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Sep 30, 2025
Delek Logistics Partners LP Q3 2025 Earnings Report
Delek Logistics Partners LP reported record third quarter 2025 results with strong EBITDA growth and record crude gathering volumes.
Key Takeaways
In Q3 2025, Delek Logistics achieved record performance driven by expanded sour gas gathering and injection capabilities and robust volumes in its Delaware operations. The company delivered $45.6 million in net income and $136.0 million in Adjusted EBITDA while increasing its quarterly distribution for the 51st consecutive time. Total revenue grew to $261.3 million with a leverage ratio of 4.44x and $6.9 million in cash.
Reported net income of $45.6 million, up from $33.7 million a year ago
Adjusted EBITDA reached a record $136.0 million, up 27% year over year
Revenue totaled $261.3 million, supported by strong gathering and wholesale margins
Raised full-year Adjusted EBITDA guidance to $500–$520 million on strong execution
Revenue by Segment
Forward Guidance
Delek Logistics raised its full-year 2025 Adjusted EBITDA guidance to $500–$520 million, citing strong execution, record volumes, and continued infrastructure expansion.
Positive Outlook
- Raised full-year Adjusted EBITDA outlook to $500–$520 million
- Record crude gathering volumes in Delaware system
- Strong performance from H2O Midstream and Gravity operations
- Increased quarterly distribution for 51st consecutive quarter
- Maintained disciplined leverage and liquidity management
Challenges Ahead
- Slight decline in Wholesale Marketing and Terminalling EBITDA due to contract reassignment
- Corporate segment reported higher losses of $9.3 million
- Leverage ratio remained elevated at 4.44x
- Flat Storage and Transportation segment performance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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