Delek Logistics earnings date
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Delek Logistics (DKL) Q3 2026 Earnings Report
DKL Q3 2026 EPS Results
- Actual EPS
- $0.85
- Consensus EPS
- $0.97
- Beat/Miss
- Missed by -$0.12
- One Year Ago EPS
- $0.85
DKL Q3 2026 Revenue Results
- Actual Revenue
- $372.44M
- Expected Revenue
- $355.44M
- Beat/Miss
- Beat by +$17.00M
- YoY Revenue Growth
- +42.55%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/06/2026
- Time
- Before Open
- Conference Call
- Friday, November 6, 2026
Delek Logistics's next earnings date is estimated for March 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive. Management reported approximately $143 million of quarterly adjusted EBITDA, raised full-year guidance to $530 million to $560 million, completed major sour gas infrastructure, strengthened liquidity and reduced leverage to 3.85x. The main negative items were slight sequential declines in crude and water volumes and overall EBITDA being in line with the prior-year period, but these were outweighed by the stated growth outlook, infrastructure progress, distribution increase and balance-sheet improvements.
DKL raised full year 2026 adjusted EBITDA guidance to a range of $530 million to $560 million; its 2026 growth capital program of $180 million to $190 million is expected to generate up to $15 million run rate EBITDA in 2026 with an additional $60 million of EBITDA growth in 2027. The sour gas system is expected to start up in the next few weeks, with a pretty substantial jump in utilization expected as the company moves through the end of the year and into early next year, while water volumes are expected to reverse as the company moves through the end of the year. In 2026, on a pro forma basis, the company continues to expect approximately 80% of its run rate EBITDA will come from third parties.
- Strong Third-Quarter EBITDA and Raised GuidanceDKL reported approximately $143 million of adjusted EBITDA in the third quarter and raised full-year 2026 adjusted EBITDA guidance to $530 million to $560 million.
- Growth Capital Program Expected to Add EBITDAThe 2026 growth capital program of $180 million to $190 million is expected to generate up to $15 million of run-rate EBITDA in 2026 and an additional $60 million of EBITDA growth in 2027.
- Sour Gas Infrastructure Completed and Entering CommissioningDKL completed construction of its first sour gas compressor station and AGI well at the Libby Gas Complex. The system is in the commissioning phase and is expected to start up in the next few weeks, supporting additional gas volumes, higher system utilization and potential future processing-capacity expansion.
- Expected Gas Volume RampTotal gas volumes averaged over 90 million scf between Libby 1 and Libby 2 in the third quarter, with volumes continuing to increase in the fourth quarter. Management expects a substantial increase in utilization of both plants as the integrated sour gas solution is fully commissioned.
- Strong Permian Activity and Commodity PricingProducer activity in the Northern Delaware Basin remained heightened, Permian rig activity was near its highest level of the year, and production continued to set new records. Crude and NGL prices remained elevated as a result of the ongoing conflict in the Middle East, while Waha gas prices turned firmly positive after negative pricing in the first half of the year.
- Gas-System Optimization and Customer SupportDKL is executing projects to optimize its gas system, increase gas volumes and Libby processing-plant utilization, and improve reliability and redundancy for customers. Management is also evaluating options to expand sour gas processing capacity at the Libby complex.
- Crude Business Continued to Perform StronglyDPG and DGG continued to see strong performance, reflecting sustained production across DKL's operating footprint. The crude gathering business in both the Delaware and Midland Basins operated well and maintained high reliability during the quarter.
- Three-Stream Platform Strengthened Competitive PositionDKL stated that its combined gas, crude and water offering in the Permian Basin has improved its competitive position and established a platform for future growth. Management described the three-stream offering in the Delaware Basin as a critical differentiator from peers.
- Water Business Offers Additional Growth OpportunitiesThe water business was performing well, and DKL continues to explore growth opportunities. Management said produced-water handling and disposal remains a critical and increasing customer need and sees opportunities to increase produced-water volumes across both the Midland and Delaware Basins.
- Capital Structure and Liquidity StrengthenedDKL raised approximately $220 million in net proceeds through its largest primary follow-on equity offering by a midstream MLP in the last decade. Together with the refinancing of the 2028 and 2029 senior notes, the actions extended the maturity profile and strengthened liquidity, which ended the quarter at approximately $1.3 billion.
- Lower Leverage and Strong Distribution GrowthQuarter-end leverage was 3.85x, described as the lowest level of the year. The Board approved the 55th consecutive quarterly distribution increase, raising the distribution to $1.14 per unit.
- Increasing Third-Party BusinessFollowing the August equity offering, Delek's ownership of DKL common units decreased to approximately 58%. On a 2026 pro forma basis, DKL continues to expect approximately 80% of run-rate EBITDA to come from third parties.
- Gathering and Processing EBITDA GrowthGathering and Processing adjusted EBITDA was $88 million in the third quarter, up from $83 million in the third quarter of 2025. The improvement was driven primarily by higher utilization at the Libby Gas Complex and strong realized margins in the crude business.
- Other Segment Results Remained Stable or ImprovedWholesale Marketing and Terminalling adjusted EBITDA was approximately $21 million, in line with the prior-year period. Storage and Transportation adjusted EBITDA was $20 million, compared with $19 million in the prior-year period.
- Growth Investments Advanced Key InfrastructureThird-quarter capital spending was approximately $55 million, including $48 million of growth capital focused primarily on the continued build-out of new sour gas gathering infrastructure. These investments enabled completion of the first sour gas compressor station and AGI well at the Libby Gas Complex.
- Organic Project Returns HighlightedManagement said DKL invested $185 million in organic projects and expects approximately $75 million of EBITDA between 2026 and 2027, describing the return as very strong.
DKL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 02, 2027 | 2026 (Q4) | 0.88- | 0.88 | ― | ― |
| Nov 06, 2026 | 2026 (Q3) | 0.970.85 | 0.85 | 0.00% (+0.00) | |
| Aug 05, 2026 | 2026 (Q2) | 0.930.54 | 0.83 | -34.94% (-0.29) | |
| Apr 29, 2026 | 2026 (Q1) | 0.800.60 | 0.73 | -17.81% (-0.13) | |
| Feb 27, 2026 | 2025 (Q4) | 1.120.88 | 0.68 | 29.41% (+0.20) | |
| Oct 28, 2025 | 2025 (Q3) | 1.040.85 | 0.71 | 19.72% (+0.14) | |
| Jul 29, 2025 | 2025 (Q2) | 0.820.83 | 0.87 | -4.60% (-0.04) | |
| May 07, 2025 | 2025 (Q1) | 0.810.73 | 0.73 | 0.00% (+0.00) | |
| Feb 25, 2025 | 2024 (Q4) | 0.680.68 | 0.51 | 33.33% (+0.17) | |
| Nov 06, 2024 | 2024 (Q3) | 0.840.71 | 0.8 | -11.25% (-0.09) |
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.
