DK earnings analysis
What we found in DK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Delek US Holdings reported a disappointing Q1 2026, experiencing a net loss of $201.3 million and revenues of $2.21 billion, falling short of estimates. Despite these challenges, management highlighted optimism about future cash flow improvements driven by operational enhancements and positive EBITDA trends.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Missed Estimates
- Revenue totaled $2.21 billion, below the estimated $2.35 billion and down from $2.64 billion in Q1 2025.
- Substantial Net Loss
- Reported a net loss of $201.3 million, significantly larger than the loss estimates of $1.57 per share.
- Improved Adjusted EBITDA
- There was significant improvement in adjusted EBITDA compared to prior periods, signaling better future profitability potential.
- Refining Segment Growth
- Notable performance improvement in the refining segment offsetting some operational losses.
- Operational Cash Flow
- Management expects enhancements in cash flow through improved operations.
- Debt Obligations Maturity
- Total long-term debt obligations are $3.23 billion, necessitating strategic operational execution for liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Debt Levels
- The company has total long-term obligations of $3.23 billion, increasing financial leverage risk.
- Weak Cash Flow Outlook
- Past refinery turnarounds negatively impacted cash flows, leading to a continued weak cash flow outlook.
- Global Oil Market Volatility
- Ongoing geopolitical issues and conflicts, particularly with Iran, increase uncertainty in the global oil markets.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-3.34
- Segment
- Refining
- Segment
- Retail
- Segment
- Logistics
What they said about what is next.
Management anticipates improvements in cash flow and operational execution going forward.
The filing reads worse than the one before it.
What came before.
- 10-K · February 27, 2026
- Delek US presents an integrated refining and logistics business with a 302,000 bpd total refining capacity and material midstream/logistics assets (including ~1,326 miles of pipeline and ~11.3 million barrels of active…
- 10-K · February 26, 2025
- Delek US Holdings, Inc. reported a marked decline in financial performance for the year ending December 31, 2024, with significant losses across its refining and logistics segments. The revenue decreased to $2.37…
- 10-Q · November 7, 2024
- Delek US reported Q3 net revenues of $3,042.4 million and a total diluted loss per share of $(1.20). The company recorded an operating loss of $121.9 million and a gross loss (gross margin negative) for the quarter;…
- 10-Q · August 7, 2024
- Delek US reported Q2 net revenues of $3,421.7 million and GAAP diluted EPS of $(0.58), beating consensus. Revenue declined vs. Q2 2023 but improved sequentially vs. Q1 2024; refining results weakened materially while…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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