Delek US Q4 Earnings & Revenues Beat Estimates, Adjusted EBITDA Up Y/Y

Delek US Holdings, Inc. DK reported fourth-quarter 2025 adjusted earnings per share of 44 cents in contrast to the Zacks Consensus Estimate of a 25-cent loss. The bottom line also marked a sharp improvement from the year-ago adjusted loss of $2.54, supported by stronger year-over-year performance across both segments and a 12.2% reduction in total costs.

Net revenues increased 2.3% year over year to $2.4 billion. The top line beat the Zacks Consensus Estimate by 6.3%. This was due to better-than-expected performance from the refining segment, which exceeded our consensus mark by $259 million.

Delek US Holdings, Inc. Price, Consensus and EPS Surprise

Delek US Holdings, Inc. price-consensus-eps-surprise-chart | Delek US Holdings, Inc. Quote

The diversified downstream energy company reported adjusted EBITDA of $374.8 million, a significant turnaround from a $15.2-million loss reported a year earlier. Additionally, the reported figure beat our estimate of $125.6 million.

On Feb. 18, 2026, DK’s board of directors approved the regular quarterly dividend of 25.5 cents per share. The dividend will be paid on March 9, 2026, to its shareholders of record as of March 2.

DK’s Segmental Performances

Refining: The refining segment reported an adjusted EBITDA profit of $314.1 million, a notable increase from the $68.7 million loss recorded in the prior-year quarter. Additionally, the reported figure beat our estimate of $139.4 million.

The solid year-over-year profit increase was primarily driven by benefits from small refinery exemptions during the quarter, and a stronger refining margin resulting from wider crack spreads. Delek US’ benchmark crack spreads rose an average of 66% year over year during the fourth quarter of 2025.

Logistics: This unit represents Delek US’s majority interest in Delek Logistics Partners (DKL), a publicly traded master limited partnership, that owns, operates, develops and acquires pipelines and other midstream assets.

In the fourth quarter, the segment registered an adjusted EBITDA of $141.9 million compared with $114.3 million in the year-ago quarter. The year-over-year slight increase was fueled by the W2W dropdown impact and additional contributions from the H2O Midstream acquisition completed on Sept. 11, 2024, the Gravity acquisition on Jan. 2, 2025, along with higher wholesale margins. However, the figure missed our estimate of $116.8 million.

DK’s Financials

Total costs in the fourth quarter decreased about 12.2% year over year to $2.2 billion. Delek US spent $80.5 million on capital programs in the same time frame.

As of Dec. 31, 2025, the company had cash and cash equivalents worth $625.8 million and long-term debt of $3.2 billion, with a debt-to-total capital of about 85.5%.

Delek US' consolidated balance sheet for the same period included DKL, which held $10.9 million in cash and $2.3 billion in long-term debt. Excluding DKL, Delek US reported $614.9 million in cash and $888.7 million in long-term debt, yielding a net debt of $273.8 million.

DK’s Q1 and 2026 Guidance

The integrated downstream energy company expects steady operational performance in the first quarter of 2026, supported by stable refinery utilization and disciplined cost control. It anticipates operating expenses in the $210-$220 million range, general and administrative expenses of $47-$52 million, depreciation and amortization of $100-$110 million and net interest expense of $75-$85 million.

Throughput for the first quarter of 2026 is projected to remain solid, with total crude throughput in the 212,000-247,000 barrels per day (bpd) range and total system throughput in the 240,000-259,000 bpd band. Refinery-specific throughput is expected to be 70,000-74,000 bpd at Tyler, 66,000-71,000 bpd at El Dorado, 22,000-28,000 bpd at Big Spring and 82,000-86,000 bpd at Krotz Springs during the same time.

For 2026, the company has outlined a disciplined capital allocation strategy, with total capital spending budgeted at approximately $495 million. This includes $222 million for the refining segment, primarily focused on sustaining maintenance and regulatory compliance. The logistics segment is expected to receive about $255 million, largely directed toward growth projects to enhance midstream capabilities, while corporate and other spending is projected at $18 million. This balanced investment approach is expected to support operational reliability, strengthen infrastructure and drive long-term value creation. DK currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Energy Earnings at a Glance

While we have discussed DK’s fourth-quarter results in detail, let us take a look at three other key reports in this space.

Valero Energy Corporation VLO posted fourth-quarter 2025 adjusted earnings of $3.82 per share, which beat the Zacks Consensus Estimate of $3.22. The bottom line improved from the year-ago quarter’s level of 64 cents. The better-than-expected quarterly results can be mainly attributed to a surge in refining margins, higher ethanol production volumes and lower total cost of sales.

Valero Energy had cash and cash equivalents of $4.7 billion at the end of the fourth quarter. As of Dec. 31, 2025, the leading independent refiner and marketer of transportation fuels and petrochemical products had total debt of $8.3 billion and finance lease obligations of $2.4 billion.

Baker Hughes Company BKR posted fourth-quarter 2025 adjusted earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 67 cents. The bottom line also increased from the year-ago level of 70 cents. The strong quarterly results were primarily driven by solid performance from BKR’s Industrial & Energy Technology business segment.

Baker Hughes Company’s net capital expenditure in the fourth quarter was $321 million. As of Dec. 31, 2025, it had cash and cash equivalents of $3.7 billion. Houston, TX-based oil and gas equipment and services provider had a long-term debt of $5.4 billion at the end of the reported quarter, with a debt-to-capitalization of 24.3%.

Halliburton Company HAL posted fourth-quarter 2025 adjusted net income per share of 69 cents, beating the Zacks Consensus Estimate of 54 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line marginally fell from the year-ago adjusted profit of 70 cents due to softer activity in the North American region.

Halliburton reported fourth-quarter capital expenditure of $337 million, well below our projection of $390.4 million. As of Dec. 31, 2025, the Houston, TX-based oil and gas equipment and services provider had approximately $2.2 billion in cash and cash equivalents, and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.5.

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