Delek US Holdings vykázala ve 2. čtvrtletí provozní peněžní tok 262,9 mil. USD i přes nepříznivý vliv pracovního kapitálu 137,9 mil. USD. Firma čeká zlepšení volného peněžního toku nejméně o 220 mil. USD ročně.
Key Takeaways Delek generated $262.9M in Q2 operating cash flow despite a $137.9M working-capital drag.DK targets at least $220M in annual free-cash-flow improvement from its Enterprise Optimization Plan.Delek ended June with $3.19B of long-term debt as renewable-fuel relief remains uncertain. Delek US Holdings, Inc. (DK - Free Report) is showing better cash generation as refining margins improve and its optimization program gains traction. Second-quarter results also benefited from higher throughput and improved reliability at Big Spring.
The investment case is not one-sided. DK still carries meaningful consolidated leverage, remains exposed to crack-spread volatility and faces uncertainty around renewable-fuel obligations. That mix makes valuation, execution and risk tolerance central to the buy-or-wait decision.
DK’s Cash Flow Story Is Getting StrongerCash provided by operating activities reached $262.9 million in the second quarter, even after $137.9 million of unfavorable working-capital changes. That performance suggests the underlying business converted a favorable operating environment into meaningful cash despite a sizable working-capital drag.
The Enterprise Optimization Plan gives investors another measurable cash-flow target. Management expects the program to deliver at least $220 million of annual free-cash-flow improvement, with most of the gains tied to margin enhancement across refining, logistics and wholesale operations.
Delek’s Valuation Still Looks Competitive
Image Source: Zacks Investment Research
DK trades at a forward price-to-earnings ratio of about 7.1 and a forward 12-month price-to-sales ratio of 0.36. The latter sits well below 1.61 for the Zacks sub-industry and 1.41 for the broader Zacks energy sector.
Those discounts strengthen the value argument, but they should not be read in isolation. Refiners can look inexpensive near periods of high profitability because earnings can fall quickly when crack spreads or crude differentials move against them.
DK’s Catalysts Depend on ExecutionBig Spring has performed better since its first-quarter turnaround, with management citing improved reliability, crude-slate flexibility, product yields, octane and blending capability. Delek also has no planned refinery turnarounds for the rest of 2026, which supports higher system availability.
Delek Logistics is another execution lever. The segment delivered record adjusted EBITDA of $143.5 million in the second quarter, and management reaffirmed 2026 EBITDA guidance of $520-$560 million as its integrated sour-gas solution moves closer to completion.
Delek Still Faces Refining and Regulatory RisksRefining remains the biggest source of variability. DK’s benchmark crack spreads rose 136% year over year in the second quarter as refining adjusted EBITDA climbed to $566.2 million from $114.8 million, underscoring how quickly earnings can change with market conditions.
Image Source: Delek US Holdings, Inc.
That industry sensitivity is visible elsewhere. Valero Energy Corporation (VLO - Free Report) reported second-quarter 2026 refining operating income of $4.5 billion amid stronger refining economics. Marathon Petroleum Corporation (MPC - Free Report) reported $6.7 billion of Refining & Marketing adjusted EBITDA and said higher crack spreads were the primary driver.
Balance-sheet and regulatory risks add another layer. Delek ended June with $3.19 billion of consolidated long-term debt and $2.56 billion of consolidated net debt. Second-quarter adjusted EBITDA also included a $148.6 million benefit from a 50% Renewable Volume Obligation adjustment, while the timing and outcome of additional small-refinery relief remain uncertain.
DK’s Strong Buy Signal Supports the Bull CaseDK’s improving cash generation, low valuation and better refinery reliability support a constructive investment case, but the stock remains best suited to investors comfortable with refining-cycle swings and regulatory uncertainty.
The stock currently sports a Zacks Rank #1 (Strong Buy), along with a Value Score of A, Growth Score of A and VGM Score of A. Those readings align with favorable value and growth characteristics and are strongest when paired with a top Zacks Rank.
The Momentum Score of C is less supportive, signaling that the stock’s momentum profile is not as favorable as its value and growth profiles. Even so, the combination of a top Zacks Rank and A-rated Value, Growth and VGM Scores keeps the bull case intact without eliminating the need for discipline around cycle risk. You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US těžil ze 196,9% meziročního růstu rafinační marže ve 2. čtvrtletí a logistika dosáhla nejlepšího kvartálu v historii s upraveným EBITDA kolem 144 mil. USD.
Key Takeaways Delek US benefited from a 196.9% year-over-year jump in second-quarter refining margin.Delek US has no planned refinery turnarounds for the rest of 2026, supporting market capture.Delek Logistics delivered its best quarterly result in company history, with adjusted EBITDA near $144M. Delek US Holdings, Inc. (DK - Free Report) is a diversified downstream energy company with operations across petroleum refining, logistics, pipelines and renewable fuels. Its refining portfolio includes facilities in Texas, Arkansas and Louisiana, with combined nameplate crude throughput capacity of 302,000 barrels per day. The company also owns a controlling interest in Delek Logistics Partners, LP (DKL - Free Report) , giving investors exposure to both refining and midstream operations.
Delek US’ shares have surged 189.2% over the past year, significantly outperforming the 87.7% gain for the Oil and Gas-Refining and Marketing sub-industry and the 38.1% advance for the broader Oil-Energy sector. This strong outperformance highlights the company's robust share price momentum relative to its industry and broader sector.
DK Stock Outpaces Its Sub-Industry and Sector
Image Source: Zacks Investment Research
The consensus estimates for DK’s 2026 and 2027 earnings have risen 92.02% and 95.29%, respectively, over the past 60 days. These upward revisions reflect increasing analyst confidence in the company’s earnings growth potential.
Image Source: Zacks Investment Research
DK stock has become a standout performer in the energy space as stronger refining conditions, improved operating execution and strategic initiatives have translated into significant earnings growth. With the company entering the second half of 2026 with its full refining system online, investors are increasingly focusing on the potential for further cash-flow improvement and value creation.
Why Delek US Stock Looks AttractiveStrong Improvement in Profitability: Delek US delivered a sharp improvement in second-quarter profitability, with adjusted net income of $343.9 million, or $5.48 per share, versus an adjusted loss in the prior-year period. Adjusted EBITDA reached $638.7 million, showing the stronger earnings power generated by improved operating conditions.
Stronger Refining Margins: DK benefited from a much stronger refining margin environment. Second-quarter refining margin increased $469.2 million, or 196.9%, year over year, while benchmark crack spreads rose materially across the system. This improvement provided a substantial lift to refining profitability and supported stronger overall financial performance.
High Distillate Yield and Advantaged Crude: DK has an attractive refining configuration because of its high distillate yield and access to advantaged crude. Management said these capabilities are important for maintaining operational flexibility and capturing market opportunities, while the presentation highlighted peer-leading distillate yield and advantaged barrels as drivers of superior market capture.
Improved Big Spring Performance: DK can benefit from the improved performance of the Big Spring refinery after completing its turnaround safely, on schedule and on budget. Management reported better reliability, greater crude slate flexibility, improved product yields and higher octane and blending capabilities, supporting stronger throughput and market capture from the asset.
Limited Refinery Maintenance: DK enters the second half of 2026 with no planned refinery turnarounds for the remainder of the year. Management said the full refining system is therefore well positioned to capture strength in the market. The presentation also noted limited maintenance activity, giving the company more operating availability during the current margin environment.
Enterprise Optimization Plan Benefits: DK has a meaningful opportunity to improve free cash flow through its Enterprise Optimization Plan. The company targets at least $220 million of annualized cash flow improvement, while management estimated about $60 million of contribution to the income statement during the second quarter and said additional enhancements are being developed.
Record Logistics Performance: Delek US is supported by a strong logistics contribution, with the Logistics segment delivering its best quarterly result in company history. Adjusted EBITDA was approximately $143.5 million, or about $144 million on the earnings call, as momentum continued across crude, gas and water offerings in the Permian Basin.
Growing Logistics Value: Delek US could benefit from the continued strengthening and economic separation of its logistics business. Delek Logistics reaffirmed 2026 adjusted EBITDA guidance of $520 million to $560 million, while management expects third-party EBITDA to exceed 80% on a pro forma basis, supporting the Sum of the Parts strategy and progress toward deconsolidation.
Healthy Throughput Outlook: Delek US has a visible near-term throughput framework for its refining system. Management expects third-quarter total throughput of 296,000-316,000 barrels per day, with guidance provided for each of its four refineries. This outlook, combined with limited maintenance, supports the company's ability to operate its full system during the current market environment.
Improving Financial Flexibility: Delek US is strengthening its financial position through debt management. During the second quarter, the company refinanced the term loan and reduced it from $920 million to $850 million. On a stand-alone basis excluding Delek Logistics, Delek US net debt declined by $72 million, reflecting the term-loan paydown and supporting greater financial flexibility.
Verdict for DK Stock DK delivered a significant improvement in profitability, supported by stronger refining margins, a high distillate yield, access to advantaged crude and improved performance at its Big Spring refinery. With no planned refinery turnarounds for the remainder of 2026, healthy throughput expectations and limited maintenance should allow the company to capitalize on favorable market conditions, while its Enterprise Optimization Plan targets at least $220 million in annualized cash flow improvements.
Delek US’ Logistics segment, which includes the majority-owned Delek Logistics, also delivered record results, with growing third-party EBITDA and continued momentum supporting its Sum of the Parts strategy, while debt reduction is improving financial flexibility. This Zacks Rank #1 (Strong Buy) stock represents an attractive choice for investors seeking exposure to the oil and gas sector, given its strong competitive positioning, expanding international business and improving earnings outlook.
Key PicksInvestors interested in the energy sector might consider some better-ranked stocks, such as Par Pacific (PARR - Free Report) sporting a Zacks Rank #1 (Strong Buy), and Oceaneering International (OII - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Par Pacific is valued at $4.03 billion. It is a diversified energy company that owns and operates petroleum refineries, logistics assets and retail fuel businesses across the United States. Par Pacific focuses on refining, transporting and marketing fuel products while serving regional markets with reliable energy solutions.
Oceaneering International is valued at $5.29 billion. It is a global technology and engineering company. Oceaneering International provides subsea robotics, offshore services, engineered products and advanced solutions to the energy, defense, aerospace and other industries.
Delek US ve 2. čtvrtletí vykázal upravený zisk 5,48 USD na akcii, výrazně nad odhadem 2,21 USD, díky silným rafinérským maržím. Čisté tržby vzrostly meziročně o 47,8 % na 4,1 miliardy USD.
Delek US Holdings, Inc. (DK - Free Report) reported second-quarter 2026 adjusted earnings of $5.48 per share, surpassing the Zacks Consensus Estimate of $2.21 by 148%. The bottom line also improved from the year-ago adjusted loss of 56 cents, supported by stronger year-over-year performance across both segments.
Brentwood, TN-based oil and gas refining and marketing company’s net revenues increased 47.8% year over year to $4.1 billion, beating the Zacks Consensus Estimate of $3 billion by 34.8%. This was due to better-than-expected performance from the refining and logistics segments, which exceeded our consensus marks by 37.24% and 29.57%, respectively.
Delek US Holdings, Inc. Price, Consensus and EPS Surprise
Delek US Holdings, Inc. price-consensus-eps-surprise-chart | Delek US Holdings, Inc. Quote
The strong quarterly performance was primarily supported by higher refining margins amid increased crack spreads. Total refining throughput averaged 315,555 barrels per day. Adjusted EBITDA increased to $638.7 million from $177.9 million a year earlier. Moreover, the reported figure beat our estimate of $72 million.
DK’s Refining Performance ImprovesRefining segment net revenues, excluding intercompany fees and revenues, increased to $3.9 billion from $2.6 billion in the prior-year quarter. The segment reported adjusted EBITDA of $566.2 million compared with $114.8 million a year ago. Moreover, the reported figure beat our estimate of $287.8 million.
The significant year-over-year improvement was driven by stronger refining margins, supported by higher crack spreads. Delek US’ benchmark crack spreads increased an average of 136% from the prior-year level. Total refining production margin rose to $569.6 million from $231.1 million.
Delek US’ Refining Metrics Remain StrongProduction margin per throughput barrel increased to $19.84 from $8.03 a year earlier. Adjusted refining margin totaled $569.1 million compared with $256.8 million in the year-ago quarter. Crude utilization was 100.2% compared with 100.9% a year ago.
Management highlighted improved performance at the Big Spring refinery following the first-quarter turnaround. The company also has no planned refinery turnarounds for the remainder of 2026, positioning its refining system to capture the current margin environment.
DK’s Logistics Unit Posts Record ResultsThis unit represents Delek US’ majority interest in Delek Logistics Partners (DKL - Free Report) , a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets.
The logistics segment generated net revenues, excluding intercompany fees and revenues, of $179.9 million compared with $132.3 million in the prior-year period. Adjusted EBITDA increased 12.6% year over year to a record $143.5 million. However, the reported figure missed our estimate of $149.4 million.
This improvement reflected higher margins in the wholesale business and increased interest income related to sales-type leases. Delaware Gathering natural gas gathering and processing volumes rose to 80,715 Mcf per day from 60,940 Mcf, while crude gathering volumes increased to 157,156 barrels per day from 137,167 barrels.
Delek US’ Costs Increase in Q2Total operating costs and expenses increased 35.3% year over year to $3.8 billion. Operating expenses, excluding depreciation and amortization, were $220.1 million compared with $209.8 million a year earlier.
General and administrative expenses declined to $56.7 million from $76.6 million. Delek US recorded restructuring costs of $10.9 million during the quarter.
DK’s Cash Flow and Financial PositionCash provided by operating activities was $262.9 million in the second quarter compared with $51.4 million a year ago. The quarter included $137.9 million of unfavorable working-capital changes. Investing activities used $176.2 million, while financing activities resulted in an $82.2 million outflow.
As of June 30, 2026, the company had cash and cash equivalents of $628.6 million and consolidated long-term debt of $3.2 billion, with a debt-to-total capital of about 88.3%. Excluding Delek Logistics, Delek US had $614.9 million in cash and $817 million of long-term debt. During the quarter, DK repurchased $20 million of common stock and paid $15.6 million in dividends.
Delek US Provides Q3 GuidanceFor the third quarter of 2026, Delek US expects throughput of 72,000-77,000 barrels per day at Tyler, 78,000-83,000 barrels at El Dorado, 68,000-73,000 barrels at Big Spring and 78,000-83,000 barrels at Krotz Springs. The implied system throughput target is 296,000-316,000 barrels per day.
On the cost side, this Zacks Rank #2 (Buy) company expects operating expenses of $220-$230 million, general and administrative expenses of $50-$55 million, depreciation and amortization of $110-$120 million and net interest expense of $75-$85 million for the third quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DK’s Optimization Plan Supports Cash GenerationDelek US’ Enterprise Optimization Plan continues to focus on improving free cash flow. The company expects the program to generate at least $220 million of annual free cash flow improvement, with the majority coming from margin enhancement across refining, logistics and wholesale operations.
Management estimated that the program contributed approximately $60 million to second-quarter results. Delek Logistics also reaffirmed the 2026 adjusted EBITDA guidance of $520-$560 million as it continues advancing the midstream growth and economic separation initiatives.
Important Earnings at a GlanceWhile we have discussed DK’s second-quarter results in detail, let us take a look at two other key reports in this space.
Houston, TX-based oil and gas equipment and services provider Halliburton (HAL - Free Report) posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level.
As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%.
Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation (RRC - Free Report) reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization.
The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter.
Delek US ve 2. čtvrtletí vykázal čistý zisk 170 mil. USD, tedy 2,71 USD na akcii; upravený zisk činil 344 mil. USD a upravené EBITDA 639 mil. USD. Delek Logistics Partners dosáhla rekordního upraveného EBITDA 144 mil. USD.
Can DICK'S Turn Foot Locker Into a Winner?Delek US NYSE: DK reported second-quarter 2026 net income of approximately $170 million, or $2.71 per share, as stronger refining margins, improved throughput and record logistics results supported performance.
On an adjusted basis, the company posted net income of about $344 million, or $5.48 per share, and adjusted EBITDA of approximately $639 million. Excluding a 50% renewable volume obligation, or RVO, adjustment, adjusted EBITDA was about $490 million and adjusted earnings were $3.64 per share, according to Executive Vice President and CFO Robert Wright.
Get Delek US alerts:
3 Refiners Benefiting From Oil Volatility and Tight Fuel SupplyPresident and CEO Avigal Soreq said the company navigated volatility in crude and product markets during the quarter while continuing to focus on reliability, cash-flow generation and disciplined capital allocation.
Refining performance and market outlook Wright said quarter-over-quarter EBITDA improvement was led by stronger refining margins and higher throughput following the completion of the Big Spring refinery turnaround. Soreq said Big Spring has performed in line with expectations since the turnaround, with improved reliability, greater crude-slate flexibility, better product yields and increased octane and blending capability.
Dick’s Sporting Goods Isn’t Done Winning YetDelek has no planned refinery turnarounds for the remainder of 2026, Soreq said, positioning its system to participate in favorable market conditions.
Management pointed to steep backwardation, shifting crude differentials and tight transportation-fuel markets as important factors in the refining environment. Soreq said the company believes access to crude supplies, high distillate yields and the ability to respond quickly to market changes are important advantages.
During the question-and-answer session, Soreq said global refined-product markets remain affected by capacity outages and that normalization could take several quarters after current market disruptions end. He also cited Delek’s access to Gulf Coast and Midcontinent markets, domestic crude availability and high distillate and jet fuel yields as favorable characteristics.
On refining margin capture, Soreq said a decline in market backwardation should benefit realized crack spreads. He described the current forward curve as relatively flat compared with the significantly steeper backwardation seen during the second quarter.
For the third quarter, Delek guided to total refining-system throughput of 296,000 to 316,000 barrels per day. By refinery, the company expects:
Tyler throughput of 72,000 to 77,000 barrels per day; El Dorado throughput of 78,000 to 83,000 barrels per day; Big Spring throughput of 68,000 to 73,000 barrels per day; and Krotz Springs throughput of 78,000 to 83,000 barrels per day. The company also forecast third-quarter operating expenses of $220 million to $230 million, general and administrative expenses of $50 million to $55 million, and depreciation and amortization expense of $110 million to $120 million.
Optimization efforts and logistics growth Soreq said Delek’s Enterprise Optimization Plan, or EOP, contributed an estimated $60 million to second-quarter profit and loss. The program is intended to increase annual cash flow by at least $220 million on a run-rate basis.
Management said it is pursuing another phase of optimization initiatives, though it did not provide details. Soreq described EOP as an ongoing effort across the organization rather than a one-time project. Mohit Bhardwaj, Delek’s executive vice president of New Energy, Strategy and Investor Relations, said the company’s confidence in its mid-cycle free-cash-flow profile has increased.
Delek Logistics Partners delivered approximately $144 million in adjusted EBITDA, its best quarterly result in company history, Wright said. Performance was supported by momentum across its Permian Basin crude, natural gas and water businesses.
Delek Logistics reaffirmed its 2026 EBITDA guidance of $520 million to $560 million. Soreq said the partnership expects third-party EBITDA to exceed 80% on a pro forma basis during 2026, a metric that management views as central to its strategy to further separate the logistics business economically from Delek US.
Mark Hobbs, executive vice president of Delek Logistics Partners, said the Libby I and Libby II gas plants are operating well and that the company is nearing completion of a sour-gas gathering and compression system. The facilities and associated acid-gas injection well are intended to provide a sour-gas solution in the Northern Delaware Basin and support increased gas volumes through the remainder of the year.
Cash flow, debt reduction and shareholder returns Cash flow from operations totaled $263 million in the second quarter, including a $138 million net working-capital outflow. Investing activities used $176 million, including $61 million of capital purchases at Delek Logistics, primarily for growth projects, and $55 million of refining capital purchases.
Financing activities represented an $82 million outflow. Delek reduced its term loan from $920 million to $850 million through a refinancing and paydown, while standalone net debt, excluding Delek Logistics, declined by $72 million during the quarter, Wright said.
The company paid approximately $16 million in dividends and repurchased about $20 million of shares during the quarter. Soreq said Delek intends to maintain its dividend through the cycle and balance additional cash deployment between debt reduction and share repurchases.
Small refinery exemptions Management also discussed small refinery exemptions under the Renewable Fuel Standard. Soreq said elevated RVO costs have created a burden for qualifying small refineries and that the company expects the Environmental Protection Agency to continue providing relief for 2025 and beyond.
Bhardwaj said Delek’s recently granted Krotz Springs exemption reflected findings by the EPA and Department of Energy that the refinery faced disproportionate economic harm from Renewable Fuel Standard obligations. He said the company is encouraged by the strength of its 2025 petitions but did not provide timing or financial guidance for potential awards.
Management emphasized that any RIN-related proceeds would represent the return of costs previously incurred to remain in compliance, rather than new cash provided by another party. Delek said it would continue its existing capital-allocation approach and does not intend to hold excess cash solely for the purpose of maintaining a larger balance-sheet cash position.
About Delek US (NYSE:DK)Delek US Holdings, Inc NYSE: DK is an independent downstream energy company engaged in the refining, logistics, and marketing of petroleum products. Headquartered in Brentwood, Tennessee, the company operates a network of inland refineries, storage terminals and pipelines, and convenience store locations. Delek US focuses on converting crude oil into a variety of finished products, including gasoline, diesel, jet fuel, asphalt and renewable fuels, serving wholesale and retail customers across the United States.
In its refining segment, Delek US owns and operates four inland refineries located in Texas and Arkansas.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Should You Invest $1,000 in Delek US Right Now?Before you consider Delek US, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Delek US wasn't on the list.
While Delek US currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.
Delek US Holdings (DK - Free Report) reported $4.09 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 47.8%. EPS of $5.48 for the same period compares to -$0.56 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.03 billion, representing a surprise of +34.83%. The company delivered an EPS surprise of +147.96%, with the consensus EPS estimate being $2.21.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Delek US Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total throughput (average bpd) - Total Refining: 315,555.00 BBL/D compared to the 305,149.50 BBL/D average estimate based on four analysts.Total Throughput Capacity Per Day - Tyler, TX Refinery: 77,887.00 BBL/D compared to the 75,199.22 BBL/D average estimate based on four analysts.Tyler, TX Refinery - Per barrel of throughput - Tyler refining production margin: $23.3 million versus the four-analyst average estimate of $19.13 million.Total refining production margin per bbl total throughput: $19.84 versus $15.86 estimated by four analysts on average.Total Throughput Capacity Per Day - Big Spring, TX Refinery: 70,137.00 BBL/D versus 67,771.98 BBL/D estimated by four analysts on average.Total Throughput Capacity Per Day - Krotz Springs, LA Refinery: 83,025.00 BBL/D compared to the 81,088.97 BBL/D average estimate based on four analysts.El Dorado, AR Refinery - Per barrel of throughput - El Dorado refining production margin: $16.4 million versus $14.07 million estimated by four analysts on average.Big Spring, TX Refinery - Per barrel of throughput - Big Spring refining production margin: $20.47 million versus the four-analyst average estimate of $15.68 million.Total Throughput Capacity Per Day - El Dorado, AR Refinery: 84,506.00 BBL/D versus the four-analyst average estimate of 81,089.31 BBL/D.Total Revenues- Logistics: $384.7 million versus $296.9 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +56.1% change.Total Revenues- Corporate, Other and Eliminations: $-353.7 million compared to the $-240.47 million average estimate based on three analysts. The reported number represents a change of +78.1% year over year.Total Revenues- Refining: $4.06 billion versus $2.96 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +49.3% change.View all Key Company Metrics for Delek US Holdings here>>>
Shares of Delek US Holdings have returned +26.5% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
Published in earnings earnings-estimates-revisions earnings-surprise
Delek US (NYSE:DK – Get Free Report) is expected to post its Q2 2026 results before the market opens on Wednesday, August 5th. Analysts expect the company to post earnings of $2.67 per share and revenue of $3.4409 billion for the quarter. Interested persons are encouraged to explore the company’s upcoming Q2 2026 earning summary page for the latest details on the call scheduled for Wednesday, August 5, 2026 at 11:00 AM ET.
Delek US Stock Down 2.9% DK opened at $65.92 on Tuesday. The company has a debt-to-equity ratio of 10.51, a quick ratio of 0.49 and a current ratio of 0.76. The company has a market cap of $4.04 billion, a price-to-earnings ratio of -72.44, a PEG ratio of 1.79 and a beta of 0.58. Delek US has a one year low of $19.81 and a one year high of $68.93. The business’s fifty day moving average is $52.88 and its two-hundred day moving average is $43.97.
Delek US Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be paid a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, August 3rd. Delek US’s payout ratio is -112.09%.
Insider Buying and Selling at Delek US In other news, Director Laurie Z. Tolson sold 4,921 shares of Delek US stock in a transaction on Monday, May 18th. The stock was sold at an average price of $46.30, for a total value of $227,842.30. Following the completion of the sale, the director owned 18,226 shares of the company’s stock, valued at $843,863.80. The trade was a 21.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Reuven Spiegel sold 10,000 shares of Delek US stock in a transaction on Monday, May 18th. The shares were sold at an average price of $44.36, for a total value of $443,600.00. Following the completion of the sale, the executive vice president directly owned 48,372 shares of the company’s stock, valued at approximately $2,145,781.92. This represents a 17.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 39,270 shares of company stock valued at $1,828,718. 3.56% of the stock is owned by corporate insiders.
Institutional Trading of Delek US Hedge funds have recently added to or reduced their stakes in the business. Cibc World Market Inc. acquired a new stake in Delek US during the 4th quarter worth approximately $234,000. Northwestern Mutual Wealth Management Co. lifted its position in Delek US by 17,347.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 8,026 shares of the oil and gas company’s stock valued at $238,000 after buying an additional 7,980 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Delek US during the third quarter worth approximately $205,000. Mackenzie Financial Corp purchased a new stake in Delek US during the third quarter worth approximately $239,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Delek US in the third quarter worth $216,000. 97.01% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Delek US from $57.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Citigroup upped their price target on shares of Delek US from $33.00 to $44.00 and gave the company a “neutral” rating in a report on Monday, April 13th. UBS Group increased their price target on shares of Delek US from $42.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, April 10th. Mizuho raised their price objective on shares of Delek US from $54.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Zacks Research upgraded Delek US from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $51.92.
Check Out Our Latest Stock Report on DK
Delek US Company Profile (Get Free Report)
Delek US Holdings, Inc (NYSE: DK) is an independent downstream energy company engaged in the refining, logistics, and marketing of petroleum products. Headquartered in Brentwood, Tennessee, the company operates a network of inland refineries, storage terminals and pipelines, and convenience store locations. Delek US focuses on converting crude oil into a variety of finished products, including gasoline, diesel, jet fuel, asphalt and renewable fuels, serving wholesale and retail customers across the United States.
In its refining segment, Delek US owns and operates four inland refineries located in Texas and Arkansas.
Read More Five stocks we like better than Delek US SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Why Rare Earth Processing Could Be the Real 2027 Opportunity The S&P 493 Are Staging a Comeback—This Value ETF Offers Broad Exposure TSMC Insiders Are Buying the Pullback—But Is the Signal as Bullish as It Looks?
Receive News & Ratings for Delek US Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Delek US and related companies with MarketBeat.com's FREE daily email newsletter.
Delek US zvýšil cíl ročního zlepšení cash flow v rámci plánu Enterprise Optimization Plan na zhruba 220 milionů USD. Analytici zároveň zvýšili odhady zisku pro roky 2026 a 2027.
Key Takeaways Delek's premium valuation is supported by stronger operations, execution and rising earnings expectations.DK raised its Enterprise Optimization Plan cash-flow improvement target to about $220 million annually.DK boosted refinery and logistics performance as analysts increased 2026 and 2027 earnings estimates. Delek US Holdings (DK - Free Report) has outperformed many of its refining peers over the past year. The stock currently trades at a trailing 12-month price-to-earnings (P/E) ratio of 14.77X, noticeably above Marathon Petroleum's (MPC - Free Report) 9.94X and Valero Energy's (VLO - Free Report) 11.36X. At first glance, that premium valuation might make some investors hesitant, especially since refining is traditionally viewed as a cyclical business.
How the Market Values Each Company
Image Source: Zacks Investment Research
But valuation should never be looked at in isolation. The more important question is whether this Brentwood, TN-based oil and gas refining and marketing company has done enough to deserve trading at a higher multiple than Marathon Petroleum and Valero Energy. Based on the company's improving operations, rising earnings expectations and strategic initiatives, there is a strong case that the premium is supported by better fundamentals rather than market enthusiasm alone.
Investors Have Rewarded Delek's ExecutionThe market has clearly recognized Delek's improving business profile. Over the past 12 months, the stock has rallied 155.4%, comfortably outperforming Marathon Petroleum and Valero Energy's 78.7% and 111.6% return, respectively.
One-Year Stock Performance: DK vs. VLO and MPC
Image Source: Zacks Investment Research
Such a wide gap suggests investors are looking beyond the broader recovery in refining margins. Instead, they are rewarding Delek for executing well on initiatives that are improving profitability and strengthening its long-term earnings potential. While Marathon Petroleum and Valero Energy have benefited from favorable refining fundamentals, Delek has added several company-specific growth drivers that have strengthened investor confidence.
Enterprise Optimization Plan Is Delivering ResultsA major reason behind Delek's improving outlook is its Enterprise Optimization Plan (“EOP”). Rather than relying solely on stronger commodity markets, management has focused on making the business more efficient by reducing costs, improving asset utilization and streamlining operations across both its refining and logistics segments.
The strategy is already producing measurable results. Management recently increased its expected annual run-rate cash-flow improvement target to approximately $220 million, up from the previous goal of $200 million. Raising the target signals confidence that additional efficiencies remain achievable and that the program still has room to create value.
These operational improvements are particularly important because they can support earnings even if industry conditions become less favorable. That gives Delek an advantage that extends beyond normal refining cycles and helps distinguish it from peers such as Marathon Petroleum and Valero Energy.
Refinery Performance Is Heading in the Right DirectionOperational execution has quietly become one of Delek's biggest strengths.
The company successfully completed the Big Spring refinery turnaround safely, on schedule and within budget. With maintenance completed before the peak driving season, the refinery has returned to full operations, allowing Delek to benefit from stronger throughput and favorable refining economics.
Those improvements were reflected in first-quarter results. The refining segment generated adjusted EBITDA of $155.3 million, supported by stronger benchmark crack spreads and improved operating performance.
Although Marathon Petroleum and Valero Energy also continue to benefit from healthy refining markets, Delek's improved operational reliability provides another catalyst for earnings growth. With fewer planned maintenance disruptions, the company appears well positioned to maximize profitability if refining margins remain supportive.
Logistics Business Adds StabilityRefining may remain Delek's largest business, but this is no longer its only growth engine.
Its logistics business, operated through Delek Logistics Partners, continues to provide stable, fee-based cash flows that complement the more cyclical refining segment.
During the first quarter, the logistics segment generated adjusted EBITDA of $132.4 million, benefiting from stronger wholesale margins and higher third-party business. At the same time, Delek continues expanding its natural gas processing infrastructure in the Delaware Basin, creating additional opportunities for long-term earnings growth.
Like Marathon Petroleum and Valero Energy, Delek owns valuable midstream assets. However, the logistics platform is becoming an increasingly meaningful contributor to earnings, making the company's cash flows more diversified and improving its financial resilience over time.
Analysts Are Becoming More OptimisticAnother encouraging development is the improving sentiment among analysts covering the oil and gas sector.
Image Source: Zacks Investment Research
Over the past 60 days, the Zacks Consensus Estimate for 2026 earnings has increased 39.65%, while the estimate for 2027 has climbed 14.1%. Rising earnings estimates often indicate that analysts are becoming more confident in a company's ability to execute its strategy and deliver stronger financial performance.
Positive estimate revisions have historically been an important indicator of future stock performance. In Delek's case, the upward revisions suggest growing analyst confidence that its operational improvements and strategic initiatives will support stronger earnings.
Should Investors Buy DK Stock?Delek's premium valuation may initially appear expensive compared with MPC and VLO, but its improving fundamentals help explain why investors are willing to pay a higher multiple.
Management continues to execute well on its EOP, refinery performance has improved following the successful Big Spring turnaround, and the logistics business is generating a growing stream of stable cash flows. At the same time, analysts continue raising earnings estimates, reflecting increasing confidence in the company's future profitability.
No premium valuation is guaranteed to last, and Delek will need to maintain its operational momentum to justify trading above MPC and VLO. However, given the company's stronger earnings trajectory, disciplined execution and multiple company-specific growth catalysts, the valuation appears increasingly reasonable. With a Zacks Rank #2 (Buy), Delek remains an attractive option for investors seeking exposure to the refining sub-industry while benefiting from a business that is becoming stronger and more diversified. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Delek dokončil plánovanou odstávku rafinerie Big Spring bezpečně, včas a v rámci rozpočtu. Firma čeká, že modernizace podpoří vyšší marže při plném provozu v létě.
Key Takeaways Delek completed the Big Spring refinery turnaround safely, on schedule and within budget.DK expects no more major turnarounds this year, supporting full-capacity summer operations.Delek says refinery upgrades improve crude flexibility, product yields and blending capabilities. Delek US Holdings, Inc. (DK - Free Report) entered the third quarter with a key operational milestone behind it. The company completed the planned turnaround at its Big Spring refinery, executing the project safely, on schedule and within budget. While refinery turnarounds typically weigh on near-term earnings because of downtime and maintenance costs, the completion of this project positions Delek to benefit from improved operating performance during a period of healthy refining fundamentals.
Image Source: Delek US Holdings, Inc.
Management emphasized that the turnaround was designed to improve refinery reliability, crude slate optimization, product yields and higher-octane blending capabilities rather than simply restore operations. These improvements should enable Big Spring to process a broader range of crude oils more efficiently while producing a more profitable product mix. With no additional major turnarounds planned for the remainder of the year, Delek expects the upcoming two quarters to represent its highest maintenance spending period, allowing the refinery system to operate at full capacity during the peak summer driving season.
The timing also appears favorable. Management noted that geopolitical disruptions have created tighter global refining markets, supporting stronger crack spreads and widening crude differentials. Delek believes its access to multiple domestic crude grades, combined with higher distillate and jet fuel yields, provides greater flexibility to capitalize on changing market conditions. This operational flexibility, coupled with a more reliable Big Spring refinery, could help the company capture stronger refining margins over the coming quarters.
How Does Delek Compare With Peers?Several U.S. refiners continue investing to improve refinery reliability and operating efficiency, although each follows a different strategy.
Marathon Petroleum (MPC - Free Report) has consistently prioritized refinery modernization and turnaround projects to improve utilization rates, reduce unplanned downtime and maximize margin capture across its refining network. By enhancing crude processing flexibility and operational efficiency, Marathon Petroleum has strengthened its ability to benefit from favorable crack spreads.
Delek's Big Spring turnaround reflects a similar objective, although the impact could be more pronounced given the refinery's importance to its overall operations. As Marathon Petroleum demonstrates, sustained investments in refinery reliability can translate into stronger long-term refining performance.
Likewise, Valero Energy (VLO - Free Report) has built a reputation for industry-leading refinery reliability through disciplined maintenance programs and continuous operational improvements. Valero Energy regularly invests in refinery turnarounds that enhance product yields, increase operational flexibility and support high utilization rates across its refining system. While Valero Energy operates a much larger refining portfolio than Delek, both companies share the goal of maximizing margin capture through reliable operations and efficient crude processing.
The successful completion of Big Spring's turnaround suggests Delek is adopting an approach similar to VLO, focusing on reliability and optimization to improve refining profitability under favorable market conditions.
DK’s Share Price, ROE and Earnings ExpectationsOver the past year, Delek stock rose 121.8%, beating the Oil Refining & Marketing sub-industry’s growth of 38.1%.
Image Source: Zacks Investment Research
Delek stock delivered a higher return on equity (“ROE”) of 22.9%, outperforming its sub-industry average of 15.64%.
Image Source: Zacks Investment Research
Analysts have become more optimistic about DK’s earnings outlook over the past 60 days, with 2026 EPS estimates revised sharply higher by 39.85%, while 2027 estimates saw a more modest increase of 5.91%, signaling stronger near-term earnings expectations.
Image Source: Zacks Investment Research
DK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
