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Delek US

Logo: Ricblake11, Public domain, via Wikimedia Commons⁵

Independent refiner and marketer of petroleum products

Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee.³ From Wikipedia, CC BY-SA 4.0

$76.53 down 2.44 (3.09%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

2001Founded¹

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TickerDK on NYSE¹
Industrypetroleum industry¹
HeadquartersBrentwood¹
Websitewww.delekus.com
Legal formcorporation¹
Incorporated inDE⁶
Business address310 Seven Springs Way, Suite 500, Brentwood, Tn 37027⁶
Filer categoryLarge accelerated filer⁶

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Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.8%Operating margin⁸

-0.2%Net margin⁸

-9.5%Revenue growth, 2025⁸

-4.2%Return on equity⁸

5.89×Debt to equity⁸

$6.3MFree cash flow⁸

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Refining brought in 95% of the revenue Delek US broke down this way in fiscal 2025.

Refining$10.2B⁸95%down 8% from 2024
Logistics$513.8M⁸5%up 22% from 2024

Business segments by year

Business segments	2023	2024	2025
Refining	$15.6B	$11.1B	$10.2B
Logistics	$456.6M	$422.8M	$513.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenue

Cost of revenue94¢$10.1B
Selling, general and admin3¢$269.5M
Other costs3¢$335.8M
Income tax0¢$6.8M

Out of $10.7B in revenue.⁸ The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

Capital spending

Capital spending90¢$529.5M
Dividends paid10¢$62.0M

Out of $535.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁸

Financial statements

Revenue⁹¹⁰¹¹¹²⁸$10.7B in 2025+15% since 2019

Operating income⁹¹⁰¹¹¹²⁸$301.0M in 2025−39% since 2019

Net income⁹¹⁰¹¹¹²⁸-$22.8M in 2025

Every line of the income statement in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net revenues	$10.7B	$11.9B	$16.5B
Cost of materials and other	$8.9B	$10.8B	$14.8B
Operating expenses (excluding depreciation and amortization presented below)	$862.9M	$763.8M	$770.6M
Depreciation and amortization	$374.3M	$349.7M	$322.8M
Total cost of sales	$10.1B	$11.9B	$15.9B
Insurance proceeds	-$100.0K	-$20.6M	-$20.3M
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)	$9.0M	$3.4M	$4.4M
General and administrative expenses	$269.5M	$252.8M	$272.0M
Depreciation and amortization	$23.5M	$24.8M	$16.7M
Asset impairment	$17.7M	$243.5M	$37.9M
Other operating income, net	-$8.5M	-$55.5M	-$6.9M
Total operating costs and expenses	$10.4B	$12.3B	$16.2B
Operating income (loss)	$301.0M	-$491.5M	$244.7M
Interest expense, net	$345.3M	$313.0M	$318.0M
Income from equity method investments	-$89.5M	-$92.2M	-$86.2M
Other expense (income), net	$6.3M	-$6.3M	-$3.7M
Total non-operating expense, net	$262.1M	$214.5M	$228.1M
Income (loss) from continuing operations before income tax expense (benefit)	$38.9M	-$706.0M	$16.6M
Income tax benefit	-$6.8M	-$107.9M	-$3.0M
Income (loss) from continuing operations, net of tax	$45.7M	-$598.1M	$19.6M
(Loss) income from discontinued operations, including gain on sale of discontinued operations	-$3.0M	$105.9M	$35.2M
Income tax (benefit) expense	-$600.0K	$28.7M	$8.1M
(Loss) income from discontinued operations, net of tax	-$2.4M	$77.2M	$27.1M
Net income (loss)	$43.3M	-$520.9M	$46.7M
Net income attributed to non-controlling interests	$66.1M	$39.5M	$26.9M
Net (loss) income attributable to Delek	-$22.8M	-$560.4M	$19.8M
(Loss) income from continuing operations (in dollars per share)	-$0	-$10	-$0
(Loss) income from discontinued operations (in dollars per share)	-$0	$1	$0
Total basic (loss) income per share (in dollars per share)	-$0.38	-$8.77	$0.30
(Loss) income from continuing operations (in dollars per share)	-$0	-$10	-$0
(Loss) income from discontinued operations (in dollars per share)	-$0	$1	$0
Total diluted (loss) income per share (in dollars per share)	-$0.38	-$8.77	$0.30
Basic (in shares)	60.7M shares	63.9M shares	65.4M shares
Diluted (in shares)	60.7M shares	63.9M shares	65.4M shares

Total assets¹⁵⁹¹⁰¹¹¹²⁸$6.8B in 2025−2% since 2019

Shareholders’ equity¹⁰¹¹¹²⁸$547.3M in 2025−70% since 2019

Cash¹⁵⁹¹⁰¹¹¹²⁸$625.8M in 2025−34% since 2019

Long-term debt¹⁵⁹¹⁰¹¹¹²⁸$3.2B in 2025+59% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$625.8M	$735.6M
Accounts receivable, net	$648.7M	$617.6M
Inventories, net of inventory valuation reserves	$726.0M	$893.2M
Other current assets	$67.5M	$85.5M
Total current assets	$2.1B	$2.3B
Property, plant and equipment	$5.6B	$4.9B
Less: accumulated depreciation	-$2.3B	-$2.0B
Property, plant and equipment, net	$3.3B	$2.9B
Operating lease right-of-use assets	$71.4M	$92.2M
Goodwill	$475.3M	$475.3M	$687.5M
Other intangibles, net	$405.7M	$321.6M
Equity method investments	$427.7M	$392.9M
Other non-current assets	$127.1M	$111.9M
Total assets	$6.8B	$6.7B
Accounts payable	$1.6B	$1.8B
Current portion of long-term debt	$9.5M	$9.5M
Current portion of operating lease liabilities	$27.2M	$43.2M
Accrued expenses and other current liabilities	$858.9M	$649.5M
Total current liabilities	$2.5B	$2.5B
Long-term debt, net of current portion	$3.2B	$2.8B
Obligation under Inventory Intermediation Agreement	$119.5M	$408.7M
Environmental liabilities, net of current portion	$31.1M	$33.3M
Asset retirement obligations	$34.0M	$24.7M	$36.4M
Deferred tax liabilities	$217.9M	$214.8M
Operating lease liabilities, net of current portion	$46.1M	$54.8M
Other non-current liabilities	$98.8M	$82.6M
Total non-current liabilities	$3.8B	$3.6B
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding	$0	$0
Common stock, $0.01 par value, 110,000,000 shares authorized, 77,357,447 shares and 80,127,994 shares issued at December 31, 2025 and December 31, 2024, respectively	$800.0K	$800.0K
Additional paid-in capital	$1.3B	$1.2B
Accumulated other comprehensive loss	$0	-$4.1M
Treasury stock, 17,575,527 shares, at cost, at December 31, 2025 and December 31, 2024, respectively	-$694.1M	-$694.1M
Retained earnings (deficit)	-$311.1M	-$205.7M
Non-controlling interests in subsidiaries	$260.8M	$262.4M
Total stockholders equity	$547.3M	$575.2M	$959.7M
Total liabilities and stockholders equity	$6.8B	$6.7B
Preferred stock, par value per share (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	10.0M shares	10.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value per share (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	110.0M shares	110.0M shares
Common stock, shares, issued (in shares)	77.4M shares	80.1M shares
Treasury stock, shares (in shares)	17.6M shares	17.6M shares

Cash from operations⁹¹⁰¹¹¹²⁸$535.8M in 2025−7% since 2019

Capital spending⁹¹⁰¹¹¹²⁸$529.5M in 2025+28% since 2019

Free cash flow⁹¹⁰¹¹¹²⁸$6.3M in 2025−96% since 2019

Dividends paid⁹¹⁰¹¹¹²⁸$62.0M in 2025−29% since 2019

Share buybacks⁹¹⁰¹¹¹²$0 in 2024

Every line of the cash flow in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$43.3M	-$520.9M	$46.7M
Depreciation and amortization	$397.8M	$374.5M	$339.5M
Non-cash lease expense	$39.5M	$46.1M	$60.3M
Deferred income taxes	-$10.5M	-$103.6M	-$1.6M
Asset impairment	$17.7M	$243.5M	$37.9M
Income from equity method investments	-$89.5M	-$92.2M	-$86.2M
Dividends from equity method investments	$41.1M	$74.1M	$61.0M
Non-cash lower of cost or market/net realizable value adjustment	$8.4M	-$10.7M	$400.0K
Loss on extinguishment of debt	$0	$3.6M	$0
Equity-based and non-cash compensation expense	$86.7M	$33.8M	$27.5M
Loss (income) from discontinued operations	$2.4M	-$77.2M	-$27.1M
Other	$15.9M	$500.0K	$5.0M
Accounts receivable	-$21.5M	$179.8M	$460.0M
Inventories and other current assets	$149.4M	$84.6M	$559.4M
Fair value of derivatives	$7.2M	-$5.5M	$4.0M
Accounts payable and other current liabilities	-$42.0M	-$220.8M	-$299.7M
Obligation under Inventory Intermediation Agreements	-$96.0M	$1.1M	-$192.1M
Non-current assets and liabilities, net	-$11.7M	-$94.4M	-$16.0M
Cash provided by (used in) operating activities - continuing operations	$538.2M	-$83.7M	$979.0M
Cash (used in) provided by operating activities - discontinued operations	-$2.4M	$16.9M	$34.6M
Net cash provided by (used in) operating activities	$535.8M	-$66.8M	$1.0B
Business combination, net of cash acquired	-$181.2M	-$182.5M	$0
Equity method investment contributions	-$2.1M	-$19.1M	$0
Distributions from equity method investments	$15.7M	$5.0M	$14.9M
Purchases of property, plant and equipment	-$529.5M	-$427.7M	-$392.5M
Purchase of equity securities	$0	$0	-$11.9M
Purchases of intangible assets	-$12.5M	-$2.9M	-$4.3M
Proceeds from sale of property, plant and equipment	$10.3M	$10.2M	$1.9M
Insurance and settlement proceeds	$10.7M	$16.2M	$10.3M
Other	-$9.3M	-$2.4M	$0
Cash used in investing activities - continuing operations	-$697.9M	-$603.2M	-$381.6M
Cash provided by (used in) investing activities - discontinued operations	$0	$361.7M	-$26.4M
Net cash used in investing activities	-$697.9M	-$241.5M	-$408.0M
Proceeds from long-term revolvers	$9.9B	$6.9B	$3.5B
Payments on long-term revolvers	-$10.1B	-$7.3B	-$4.0B
Proceeds from term debt	$700.0M	$1.1B	$0
Payments on term debt	-$9.5M	-$540.8M	-$28.2M
Proceeds from product and other financing agreements	$2.1B	$1.1B	$1.2B
Repayments of product and other financing agreements	-$2.0B	-$1.1B	-$1.2B
Proceeds from Inventory Intermediation Agreement	$0	$0	$32.2M
Repayments on Inventory Intermediation Agreement	-$193.2M	$0	$0
Proceeds from termination of Supply & Offtake Obligation	$0	$0	$25.8M
Repurchase of common stock	-$79.4M	-$41.5M	-$85.4M
Distribution to non-controlling interest	-$87.1M	-$56.8M	-$38.6M
Proceeds from issuance of Delek Logistic common limited partner units, net	$0	$297.9M	$0
Redemption of Delek Logistics preferred units	$0	-$70.8M
Dividends paid	-$62.0M	-$64.2M	-$60.3M
Deferred financing costs paid	-$10.7M	-$18.2M	-$4.6M
Other	-$11.2M	-$6.8M	-$5.2M
Cash provided by (used in) financing activities - continuing operations	$52.3M	$221.7M	-$624.7M
Net cash provided by (used in) financing activities	$52.3M	$221.7M	-$624.7M
Net decrease in cash and cash equivalents	-$109.8M	-$86.6M	-$19.1M
Interest, net of capitalized interest of $12.1 million, $4.5 million, and $5.5 million in the 2025, 2024, and 2023 periods, respectively	$341.7M	$300.1M	$323.5M
Income taxes	$1.5M	$3.8M	$10.8M
Delek Logistics preferred units issued in connection with H2O Acquisition	$0	$70.0M
Delek Logistics common units issued in connection with Gravity Acquisition	$91.5M	$0	$0
(Decrease) increase in accrued capital expenditures	-$7.9M	$14.9M	-$27.6M
Non-cash lease liability arising from obtaining right-of-use assets during the period	$56.5M	$16.0M	$55.9M
Non-cash right of use asset decrease due to lease termination during the period	-$4.4M	$0	$0
Capitalized interest	$12.1M	$4.5M	$5.5M

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The story

Founded by Ezra Uzi Yemin in 2001.¹

Delek US was founded in 2001 as a fully owned subsidiary of Israeli conglomerate Delek Group. Delek US was introduced in the New York Stock Exchange in 2006, and Delek Group reduced its share over the next decade.

Key events in its history are summarized below:

Acquisitions/Divestitures

May 2001: Acquired MAPCO Express, Inc., with 198 retail fuel and convenience stores

April 2005: Acquired the Tyler Refinery and its related assets

July 2006: Acquired 40 retail fuel and convenience stores from Fast Petroleum

August 2006: Acquired refining equipment, pipelines, storage tanks and terminals from Pride Companies

October 2011: Acquired sole ownership of Lion Oil Company, with a refinery, pipeline and other refining, product terminal, and crude oil pipeline assets in and around El Dorado, Arkansas, and product terminals in Memphis and Nashville, Tennessee

Read the full text

January 2013: Announced agreement to purchase a biodiesel facility in Cleburne, Texas from EQM Technologies & Energy, Inc.

February 2014: Announced agreement to purchase a biodiesel facility in Crossett, Arkansas

November 2016: Completed sale of MAPCO Retail Related Assets for $535 million

March 2018: Sold refineries in Paramount, California and Long Beach, California to World Energy LLC.

November 2018: Announced Big Spring Crude Oil Gathering System in the Permian Basin

May 2019: Acquired 33% Interest in Red River pipeline joint venture

August 2019: Acquired 15% Interest in Wink to Webster Pipeline LLC

November 2019: Announced agreement to purchase a biodiesel facility in New Albany, Mississippi

May 2020: Sold Bakersfield refinery to Global Clean Energy Holdings

June 2022: Acquired 3Bear Energy through Delek's master limited partnership, Delek Logistics Partners, LP. 3Bear's operations included crude oil and gas gathering, processing and transportation businesses, as well as water disposal and recycling operations in the Delaware Basin in New Mexico.

October 2024: Sold its retail network to FEMSA.

Mergers

May 2015: Acquired 33.7 million shares of common stock of Alon USA Energy, Inc, a subsidiary of Alon Israel Oil Co. Ltd. This represented approximately 48% of Alon USA shares outstanding in May 2015

July 2017: Acquired the remaining shares of common stock of Alon USA Energy, Inc. Operations included refining, retail, asphalt, and renewable fuel, including Paramount Petroleum.

From Wikipedia’s article on Delek US, shared under CC BY-SA 4.0.⁷

Leadership

Who has led Delek US, and when. Pick a name to see everywhere that person has worked.

FounderEzra Uzi Yemin¹

Products and brands

fuel

Listed on Wikidata.¹

Refining

Delek US owns and operates four inland refineries with a combined crude throughput capacity of 302,000 barrels per day. The refineries are located in Tyler, Texas; Big Spring, Texas; Krotz Springs, Louisiana; and El Dorado, Arkansas.

Delek's refineries process primarily light crude oil sourced from the Permian Basin, East Texas, Gulf Coast and local production.

Logistics

Read the full text

Delek's logistics segment gathers, transports, and stores crude oil, as well as markets, distributes, transports and stores refined product in West Texas and the Southeast U.S.

Renewables

Delek owns and operates three biodiesel plants with a capacity of approximately 40 million gallons a year, which are located in Cleburne, Texas, Crossett, Arkansas and New Albany, Mississippi.