Downstream oil company Delek US Holdings (DK +3.70%) put quite a cap on its trading week with an almost 5% gain in its share price on Friday. Much of this had to do with the company's latest earnings release, disseminated that morning; it featured rather positive developments, such as a flip into the black on the bottom line. An unexpected developmentIn its fourth quarter of 2025, Delek's revenue was just under $2.43 billion; this topped the year-ago result by 2%. More impressively, the company posted a sur ...

Core Viewpoint - Delek US Holdings, Inc. has demonstrated a significant turnaround in financial performance, reporting a strong earnings per share (EPS) and implementing strategic initiatives to optimize operations and improve cash flow [2][3][6] Financial Performance - The company reported an EPS of $1.26 for the quarter, surpassing the anticipated loss of $0.19 per share and improving from a loss of $2.54 per share in the same quarter last year [2][6] - Revenue for the quarter was approximately $2.43 billion, slightly below the expected $2.55 billion [2][6] - The Enterprise Optimization Plan has enhanced the company's cash flow profile and reduced costs related to Inventory Intermediation Agreements [3] Valuation Metrics - Delek US has a price-to-sales ratio of 0.21 and an enterprise value to sales ratio of 0.16, indicating a relatively low valuation compared to its sales [4] - The enterprise value to operating cash flow ratio stands at 3.26, reflecting a reasonable valuation based on cash flow [4][6] Dividend and Stock Performance - The company declared a quarterly dividend of 25.5 cents per share, and its stock price increased by 8.5%, closing at $36.38 [5] - Despite positive developments, an analyst maintained a Neutral rating on the stock, adjusting the price target from $42 to $38 [5] Debt and Liquidity - Delek US has a low debt-to-equity ratio of 0.15, indicating a low level of debt [5] - The current ratio of 0.82 suggests potential challenges in meeting short-term liabilities [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 18 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38142 DELEK US HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | | 35-2581557 | | --- | --- | --- | ...

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, indicating strong fourth-quarter results [4][12] - For the full year 2025, adjusted EBITDA was approximately $763 million, excluding SREs [12] - Net income for Q4 was $78 million or $1.26 per share, with adjusted net income of $143 million or $2.31 per share [12] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million [13] - The logistics segment delivered approximately $142 million in adjusted EBITDA, continuing strong performance [13] Market Data and Key Metrics Changes - DKL had a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [5] - DKL is expected to achieve over 80% third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [7] Company Strategy and Development Direction - The company is focused on improving free cash flow and has raised its Enterprise Optimization Plan target to at least $200 million annually [5][9] - The strategy includes enhancing operational reliability and flexibility at refineries, particularly at Big Spring, which is undergoing a planned turnaround [8][45] - The company aims to ensure that the value of its midstream business is fully reflected in share prices through various strategic initiatives [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the Enterprise Optimization Plan and its impact on cash flow generation [52] - The company remains committed to a balanced capital allocation strategy, including dividends and share buybacks, while maintaining a strong balance sheet [11][53] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [15] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [11] Q&A Session Summary Question: Cash inflow on remaining SREs and future RINs value - Management discussed the monetization of RINs and the importance of SREs for maintaining local jobs and affordable fuel [20][22] - They confirmed that they expect to monetize remaining RINs in the first half of 2026 [31] Question: Consolidation of DKL and Big Spring turnaround initiatives - Management highlighted ongoing efforts to ensure the value of the midstream business is reflected in share prices and discussed specific initiatives for improving performance at Big Spring [40][45] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the Enterprise Optimization Plan and ongoing operational improvements [51][52] Question: Supply line performance and future expectations - Management noted that the supply and marketing segment has shown strength due to EOP initiatives and market conditions, but some volatility is expected [60][62]

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, highlighting strong performance and stability in strategy [4][12] - For the full year 2025, adjusted EBITDA was approximately $763 million, excluding SREs [12] - Net income for Q4 was $78 million or $1.26 per share, with adjusted net income at $143 million or $2.31 per share [12] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million [13] - The logistics segment delivered approximately $142 million in adjusted EBITDA, indicating strong performance [13] Market Data and Key Metrics Changes - DKL had a record year with approximately $536 million in adjusted EBITDA, and 2026 EBITDA guidance is expected to be in the range of $520 million to $560 million [5] - DKL is nearing completion on its comprehensive sour gas solution, which will enhance its market access and growth opportunities in the Delaware Basin [6][7] Company Strategy and Development Direction - The company is focused on improving free cash flow and has raised its Enterprise Optimization Plan target to at least $200 million on an annual run rate basis [5][9] - The strategy includes maintaining a strong balance sheet, returning value to shareholders through dividends and share buybacks, and ensuring safe and reliable operations [11][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of the Enterprise Optimization Plan, which is becoming part of the company culture [52] - The company anticipates continued improvements in cash flow generation and operational performance, particularly post-turnaround at the Big Spring refinery [8][45] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [15] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [11] Q&A Session Summary Question: Cash inflow on remaining SREs and future RINs value - Management discussed the importance of SREs and the expectation of continued support from the EPA regarding future RINs [20][22] Question: Consolidation of DKL and ownership goals - Management highlighted ongoing efforts to ensure the value of the midstream business is reflected in share prices and discussed potential strategies for further consolidation [40][42] Question: Drivers of raised cash flow guidance - Management attributed the raised guidance to the success of the Enterprise Optimization Plan and ongoing operational improvements [51][52] Question: Supply line performance and future expectations - Management noted that the supply and marketing segment has shown strength due to EOP initiatives and market optimization efforts [58][60]

Delek US Holdings, Inc. (NYSE: DK) operates in the integrated downstream energy sector in the United States. The company is involved in refining, logistics, and retail, with a diverse portfolio that includes refineries, biodiesel facilities, and convenience stores. Delek competes with other energy companies in the market, striving to maintain a strong position through strategic operations and partnerships.The consensus price target for Delek has experienced fluctuations over the past year. A year ago, the t ...

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, excluding SREs, indicating strong performance and momentum [3][11] - The net income for the fourth quarter was $78 million or $1.26 per share, with adjusted net income at $143 million or $2.31 per share [11] - For the full year 2025, adjusted EBITDA, excluding SREs, was approximately $763 million [11] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million, with wholesale marketing generating about $35 million [12] - The logistics segment delivered approximately $142 million in adjusted EBITDA, maintaining strong performance [12] Market Data and Key Metrics Changes - DKL achieved a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [4] - DKL is expected to have over 80% of its third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [5] Company Strategy and Development Direction - The company is focused on enhancing its Enterprise Optimization Plan (EOP), raising its target to at least $200 million in annual run rate cash flow improvement [4][8] - The strategy includes a proactive approach to monetizing RINs and maintaining a strong balance sheet while being shareholder-friendly through dividends and share buybacks [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the EOP and its impact on cash flow generation, emphasizing a culture of continuous improvement [3][54] - The management highlighted the importance of SREs in supporting local communities and maintaining high-paying jobs, indicating a commitment to energy dominance policies [22][23] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [13] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [10][14] Q&A Session Summary Question: Inquiry about cash inflow from SREs and future risks - Management discussed the cash inflow from monetizing RINs and the importance of SREs for the industry, emphasizing their critical role in energy policy [20][22] Question: Consolidation of DKL and performance improvement initiatives - Management outlined the ongoing efforts to enhance the value of DKL and the focus on improving reliability and performance at the Big Spring refinery during its turnaround [42][47] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the EOP and indicated a balanced approach to capital allocation, including dividends and buybacks [55]

NYSE: DK Exhibit 99.2 NYSE: DKL Fourth Quarter 2025 Earnings Conference Call February 27, 2026 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; and collectively with Delek US, "we" or "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively. These slides and any accompanying oral or written presentations contain forward-looking statements within the meaning of federal ...

Exhibit 99.1 Delek US Holdings Reports Fourth Quarter 2025 Results BRENTWOOD, Tenn.-- February 27, 2026 -- Delek US Holdings, Inc. (NYSE: DK) ("Delek US", "Company") today announced financial results for its fourth quarter ended December 31, 2025. "2025 has been a transformational year for DK in improving its cash flow profile through successful implementation of the Enterprise Optimization Plan, reducing the costs of Inventory Intermediation Agreements, and progressing its economic separation with Delek Lo ...

Core Insights - Delek US Holdings, Inc. reported a significant turnaround in financial performance for the fourth quarter of 2025, achieving a net income of $78.3 million compared to a loss of $413.8 million in the same quarter of 2024 [3][35] - The company emphasized its focus on operational excellence, cost optimization, and disciplined capital allocation to enhance free cash flow generation [2][4] Financial Performance - For the fourth quarter of 2025, total revenues were $2,429.4 million, an increase from $2,373.7 million in the fourth quarter of 2024 [3][22] - Adjusted EBITDA for the fourth quarter was $374.8 million, a significant improvement from a loss of $15.2 million in the prior year [3][4] - The refining segment's Adjusted EBITDA rose to $314.1 million from a loss of $68.7 million year-over-year, driven by increased refining margins and crack spreads, which were up 66.0% [4][22] Segment Performance - The logistics segment reported Adjusted EBITDA of $141.9 million for the fourth quarter of 2025, compared to $114.3 million in the same quarter of 2024, attributed to acquisitions and increased wholesale margins [5][22] - The company benefited from regulatory relief under renewable fuel standards, resulting in a reduction of costs by $75.3 million in the fourth quarter [5][32] Shareholder Returns - The Board of Directors approved a quarterly dividend of $0.255 per share, to be paid on March 9, 2026 [6] Liquidity and Debt - As of December 31, 2025, Delek US had a cash balance of $625.8 million and total long-term debt of $3,233.1 million, resulting in a net debt of $2,607.3 million [7][19] - Excluding Delek Logistics, the company had $614.9 million in cash and $888.7 million in long-term debt, leading to a net debt position of $273.8 million [7] Strategic Initiatives - The company is progressing with its Enterprise Optimization Plan, which aims to improve cash flow and reduce costs associated with inventory intermediation agreements [2][29] - Delek US is focused on enhancing its position in the Permian Basin through investments in gas processing facilities and sour gas handling capabilities [2][4]