Jun 2026 (Q2 FY26) — Aug 5, 2026
Delek US Q2 FY26 — Strong Execution and Free Cash Flow Growth
Read the full callDelek US (DK) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Delek US earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,087 | +47.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.4 | +8.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 170 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
25 of 27 judged targets kept · 45 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Big Spring refinery total throughput | 65,000 to 70,000 barrels per day | Mar 2026 | Our refining system operated well, demonstrated by all 4 refineries. | Pending |
| Big Spring refinery planned turnaround completion | complete the first quarter 2026 planned turnaround on time and on budget | Dec 2025 | Big Spring successfully completed its planned turnout. This work was executed safely on budget, on time and refinery is running at full capacity. | Achieved |
2 of Delek US Holdings, Inc.'s 72 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 70 more targets are in the full ledger.
Claimed
- Enterprise Optimization Plan (EOP) contributed approximately $60 million to P&L in Q2 FY26.
- Logistics segment posted its best quarterly results in history, delivering approximately $144 million in adjusted EBITDA.
- Refining system operated well with no planned turnarounds for the rest of the year, enhancing market capture.
- Successfully navigated volatility in crude and product markets, demonstrating enhanced execution capabilities.
- Paid $16 million in dividend and executed $20 million in share buybacks during the quarter.
Qualified
- Elevated RVO costs and the absence of Small Refinery Exemptions (SREs) created a significant burden on small refineries.
- Experienced a $138 million net outflow from changes in working capital during the quarter.
Price
$76.88 −2.65% · −$2.09
Performance +122.3% 1Y
1Y: $34.58 on 14 Oct 2025 → $76.88. High $81.55 (17 Sept 2026), low $26.68 (20 Jan 2026).
- Previous close
- $78.97
- 52-week range
- $26.68 – $81.55
- One year
- +124.60%
Overview
- Symbol
- DK
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
25 of 27 judged targets kept · 45 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Big Spring refinery total throughput | 65,000 to 70,000 barrels per day | Mar 2026 | Our refining system operated well, demonstrated by all 4 refineries. | Pending |
| Big Spring refinery planned turnaround completion | complete the first quarter 2026 planned turnaround on time and on budget | Dec 2025 | Big Spring successfully completed its planned turnout. This work was executed safely on budget, on time and refinery is running at full capacity. | Achieved |
Claimed
- Enterprise Optimization Plan (EOP) contributed approximately $60 million to P&L in Q2 FY26.
- Logistics segment posted its best quarterly results in history, delivering approximately $144 million in adjusted EBITDA.
- Refining system operated well with no planned turnarounds for the rest of the year, enhancing market capture.
- Successfully navigated volatility in crude and product markets, demonstrating enhanced execution capabilities.
- Paid $16 million in dividend and executed $20 million in share buybacks during the quarter.
Qualified
- Elevated RVO costs and the absence of Small Refinery Exemptions (SREs) created a significant burden on small refineries.
- Experienced a $138 million net outflow from changes in working capital during the quarter.
The full ledger
Open Delek US Holdings, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 72 tracked commitments, with each call’s wording and source.
Call summaries
Dec 2025 (Q4 FY25) — Feb 27, 2026
Delek Q4 FY25 — EOP Target Raised to $200M, Strong Shareholder Returns, and DKL Separation Progress
Read the full callEvery analysed call
Delek US earnings calls (DK)
Financials
What the filings say
Net profit, year on year: +259% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,042 | 2,374 | 2,642 | 2,765 | 2,887 | 2,429 | 2,653 | 4,087 |
| Expenses | 3,164 | 2,777 | 2,768 | 2,798 | 2,591 | 2,265 | 2,832 | 3,785 |
| Operating profit | -122 | -403 | -126 | -33 | 296 | 165 | -179 | 302 |
| Operating margin | −4.0% | −17.0% | −4.8% | −1.2% | 10.2% | 6.8% | −6.8% | 7.4% |
| Other income | -53 | -49 | -69 | -70 | -61 | -62 | -70 | -80 |
| Profit before tax | -175 | -452 | -195 | -103 | 235 | 102 | -249 | 222 |
| Tax rate | 23.0% | 11.3% | 18.9% | 13.6% | 17.0% | 4.1% | 23.4% | 18.8% |
| Net profit | -77 | -414 | -173 | -106 | 178 | 78 | -201 | 170 |
| EPS ($ per share) | -1.20 | — | -2.78 | -1.76 | 2.96 | — | -3.34 | 2.76 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 982 | 1,206 | 522 | 385 | 508 | 430 | -206 | -311 |
| Total liabilities | 3,953 | 5,181 | 5,018 | 5,799 | 7,123 | 6,212 | 6,091 | 6,300 |
| Fixed assets | 2,195 | 2,428 | 2,367 | 2,307 | 2,776 | 2,696 | 2,940 | 3,273 |
| Total assets | 5,761 | 7,016 | 6,134 | 6,813 | 8,193 | 7,172 | 6,666 | 6,848 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 560 | 575 | -283 | 371 | 425 | 1,014 | -67 | 536 |
| Cash from investing | -125 | -691 | -191 | -178 | -932 | -408 | -241 | -698 |
| Cash from financing | -298 | -8 | 306 | -124 | 491 | -625 | 222 | 52 |
| Net cash flow | 137 | -124 | -168 | 69 | -15 | -19 | -87 | -110 |
| Capital expenditure | -322 | -413 | -269 | -222 | -280 | -392 | -428 | -529 |
| Free cash flow | 238 | 162 | -552 | 149 | 145 | 621 | -494 | 6 |
DK revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Refining | 100% | 79% | 95% | 98% | 98% | 102% | 99% | 99% | +49.3% |
| Logistics | 7% | -14% | 5% | 9% | 9% | 16% | 11% | 9% | +56.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
DK operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Capital expenditures DKL | $31MOn Slide 21, we outline our fourth quarter capital spending with $82 million invested at Delek stand-alone and $31 million at DKL, largely for growth projects.Source: earnings call transcript | $61MThis includes second quarter capital purchases of $61 million at Delek Logistics, primarily for growth projects and $55 million of purchases in refining, along with a quarter-over-quarter reduction of capital accruals, primarily related to the payments on the final expenditures of the Big Spring turnaround, which we completed safely, on schedule and on budget.Source: earnings call transcript | +96.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
138 filings between Oct 23, 2025 and Sep 11, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$56.69M
74 sales by 14 insiders
69% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 22
- Award — granted as compensation
- 7
- Option exercise — converted options into shares
- 35
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Yemin Ezra Uzi | — | $33.84M | Aug 13, 2026 |
| Soreq Avigal | — | $7.37M | Aug 17, 2026 |
| Spiegel Reuven | — | $3.65M | Sep 1, 2026 |
| Israel Joseph | — | $2.55M | Mar 4, 2026 |
| Sullivan Gary M Jr. | — | $1.91M | Aug 24, 2026 |
| Zohar Shlomo | — | $1.85M | Mar 19, 2026 |
| Hobbs Mark Wayne | — | $1.29M | Aug 17, 2026 |
| FINNERTY WILLIAM J | — | $1.27M | Sep 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 11, 2026 | Russell Amber EVP, Refining | Sale | 5,392 | $407.1K |
| Sep 11, 2026 | FINNERTY WILLIAM J Director | Sale | 1,341 | $102.8K |
| Sep 11, 2026 | FINNERTY WILLIAM J Director | Sale | 1,602 | $124.3K |
| Sep 10, 2026 | Spiegel Reuven EVP, Delek Logistics | Tax withheld | 969 | $72.6K |
| Sep 10, 2026 | Russell Amber EVP, Refining | Tax withheld | 1,736 | $130.0K |
| Sep 10, 2026 | Wright Robert G. EVP, Chief Financial Officer | Tax withheld | 311 | $23.3K |
| Sep 10, 2026 | Soreq Avigal President & CEO | Tax withheld | 5,626 | $421.3K |
| Sep 10, 2026 | Hobbs Mark Wayne EVP, Delek Logistics | Tax withheld | 1,227 | $91.9K |
| Sep 4, 2026 | Sutil Vicky Director | Sale 10b5-1 plan | 6,397 | $457.4K |
| Sep 1, 2026 | Spiegel Reuven EVP, Special Projects | Sale | 7,000 | $512.4K |
| Sep 1, 2026 | Spiegel Reuven EVP, Special Projects | Sale | 500 | $36.7K |
| Aug 24, 2026 | Sullivan Gary M Jr. Director | Sale | 27,688 | $1.91M |
| Aug 21, 2026 | Marcogliese Richard J Director | Sale | 2,000 | $142.1K |
| Aug 21, 2026 | FINNERTY WILLIAM J Director | Sale | 1,457 | $94.3K |
| Aug 18, 2026 | Spiegel Reuven EVP, Special Projects | Sale 10b5-1 plan | 10,000 | $682.1K |
| Aug 17, 2026 | Soreq Avigal President & CEO | Sale 10b5-1 plan | 57,700 | $3.84M |
| Aug 17, 2026 | Soreq Avigal President & CEO | Sale 10b5-1 plan | 4,623 | $302.1K |
| Aug 17, 2026 | Hobbs Mark Wayne EVP, Delek Logistics | Sale 10b5-1 plan | 4,876 | $318.3K |
| Aug 17, 2026 | Soreq Avigal President & CEO | Sale 10b5-1 plan | 13,074 | $878.6K |
| Aug 17, 2026 | Hobbs Mark Wayne EVP, Delek Logistics | Sale 10b5-1 plan | 15,124 | $973.4K |
| Aug 17, 2026 | Soreq Avigal President & CEO | Sale 10b5-1 plan | 4,603 | $296.4K |
| Aug 13, 2026 | Yemin Ezra Uzi Director | Sale 10b5-1 plan | 61,822 | $4.22M |
| Aug 13, 2026 | Yemin Ezra Uzi Director | Sale 10b5-1 plan | 38,388 | $2.56M |
| Aug 13, 2026 | Yemin Ezra Uzi Director | Sale 10b5-1 plan | 82,224 | $5.57M |
| Aug 13, 2026 | Yemin Ezra Uzi Director | Sale 10b5-1 plan | 17,566 | $1.15M |
| Jun 29, 2026 | FINNERTY WILLIAM J Director | Sale 10b5-1 plan | 5,000 | $257.5K |
| Jun 10, 2026 | Soreq Avigal President & CEO | Tax withheld | 3,810 | $182.9K |
| Jun 10, 2026 | Hobbs Mark Wayne EVP, Chief Financial Officer | Tax withheld | 823 | $39.5K |
| Jun 10, 2026 | FINNERTY WILLIAM J Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | Schwartzstein Christine Benson Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | Wright Robert G. EVP | Tax withheld | 846 | $40.6K |
| Jun 10, 2026 | Tolson Laurie Z. Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | Moreno Leonardo Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | Spiegel Reuven EVP, Special Projects | Tax withheld | 1,937 | $93.0K |
| Jun 10, 2026 | Sullivan Gary M Jr. Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | Sutil Vicky Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | Zohar Shlomo Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | McWatters Denise Clark EVP, Gen Counsel & Corp Sec | Tax withheld | 3,496 | $167.8K |
| Jun 10, 2026 | Marcogliese Richard J Director | Award | 3,436 | $165.0K |
| Jun 10, 2026 | Yemin Ezra Uzi Director | Award | 3,436 | $165.0K |
| Jun 9, 2026 | Wright Robert G. EVP | Tax withheld | 1,024 | $47.7K |
| Jun 3, 2026 | Sutil Vicky Director | Sale | 1,871 | $89.8K |
| Jun 1, 2026 | Sutil Vicky Director | Sale | 3,061 | $140.8K |
| May 29, 2026 | Sutil Vicky Director | Sale | 1,848 | $83.2K |
| May 28, 2026 | Sutil Vicky Director | Sale | 1,849 | $81.4K |
| May 18, 2026 | Tolson Laurie Z. Director | Sale | 4,921 | $227.8K |
| May 18, 2026 | Spiegel Reuven EVP, Special Projects | Sale 10b5-1 plan | 10,000 | $443.6K |
| May 13, 2026 | Wright Robert G. EVP | Sale | 10,720 | $504.6K |
| May 4, 2026 | Yemin Ezra Uzi Director | Sale 10b5-1 plan | 34,026 | $1.61M |
| May 1, 2026 | Russell Amber EVP, Refining | Award | 42,798 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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