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Dec 31, 2025
Delek US Q4 2025 Earnings Report
Delek US reported strong fourth quarter 2025 results with improved refining margins and positive net income.
Key Takeaways
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.
Net income attributable to Delek US was 78300000 compared to a loss in the prior year quarter.
Adjusted EBITDA increased to 374800000 reflecting improved crack spreads and operational performance.
Refining segment adjusted EBITDA rose to 314100000 driven by stronger margins.
Logistics segment adjusted EBITDA reached 141900000 supported by acquisitions and higher wholesale margins.
Revenue by Segment
Forward Guidance
Delek Logistics initiated 2026 adjusted EBITDA guidance of 520000000 to 560000000, reflecting expected continued operational strength.
Positive Outlook
- 2026 logistics adjusted EBITDA guidance of 520000000 to 560000000.
- Enterprise Optimization Plan targeting approximately 200000000 in annual run-rate cash flow improvements.
- Inventory Intermediation Agreement restructuring expected to generate at least 40000000 incremental free cash flow.
- Improved refining margins supported by higher crack spreads.
- Strong operational momentum in logistics segment.
Challenges Ahead
- Exposure to commodity price volatility.
- Interest expense of 82200000 during the quarter.
- Restructuring costs of 18800000 recorded in Q4.
- Reliance on regulatory relief such as small refinery exemptions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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