Delek US Swings to Q4 Profit, Boosts Cash Returns

Delek US Holdings ( (DK) ) has issued an update.

Delek US Holdings reported a sharp turnaround in its fourth quarter 2025 results, released on February 27, 2026, posting net income of $78.3 million, adjusted net income of $143.0 million and adjusted EBITDA of $374.8 million, compared with steep losses a year earlier. The improvement was driven largely by stronger refining margins, higher crack spreads, and substantial cost relief from small refinery exemptions under renewable fuel standards.

The company advanced its Enterprise Optimization Plan, lifting annual run-rate cash flow improvements to about $200 million and recognizing roughly $50 million of those gains in the quarter, while also restructuring an Inventory Intermediation Agreement expected to boost free cash flow. Delek Logistics delivered record quarterly performance, helped by recent midstream acquisitions, and Delek US continued capital returns through about $20 million in share repurchases, $15.3 million in dividends for the quarter, and a new $0.255 per-share dividend declared on February 18, 2026, supported by a solid year-end liquidity position and relatively modest net debt excluding its logistics arm.

The most recent analyst rating on (DK) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on Delek US Holdings stock, see the DK Stock Forecast page.

Spark’s Take on DK Stock

According to Spark, TipRanks’ AI Analyst, DK is a Neutral.

The score is held down primarily by weak underlying financial performance (losses, high leverage, and negative operating/free cash flow) and bearish technical signals (below key moving averages with negative MACD). Valuation is mixed due to a negative P/E despite a moderate dividend yield. The latest earnings call provides a meaningful offset with improved guidance and expected SRE proceeds, but includes execution and cost-risk caveats.

To see Spark’s full report on DK stock, click here.

More about Delek US Holdings

Delek US Holdings, Inc. is a diversified downstream energy company operating in petroleum refining, logistics, pipelines and renewable fuels, with refineries in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana, providing a combined crude throughput capacity of 302,000 barrels per day. Its logistics operations include a majority stake in Delek Logistics Partners, LP, a growth-oriented master limited partnership focused on midstream energy infrastructure assets in key U.S. production basins.

Average Trading Volume: 1,375,483

Technical Sentiment Signal: Buy

Current Market Cap: $2.04B

For an in-depth examination of DK stock, go to TipRanks’ Overview page.