Delek US Holdings, Inc. (DK)

Delek US Holdings reported second-quarter 2026 net income of $169.5 million, or $2.71 per share, on August 5, against a loss of $106.4 million a year earlier 1. Adjusted EBITDA, the company's own adjusted profit measure before interest, taxes and depreciation, was $638.7 million, against $177.9 million 1.

Refining earned $566.2 million of adjusted EBITDA, up from $114.8 million, which the company tied to wider crack spreads 1. Crack spreads, the gap between crude oil and refined fuel prices, were up an average of 136.0 percent from the prior year 1.

Chief executive Avigal Soreq said Big Spring ran well after its first-quarter turnaround, a planned shutdown for upkeep, and that no more planned turnarounds remain this year 1. The logistics segment earned $143.5 million of adjusted EBITDA, against $127.4 million 1.

On September 29, 2026 the company completed a $460 million private offering of 0.00 percent convertible notes due 2031 4. The company said part of the proceeds would go toward partial repayment of its term loan 5.

On October 29 the board approved a quarterly dividend of $0.30 per share, about 18 percent above the previous $0.255 3. Its stake in Delek Logistics Partners was about 63.0 percent at June 30 and about 58.0 percent at September 30 13.

Third-quarter results are due before the U.S. stock market opens on November 6, 2026 6.

Delek US Holdings is a Delaware company formed in 2016 as successor to an original company formed in 2001 2. It refines crude oil into fuels and runs the pipelines and storage that serve its refineries 2.

In July 2017 it acquired the rest of Alon USA Energy in an all-stock deal of $530.7 million 2. That added the Krotz Springs refinery and majority ownership of the Big Spring refinery 2.

In February 2018 it acquired the remaining 18.4 percent of Alon USA Partners, which owned the rest of Big Spring, for $184.7 million 2.

In May 2019 it paid $124.7 million for a 33 percent stake in the Red River pipeline, which it calls one of the main drivers of its joint venture investment growth 2. In July 2019 it added a 15 percent stake in the Wink to Webster pipeline 2.

In June 2022 it acquired the Delaware Gathering business in New Mexico for $628.3 million, which widened its footprint into the Delaware Basin 2.

In September 2024 it sold its 249 retail fuel and convenience stores to a subsidiary of FEMSA for $390.2 million 2. Those stores now show as discontinued operations, so the company is a refiner and a logistics business only 2.

Net revenues fell from $16,467.2 million in 2023 to $11,852.2 million in 2024 and $10,722.9 million in 2025 2. The company said crack spreads in 2025 were higher than in 2024 but still lower than the historic highs of 2023 2.

The worst stretch was 2024, when the company reported an operating loss of $491.5 million, after $243.5 million of asset impairment, and a net loss of $560.4 million 2. In 2025 operating income was $301.0 million and the net loss $22.8 million 2.

In 2025 the company said small refinery exemptions from the EPA helped earnings and cash flow 2. It also acquired water disposal businesses: H2O Midstream in September 2024 for $229.7 million and Gravity in January 2025 for $209.3 million plus units 2.

Refining

Refining is the main business: four refineries on the Gulf Coast with a combined crude capacity of 302,000 barrels a day 2. They are Tyler, Texas at 75,000, El Dorado, Arkansas at 80,000, Big Spring, Texas at 73,000 and Krotz Springs, Louisiana at 74,000 2.

The refineries turn crude oil into gasoline, distillate (mainly diesel) and jet fuel, plus asphalt and similar products 2. About 228,000 barrels a day of the crude it delivers is priced as a difference to the WTI benchmark 2.

Its principal competitors are petroleum refiners in the Mid-Continent and Gulf Coast regions, plus wholesale distributors in those markets 2. Demand for gasoline and asphalt is usually higher in summer, so first and fourth quarters are generally weaker 2.

Quantum Commodity Intelligence reported on 4 February 2026 that Delek had started a planned turnaround at the 73,000 barrel a day Big Spring plant, expected to run until late March 7. Delek's chief executive later said the work was complete 1.

It also owns three idled biodiesel plants, in Arkansas, Texas and Mississippi, with 40 million gallons a year of capacity 2.

Logistics

The logistics segment is Delek Logistics Partners, a publicly traded partnership that gathers, moves and stores crude oil and fuels, and disposes of and recycles water 2. At year-end 2025 Delek owned a 63.3 percent limited partner interest 2.

Its assets include about 1,326 miles of crude oil and refined products pipeline and 9 light product terminals 2. In April 2025 it began commissioning a new Permian Basin natural gas plant of about 110 million cubic feet a day 2.

People

Avigal Soreq is President and Chief Executive Officer, and Ezra Uzi Yemin signs the annual report as Chairman 2. At the end of 2025 the company had 1,902 full-time employees, 26.6 percent under a collective bargaining agreement 2.

Disputes with the EPA

Delek is suing the EPA over its August 2025 small refinery exemption decisions 2. One suit seeks review of the decision that Krotz Springs was ineligible for a 2024 exemption, and others challenge the refund of expired credits for 2019 to 2023 2.

The umbrella, in words

The company operates through consolidated subsidiaries that include Delek US Energy and Alon 2. Its main listed holding is Delek Logistics Partners, in which it owns about 58.0 percent including the general partner interest 3.

It owns stakes in pipeline joint ventures: 33 percent of Red River, an indirect 15.6 percent of Wink to Webster, and 50 percent of a joint venture with asphalt terminals 2.

It owns the land under its refineries: about 600 acres at Tyler, 1,306 acres at Big Spring and 381 acres at Krotz Springs 2. The annual report counts about 127 common stockholders of record 2.

The company said on 5 August that it has no more planned turnarounds for the rest of 2026 1. It added that it is encouraged by the setup for the third quarter and the rest of the year 1.

Delek expects Delek Logistics to meet its annual EBITDA guidance of $520-560 million, and says its Enterprise Optimization Plan, a program to cut costs and raise cash flow, is progressing 1.

Third-quarter results and a call are set for November 6, 2026 6. The $0.30 dividend is payable on November 18 to shareholders of record on November 10 3.

The convertible notes mature on November 1, 2031 unless earlier converted, redeemed or repurchased 4. A common unit repurchase agreement lets Delek Logistics repurchase units from Delek for up to $150.0 million through December 31, 2026 2.

The EPA lawsuits over small refinery exemptions are pending, and the annual report names no date for their outcome 2.