Want to see DK full AI Analyst Report?
EarningsQ2 2026 Earnings Report
DK Q2 2026 EPS Results
Actual EPS$5.48
Consensus EPS$2.67
Beat/MissBeat by +$2.81
One Year Ago EPS-$0.56
DK Q2 2026 Revenue Results
Actual Revenue$4.09B
Expected Revenue$3.44B
Beat/MissBeat by +$646.05M
YoY Revenue Growth+47.83%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
DK Upcoming Earnings
Delek US Holdings's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DK Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, record results in logistics, meaningful adjusted earnings and clear progress on enterprise optimization and DKL separation — all supported by capital returns and debt reduction. Offsetting risks include commodity and geopolitical-driven market volatility, RFS/RVO uncertainty and a sizable working capital outflow that reduced operating cash flow. Management conveyed confidence in free cash flow generation and continued capital discipline.Company Guidance
Strong Adjusted Earnings and EBITDA
Reported GAAP net income of ~$170 million ($2.71/share) and adjusted net income of ~$344 million ($5.48/share). Adjusted EBITDA for the quarter was ~$639 million (note: excluding the 50% RVO adjustment adjusted EBITDA was ~$490 million).
RVO Adjustment Materially Boosted Reported Results
The 50% RVO adjustment increased adjusted EBITDA from ~$490 million to ~$639 million, an uplift of approximately $149 million (~30% increase over the adjusted EBITDA excluding the adjustment).
Logistics Segment Record Quarter
Delek Logistics (DKL) / Logistics segment delivered its best quarterly results in company history with approximately $144 million in adjusted EBITDA, driven by momentum across Permian crude, gas and water offerings.
Enterprise Optimization (EOP) Momentum
EOP contributed roughly $60 million to P&L in Q2 and the enterprise target remains to increase cash flow by at least $220 million on an annual run rate. Management noted EOP has grown from an initial ~ $100 million program to over twice that level (moving toward the $220M+ target).
DKL Outlook and Separation Progress
DKL reaffirmed 2026 EBITDA guidance of $520 million to $560 million and continues to target >80% third-party EBITDA on a pro forma basis — supporting the Sum-of-the-Parts strategy and deconsolidation objective.
Operational Execution — Big Spring Turnaround and Refining Reliability
Successful Big Spring turnaround completed on schedule, on budget and safely; post-turnaround the asset is delivering improved reliability, higher crude slate flexibility, better product yields, and higher octane/blending capabilities. No planned refineries turnarounds for the rest of the year, positioning the system to capture market strength.
Healthy Cash Flow, Capital Returns and Balance Sheet Moves
Cash flow from operations was $263 million. Company returned capital via ~ $16 million in dividends and ~ $20 million in buybacks during the quarter, refinanced term loan (paydown from $920M to $850M) and reduced standalone net debt by ~$72 million. Investing activity included $61 million capital at DKL and $55 million in refining.
Mid-Cycle Free Cash Flow Outlook
Management increased confidence in mid-cycle free cash flow profile, referencing ~$650 million to $700 million in free cash flow including DKL distributions, equating to a roughly 15%–20% free cash flow yield at current prices.
Q3 Operational and Financial Guidance
Third-quarter system throughput guidance set at 296,000 to 316,000 barrels per day (Tyler 72–77k, El Dorado 78–83k, Big Spring 68–73k, Krotz Springs 78–83k). Q3 operating expense guidance $220–230M, G&A $50–55M, D&A $110–120M, and net interest expense guidance $75–85M (DK $28–33M, DKL $47–52M).
DK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed