Delek US Holdings, Inc.

Delek reported second-quarter net income of approximately $170 million, or $2.71 per share. On an adjusted basis, net income was approximately $344 million, or $5.48 per share, with adjusted EBITDA of approximately $639 million. Excluding the 50% RVO adjustment, adjusted EBITDA was approximately $490 million and adjusted EPS was approximately $3.64 per share. Cash flow from operations was $263 million. In the quarter, the company paid approximately $16 million in dividends and $20 million in buybacks, while Delek net debt declined by $72 million on a stand-alone basis. For third quarter 2026, management guided to throughput of 296,000 to 316,000 barrels per day, operating expenses of $220 million to $230 million, G&A of $50 million to $55 million, D&A of $110 million to $120 million, and net interest expense of $75 million to $85 million, including DK at $28 million to $33 million and DKL at $47 million to $52 million.

Avigal Soreq said the quarter showed strong execution, better reliability, and improved flexibility across the system, especially after Big Spring’s turnaround. He emphasized that Delek is focused on mitigating market risk while capturing opportunities from crude and product volatility, and he repeatedly framed EOP, capital discipline, and shareholder returns as central to the strategy. His tone was upbeat and confident, with repeated references to momentum, free cash flow growth, and additional upside still ahead.

Robert Wright highlighted the hard numbers: approximately $170 million of net income, $344 million adjusted net income, $639 million adjusted EBITDA, and $263 million cash flow from operations. He pointed to $138 million of working-capital outflow, $176 million of investing cash outflow, $61 million of capital purchases at Delek Logistics, $55 million in refining capex, and refinancing-related debt paydown that reduced the term loan from $920 million to $850 million. He also introduced third-quarter guidance for throughput, operating expenses, G&A, D&A, and net interest expense, reflecting greater disclosure around DK and DKL separation.

Analysts focused heavily on SREs, asking about timing, monetization, tax treatment, and the recent Krotz Springs award. Management said the issue reflects “disproportionate economic harm,” said the Krotz Springs decision was overturned because EPA and DOE agreed with Delek’s petition, and expressed confidence in 2025 petitions; they also said monetization is part of their normal RIN management process and that they do not plan to hold excess cash. Other questions centered on capital allocation, EOP upside, DKL sour gas growth, and refining margin capture; management said capital returns will stay balanced between dividends, buybacks and balance-sheet care, EOP is still expanding beyond the current roughly $220 million annual run-rate target, and tighter product markets plus high distillate yield continue to support the refining system.