Delek US Holdings, Inc. DK
We are an integrated downstream energy business focused on petroleum refining ("Refining" or our "refining segment") and the transportation, storage and wholesale distribution of crude oil, intermediate and refined products ("Logistics" or our "logistics segment"). Delek US Holdings, Inc., a Delaware corporation formed in 2016 (a successor to the original Delek US Holdings, Inc. which was a Delaware corporation originally formed in 2001), operates through its consolidated subsidiaries, which include Delek US Energy, Inc. (and its subsidiaries) ("Delek Energy") and Alon (and its subsidiaries).
The following map outlines the geography of our integrated downstream energy structure as of December 31, 2025:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.72B | $11.85B | $16.47B | $19.80B | $10.65B | $7.30B | $9.30B | $10.23B | $7.27B | $4.20B |
| Cost of revenue | $10.11B | $11.90B | $15.92B | $19.05B | $10.40B | $7.56B | $8.41B | $9.26B | $6.84B | $4.17B |
| Gross profit | $612.1M | -$43.1M | $548.5M | $747.7M | $250.5M | -$261.0M | $890.1M | $972.8M | $431.7M | $31.8M |
| SG&A | $269.5M | $252.8M | $272.0M | $313.7M | $200.4M | $234.6M | $274.7M | $247.6M | $175.9M | $106.1M |
| Total operating expenses | $10.42B | $12.34B | $16.22B | $19.34B | $10.68B | $8.03B | $8.81B | $9.62B | $375.7M | $247.0M |
| Operating income | $301.0M | -$491.5M | $244.7M | $457.5M | -$34.7M | -$732.3M | $492.3M | $611.9M | $180.3M | -$49.2M |
| Interest expense | — | — | $61.4M | $23.4M | $18.1M | $125.7M | $131.1M | $125.9M | $93.8M | $54.4M |
| Pre-tax income | $38.9M | -$706.0M | $16.6M | $321.8M | -$137.3M | -$767.4M | $402.7M | $485.5M | $299.3M | -$391.2M |
| Income tax | $6.8M | $107.9M | $3.0M | $56.4M | $42.0M | $193.6M | $71.7M | $101.9M | $29.2M | $171.5M |
| Net income | -$22.8M | -$560.4M | $19.8M | $257.1M | -$128.3M | -$611.4M | $310.6M | $340.1M | $288.8M | -$153.7M |
| EPS, basic | -0.38 | -8.77 | 0.30 | 3.63 | -1.73 | -8.31 | 4.10 | 4.11 | 4.04 | -2.49 |
| EPS, diluted | -0.38 | -8.77 | 0.30 | 3.59 | -1.73 | -8.31 | 4.06 | 3.95 | 4.00 | -2.49 |
| Shares, diluted (wtd. avg.) | $60.7M | $63.9M | $65.4M | $71.5M | $74.0M | $73.6M | $76.6M | $86.8M | $72.3M | $61.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $625.8M | $735.6M | $821.8M | $840.9M | $856.5M | $787.5M | $955.3M | $1.08B | $931.8M | $689.2M |
| Receivables | $648.7M | $617.6M | $783.7M | $1.23B | $776.6M | $527.9M | $792.6M | $514.4M | $579.6M | $265.9M |
| Inventory | $726.0M | $893.2M | $941.2M | $1.52B | $1.26B | $727.7M | $946.7M | $677.9M | $808.4M | $392.4M |
| Total current assets | $2.07B | $2.33B | $2.67B | $3.72B | $3.02B | $2.30B | $2.96B | $2.42B | $2.61B | $1.40B |
| Property, plant and equipment | $3.27B | $2.94B | $2.70B | $2.78B | $2.31B | $2.37B | $2.43B | $2.19B | $2.14B | $1.10B |
| Goodwill | $475.3M | $475.3M | $687.5M | $702.3M | $729.7M | $729.7M | $855.7M | $857.8M | $816.6M | $12.2M |
| Other intangibles | $405.7M | $321.6M | $287.7M | $315.6M | $102.7M | $107.8M | $110.3M | $104.4M | $101.1M | $26.7M |
| Total assets | $6.85B | $6.67B | $7.17B | $8.19B | $6.81B | $6.13B | $7.02B | $5.76B | $5.94B | $2.98B |
| Accounts payable | $1.63B | $1.81B | $1.81B | $1.75B | $1.70B | $1.14B | $1.60B | $1.01B | $973.4M | $494.6M |
| Short-term debt | $9.5M | $9.5M | $44.5M | $74.5M | $92.2M | $33.4M | $36.4M | $32.0M | $590.2M | $84.4M |
| Total current liabilities | $2.53B | $2.52B | $2.69B | $3.09B | $3.13B | $1.90B | $2.36B | $1.66B | $2.67B | $935.2M |
| Long-term debt | $3.22B | $2.76B | $2.56B | $2.98B | $2.13B | $2.31B | $2.03B | $1.75B | $875.4M | $748.5M |
| Retained earnings | -$311.1M | -$205.7M | $430.0M | $507.9M | $384.7M | $522.0M | $1.21B | $981.8M | $767.8M | $522.3M |
| Total equity | $547.3M | $575.2M | $959.7M | $1.07B | $1.01B | $1.12B | $1.84B | $1.81B | $1.96B | $1.18B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $535.8M | -$66.8M | $1.01B | $425.3M | $371.4M | -$282.9M | $575.2M | $560.3M | $319.7M | $248.0M |
| Depreciation and amortisation | $397.8M | $374.5M | $339.5M | $275.0M | $264.6M | $267.6M | $194.3M | $199.4M | $153.3M | $116.4M |
| Stock-based compensation | $86.7M | $33.8M | $27.5M | $29.1M | $24.6M | $22.8M | $25.8M | $21.4M | $17.5M | $16.4M |
| Capital expenditure | $529.5M | $427.7M | $392.5M | $280.2M | $222.2M | $269.4M | $413.0M | $322.0M | $172.0M | $46.3M |
| Investing cash flow | -$697.9M | -$241.5M | -$408.0M | -$931.6M | -$178.4M | -$191.3M | -$691.3M | -$125.3M | $37.6M | $200.7M |
| Financing cash flow | $52.3M | $221.7M | -$624.7M | $491.1M | -$124.0M | $306.4M | -$7.9M | -$297.6M | -$104.6M | -$61.7M |
| Dividends paid | $62.0M | $64.2M | $60.3M | $42.8M | $0 | $69.1M | $86.8M | $80.1M | $44.0M | $37.5M |
| Buybacks | — | $0 | $0 | $64.0M | $0 | $1.9M | $178.1M | $365.3M | $150.0M | $6.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012664.
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