Delek US earnings surpass expectations, with cost reductions and relaxed refinery regulations driving performance growth

Brentwood, Tennessee - On Friday, Delek US Holdings, Inc. (NYSE: DK) announced its fourth quarter adjusted earnings per share of $2.31, significantly exceeding analyst expectations of -$0.07, despite revenue of $2.43 billion falling short of the market estimate of $2.55 billion.

The company’s stock rose 1.70% in pre-market trading.

For the quarter ending December 31, 2025, the company reported net income of $78.3 million, or $1.26 per share, compared to a net loss of $413.8 million in the same period last year.

Adjusted EBITDA reached $374.8 million, up from -$15.2 million in the same quarter last year. Revenue increased 2% year-over-year, from $2.37 billion to $2.43 billion.

Strong performance was driven by improved refining margins and relaxed regulations. An exemption granted by the U.S. Environmental Protection Agency to small refineries reduced costs by $75.3 million this quarter, with total benefits for the year reaching $356.1 million.

The company’s benchmark crack spread increased 66.0% compared to the previous year. Excluding special items, adjusted earnings per share were $0.44, and adjusted EBITDA was $225.5 million.

President and CEO Avigal Soreq stated, “2025 is a transformative year for DK, as we improved cash flow through successful implementation of corporate optimization plans, reduced inventory intermediary agreement costs, and advanced the economic separation from Delek Logistics.”

The company’s corporate optimization efforts contributed approximately $50 million in improvements this quarter, bringing annualized cash flow improvements to about $200 million.

Delek also restructured its inventory intermediary agreements, which will generate at least $40 million in incremental free cash flow.

For the full year 2025, Delek reported a net loss of $22.8 million, or -$0.38 per share, compared to a net loss of $560.4 million in 2024. Adjusted net income for the year was $399.7 million, or $6.60 per share.

Delek Logistics, the company’s logistics division, reported record financial results and issued guidance for 2026 adjusted EBITDA, expected to be between $520 million and $560 million.

Delek US repurchased approximately $20 million of common stock this quarter and paid $15.3 million in dividends. The board approved a regular quarterly dividend of $0.255 per share.

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