Delek US Holdings, Inc. (DK) Earnings
Delek US Holdings, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $2.61. DK has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +130.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-1.56 | $0.08 | +105.1% | $2.7B | +13.9% |
| Nov 7, 2025 | $0.28 | $1.52 | +442.9% | $2.9B | +13.2% |
| Aug 6, 2025 | $-0.92 | $-0.56 | +39.1% | $2.8B | +2.6% |
| Feb 25, 2025 | $-1.53 | $-2.54 | -66.0% | $2.4B | -11.9% |
| Feb 27, 2024 | $-1.28 | $-1.46 | -14.1% | $4.0B | +14.2% |
| Feb 28, 2023 | $0.82 | $0.88 | +7.3% | $4.5B | +31.5% |
| Aug 4, 2022 | $3.27 | $4.40 | +34.6% | $6.0B | +48.0% |
| May 3, 2022 | $-0.14 | $0.58 | +514.3% | $4.5B | +51.1% |
| Feb 23, 2022 | $-0.80 | $-0.61 | +23.8% | $3.1B | +16.7% |
| Nov 4, 2021 | $-0.35 | $0.13 | +137.1% | $3.0B | +17.8% |
| Aug 3, 2021 | $-1.01 | $-0.88 | +12.9% | $2.2B | +0.0% |
| May 4, 2021 | $-1.38 | $-1.69 | -22.5% | $2.4B | +61.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Abigail highlighted strong execution in first quarter, including disciplined big spring turnouts, progress on free cash flow through intermediation agreement restructuring and EOP success, successful navigation of macro events like winter storm fern and Iran events. Big Spring turnaround completed safely, on budget, on time, improving reliability, cost structure, etc. EOP plans continue to drive value, target raised to at least $220 million annual run rate. DKL's industry-leading sour gas solution progress, pursuing SRE provision to manage RFS obligation, commitment to being shareholder-friendly with strong balance sheet, paying dividends and disciplined capital allocation.
Guidance
Second quarter throughput guidance: Tyler 72 to 77,000 barrels per day, El Dorado 78 to 83,000 barrels per day, Big Spring 65 to 70,000 barrels per day, Cross Springs 78 to 83,000 barrels per day, implied system throughput target in 293 to 313,000 barrels per day range. Operating expenses expected between $215 and $225 million, DNA between $47 and $52 million, another DNA between $105 and $115 million, net interest expense between $80 and $90 million.
Segment performance
For the first quarter, DELIC had a net loss of $201 million, or $3.34 per share. Adjusted ad income was approximately $5 million, or $0.08 per share, and adjusted EBITDA was approximately $212 million. Excluding SREs, adjusted EBITDA and adjusted EPS were approximately $129 million and a loss of 98 cents per share, respectively. Supply and marketing was a loss of approximately $61 million in the quarter, with wholesale marketing having a loss of $27.1 million, asphalt contributing a loss of $12.1 million. Logistics segment generated approximately $132 million of adjusted EBITDA, including an approximate $10 million negative impact from Winter Storm Fern. Big Spring successfully completed planned turnaround, running at full capacity. Enterprise optimization plan target raised to at least $220 million on annual run rate basis, with approximately $60 million of POP contribution to P&L in Q1 2026. DKL reaffirmed 2026 EBITDA guidance of $520 million to $560 million, with third-party EBITDA expected to exceed 80% in 2026 on performer basis.
Risks & headwinds
Events in Iran created elevated crude and product prices, dislocation between physical and paper grades, steep backwardation, wide good differentials, which could impact market performance. Risks related to forward-looking statements involving uncertainties that may cause actual results to differ materially, including factors in SEC filings. Risks associated with RFS and SREs, where failure to get appropriate SREs could impact affordability at the pump and compliance costs.
Analyst Q&A
Q: With the big spring turnaround complete, how should we be thinking about your capital allocation priorities?
A: Very proud of capital allocation performance in 2025, have balanced approach between buyback and balance sheet, maintain dividend through cycle, see value in share price.
Q: Follow-up on 2Q, how to think about captures and dynamics?
A: Talked about macro environment with crude and refined capacity offline, elevated prices, dislocation, etc., and how DELIC's access to crude, high distillate and jet yield, and product market access positions it.
Q: On 2Q, U.S. refining as winner?
A: U.S. refining has advantage due to being large crude producer, flexible refining system, low natural gas prices, and DELIC's position with access to crude, high distillate and jet yield.
Q: Follow-up on SREs and RIN?
A: SREs about disproportionate economic harm, RIN price impact on compliance cost, expectation of SREs to continue to maintain affordability.
Q: How is Big Spring Refinery running post turnaround?
A: Turnaround improved reliability, crude optimization, etc., guidance for Q2 is as stated.
Q: End market demand in 2Q?
A: Strong demand seen in all markets, no demand destruction yet.
Q: Regional product prices, forward outlook?
A: Group market has dynamics, with pipelines affecting barrel movement.
Q: Timing of small refinery exemptions?
A: Trust EPA, confident they will do what they say.
Q: RIN price impact on 2026 numbers?
A: $1.50 a gallon blended RIN price leads to $750 million RVO obligation in 2026, and 2027 RenBank deficit if SREs not granted.
Q: EOP program and sum of the parts?
A: EOP is about lifestyle, driving value, looking to improve further; sum of the parts goal is deconsolidation, seeing value in DKL, with options like bolt-on acquisitions, deconsolidation, selling assets, buying back units.