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…
Earnings analysis · 10-Q
DK earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-3.34
- Segment
- Refining
- Segment
- Retail
- Segment
- Logistics
What stood out
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Q1 Revenue Missed Estimates
Revenue totaled $2.21 billion, below the estimated $2.35 billion and down from $2.64 billion in Q1 2025.
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Substantial Net Loss
Reported a net loss of $201.3 million, significantly larger than the loss estimates of $1.57 per share.
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Improved Adjusted EBITDA
There was significant improvement in adjusted EBITDA compared to prior periods, signaling better future profitability potential.
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Refining Segment Growth
Notable performance improvement in the refining segment offsetting some operational losses.
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Operational Cash Flow
Management expects enhancements in cash flow through improved operations.
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Debt Obligations Maturity
Total long-term debt obligations are $3.23 billion, necessitating strategic operational execution for liquidity.
What to watch
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High Debt Levels
The company has total long-term obligations of $3.23 billion, increasing financial leverage risk.
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Weak Cash Flow Outlook
Past refinery turnarounds negatively impacted cash flows, leading to a continued weak cash flow outlook.
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Global Oil Market Volatility
Ongoing geopolitical issues and conflicts, particularly with Iran, increase uncertainty in the global oil markets.
Management's outlook
Management anticipates improvements in cash flow and operational execution going forward.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.