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Delek US Holdings, Inc.

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Delek US Holdings, Inc. • NYSE
$38.67 ▼ -0.57% (-0.22)
Market Cap $2.32 B
52w High $43.50
52w Low $11.03
Dividend Yield 1.02%
P/E -4.77
Volume 550.39K
Outstanding Shares 60.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.887B ▲ $198.3M ▲ $178M ▲ 6.166% ▲ $2.93 ▲ $429.4M ▲
Q2-2025 $2.765B ▲ $79.2M ▲ $-106.4M ▲ -3.849% ▲ $-1.76 ▲ $76.6M ▲
Q1-2025 $2.642B ▲ $55.8M ▼ $-172.7M ▲ -6.537% ▲ $-2.78 ▲ $-9.6M ▲
Q4-2024 $2.374B ▼ $262.6M ▲ $-413.8M ▼ -17.433% ▼ $-6.54 ▼ $-287.1M ▼
Q3-2024 $3.042B $96.1M $-76.8M -2.524% $-1.2 $800K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $630.9M ▲ $7.081B ▲ $6.636B ▼ $180.9M ▲
Q2-2025 $615.5M ▼ $7.069B ▲ $6.774B ▲ $26M ▼
Q1-2025 $623.8M ▼ $6.882B ▲ $6.453B ▲ $155.4M ▼
Q4-2024 $735.6M ▼ $6.666B ▼ $6.091B ▲ $312.8M ▼
Q3-2024 $1.038B $7.03B $6.085B $703.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $178M ▲ $44M ▼ $-103.4M ▲ $74.8M ▼ $15.4M ▲ $-64M ▲
Q2-2025 $-90.1M ▲ $51.4M ▲ $-163M ▲ $103.3M ▼ $-8.3M ▲ $-116.9M ▲
Q1-2025 $-158.5M ▲ $-62.4M ▲ $-314.6M ▼ $265.2M ▲ $-111.8M ▲ $-202.7M ▲
Q4-2024 $-402.1M ▼ $-163.5M ▼ $-215.8M ▼ $77.3M ▼ $-302M ▼ $-355.3M ▼
Q3-2024 $-67.5M $-21.6M $78.4M $322.9M $379.7M $-140.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Logistics
Logistics
 $470.00M ▲$250.00M ▼$250.00M ▲$260.00M ▲
Refining
Refining
 $5.65Bn ▲$2.61Bn ▼$2.72Bn ▲$2.84Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Delek’s results show how sensitive a refiner’s profits are to fuel margins. Sales surged coming out of the pandemic, peaked, and have since stepped down as refining conditions normalized. Profitability swung from deep losses to a strong year, then back toward breakeven and into a clear loss most recently. That pattern points to a business that can earn well in good markets but is still very exposed when cracks in refining margins appear. The latest year’s loss and weaker operating performance suggest current conditions are challenging and cost control and margin management are under pressure.

Balance Sheet

Balance Sheet The balance sheet shows a company that is asset‑heavy, with substantial refining and logistics infrastructure, but relatively thin equity. Debt remains sizable compared with the book value of the company, and equity has trended down, which implies higher financial leverage and less cushion against downturns. Cash on hand has been fairly steady, which helps liquidity, but it has not grown in line with past peak earnings. Overall, Delek has the assets to operate at scale but less room for financial error than in earlier years, making stability of earnings more important.

Cash Flow

Cash Flow Cash generation has been inconsistent, mirroring the swings in earnings. In strong margin years, Delek produced solid cash from operations and positive free cash flow after investments. In weaker years, operating cash flow slipped into the red, and free cash flow turned negative as ongoing capital spending continued. Capital investment levels have been relatively steady, suggesting the company must keep spending just to maintain and modestly upgrade its asset base. The volatility in cash flow is a key risk point, especially given the debt load and the cyclical nature of refining.

Competitive Edge

Competitive Edge Delek’s main strengths lie in its integrated setup: refineries tied to its logistics arm and positioned near advantaged crude sources like the Permian Basin. The logistics segment provides steadier, fee‑based income that partially balances the ups and downs of refining margins. Its niche capabilities in sour gas handling, water midstream services, and specialty asphalt products give it differentiated offerings that not every refiner can match. However, Delek is smaller than the largest refiners, which can limit economies of scale and bargaining power. Its fortunes remain tied to regional fuel demand, crude spreads, and regulatory trends, all of which can swing quickly.

Innovation and R&D

Innovation and R&D Delek is actively using technology to squeeze more efficiency out of its existing operations, from modern ERP systems to digital tools that improve refinery maintenance and uptime. Through DK Innovation, it is making targeted bets on emerging areas like carbon capture, hydrogen, low‑carbon fuels, and automation, effectively buying a seat at the table for future energy technologies. The carbon capture project at Big Spring is a flagship effort that, if successful, could lower emissions and potentially create new value streams. Its biodiesel operations and specialty asphalt products also give it some exposure to higher‑value and lower‑carbon niches. The main uncertainty is how quickly and profitably these initiatives can scale in a sector where returns on new technologies can be slow and policy‑dependent.

Summary

Delek is a mid‑sized, integrated downstream energy company with meaningful infrastructure, strategic locations, and several niche strengths, but it operates in a highly cyclical, margin‑sensitive business. The last few years highlight sharp swings in profitability and cash flow, with the most recent period showing renewed weakness despite earlier strong conditions. Its balance sheet carries notable leverage and thinner equity, which raises the importance of stable cash generation and disciplined capital allocation. On the positive side, the partnership with Delek Logistics, specialty products, and first‑mover positions in sour gas and carbon‑related projects provide diversification and some insulation from pure commodity exposure. How well Delek can balance near‑term refining cycles with its longer‑term innovation and energy transition projects will likely shape its risk profile and earnings quality over time.

NEWS

November 7, 2025 · 6:30 AM UTC

Delek US Holdings Reports Third Quarter 2025 Results

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October 29, 2025 · 5:30 PM UTC

Delek US Holdings, Inc. Announces Quarterly Dividend

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October 17, 2025 · 4:30 PM UTC

Delek US Holdings to Host Third Quarter 2025 Conference Call on November 7th

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