Education
About Us
Working with TipRanks
Follow Us
Delek US Holdings (DK)
NYSE:DK
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.69Last Year’s EPS
-2.32Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a materially positive operational and financial progress story: EOP targets were more than doubled, meaningful RIN monetization and IIA paydown materially improved liquidity and will reduce annual interest costs, DKL delivered a record year and provided solid 2026 guidance with >80% third-party EBITDA expected, and management executed buybacks and dividends. Lowlights included a seasonal decline in refining EBITDA (-$91M), an asphalt loss, ongoing supply-line volatility, near-term throughput impact from a planned turnaround, and regulatory uncertainty around RIN/SRE recognition. On balance, the highlights — particularly the doubled EOP target, RIN monetization/IIA reduction, and strong DKL performance/guidance — significantly outweigh the lowlights.Company Guidance
Enterprise Optimization Plan (EOP) Upsized
EOP target raised to at least $200 million annual run rate (previously $80–$120 million), representing a +150% increase versus the prior low-end ($80M) and +66.7% versus the prior high-end ($120M). EOP contributed approximately $50 million to Q4 P&L and management expects continued run-rate improvements and additional upside over time.
Strong Q4 Cash Flow and Operational Cash Generation
Cash flow provided by operations for Q4 was $503 million. When adjusting for working capital and SREs, cash flow from operations was $119 million — an improvement of $211 million versus the prior-year fourth quarter.
Monetization of RINs and IIA Restructuring
Management monetized a large portion of 2023–2024 RINs, raising about $360 million in Q4 and used available cash to pay down roughly $380 million of the inventory intermediation agreement (IIA) and related inventory financing. This restructuring is expected to reduce annual interest expense by at least $40 million, improving free cash flow.
Reported Adjusted Results (Q4 and FY2025)
Q4 adjusted net income was $143 million ($2.31 per share) and adjusted EBITDA for the quarter was approximately $375 million (including SREs). Excluding SREs, Q4 adjusted EBITDA was ~$226 million and adjusted EPS was $0.44. For the full year 2025, excluding SREs adjusted EBITDA was approximately $763 million.
Delek Logistics (DKL) Record Year and 2026 Guidance
DKL reported a record 2025 adjusted EBITDA of approximately $536 million and issued 2026 EBITDA guidance of $520 million to $560 million. Management expects DKL pro forma third-party EBITDA to exceed 80% in 2026, supporting the company’s sum-of-the-parts strategy.
Shareholder Returns and Capital Allocation Discipline
During the quarter Delek paid ~$15 million in dividends and repurchased ~$20 million of shares. Management emphasized a balanced capital allocation approach (dividend, buyback, balance sheet), noting total shareholder return was ~4% higher than the average of refining peers.
Investing and Growth Spend Focused on Midstream
Q4 investing activities totaled $117 million, including ~$26 million for growth projects primarily at DKL. Capital spending in Q4: $82 million at Delek stand-alone and $31 million at DKL, highlighting continued midstream investment.
Operational Reliability and Preparedness
Management reported strong operational performance across the four refineries in Q4. Only one planned turnaround for 2026 (Big Spring), with the turnaround described as on schedule and expected to improve reliability, cost structure and margin capture post-completion.
DK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 27, 2026 | $36.38 | $38.11 | +4.76% |
Oct 29, 2025 | $37.18 | $37.97 | +2.14% |
Aug 06, 2025 | $20.68 | $19.67 | -4.89% |
May 07, 2025 | $13.54 | $13.55 | +0.07% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Delek US Holdings (DK) report earnings?
Delek US Holdings (DK) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Delek US Holdings (DK) earnings time?
Delek US Holdings (DK) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DK EPS forecast?
DK EPS forecast for the fiscal quarter 2026 (Q1) is -0.69.