DK · Delek US Holdings, Inc.

Delek US Holdings reported a GAAP net loss of $201.3 million for Q1 2026, compared to a loss of $172.7 million in the same quarter last year. However, on an adjusted basis, the company achieved net income of $4.7 million, a significant turnaround from an adjusted loss of $144.4 million in Q1 2025. Adjusted EBITDA surged to $211.7 million from $33.6 million, driven primarily by a strong performance in the refining segment. Refining segment Adjusted EBITDA was $155.3 million, versus a loss of $27.0 million in the prior year, as benchmark crack spreads increased an average of 63.8% year-over-year. The logistics segment also contributed, with Adjusted EBITDA rising to $132.4 million from $123.2 million, supported by higher wholesale margins and increased interest income from sales-type leases. Management highlighted the successful completion of the Big Spring refinery turnaround, executed safely, on time, and on budget, which is expected to improve margin capture and lower costs. The company also advanced its Enterprise Optimization Plan, increasing annual run-rate cash flow improvements to approximately $220 million. Additionally, Delek announced a regular quarterly dividend of $0.255 per share, payable on May 8, 2026. As of March 31, 2026, the company had $624.1 million in cash and $3,183.1 million in total consolidated long-term debt, resulting in net debt of $2,559.0 million.