Delek Us Stock Earnings Reports

Delek US reported a challenging GAAP quarter (net loss of $201 million, $3.34/share) but positive operational momentum: adjusted EBITDA was ~$212 million and adjusted net income ~$5 million. Management completed the Big Spring turnaround on time, on budget and at full capacity, expecting improved reliability, optimized crude slates and higher yields going into the summer driving season. The Enterprise Optimization Plan (EOP) continues to drive material value; management raised the EOP target to at least $220 million annual run-rate and reported ~ $60 million of EOP contribution in Q1. Delek Logistics (DKL) reaffirmed 2026 EBITDA guidance of $520–$560 million and expects third‑party EBITDA to exceed 80% pro forma, supporting the company’s longer‑term deconsolidation/value‑unlock thesis. Cash flow from operations was strong at $461 million despite higher capex ($181 million standalone, largely Big Spring) and financing outflows; dividends of ~$16 million were paid. Management reiterated a balanced capital allocation approach (dividends, buybacks, deleveraging) and signaled readiness to return capital given perceived undervaluation. Key near‑term risks/opportunities center on macro disruptions (Iran/Strait of Hormuz impacts), elevated crude/product prices and the Renewable Fuel Standard/SRE (small refinery exemption) outcomes — management expects EPA relief and highlights the material financial impact of RIN/RVO costs if SREs are not granted. Q2 operational guidance: implied system throughput ~293–313 mbpd, with segment throughput ranges provided for each refinery; operating expense, G&A, D&A and interest expense ranges were disclosed.