage (www.delekus.com/news) and its X account (@DelekUSHoldings).
22 | | |||||
Fourth Quarter 2025 Earnings Conference Call February 27, 2026 Exhibit 99.2NYSE: DK NYSE: DKL
Delek US 2 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. (“Delek US”) and Delek Logistics Partners, LP (“Delek Logistics”; and collectively with Delek US, “we” or “our”) are traded on the New York Stock Exchange in the United States under the symbols “DK” and ”DKL”, respectively. These slides and any accompanying oral or written presentations contain forward-looking statements within the meaning of federal securities laws 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. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "appears," "projects" and similar expressions, as well as statements in future tense, identify forward-looking statements. These forward-looking statements include, but are not limited to, the statements regarding the following: financial and operating guidance for future and uncompleted financial periods; financial strength and flexibility; potential for and projections of growth; return of cash to shareholders, stock repurchases and the payment of dividends, including the amount and timing thereof; cost reductions and projected cash flow and other benefits of our Enterprise Optimization Plan; crude oil throughput; crude oil market trends, including production, quality, pricing, demand, imports, exports and transportation costs; projected capital expenditures; projections of Delek US's valuation and assumptions presented therewith; the performance of our joint venture investments, and the benefits, flexibility, returns and EBITDA therefrom; the potential for, and estimates of cost savings and other benefits from, acquisitions, divestitures, dropdowns and financing activities; projections of third party EBITDA for Delek Logistics; liquidity and EBITDA impacts from strategic and intercompany transactions; long-term value creation from capital allocation; targeted internal rates of return on capital expenditures; execution of strategic initiatives and the benefits therefrom and access to crude oil and the benefits therefrom. Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: uncertainty related to timing and amount of value returned to shareholders; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, including uncertainties regarding actions of OPEC and non-OPEC oil producing countries impacting crude oil production and; risks and uncertainties related to the integration by Delek Logistics of the Delaware and Permian Gathering business following its acquisition; risks and uncertainties related to the integration by Delek Logistics of the H2O Midstream and Gravity businesses following the acquisitions; Delek US’ ability to realize cost reductions; risks related to Delek US’ exposure to Permian Basin crude oil, such as supply, gathering, pricing, production and transportation capacity; gains and losses from derivative instruments; management's ability to execute its strategy of growth through acquisitions and the transactional risks associated with acquisitions and dispositions, including risks and uncertainties with respect to the possible benefit of the retail, H20 Midstream and Gravity transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability of the Red River joint venture to expand the Red River pipeline; the possibility of litigation challenging renewable fuel standard waivers; the ability to grow the Midland Gathering System; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks contained in Delek US’ and Delek Logistics’ 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. Neither Delek US nor Delek Logistics undertakes any obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US or Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation.
Delek US 3 Fourth Quarter Business Update Refining Operations • 1Q’26 Big Spring Refinery turnaround to expected further improve reliability and flexibility leading to cost and margin improvements Enterprise Optimization Plan (EOP) • Raising the run-rate cash flow improvement guidance to at least $200 million from at least $180 million • Achieved 4Q'25 EOP improvement of ~$50 million • Announced restructuring of our Inventory Intermediation Agreement which is expected to further improve DK’s cash flow profile by at least $40 million Midstream Operations • DKL achieved a record with its highest recorded Adjusted EBITDA • DKL gives 2026 EBITDA guidance of $520 - 560 million • Sour gas treating, gathering & acid gas injection ramp to further strengthen DKL’s position in the Permian Basin • Economic separation with DK largely complete with greater than 80% run-rate DKL cash flows in 2026 coming from third-parties • DKL expected to generate net incremental EBITDA of ~$70 million through growth initiatives on $180 - 190 million of investment over the next 18-24 months Peer Leading Capital Returns • Delek has peer leading capital distributions among our peers (dividends + buybacks) yield over the last 12 months(1) • Increased DKL Distribution: $1.125 per unit ($4.50 per unit annualized), 52nd consecutive quarterly increase (1) 12/31/24 to 12/31/25 Fourth Quarter Results • Delek US reported 4Q'25 net income of $78.3 million or $1.26 per share & EBITDA of $292.7 million • Excluding SREs 4Q'25 Adjusted EPS of $0.44 and Adjusted EBITDA of $225.5 million
Delek US 4 Fourth Quarter Financial Highlights $1.26 EPS $0.44 Adjusted EPS (ex. SRE) $78M Net Income $226M Adjusted EBITDA (ex. SRE)4th Quarter 2025 4Q $ Millions (unless stated otherwise) ~$35M Dividends & Buybacks $119M CFO (ex WC and SREs)
Delek US 5 Underlying Business Performance Adjusted EBITDA including 50% 2025 RVO (3 months/yr) $299.5 Impact of (50% RVO Exemption 4th Quarter 2025)* $74.0 Delek US Holdings 4Q 2025 $1.37 $0.93 Adjusted EBITDA and EPS $374.8 $2.31 Adjusted EBITDA and EPS (excluding SREs) $225.5 $0.44 EBITDA EPS $ per share $ in m illions Reduction in cost of materials related to SREs $75.3 $0.94 * In 2025 on a 100% basis RVO compliance cost was $468.4mm
Delek US 6 • Delivering peer leading cash returns through consistent dividends and share repurchases over the last 3 years • Delek delivered top-tier total shareholder returns over the past twelve months, outperforming the peer group average by 4% Cumulative Quarterly Dividends + Buybacks(3) Last Twelve Months Return to Shareholders(1) (1) Based on quarterly filings dividends and buybacks 12/31/24 to 12/31/25 (2) Includes mid-cap and large-cap US refining companies (3) $'in millions Refining peer group average return(2) Peer Leading Capital Returns
Delek US 7 Enterprise Optimization Plan Stronger Margins $135M Efficient Costs $65M Other Margin Improvements Logistics, Supply and Offtake G&A Cost Financial Expenses $75M $60M $30M $35M • EOP has been a strong success, driving tangible improvements in free cash flow • We expect at least $200M in annual free cash flow improvements vs. our previous expectation of at least $180 million • Majority of the EOP improvement is manifesting in margin enhancement across our refining, logistics and wholesale value chain 25% 50% 75% 100%
Delek US 8 EOP in Action: Planning Execution Results (1) Based on net crack spread Note: $ in millions ex SREs • EOP delivering results across all business units • EOP and other business improvements set to significantly increase DK's FCF generation 4Q24 to 4Q25 Adjusted EBITDA Bridge (1)
Delek US 9 EOP: Tracking Progress at El Dorado Progressing EOP initiatives at EDR to ensure FCF through cycle $50M margin improvement plan stems from: • Enhanced logistics • Reduced costs • Higher quality product slate • Higher yields • Improved margin capture by ~$2.0 per barrel El Dorado EOP Highlights YoY (1) $ per barrel 2024 Net Crack: $12.22/Bbl 2025 Net Crack: $13.23 /Bbl
Delek US 10 EOP: Supply & Marketing Improvements (1) Adjusted for $43 million one-time impact in 3Q25 Note: $ in millions (1) • Supply & Marketing improvements are tied to a multi-phase strategy of improvements • Producing right products for the right markets reliably • Access to advantaged logistics • Contract renegotiations & optimizing markets in which we supply our products DKTS Reported Margins DKTS YoY Improvements (2025 vs. 2024)
Delek US 11 EOP: Corporate Optimization Initiatives • EOP’s cost initiatives have continued from where ZBB left off • Incremental savings achieved through a culture of continuous cost optimization • This trend is expected to continue in 2026 Note: $ in millions
Delek US 12 IIA Revamp to Further Increase DK FCF • Inventory Intermediation Agreement (IIA) Revamp: • DK has recently amended its Inventory Intermediation agreements • The reduction in inventory financing to improve working capital efficiency and is expected to generate at least $40M of incremental free cash flow • Some of this value already reflected in 1Q’26 guidance with interest expense guidance moving from low/mid $90M a quarter to $80M at the midpoint (1) DK Standalone (ex-DKL) EBITDA is based upon refining throughput of 110 mmbbls and DK’s benchmark net margin of $15/Bbl signifying a mid-cycle environment. This is not actual representation of 2025 DK standalone (ex-DKL) EBITDA or a projection for 2026
Delek US 13 2026 Delek Logistics Partners Guidance
Delek US 14 Delek Logistics History of Growth CAGR: 15.1% CAGR: 3.4% 5 Year EBITDA Growth 5 Year Distribution Growth • DKL has delivered peer-leading EBITDA growth driven by its advantaged position in the Permian Basin and disciplined execution • DKL has increased distributions for 52 consecutive quarters and ranks among the highest-yielding U.S. midstream companies *Mid-point of DKL’s 2026 Adjusted EBITDA guidance range of $520–$560 million ($540 million), guidance includes the impact of winter storm Fern Note: Slide based on DKL standalone financials
Delek US 15 Delek Logistics Value Proposition • Developing unique portfolio in the Delaware basin through rising processing capacity, advancing sour gas gathering/processing, and acid gas injection capabilities • Rising acreage dedication provides long runway for growth • Combined crude and water offering is yielding synergy & consolidation options • DKL is ready to fill the vacuum created by recent midstream acquisitions for investible publicly traded midsize MLPs • DKL’s Leverage to Permian G&P growth with the highest yield in the AMZI makes it a standout candidate Strong Gas Growth Growing Midland Unique Positioning • DKL is a premier provider of three stream midstream service in the Permian Basin with one of the best combinations of yield & growth
Delek US 16 Deliberate Midstream Value Creation Objectives Objectives: • Realize full value of rising third party DKL EBITDA • Complete economic separation between DK and DKL • Separate in a methodical manner which maximizes the value of DK and DKL Strategic Combination or Investments • Investment from financial players reducing DK’s ownership without compromising DKL • Strategic combination to boost DKL’s scale and market presence DKL Unit buybacks from DK • Tax-efficient path for DK to reduce ownership • Enhances DKL’s free cash flow and lowers distribution obligation Value Creation via Bolt-On Acquisitions • Execute accretive deals to grow DKL’s cash flow • Improve leverage, coverage ratio and reduce DK’s ownership • Well timed and executed Monetize Through Asset Sales • Capitalize on premium M&A multiples in private markets • Recycle capital while maintain strategic flexibility
Delek US 17 Progressing Midstream Value Creation • DK has been progressing on a deconsolidation path, reducing its ownership while still getting higher distributions • DKL distributions cover DK’s dividend over two times and/or support its sustaining capital requirements, allowing DK’s competitive return of capital to its shareholders Note: $ in millions unless stated otherwise DK Ownership % of DKL DKL Distributions to DK
Delek US 18 Delek US Holdings Illustrative Valuation DK Valuation $ in millions unless stated otherwise Adjusted DK Standalone Mid-Cycle(1) EBITDA @ $200M EOP $545.0 Enterprise Value @ 4.5x Refining Multiple $2,452.5 Less: Net Debt excluding DKL $273.8 Implied Equity Value $2,178.7 DK Shares o/s 60 Implied DK Share price ($/share) $36.3 DKL Value to DK DKL unit price(2) $52.6 # of DKL units owned by DK 33.9 DK Value ($/share) $29.8 DK Valuation ($/share) $66.0 Value of SREs $ in millions % of SREs granted 50% 75% 100% Illustrative EBITDA uplift to DK(3) $234.2 $351.3 $468.4 Value uplift to DK @ 4.5x multiple $1,053.9 $1,580.9 $2,107.8 Implied SRE Uplift ($/share) $17.6 $26.4 $35.1 Implied DK Valuation including SREs ($/share) $83.6 – 101.2 (1) Mid-cycle net crack is based upon $15.0/bbl (2) DKL Unit Price as of 2/9/2026 (3) Based on 2025 RVO Obligation and SRE petitions
Delek US 19 3Q25 to 4Q25 Adjusted EBITDA Bridge ex SREs Note: $'s in millions ex SREs (1) Based upon 3Q 2025 presentation (1)
Delek US 20 Consolidated Cash Flow 4Q 2025 vs 3Q 2025 (1) Includes cash and cash equivalents (2) Includes impact from the inventory intermediation agreement Note: Includes discontinued operations $630.9 $502.8 $(116.9) $(391.0) $625.8 9/30/2025 Cash Balance Operating Activities Investing Activities Financing Activities 12/31/2025 Cash Balance (2) (1) (1) $ in millions
Delek US 21 Fourth Quarter Capital Program Note: Excludes Corporate & Other
Delek US 22 Net Debt 2025 vs 2024 $'s in Millions 12/31/2025 9/30/2025 12/31/2024 Consolidated long-term debt - current portion $ 9.5 $ 9.5 $ 9.5 DK long-term debt - non-current portion 879.2 879.5 880.3 DKL long-term debt - non-current portion 2,344.4 2,288.3 1,875.4 Consolidated total long-term debt $ 3,233.1 $ 3,177.3 $ 2,765.2 Less: Cash and cash equivalents 625.8 630.9 735.6 Consolidated net debt $ 2,607.3 $ 2,546.4 $ 2,029.6 Less: Delek Logistics net debt 2,333.5 2,281.4 1,870.0 Delek US, excluding DKL net debt $ 273.8 $ 265.0 $ 159.6
Delek US 23 Guidance First Quarter 2026 $'s in Millions Low High Operating Expenses $210 $220 General and Administrative Expenses $47 $52 Depreciation and Amortization $100 $110 Net Interest Expense $75 $85 Barrels per day (bpd) Low High Total Crude Throughput 212,000 247,000 Total Throughput 240,000 259,000 Total Throughput by Refinery: Tyler, TX 70,000 74,000 El Dorado, AR 66,000 71,000 Big Spring, TX(1) 22,000 28,000 Krotz Spring, LA 82,000 86,000 (1) Throughput guidance impacted due to planned turnaround activities in the 1st quarter of 2026
Delek US 24 Supplemental Slides
Delek US 25 Financial Summary 4th Quarter 2025 Financial Highlights $ in millions (except per share) As Reported Adjusted Net Income $78.3 $143.0 Net Income Per Share $1.26 $2.31 EBITDA $272.7 $374.8
Delek US 26 Total Refining Throughput 4Q 2025 vs 3Q 2025 4Q 25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $12.45 $8.37 $11.54 $9.59 314.2 4.1 (12.3) (7.3) (3.9) 294.8 Q3 25 Tyler El Dorado Big Spring Krotz Springs 4Q 25 MBPD Note: Throughputs are rounded
Delek US 27 Total Refining Throughput 4Q 2025 vs 4Q 2024 4Q 25 Production Margin per bbl Tyler El Dorado Big Spring Krotz Springs $12.45 $8.37 $11.54 $9.59 266.5 13.9 (6.7) (10.1) 31.2 294.8 4Q 24 Tyler El Dorado Big Spring Krotz Springs 4Q 25 MBPD Note: Throughputs are rounded
Delek US 28 $(15.2) $382.8 $27.6 $(19.7) $(0.7) $374.8 4Q 24 Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) 4Q 25 Adjusted EBITDA 4Q 2025 vs 4Q 2024 4Q 25 Adjusted EBITDA Results Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) $314.1 $141.9 $(80.0) $(1.2) $ in millions
Delek US 29 Adjusted EBITDA YTD 4Q 2025 vs 4Q 2024 YTD 4Q 25 Adjusted EBITDA Results Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) $1,099.3 $535.0 $(278.3) $(3.0) $341.8 $1,004.8 $105.5 $(68.7) $(30.4) $1,353.0 4Q 24 Refining Logistics Corporate, Other & Eliminations Discontinued Operations (Retail) 4Q 25 $ in millions
Delek US 30 $735.6 $538.7 $(2.9) $(697.9) $52.3 $625.8 12/31/2024 Cash Balance* Operating Activities Excluding Working Capital Working Capital Impact Included in Operating Activities Investing Activities Financing Activities 12/31/2025 Cash Balance* YTD Consolidated Cash Flow *includes cash and cash equivalents Note: Includes discontinued operations (1) Includes impact from the inventory intermediation agreement. (1) $ in millions
Delek US 31 Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss) (1) The adjustments have been tax effected using the estimated marginal tax rate, as applicable. (2) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (3) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. Adjusting items (1) Three Months Ended December 31, Year Ended December 31, $ in millions (unaudited) 2025 2024 2025 2024 Reported net loss attributable to Delek US $ 78.3 $ (413.8) $ (22.8) $ (560.4) Inventory and other LCM valuation (benefit) loss (30.8) (0.2) 8.4 (10.7) Tax effect 6.9 — (1.9) 2.4 Inventory and other LCM valuation (benefit) loss, net (23.9) (0.2) 6.5 (8.3) Other inventory impact 41.0 43.9 176.6 82.9 Tax effect (9.2) (9.9) (39.7) (18.7) Other inventory impact, net (2) 31.8 34.0 136.9 64.2 Business interruption insurance and settlement recoveries — — — (10.6) Tax effect — — — 2.4 Business interruption insurance and settlement recoveries, net — — — (8.2) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 0.1 (1.0) 1.2 Tax effect — (0.1) 0.2 (0.3) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net 0.1 — (0.8) 0.9 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (21.2) 1.8 4.5 5.5 Tax effect 4.8 (0.4) (1.0) (1.2) Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation, net (3) (16.4) 1.4 3.5 4.3 Transaction related expenses 0.8 3.8 9.1 24.8 Tax effect (0.1) (0.9) (2.0) (5.6) Transaction related expenses, net 0.7 2.9 7.1 19.2 Restructuring costs 18.8 3.3 86.8 62.8 Tax effect (4.2) (0.7) (19.5) (14.1) Restructuring costs, net (2) 14.6 2.6 67.3 48.7 Renewable volume obligation short related to small refinery exemptions(5) 74.0 — 234.2 — Tax effect (16.7) — (52.7) — Renewable volume obligation short related to small refinery exemptions, net 57.3 — 181.5 — Goodwill impairment — 212.2 — 212.2 Tax effect — — — — Goodwill impairment, net — 212.2 — 212.2 Property settlement — — — (53.4) Tax effect — — — 12.0 Property settlement, net — — — (41.4) Gain on sale of Retail Stores — 0.9 — (97.5) Tax effect — (0.5) — 27.4 Gain on sale of Retail Stores, net — 0.4 — (70.1) Impairment of investments held at cost and other assets 1.4 — 26.3 — Tax effect (0.3) — (5.9) — Impairment of investments held at cost, net (2) 1.1 — 20.4 — DPG inventory adjustment (0.8) — 0.1 — Tax effect 0.2 — — — DPG inventory adjustment, net (4) (0.6) — 0.1 — Total adjusting items (1) 64.7 253.3 422.5 221.5 Adjusted net loss $ 143.0 $ (160.5) $ 399.7 $ (338.9)
Delek US 32 Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, Three Months Ended September 30, $ in millions (unaudited) 2025 2024 2025 2024 2025 Reported net income (loss) attributable to Delek US $ 78.3 $ (413.8) $ (22.8) $ (560.4) $ 178.0 Add: Interest expense, net 82.2 68.9 345.3 313.1 93.1 Income tax benefit 4.0 (52.1) (7.4) (79.2) 39.8 Depreciation and amortization 101.1 96.3 397.8 383.5 101.3 Proportional interest, taxes, depreciation and amortization from equity-method investments 7.1 8.0 29.0 28.1 7.1 EBITDA attributable to Delek US 272.7 (292.7) 741.9 85.1 419.3 Adjusting items Net inventory and other LCM valuation (benefit) loss (30.8) (0.2) 8.4 (10.7) 39.1 Other inventory impact (1) 41.0 43.9 176.6 82.9 67.5 Business interruption insurance and settlement recoveries — — — (10.6) — Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 0.1 (1.0) 1.2 (5.8) Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) (21.2) 1.8 4.5 5.5 18.3 Transaction related expenses 0.8 3.8 9.1 24.8 0.9 Restructuring costs (1) 18.8 3.3 86.8 62.8 34.1 Property settlement — — — (53.4) — Renewable volume obligation short related to small refinery exemptions(4) 74.0 — 234.2 — 160.2 Goodwill impairment — 212.2 — 212.2 — Gain on sale of Retail Stores — 0.9 — (97.5) — Impairment of investments held at cost and other assets (1) 1.4 — 26.3 — 16.3 DPG inventory adjustment (3) (0.8) — 0.1 — — Net income attributable to non-controlling interest 18.8 11.7 66.1 39.5 16.8 Total Adjusting items 102.1 277.5 611.1 256.7 347.4 Adjusted EBITDA $ 374.8 $ (15.2) $ 1,353.0 $ 341.8 $ 766.7 (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Delek US 33 Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended December 31, Year Ended December 31, $ per share (unaudited) 2025 2024 2025 2024 Reported diluted income (loss) per share $ 1.26 $ (6.55) $ (0.38) $ (8.77) Adjusting items, after tax (per share) (1) (2) Net inventory and other LCM valuation (benefit) loss (0.39) — 0.11 (0.13) Other inventory impact (3) 0.51 0.53 2.26 1.00 Business interruption insurance and settlement recoveries — — — (0.13) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements — — (0.01) 0.01 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (4) (0.26) 0.02 0.06 0.07 Gain on sale of Retail Stores — 0.01 — (1.10) Transaction related expenses 0.01 0.05 0.12 0.30 Restructuring costs (3) 0.24 0.04 1.11 0.77 Renewable volume obligation short related to small refinery exemptions (6) 0.93 — 2.99 — Goodwill impairment — 3.36 — 3.32 Property settlement — — — (0.65) Impairment of investments held at cost and other assets (3) 0.02 — 0.34 — DPG inventory adjustment, net (5) (0.01) — — — Total adjusting items (1) 1.05 4.01 6.98 3.46 Adjusted net income (loss) per share $ 2.31 $ (2.54) $ 6.60 $ (5.31) (1) The adjustments have been tax effected using the estimated marginal tax rate, as applicable. (2) For periods of Adjusted net loss, Adjustments (Adjusting Items) and Adjusted net loss per share are presented using basic weighted average shares outstanding. (3) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (4) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (5) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (6) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.
Delek US 34 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations Three Months Ended December 31, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 258.3 $ 98.2 $ 356.5 $ (63.8) $ 292.7 Adjusting items Net inventory and other LCM valuation (benefit) loss (30.8) — (30.8) — (30.8) Other inventory impact (1) 41.0 — 41.0 — 41.0 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 — 0.1 — 0.1 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) — — — (21.2) (21.2) Transaction related expenses — 0.4 0.4 0.4 0.8 Restructuring costs (1) 0.4 — 0.4 18.4 18.8 Intercompany lease impacts (1) (28.9) 44.1 15.2 (15.2) — Renewable volume obligation short related to small refinery exemptions (4) 74.0 — 74.0 — 74.0 Impairment of investments held at cost and other assets(1) — — — 1.4 1.4 DPG inventory adjustment (3) — (0.8) (0.8) — (0.8) Total Adjusting items 55.8 43.7 99.5 (16.2) 83.3 Adjusted Segment EBITDA from continuing operations $ 314.1 $ 141.9 $ 456.0 $ (80.0) $ 376.0 (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Three Months Ended December 31, 2024 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ (292.3) $ 80.9 $ (211.4) $ (67.7) $ (279.1) Adjusting items Net inventory and other LCM valuation (benefit) loss (0.2) — (0.2) — (0.2) Other inventory impact (1) 43.9 — 43.9 — 43.9 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 — 0.1 — 0.1 Unrealized RINs hedging gain (loss) where the hedged item is not yet recognized in the financial statements 1.8 — — 1.8 — 1.8 Transaction related expenses — 2.7 2.7 0.6 3.3 Restructuring costs — — — 3.3 3.3 Goodwill impairment 212.2 — 212.2 — 212.2 Lease classification (34.2) 30.7 (3.5) 3.5 — Total Adjusting items 223.6 33.4 257.0 7.4 264.4 Adjusted Segment EBITDA from continuing operations $ (68.7) $ 114.3 $ 45.6 $ (60.3) $ (14.7)
Delek US 35 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Year Ended December 31, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 803.4 $ 395.6 $ 1,199.0 $ (388.0) $ 811.0 Adjusting items Net inventory and other LCM valuation (benefit) loss 8.4 — 8.4 — 8.4 Other inventory impact (1) 176.6 — 176.6 — 176.6 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements (1.0) — (1.0) — (1.0) Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) (5.5) — (5.5) 10.0 4.5 Restructuring costs (1) 1.4 — 1.4 85.4 86.8 Transaction related expenses — 6.8 6.8 2.3 9.1 Renewable volume obligation short related to small refinery exemptions (4) 234.2 — 234.2 — 234.2 Intercompany lease impacts (1) (118.2) 129.7 11.5 (11.5) — Impairment of investments held at cost(1) — 2.8 2.8 23.5 26.3 DPG inventory adjustment (3) — 0.1 0.1 — 0.1 Total Adjusting items 295.9 139.4 435.3 109.7 545.0 Adjusted Segment EBITDA from continuing operations $ 1,099.3 $ 535.0 $ 1,634.3 $ (278.3) $ 1,356.0 Year Ended December 31, 2024 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ (156.3) $ 358.5 $ 202.2 $ (192.6) $ 9.6 Adjusting items Net inventory and other LCM valuation (benefit) loss (10.7) — (10.7) — (10.7) Other inventory impact (1) 82.9 — 82.9 — 82.9 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 1.2 — 1.2 — 1.2 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements 5.5 — 5.5 — 5.5 Restructuring costs 36.6 — 36.6 26.2 62.8 Transaction related expenses — 11.4 11.4 3.5 14.9 Business interruption insurance recoveries (10.6) — (10.6) — (10.6) Goodwill impairment 212.2 — 212.2 — 212.2 Property settlement — — — (53.4) (53.4) Intercompany lease impacts (1) (66.3) 59.6 (6.7) 6.7 — Total Adjusting items 250.8 71.0 321.8 (17.0) 304.8 Adjusted Segment EBITDA from continuing operations $ 94.5 $ 429.5 $ 524.0 $ (209.6) $ 314.4
Delek US 36 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations Three Months Ended September 30, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 464.1 $ 102.0 $ 566.1 $ (136.7) $ 429.4 Adjusting items Net inventory and other LCM valuation (benefit) loss 39.1 — 39.1 — 39.1 Other inventory impact (1) 67.5 — 67.5 — 67.5 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements (5.8) — (5.8) — (5.8) Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation. — — — 18.3 18.3 Restructuring costs (1) 0.7 — 0.7 33.4 34.1 Transaction related expenses (1) — 0.6 0.6 0.3 0.9 Renewable volume obligation short related to small refinery exemptions 160.2 — 160.2 — 160.2 Impairment of investments held at cost and other assets — 2.8 2.8 13.5 16.3 Intercompany lease impacts (1) (28.9) 26.1 (2.8) 2.8 — Total Adjusting items 232.8 29.5 262.3 68.3 330.6 Adjusted Segment EBITDA from continuing operations $ 696.9 $ 131.5 $ 828.4 $ (68.4) $ 760.0 (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in 3Q25 the Earnings Release. Note: reconciliation for the three months ended September 30, 2025 is shown based on historical Q3 2025 presentation.
Delek US 37 Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in the Earnings Release. (2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the third quarter of 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation as of September 30, 2025 assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Three Months Ended December 31, Year Ended December 31, $ in millions (unaudited) 2025 2024 2025 2024 Reported loss from continuing operations, net of tax $ 98.1 $ (401.1) $ 45.7 $ (598.1) Add: Interest expense, net 82.2 68.9 345.3 313.0 Income tax benefit 4.2 (51.2) (6.8) (107.9) Depreciation and amortization 101.1 96.3 397.8 374.5 Proportional interest, taxes, depreciation and amortization from equity-method investments 7.1 8.0 29.0 28.1 EBITDA attributable to Delek US 292.7 (279.1) 811.0 9.6 Adjusting items Net inventory and other LCM valuation (benefit) loss (30.8) (0.2) 8.4 (10.7) Other inventory impact (1) 41.0 43.9 176.6 82.9 Business interruption insurance and settlement recoveries — — — (10.6) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 0.1 (1.0) 1.2 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) (21.2) 1.8 4.5 5.5 Transaction related expenses 0.8 3.3 9.1 14.9 Restructuring costs (1) 18.8 3.3 86.8 62.8 Renewable volume obligation short related to small refinery exemptions(4) 74.0 — 234.2 — Goodwill impairment — 212.2 — 212.2 Property settlement — — — (53.4) Impairment of investments held at cost and other assets(1) 1.4 — 26.3 — DPG inventory adjustment (3) (0.8) — 0.1 — Total Adjusting items 83.3 264.4 545.0 304.8 Adjusted EBITDA from continuing operations $ 376.0 $ (14.7) $ 1,356.0 $ 314.4
Delek US 38 Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Three Months Ended December 31, Year Ended December 31, Three Months Ended September 30, $ in millions (unaudited) 2025 2024 2025 2024 2025 Reported (loss) income form discontinued operations, net of tax $ (1.0) $ (1.0) $ (2.4) $ 77.2 $ (0.3) Add: Interest expense, net — — — 0.1 — Income tax (benefit) expense (0.2) (0.9) (0.6) 28.7 (0.1) Depreciation and amortization — — — 9.0 — EBITDA attributable to discontinued operations (1.2) (1.9) (3.0) 115.0 (0.4) Adjusting items Transaction costs — 0.5 — 9.9 — Loss on sale of Retail Stores — 0.9 — (97.5) — Total Adjusting items — 1.4 — (87.6) — Adjusted EBITDA from discontinued operations $ (1.2) $ (0.5) $ (3.0) $ 27.4 $ (0.4)
FAQ
How did Delek US (DK) perform financially in fourth quarter 2025?
Delek US reported net income of $78.3 million, or $1.26 per diluted share, for fourth quarter 2025. Adjusted net income was $143.0 million, or $2.31 per share, and adjusted EBITDA reached $374.8 million, reflecting a sharp improvement over the prior‑year loss.
What were Delek US (DK) full-year 2025 results compared to 2024?
For 2025, Delek US posted a small net loss of $22.8 million versus a $560.4 million loss in 2024. Adjusted net income improved to $399.7 million from an adjusted loss of $338.9 million, while adjusted EBITDA rose to $1,353.0 million from $341.8 million.
How did the refining and logistics segments contribute to Delek US (DK) Q4 2025 results?
In Q4 2025, the refining segment generated adjusted EBITDA of $314.1 million, driven by higher crack spreads and exemptions. The logistics segment delivered adjusted EBITDA of $141.9 million, benefiting from prior acquisitions and stronger wholesale margins, together underpinning overall earnings growth.
What is Delek US (DK) doing to improve cash flow through its Enterprise Optimization Plan?
Delek US increased its Enterprise Optimization Plan target to at least $200 million in annual run‑rate cash flow improvements. The plan emphasizes margin enhancement, cost efficiencies and logistics optimization across refining and midstream operations to support stronger, more consistent free cash flow generation.
How does the Inventory Intermediation Agreement change affect Delek US (DK)?
The amended Inventory Intermediation Agreement is expected to generate at least $40 million of incremental free cash flow. It reduces inventory financing needs, improves working capital efficiency and helps lower ongoing interest and related costs across the refineries covered by the agreement.
What guidance did Delek Logistics (DKL) provide for 2026 EBITDA?
Delek Logistics, consolidated within Delek US, initiated 2026 adjusted EBITDA guidance of $520–$560 million. This outlook reflects continued growth in Permian Basin gathering, processing and water services, along with the impact of prior acquisitions and expanding third‑party business.