Delek US (DK) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with net income of $180.1M, reversing a prior year loss, driven by higher crack spreads, favorable crude differentials, and operational excellence.

• Adjusted net income was $343.9M ($5.48/share), with adjusted EBITDA of $638.7M, supported by high distillate yields and improved BSR performance.

• Enterprise Optimization Plan (EOP) and strategic initiatives, including refinancing and asset transactions, drove significant free cash flow and margin improvements.

• Maintained disciplined capital allocation, returning $51.2M to shareholders via dividends and buybacks in 2026.

• No further planned refinery turnarounds for 2026, positioning the system to capture margin benefits.

Financial highlights

• Q2 2026 net income attributable to shareholders was $169.5M ($2.71/share); adjusted net income was $343.9M ($5.48/share); adjusted EBITDA reached $638.7M.

• Q2 2026 net revenues rose 47.8% year-over-year to $4,087.0M; gross margin was $474.8M.

• Refining segment adjusted EBITDA was $566.2M, up from $114.8M year-over-year; logistics segment adjusted EBITDA was $143.5M.

• Operating cash flow for the first half of 2026 was $724.2M; cash balance at June 30, 2026 was $628.6M.

• Net debt (consolidated) was $2.56B; long-term debt at June 30, 2026 was $3.19B.

Outlook and guidance

• Management expects to benefit from a constructive margin environment in H2 2026, focusing on operational reliability and capital discipline.

• Logistics segment is on track to meet annual adjusted EBITDA guidance of $520–560M.

• Q3 2026 guidance: operating expenses $220–230M, G&A $50–55M, depreciation $110–120M, net interest $75–85M; crude throughput expected at 284,000–316,000 bpd.

• Capital spending forecast for 2026 revised to $500M–$550M, emphasizing regulatory, maintenance, and growth projects.