Delek US Holdings reported first‑quarter 2026 revenue of $2.653 billion, a 0.4% year‑over‑year increase driven by stronger refining and logistics demand that offset a modest decline in the Supply & Marketing segment.
Adjusted EBITDA rose to $211.7 million from $33.6 million in Q1 2025, largely due to the completion of the Big Spring refinery turnaround and a 63.8% year‑over‑year rise in benchmark crack spreads. The Logistics segment contributed $132 million, the Refining segment $155.3 million, while Supply & Marketing posted a $61 million loss.
Net loss attributable to DK widened to $201.3 million versus $172.7 million a year earlier, mainly because of a consolidated net RINs deficit and related fair‑value losses, as well as one‑time regulatory costs.
Adjusted earnings per share were $0.08, beating the consensus estimate of a $1.28 loss by $1.36. The beat was driven by cost discipline, higher margins, and improved segment performance, although GAAP diluted earnings remained a $3.34 loss per share.
CEO Avigal Soreq highlighted the successful Big Spring turnaround, the increase of the Enterprise Optimization Plan target to $220 million, and the ongoing regulatory headwinds from RINs and SREs. CFO Mark Hobbs confirmed the net loss and the strong adjusted EBITDA, underscoring the company’s focus on operational execution and cash‑flow improvement.
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