Delek Earns $10.53 A Share Excluding Fuel Exemptions — Plans $850 Million Debt Repayment
Wider refining margins lifted earnings, while Delek raised its dividend and plans up to $100 million in fourth-quarter buybacks.
Delek US Holdings, which turns crude oil into gasoline, diesel, jet fuel and asphalt, earned an adjusted $10.53 per share excluding renewable-fuel exemptions and related obligation adjustments, against $1.52 a year earlier. The company reported the third-quarter results Friday alongside an SEC filing and said it expects to repay its $850 million term loan in the fourth quarter.
Wider Margins, Beyond The Exemptions
Delek's overall adjusted profit reached $843.0 million, or $13.55 per share, compared with $434.2 million, or $7.13 per share, a year earlier. Revenue was $4,392.1 million, versus $2,887.0 million.
Renewable-fuel exemptions cut quarterly costs by $334.7 million. The Environmental Protection Agency granted Krotz Springs an exemption for its 2024 obligations on August 3, 2026, following the D.C. Court of Appeals' April 7, 2026 decision overturning the agency's denial. On August 31, 2026, the EPA granted exemptions covering all Delek refineries for the 2025 compliance year.
Reported net income attributable to Delek was a company-described third-quarter record of $1,133.8 million, or $18.22 per share, versus $178.0 million, or $2.93 per share. Adjusted earnings before interest, taxes, depreciation and amortization—EBITDA—reached $1,280.4 million against $766.7 million. Excluding exemptions and related adjustments, that measure was $1,038.1 million, compared with $325.7 million.
The refining business generated adjusted EBITDA of $1,242.1 million, versus $697.4 million. Delek attributed the improvement to wider crack spreads—the gap between crude costs and fuel prices—which increased an average 191.2% across its benchmarks from a year earlier. Its production margin excluding exemptions reached $38.56 per barrel of throughput, against $9.59.
Refineries And Logistics Lift The Outlook
Delek operates refineries in Tyler and Big Spring, Texas; El Dorado, Arkansas; and Krotz Springs, Louisiana. Their combined nameplate capacity is 302,000 barrels a day. Its logistics operations gather, transport and store oil and natural gas, market fuels, and handle water disposal and recycling.
Delek Logistics produced adjusted EBITDA of $142.9 million, versus $138.1 million a year earlier, helped by better wholesale margins and increased interest income from sales-type leases. Delek raised the logistics business's annual adjusted EBITDA forecast to $530–560 million. Delek and its subsidiaries owned approximately 58.0% of the partnership, including the general partner interest, as of September 30, 2026.
President and CEO Avigal Soreq said, “we are once again increasing our EOP Improvement guidance from $220 million to at least $250 million.” The Enterprise Optimization Plan targets annual run-rate cash-flow improvements.
Cash For Debt And Shareholders
Operating cash flow reached $567.4 million for the quarter, against $44.0 million a year earlier. At September 30, 2026, consolidated cash stood at $1,335.1 million and long-term debt at $3,389.8 million, leaving net debt of $2,054.7 million. Excluding Delek Logistics, Delek had $1,286.1 million in cash and $1,264.2 million in long-term debt—a $21.9 million net cash position.
Delek bought back $50.0 million of stock and paid $15.6 million in dividends. It increased the regular quarterly dividend approximately 18% to $0.30 per share and plans up to $100 million in fourth-quarter repurchases, alongside the expected term-loan repayment.
DK shares rose about 1% to $63.28 in Friday trading; the company's market value was $3.8 billion in Friday trading.
The $0.30 quarterly dividend is scheduled for payment on November 18, 2026, to shareholders of record Tuesday.
