# Delek US Holdings, Inc. (DK) Informational only - not investment advice. CIK: 0001694426 SIC: 2911 Petroleum Refining SIC breadcrumb: [Manufacturing](/division/D/) > [Petroleum Refining And Related Industries](/major-group/29/) > [SIC 2911 Petroleum Refining](/industry/2911/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1694426 Filing source: https://www.sec.gov/Archives/edgar/data/1694426/000162828026012664/dk-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001628280-26-012664 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001694426.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 10,722,900,000 USD | 2025 | verified | | Net income | -22,800,000 USD | 2025 | verified | | Assets | 6,847,700,000 USD | 2025 | verified | | Free cash flow | 6,300,000 USD | 2025 | computed | | Net margin | -0.21% | 2025 | computed | | Operating margin | 2.81% | 2025 | computed | | Revenue YoY | -9.53% | 2025 | computed | | ROE | -4.17% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | DK | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -0.2% | 2.5% | 22 | 10 | | Revenue growth | -9.5% | -5.7% | 11 | 10 | | FCF margin | 0.1% | 2.5% | 29 | 8 | | ROE | -4.2% | 9.9% | 0 | 9 | | ROA | -0.3% | 3.9% | 22 | 10 | | Liabilities / equity | 11.51 | 1.44 | 100 | 9 | | Current ratio | 0.82 | 1.24 | 0 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2911 Petroleum Refining, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 10722900000 | USD | 2025 | 2026-02-27 | | Net income | -22800000 | USD | 2025 | 2026-02-27 | | Assets | 6847700000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001694426.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 10,233,100,000 | 9,298,200,000 | 7,301,800,000 | 10,648,200,000 | 19,801,000,000 | 16,467,200,000 | 11,852,200,000 | 10,722,900,000 | | Net income | | -153,700,000 | 288,800,000 | 340,100,000 | 310,600,000 | -611,400,000 | -128,300,000 | 257,100,000 | 19,800,000 | -560,400,000 | -22,800,000 | | Operating income | | -49,200,000 | 180,300,000 | 611,900,000 | 492,300,000 | -732,300,000 | -34,700,000 | 457,500,000 | 244,700,000 | -491,500,000 | 301,000,000 | | Diluted EPS | | -2.49 | 4.00 | 3.95 | 4.06 | -8.31 | -1.73 | 3.59 | 0.30 | -8.77 | -0.38 | | Operating cash flow | | 248,000,000 | 319,700,000 | 560,300,000 | 575,200,000 | -282,900,000 | 371,400,000 | 425,300,000 | 1,013,600,000 | -66,800,000 | 535,800,000 | | Capital expenditures | | 46,300,000 | 172,000,000 | 322,000,000 | 413,000,000 | 269,400,000 | 222,200,000 | 280,200,000 | 392,500,000 | 427,700,000 | 529,500,000 | | Dividends paid | | 37,500,000 | 44,000,000 | 80,100,000 | 86,800,000 | 69,100,000 | 0.00 | 42,800,000 | 60,300,000 | 64,200,000 | 62,000,000 | | Share buybacks | 42,200,000 | 6,000,000 | 25,000,000 | 365,300,000 | 178,100,000 | 1,900,000 | 0.00 | 64,000,000 | 0.00 | 0.00 | | | Assets | | 2,979,800,000 | 5,935,200,000 | 5,760,600,000 | 7,016,300,000 | 6,134,100,000 | 6,812,600,000 | 8,192,800,000 | 7,171,800,000 | 6,665,800,000 | 6,847,700,000 | | Stockholders' equity | | 1,182,500,000 | 1,964,200,000 | 1,808,100,000 | 1,835,300,000 | 1,116,400,000 | 1,014,000,000 | 1,069,500,000 | 959,700,000 | 575,200,000 | 547,300,000 | | Cash and cash equivalents | | 689,200,000 | 931,800,000 | 1,079,300,000 | 955,300,000 | 787,500,000 | 856,500,000 | 841,300,000 | 821,800,000 | 735,600,000 | 625,800,000 | | Free cash flow | | 201,700,000 | 147,700,000 | 238,300,000 | 162,200,000 | -552,300,000 | 149,200,000 | 145,100,000 | 621,100,000 | -494,500,000 | 6,300,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | 3.32% | 3.34% | -8.37% | -1.20% | 1.30% | 0.12% | -4.73% | -0.21% | | Operating margin | | | | 5.98% | 5.29% | -10.03% | -0.33% | 2.31% | 1.49% | -4.15% | 2.81% | | Return on equity | | -13.00% | 14.70% | 18.81% | 16.92% | -54.77% | -12.65% | 24.04% | 2.06% | -97.43% | -4.17% | | Return on assets | | -5.16% | 4.87% | 5.90% | 4.43% | -9.97% | -1.88% | 3.14% | 0.28% | -8.41% | -0.33% | | Liabilities / equity | | 1.52 | 2.02 | 2.19 | 2.82 | 4.49 | 5.72 | 6.66 | 6.47 | 10.59 | 11.51 | | Current ratio | | 1.49 | 0.98 | 1.45 | 1.26 | 1.21 | 0.97 | 1.20 | 0.99 | 0.93 | 0.82 | ## As-reported value updates 14 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/DK/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001694426.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.10 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.95 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.13 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 4,748,400,000 | 128,700,000 | 1.97 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 4,049,100,000 | -164,900,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 3,227,600,000 | -32,600,000 | -0.51 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 3,421,700,000 | -37,200,000 | -0.58 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 3,042,400,000 | -76,800,000 | -1.20 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,373,700,000 | -413,800,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 2,641,900,000 | -172,700,000 | -2.78 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 2,764,600,000 | -106,400,000 | -1.76 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 2,887,000,000 | 178,000,000 | 2.93 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 2,429,400,000 | 78,300,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 2,653,100,000 | -201,300,000 | -3.34 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 4,087,000,000 | 169,500,000 | 2.71 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Risk Factors Verbatim Item 1A Risk Factors from DK's latest 10-K: [/company/DK/risk-factors/](/company/DK/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1694426/000162828026053106/dk-20260630.htm Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 Management's Discussion and Analysis •earthquakes, hurricanes, tornadoes, and other weather events, which can unforeseeably affect the price or availability of electricity, natural gas, crude oil, and other feedstocks, critical supplies, refined petroleum products and ethanol; •increases in costs of compliance with, or liability for violation of, existing or future laws, regulations and other requirements; •societal, legislative, and regulatory measures to address climate change and greenhouse gases emissions ("GHG"); •our ability to execute our sustainability improvement plans, including GHG reduction targets; •acts of terrorism (including cyber-terrorism) aimed at either our facilities or other facilities; •impacts of global conflicts such as the armed conflicts in Ukraine and the Middle East; •future decisions by the Organization of Petroleum Exporting Countries ("OPEC") and the members of other leading oil producing countries (together with OPEC, “OPEC+”) regarding production and pricing and disputes between OPEC+ members regarding the same; •disruption, failure, or cybersecurity breaches affecting or targeting our information technology ("IT") systems and controls, our infrastructure, or the infrastructure of our cloud-based IT service providers; •changes in the cost or availability of transportation for feedstocks and refined products; and •other factors discussed under Item 1A. Risk Factors and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and in our other filings with the SEC. In light of these risks, uncertainties and assumptions, our actual results of operations and execution of our business strategy could differ materially from those expressed in, or implied by, the forward-looking statements, and you should not place undue reliance upon them. In addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance, and you should not use our historical performance to anticipate future results or period trends. We can give no assurances that any of the events anticipated by any forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition. All forward-looking statements included in this report are based on information available to us on the date of this report. We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise. 35 | Management's Discussion and Analysis Executive Summary: Management's View of Our Business and Strategic Overview Management's View of Our Business We are an integrated downstream energy business focused on petroleum refining and the transportation, storage and wholesale distribution of crude oil, intermediate and refined products as well as wastewater processing, disposal, and recycling. Business and Economic Environment Overview Our focus on safe and reliable operations is a pillar which underlines all of our business activities. We continue to identify opportunities to mitigate market risk and focus on efforts that improve our overall cost structure without compromising operational excellence. Our disciplined approach to cost control, coupled with a focus on our enterprise optimization plan ("EOP") margin enhancements supported strong earnings before interest, taxes, depreciation and amortization, and proportional interest, taxes, depreciation and amortization of equity method investments ("EBITDA") and cash flow, while our capital deployment remained aligned with our strategic priorities. We remain committed to building on the progress achieved through the EOP since 2024 and unlocking further free cash flow improvements across all business lines. In 2026, we completed the Big Spring Refinery turnaround safely, on budget and on-time, positioning us to maximize operations for the summer driving season. We also advanced our strong balance sheet initiatives, including issuing new 6.875% Notes due 2034, redeeming all 7.125% Notes due 2028 and a portion of the 8.625% Notes due 2029, and entering into amended and new credit facilities for Delek and Delek Logistics. Additionally, we executed asset purchase agreements with Delek Logistics, (collectively referred to as “the Intercompany Agreements”) which will return refining-related activities and assets back to our refining segment and create further economic independence for our Logistics business. Global crude oil and refined product markets have experienced significant volatility in 2026, driven by geopolitical instability in the Middle East, including the ongoing conflict involving Iran and resulting disruptions to maritime transit through the Strait of Hormuz. During the second quarter of 2026, our Refining segment continued to benefit from a constructive margin environment compared to 2025, supported by increased crack spreads and favorable crude oil differentials. The domestic West Texas Intermediate ("WTI") differentials compared to Brent continued to be favorable, but the WTI Midland to Cushing differential widened in the second quarter of 2026. We will continue to execute on our priorities of safe and reliable operations, advancing our EOP cost saving initiatives, and delivering shareholder value while maintaining our financial strength and flexibility. The near term economic outlook remains uncertain due to geopolitical instability, commodity market volatility and our requirements to comply with the U.S. Environmental Protection Agency’s Renewable Fuel Standard - 2 ("RFS-2") regulations. On August 3, 2026 EPA announced its final action on certain petitions for small refinery exemptions under the Renewable Fuel Standard program, which included the petition submitted for the Krotz Springs refinery for the 2024 compliance year. The EPA’s action follows the D.C. Court of Appeals’ April 7, 2026 decision vacating the EPA’s prior denial of the 2024 exemption application. We believe this action reinforces the important role that SREs play in ensuring the RFS program appropriately recognizes the disproportionate economic hardship that is experienced by qualifying small refineries. In response to uncertainty, we continue to progress our business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. We continued to advance our strategic initiatives aimed at long-term value creation. This includes the progress made on our EOP. The EOP includes leaner costs including lower general and administrative expenses, lower operating expenses and lower interest expense. We want to reward our shareholders with a disciplined and balanced capital allocation framework. As we strengthen our relative financial position, we believe a balanced approach between shareholder returns and balance sheet improvement is appropriate. As of June 30, 2026, we returned $51.2 million of capital in 2026 to shareholders through dividends and share buybacks. Our near-term focus is centered around the following: (1) operational excellence, (2) financial strength and flexibility, (3) strategic initiatives which includes unlocking the "sum of the parts" value of our existing business while identifying growth opportunities to enhance the Company's scale and diversify revenue streams, (4) continuing our EOP efforts to enhance margin and cash flow and (5) returns to investors. See further discussion in the "Strategic Objectives" section below. See further discussion on macroeconomic factors and market trends, including the impact on 2026, in the ‘Market Trends’ section below. Other 2026 Developments Delek Debt Agreements On May 15, 2026, Delek entered into an amendment (“Amendment No. 1”) to the Delek Term Loan Credit Facility. Proceeds and cash on hand were used to refinance the Company’s existing term loan facility. As a result of the refinancing effected pursuant to Amendment No. 1, outstanding term loans of the Company were reduced to an aggregate principal amount of $850.0 million. Amendment No. 1, among other modifications, (i) extended the maturity of the Delek Term Credit Facility to May 15, 2032 and (ii) reduced the rate of interest on borrowings, at the Company’s election, to either term SOFR plus 300 basis points or base rate plus 200 basis points. The amendment also allows for up to 750.0 million in incremental loans subject to certain restrictions. On April 9, 2026, the Company entered into Amendment No. 4 to Third Amended and Restated Credit Agreement (“Amendment No. 4” and, as amended, the "ABL Credit Agreement"). Amendment No. 4, among other modifications, (i) increased the revolving loan commitments from 36 | Management's Discussion and Analysis $1,100.0 million to $1,250.0 million, (ii) extended the maturity date of the Delek Revolving Credit Facility from October 26, 2027 to April 9, 2031, (iii) reduced the interest rate margins applicable to the Delek Revolving Credit Facility by 0.25% and (iv) amended certain thresholds for obligations under the Existing ABL Credit Agreement. Delek Logistics On January 30, 2026, we entered into the Intercompany Agreements, pursuant to which we agreed to acquire a Tyler refinery tank for total consideration of $19.0 million (the “Tyler Tank Purchase”) and El Dorado tank and terminal assets for total consideration of $66.0 million (the “El Dorado Terminal Purchase”). The Tyler Tank Purchase closed on April 1, 2026 with consideration paid through transfer of Delek Logistics common units, based on a 30-day volume weighted average unit price. The El Dorado Terminal Purchase is expected to close on October 1, 2027, subject to the satisfaction of customary closing conditions. In addition, pursuant to the Intercompany Agreements, Delek waived Omnibus fees for an aggregate of $4.0 million during the first two quarters of 2026. These transactions with Delek Logistics have been eliminated in consolidation. Delek Logistics Debt Agreement On May 14, 2026, Delek Logistics sold $800.0 million in aggregate principal amount of the Co-issuers 6.875% Senior Notes due 2034 (the “Delek Logistics 2034 Notes”). Net proceeds were used to redeem the Delek Logistics 2028 Notes and a portion of the Delek Logistics 2029 Notes. Cybersecurity Incident In July 2026, we identified a cybersecurity incident in which an unauthorized third party accessed a single employee's account and copied certain files from our email and SharePoint environment. Upon discovery, we promptly contained the incident, disabled the affected credentials, and engaged a third-party forensic firm and outside legal counsel. The incident did not affect our refining or logistics operations, or financial reporting systems, and did not result in any loss of availability of our data. Management has determined, based on information known to date, that the incident is not material and is not reasonably likely to have a material impact on our business, financial condition, or results of operations. Our assessment of applicable notification and other legal obligations remains ongoing.  Information About Our Segments We aggregated our operating segments into two reportable segments: Refining and Logistics. Operations that are not specifically included in the reportable segments are included in Corporate, Other and Eliminations, which consist of our corporate activities, results of certain immaterial operating segments and intercompany eliminations. Refining Overview The refining segment processes crude oil and other feedstocks for the manufacture of transportation motor fuels, including various grades of gasoline, diesel fuel, aviation fuel, asphalt, and other petroleum-based products that are distributed through owned and third-party product terminals. The refining segment has a combined nameplate capacity of 302,000 bpd as of June 30, 2026. A high-level summary of the refinery activities is presented below: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1694426/000162828026012664/dk-20251231.htm Complete FY 2025 MD&A: /company/DK/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements reflect our current estimates, expectations and projections about our future results, performance, prospects, and opportunities. Forward-looking statements include, among other things, statements that refer to the H2O Midstream Acquisition and the Gravity Acquisition, including any statements regarding the expected benefits, synergies, growth opportunities, impact on liquidity and prospects, and other financial and operating benefits thereof, statements regarding the effect, impact, potential duration or other implications of, or expectations expressed with respect to, the outbreak of a pandemic and its impact on oil production and pricing, and statements regarding our efforts and plans in response to such events, the information concerning possible future results of operations, business and growth strategies, including as the same may be impacted by any ongoing military conflict, such as the Russia-Ukraine War and the Israel-Hamas War, financing plans, expectations that regulatory developments or other matters will or will not have a material adverse effect on our business or financial condition, our competitive position and the effects of competition, the projected growth of the industry in which we operate, and the benefits and synergies to be obtained from our completed and any future acquisitions or dispositions, including the sale of our Retail Stores, statements of management’s goals and objectives, and other similar expressions concerning matters that are not historical facts. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "appears," "projects" and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Important factors that, individually or in the aggregate, could cause such differences include, but are not limited to: •volatility in our refining margins or fuel gross profit as a result of changes in the prices of crude oil, other feedstocks, and refined petroleum products; •reliability of our operating assets; •actions of our competitors and customers; •changes in, or the failure to comply with, the extensive government regulations applicable to our industry segments, including current and future restrictions on commercial and economic activities in response to future public health crises; •our ability to execute our long-term sustainability strategy and growth through acquisitions and dispositions such as the sale of our Retail Stores, the Gravity Acquisition, the H2O Midstream Acquisition, and joint ventures, including our ability to successfully integrate acquisitions, complete strategic transactions, safety initiatives and capital projects, realize expected synergies, cost savings and other benefits therefrom, return value to shareholders, or achieve operational efficiencies; •diminishment in value of long-lived assets may result in an impairment in the carrying value of the assets on our balance sheet and a resultant loss recognized in the statement of operations; •the impact on commercial activity and other economic effects of any widespread public health crisis, including uncertainty regarding the timing, pace and extent of economic recovery following any such crisis; •general economic and business conditions affecting the southern, southwestern, and western United States, particularly levels of spending related to travel and tourism; •volatility under our derivative instruments; •deterioration of creditworthiness or overall financial condition of a material counterparty (or counterparties); •unanticipated increases in cost or scope of, or significant delays in the completion of, our capital improvement safety initiative and periodic turnaround projects; •risks and uncertainties with respect to the quantities and costs of refined petroleum products supplied to our pipelines and/or held in our terminals; •operating hazards, natural disasters, weather related disruptions, casualty losses, and other matters beyond our control; •increases in our debt levels or costs; •possibility of accelerated repayment on a portion of our Inventory Intermediation Agreement obligation if the purchase price adjustment feature triggers a change on the re-pricing dates; •changes in our ability to continue to access the credit markets; •compliance, or failure to comply, with restrictive and financial covenants in our various debt agreements; •changes in our ability to pay dividends; •seasonality; •the decline in margins impacting current results and forecasts could result in impairments in certain of our long-lived or indefinite-lived assets, including goodwill, or have other financial statement impacts that cannot currently be anticipated; •earthquakes, hurricanes, tornadoes, and other weather events, which can unforeseeably affect the price or availability of electricity, natural gas, crude oil, and other feedstocks, critical supplies, refined petroleum products and ethanol; •increases in costs of compliance with, or liability for violation of, existing or future laws, regulations and other requirements; •societal, legislative, and regulatory measures to address climate change and GHG; •our ability to execute our sustainability improvement plans, including GHG reduction targets; •acts of terrorism (including cyber-terrorism) aimed at either our facilities or other facilities; •impacts of global conflicts such as the Israel-Iran War, the Israel-Hamas War, and the Russia-Ukraine War; •future decisions by OPEC and OPEC+ regarding production and pricing and disputes between OPEC+ members regarding the same; •disruption, failure, or cybersecurity breaches affecting or targeting our IT systems and controls, our infrastructure, or the infrastructure of our cloud-based IT service providers; •changes in the cost or availability of transportation for feedstocks and refined products; and •other factors discussed under Item 1A. Risk Factors and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and in our other filings with the SEC. In light of these risks, uncertainties and assumptions, our actual results of operations and execution of our business strategy could differ materially from those expressed in, or implied by, the forward-looking statements, and you should not place undue reliance upon them. In 53 | Management's Discussion and Analysis addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance, and you should not use our historical performance to anticipate future results or period trends. We can give no assurances that any of the events anticipated by any forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition. All forward-looking statements included in this report are based on information available to us on the date of this report. We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise. 54 | Management's Discussion and Analysis Executive Summary: Management's View of Our Business and Strategic Overview Management's View of Our Business We are an integrated downstream energy business focused on petroleum refining and the transportation, storage and wholesale distribution of crude oil, intermediate and refined products as well as wastewater processing, disposal, and recycling. Business and Economic Environment Overview Our focus on safe and reliable operations is a pillar which underlines all of our business activities. We continue to identify opportunities to mitigate market risk and focus on efforts that improve our overall cost structure while not compromising operational excellence. During the year we continued to make progress on our "sum of the parts" efforts. Our logistics segment (or "Logistics") successfully closed the Gravity Acquisition which includes integrated full-cycle water systems in the Permian Basin, in addition to produced water gathering, and transportation assets in the Bakken, and along with the H2O Midstream Acquisition acquired in the third quarter of 2024, provide a strong opportunity for integrated crude and water services to Delek Logistics customers. These acquisitions represents another significant step in Delek Logistics' commitment of being a full suite crude, gas and water midstream services provider in the Permian Basin in addition to diversifying our logistics customer base to include more third-party customers. Also during 2025 and 2026, we entered into additional agreements with Delek Logistics which put additional midstream commercial activities in Delek Logistics and will bring refining related activities and assets back to our refining segment (or "Refining"). These transactions increased consolidated financial availability by approximately $250 million and continue to grow Delek Logistics third-party earnings while decreasing dependence on Delek. During 2025, the Refining segment provided higher margins than 2024 due to increased crack spreads and the impact of small refinery exemptions. Crack spreads were higher during 2025 than 2024 but still lower than historic highs in 2023. Our disciplined approach to cost control, coupled with a focus on our enterprise optimization plan ("EOP") margin enhancements, as well as the impact related to the small refinery exemptions granted supported earnings before interest, taxes, depreciation and amortization ("EBITDA") growth and improved cash flow, while our capital deployment remained aligned with our strategic priorities. The domestic West Texas Intermediate ("WTI") differentials compared to Brent continued to be favorable, and the WTI Midland to Cushing differential narrowed favorably compared to 2024. The increased refining margins compared to the 2024 continues to demonstrate that demand for refined products continues to be stable. We will continue to execute on our priorities of running safe and reliable operations, making further progress on our "sum of the parts" and EOP efforts, and delivering shareholder value while maintaining our financial strength and flexibility. Our refining operations continue to be impacted by requirements to comply with RFS-2. In the third quarter of 2025, we were returned 2019-2023 RINs after being granted small refinery exemptions from the U.S. Environmental Protection Agency (“EPA”) related to the 2019-2024 compliance periods. While a majority of the RINs returned were expired and had no value, the small refinery exemptions allowed us to retain certain non-expired 2023 and 2024 RINs. Additionally, the exemptions resulted in a reduction of our Consolidated Net RINs obligation related to the unsettled 2024 obligation and a reduction within cost of materials and other in 2025. The near term economic outlook still has uncertainty due to geopolitical instability and commodity market volatility. As a result, we continue to progress our business transformation focused on enterprise-wide [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/DK/mda/fy2025/ All MD&A years: /company/DK/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/DK/mda/fy2024/): filed 2025-02-26; accession 0001694426-25-000013 (https://www.sec.gov/Archives/edgar/data/1694426/000169442625000013/dk-20241231.htm) - [FY 2023 MD&A](/company/DK/mda/fy2023/): filed 2024-02-28; accession 0001694426-24-000028 (https://www.sec.gov/Archives/edgar/data/1694426/000169442624000028/dk-20231231.htm) - [FY 2022 MD&A](/company/DK/mda/fy2022/): filed 2023-03-01; accession 0001694426-23-000007 (https://www.sec.gov/Archives/edgar/data/1694426/000169442623000007/dk-20221231.htm) - [FY 2021 MD&A](/company/DK/mda/fy2021/): filed 2022-02-25; accession 0001694426-22-000048 (https://www.sec.gov/Archives/edgar/data/1694426/000169442622000048/dk-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2911 Petroleum Refining) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/DK.md · JSON record: /company/DK.json · verified financials: /company/DK/financials.json / /company/DK/financials.csv · machine TOC for the whole site: /llms.txt