Delek US returned to profitability in Q4 2025, driven by significantly higher refining margins and solid logistics performance, resulting in positive net income and strong adjusted EBITDA.

Delek US Holdings delivered a robust third quarter in 2025, reporting a net income of $178.0 million and an adjusted net income of $434.2 million. The company's performance was significantly boosted by a $280.8 million benefit from Small Refinery Exemptions (SREs) and a 46.8% increase in benchmark crack spreads, leading to a substantial rise in refining segment adjusted EBITDA. The logistics segment also showed strong growth due to recent acquisitions and increased wholesale margins.

Delek US Holdings reported a net loss of $172.7 million for the first quarter of 2025, with an adjusted net loss of $144.4 million. This was primarily driven by lower refining crack spreads compared to the prior year, although the logistics segment saw increased Adjusted EBITDA due to recent acquisitions. The company is focusing on its Enterprise Optimization Plan to improve cash flow.

Delek US Holdings reported a net loss of $164.9 million for Q4 2023, or $2.57 per share, with an adjusted net loss of $93.2 million. Despite a less favorable market environment for refining, the company achieved record total throughput in refining and strong results in its logistics and retail segments. The company returned $35.4 million to shareholders and reduced debt by $38.2 million in the quarter.

Delek US Holdings reported a net loss of $76.8 million for the third quarter of 2024, or $(1.20) per share. Adjusted net loss was $93.0 million, or $(1.45) per share, with adjusted EBITDA of $70.6 million. The company successfully closed several strategic transactions, including the sale of retail assets for $390 million and the drop-down of the Wink to Webster pipeline into DKL. The logistics segment achieved a record quarterly EBITDA of $106.1 million.

Delek US Holdings reported a net loss of $37.2 million and an adjusted net loss of $59.3 million for the second quarter of 2024. Adjusted EBITDA was $107.5 million. The company made significant progress on its 'Sum of the Parts' strategy, including the sale of retail assets and amendments to intercompany contracts, which are expected to provide a cash infusion of over $500 million.

Delek US Holdings reported a net loss of $32.6 million for the first quarter of 2024, or $(0.51) per share. Adjusted net loss was $26.2 million, or $(0.41) per share, with adjusted EBITDA of $158.7 million. The refining segment's adjusted EBITDA decreased due to lower crack spreads, while the logistics segment saw an increase driven by Delaware Gathering systems and rate increases.