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DKL

Delek Logistics Partners, LP

DKL

Delek Logistics Partners, LP • NYSE
$45.84 ▼ -1.06% (-0.49)
Market Cap $2.45 B
52w High $48.00
52w Low $34.59
Dividend Yield 4.45%
P/E 14.88
Volume 29.57K
Outstanding Shares 53.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $261.277M ▲ $7.533M ▼ $45.56M ▲ 17.437% ▼ $0.85 ▲ $128.023M ▲
Q2-2025 $246.35M ▼ $8.931M ▲ $44.574M ▲ 18.094% ▲ $0.83 ▲ $114.265M ▲
Q1-2025 $249.93M ▲ $6.151M ▼ $39.034M ▲ 15.618% ▼ $0.73 ▲ $108.033M ▲
Q4-2024 $209.863M ▼ $9.781M ▼ $35.305M ▲ 16.823% ▲ $0.68 ▼ $98.133M ▲
Q3-2024 $214.07M $15.802M $33.674M 15.73% $0.71 $92.651M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.912M ▲ $2.747B ▼ $2.73B ▲ $17.472M ▼
Q2-2025 $1.436M ▼ $2.753B ▲ $2.721B ▲ $31.991M ▼
Q1-2025 $2.107M ▼ $2.395B ▲ $2.298B ▲ $97.435M ▲
Q4-2024 $5.384M ▼ $2.042B ▲ $2.006B ▲ $35.528M ▲
Q3-2024 $7.317M $1.961B $2.006B $-45.108M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $45.56M ▲ $61.535M ▼ $-70.576M ▲ $14.517M ▲ $5.476M ▲ $-5.66M ▲
Q2-2025 $44.574M ▲ $107.423M ▲ $-112.916M ▲ $4.822M ▼ $-671K ▲ $-9.51M ▲
Q1-2025 $39.034M ▲ $31.55M ▼ $-234.767M ▼ $199.94M ▲ $-3.277M ▼ $-28.482M ▼
Q4-2024 $35.305M ▲ $49.898M ▲ $-70.051M ▲ $18.22M ▼ $-1.933M ▼ $2.803M ▲
Q3-2024 $33.674M $24.944M $-299.107M $276.369M $2.206M $-32.116M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q4-2023
Gathering And Processing
Gathering And Processing
 $0 ▲$50.00M ▲$90.00M ▲$230.00M ▲
Storage And Transportation
Storage And Transportation
 $0 ▲$40.00M ▲$30.00M ▼$70.00M ▲
Wholesale Marketing and Terminalling
Wholesale Marketing and Terminalling
 $140.00M ▲$30.00M ▼$120.00M ▲$350.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past five years, driven by acquisitions and expansion, although it appears to have leveled off slightly after a strong jump earlier in the period. Profitability at the operating level has been consistently solid, suggesting that the underlying fee-based midstream model is working as intended. Earnings before interest and other non-cash items have trended upward, reflecting scale benefits and better asset utilization. However, bottom-line net income has stayed relatively flat despite higher revenue, hinting that rising interest costs, depreciation, or transaction-related expenses may be absorbing much of the incremental operating gains. Per‑unit earnings have edged down over the full period, which points to a mix of higher financial costs, possible unit issuance, and the burden of a more leveraged, acquisition-driven model.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown aggressively by leaning heavily on debt. Total assets have expanded significantly, reflecting acquisitions and build-out of midstream and water infrastructure, but this has been funded largely with borrowings. Debt levels are high relative to the size of the business, and equity has hovered around zero or slightly negative for several years, only recently turning modestly positive. Cash on hand is minimal, which is typical for many midstream partnerships but leaves less cushion for shocks. Overall, the capital structure is highly leveraged, which amplifies both the benefits of stable cash flows and the risks in a downturn or higher interest rate environment.

Cash Flow

Cash Flow Cash generation from operations has been steady and generally sufficient to cover both maintenance needs and a portion of growth spending. Free cash flow has remained positive over the period, though not overly large relative to the scale of the business, indicating that the partnership is balancing ongoing investment with internally generated funds. Capital spending has stepped up in recent years, consistent with the expansion into water midstream and gas processing, and likely requires supplemental financing beyond just operating cash. The pattern suggests a business that can support its model with recurring cash flow, but with limited margin for error given the high leverage and ongoing growth ambitions.

Competitive Edge

Competitive Edge Delek Logistics operates in the midstream segment, where scale, location, and contracts matter more than commodity price swings. Its assets are tightly focused in attractive producing regions, especially the Permian Basin, giving it access to steady and growing volumes. The integrated offering across crude oil, natural gas, and produced water positions it as a convenient one‑stop provider for producers, which can deepen customer relationships and reduce churn. Long-term, fee-based contracts and strong ties to its parent, Delek US, provide a stable base of throughput and earnings. At the same time, the business is concentrated in a single key region and faces large, well-funded competitors, so continued execution and contract renewal will be important to maintain its position.

Innovation and R&D

Innovation and R&D Innovation at Delek Logistics is more strategic and operational than purely technological. The partnership has focused on assembling an integrated network of crude, gas, and water assets, highlighted by the acquisitions of H2O Midstream and Gravity Water, to create a full-service midstream platform. This integrated water management capability—covering gathering, recycling, and disposal—addresses a critical challenge in the Permian and differentiates DKL from more narrowly focused peers. It benefits from Delek US’s innovation arm to adopt efficiency tools, process improvements, and environmental technologies, rather than developing proprietary hardware or software itself. Early moves into areas like expanded gas processing capacity and participation in carbon capture and broader ESG initiatives suggest a willingness to adapt to shifting regulatory and stakeholder expectations while extracting more value from existing infrastructure.

Summary

Delek Logistics Partners has evolved into a larger, more diversified midstream operator with a strong foothold in the Permian Basin and a growing emphasis on integrated crude, gas, and water services. Its income statement shows resilient, fee-based operating performance and rising cash generation at the operating level, but net income has not expanded as quickly, reflecting the costs of a debt-funded growth strategy. The balance sheet is clearly leveraged, with very high debt levels and only a thin layer of equity, which increases financial risk and sensitivity to credit conditions. Cash flows are steady and generally supportive of both capital needs and distributions, yet they leave limited room for major missteps. Competitively, DKL benefits from strategic asset placement, long-term contracts, and a close relationship with its parent, while its water midstream platform and integrated service model add differentiation. Overall, the partnership’s story is one of scale-driven growth and operational integration, balanced by elevated leverage and a need for disciplined execution to sustain its advantages over time.

NEWS

November 7, 2025 · 6:30 AM UTC

Delek Logistics Reports Record Third Quarter 2025 Results

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October 28, 2025 · 4:30 PM UTC

Delek Logistics Partners, LP Increases Quarterly Cash Distribution to $1.120 per Common Limited Partner Unit

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October 17, 2025 · 4:30 PM UTC

Delek Logistics Partners, LP to Host Third Quarter 2025 Conference Call on November 7th

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