Delek US Holdings Reports Fourth Quarter 2025 Results | DK Stock News

Delek US reported fourth quarter net income of $78.3 million or $1.26 per share, adjusted net income of $143.0 million or $2.31 per share and adjusted EBITDA of $374.8 millionExcluding the impacts of SREs, adjusted EPS was $0.44 per share and adjusted EBITDA was $225.5 millionFurther advanced key objectives of Enterprise Optimization Plan (“EOP”)Increased the annual run-rate cash flow improvements to ~$200 millionRecognized ~$50 million of improvements in 4Q'25Announced restructuring of its Inventory Intermediation Agreement which will result in incremental free cash flow generation of at least $40 millionDelek Logistics reported record financial performance and initiated 2026 adjusted EBITDA guidance of $520 million to $560 millionDelek US purchased ~$20 million in DK common stock during the quarterPaid $15.3 million of dividends and announced regular quarterly dividend of $0.255 per shareBRENTWOOD, Tenn.--(BUSINESS WIRE)--Delek US Holdings, Inc. (NYSE: DK) (“Delek US”, “Company”) today announced financial results for its fourth quarter ended December 31, 2025.“2025 has been a transformational year for DK in improving its cash flow profile through successful implementation of the Enterprise Optimization Plan, reducing the costs of Inventory Intermediation Agreements, and progressing its economic separation with Delek Logistics,” said Avigal Soreq, President and Chief Executive Officer of Delek US. “We are very proud of the continuous improvement culture we are building at Delek and look forward to driving incremental free cash flow improvement through continued operational excellence, cost optimization, and disciplined capital allocation.”“DKL continues to strengthen its premier position in the Permian Basin, supported by the ongoing ramp-up of our gas processing facilities and continued investment in sour gas handling, treating, and processing capabilities. The ongoing growth in third-party cash flows has allowed DKL to largely separate economically from DK while maintaining its strong organic growth reflected in DKL’s 2026 guidance of $520 to $560 million. This guidance reflects the durability of DKL's platform, the benefits of DKL's strong three stream business model and its investments in creating a peer leading sour gas gathering and acid gas injection solution.”“Looking ahead, we remain focused on operating safely and reliably, successfully completing our ongoing Big Spring turnaround, advancing our sum-of-the-parts strategy, enhancing cash flow generation, and delivering sustainable long-term value for shareholders while maintaining financial strength and flexibility,” Soreq concluded.Delek US ResultsThree Months Ended December 31,Year Ended December 31,($ in millions, except per share data)2025202420252024Net income (loss) attributable to Delek$78.3$(413.8)$(22.8)$(560.4)Total diluted income (loss) per share$1.26$(6.55)$(0.38)$(8.77)Adjusted net income (loss)$143.0$(160.5)$399.7$(338.9)Adjusted net income (loss) per share$2.31$(2.54)$6.60$(5.31)Adjusted EBITDA$374.8$(15.2)$1,353.0$341.8Refining SegmentThe refining segment Adjusted EBITDA was $314.1 million in the fourth quarter 2025 compared with $(68.7) million in the same quarter last year, which reflects an increase in refining margin driven by increased crack spreads and continued benefit of the small refinery exemptions granted earlier this year. During the fourth quarter 2025, Delek US's benchmark crack spreads were up an average of 66.0% from prior-year levels. Adjusted EBITDA was also impacted favorably by other inventory impacts of $41.0 million and $43.9 million for fourth quarter 2025 and 2024, respectively.The regulatory relief received under the renewable fuel standards resulted in a reduction within cost of materials of $75.3 million in the fourth quarter bringing the YTD reduction to $356.1 millionLogistics SegmentThe logistics segment Adjusted EBITDA in the fourth quarter 2025 was $141.9 million compared with $114.3 million in the prior-year quarter. The increase over last year's fourth quarter was driven by the impact of the W2W dropdown and incremental contribution due to the H2O Midstream Acquisition on September 11, 2024, the Gravity Acquisition on January 2, 2025, and the increase in wholesale margins.Shareholder DistributionsOn February 18, 2026, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on March 9, 2026 to shareholders of record on March 2, 2026.LiquidityAs of December 31, 2025, Delek US had a cash balance of $625.8 million and total consolidated long-term debt of $3,233.1 million, resulting in net debt of $2,607.3 million. As of December 31, 2025, Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) had $10.9 million of cash and $2,344.4 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $614.9 million in cash and $888.7 million of long-term debt, or a $273.8 million net debt position.Fourth Quarter 2025 Results | Conference Call InformationDelek US will hold a conference call to discuss its fourth quarter 2025 results on Friday, February 27, 2026 at 9:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days.Investors may also wish to listen to Delek Logistics’ (NYSE: DKL) fourth quarter 2025 earnings conference call that will be held on Friday, February 27, 2026 at 11:00 a.m. Central Time and review Delek Logistics’ earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com.About Delek US Holdings, Inc.Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.The logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% (including the general partner interest) of Delek Logistics Partners, LP at December 31, 2025.Safe Harbor Provisions Regarding Forward-Looking StatementsThis press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if", “potential,” “expect” or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding anticipated performance and financial position; cost reductions; throughput at the Company’s refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance of our midstream growth initiatives, and the flexibility, benefits and expected returns therefrom; and projected benefits of Delek Logistics' acquisition of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream businesses.Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering, Permian Gathering, H2O Midstream or Gravity businesses following their acquisition; Delek US' ability to realize cost reductions; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible benefits of the H2O Midstream and Gravity transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging and/or legislation changing renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Midland Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US’ filings with the United States Securities and Exchange Commission (the “SEC”), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC.Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation.Non-GAAP Disclosures:Our management uses certain “non-GAAP” operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:Adjusting items - certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends;Adjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period;Adjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution;Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation, amortization and proportional interest, taxes, depreciation and amortization of equity method investments;Adjusted EBITDA - calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests;Refining margin - calculated as gross margin (which we define as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales;Adjusted refining margin - calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit), unrealized hedging (gain) loss and intercompany lease impacts;Refining production margin - calculated based on the regional market sales price of refined products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure reflects the economics of each refinery exclusive of the financial impact of inventory price risk mitigation programs and marketing uplift strategies;Refining production margin per throughput barrel - calculated as refining production margin divided by our average refining throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; andNet debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date.We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. “Net debt,” also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet.Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Refining Margin and Refining Production Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US' definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.Delek US Holdings, Inc.Condensed Consolidated Balance Sheets (Unaudited)($ in millions, except share and per share data)December 31, 2025December 31, 2024ASSETSCurrent assets:Cash and cash equivalents$625.8$735.6Accounts receivable, net648.7617.6Inventories, net of inventory valuation reserves726.0893.2Other current assets67.585.5Total current assets2,068.02,331.9Property, plant and equipment:Property, plant and equipment5,586.94,948.4Less: accumulated depreciation(2,314.4)(2,008.4)Property, plant and equipment, net3,272.52,940.0Operating lease right-of-use assets71.492.2Goodwill475.3475.3Other intangibles, net405.7321.6Equity method investments427.7392.9Other non-current assets127.1111.9Total assets$6,847.7$6,665.8LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable$1,633.8$1,813.8Current portion of long-term debt9.59.5Current portion of operating lease liabilities27.243.2Accrued expenses and other current liabilities858.9649.5Total current liabilities2,529.42,516.0Non-current liabilities:Long-term debt, net of current portion3,223.62,755.7Obligation under Inventory Intermediation Agreement119.5408.7Environmental liabilities, net of current portion31.133.3Asset retirement obligations34.024.7Deferred tax liabilities217.9214.8Operating lease liabilities, net of current portion46.154.8Other non-current liabilities98.882.6Total non-current liabilities3,771.03,574.6Stockholders’ equity:Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding——Common stock, $0.01 par value, 110,000,000 shares authorized, 77,357,447 shares and 80,127,994 shares issued at December 31, 2025 and December 31, 2024, respectively0.80.8Additional paid-in capital1,290.91,215.9Accumulated other comprehensive loss—(4.1)Treasury stock, 17,575,527 shares, at cost, at December 31, 2025 and December 31, 2024, respectively(694.1)(694.1)Retained earnings (deficit)(311.1)(205.7)Non-controlling interests in subsidiaries260.8262.4Total stockholders’ equity547.3575.2Total liabilities and stockholders’ equity$6,847.7$6,665.8Delek US Holdings, Inc.Condensed Consolidated Statements of Income (Loss) (Unaudited)($ in millions, except share and per share data)Three Months Ended December 31,Year Ended December 31,2025202420252024Net revenues$2,429.4$2,373.7$10,722.9$11,852.2Cost of sales:Cost of materials and other1,893.42,234.78,873.610,781.8Operating expenses (excluding depreciation and amortization presented below)214.2183.5862.9763.8Depreciation and amortization95.990.1374.3349.7Total cost of sales2,203.52,508.310,110.811,895.3Insurance proceeds—(5.6)(0.1)(20.6)Operating expenses related to wholesale business (excluding depreciation and amortization presented below)2.0(2.3)9.03.4General and administrative expenses54.661.2269.5252.8Depreciation and amortization5.26.223.524.8Asset impairment1.4212.217.7243.5Other operating income, net(1.9)(2.9)(8.5)(55.5)Total operating costs and expenses2,264.82,777.110,421.912,343.7Operating income (loss)164.6(403.4)301.0(491.5)Interest expense, net82.268.9345.3313.0Income from equity method investments(22.8)(14.8)(89.5)(92.2)Other expense (income), net2.9(5.2)6.3(6.3)Total non-operating expense, net62.348.9262.1214.5Income (loss) from continuing operations before income tax expense (benefit)102.3(452.3)38.9(706.0)Income tax expense (benefit)4.2(51.2)(6.8)(107.9)Income (loss) from continuing operations, net of tax98.1(401.1)45.7(598.1)Discontinued operations:(Loss) income from discontinued operations; including gain on sale of discontinued operations(1.2)(1.9)(3.0)105.9Income tax (benefit) expense(0.2)(0.9)(0.6)28.7(Loss) income from discontinued operations, net of tax(1.0)(1.0)(2.4)77.2Net income (loss)97.1(402.1)43.3(520.9)Net income attributed to non-controlling interests18.811.766.139.5Net income (loss) attributable to Delek$78.3$(413.8)$(22.8)$(560.4)Basic income (loss) per share:Income (loss) from continuing operations$1.32$(6.53)$(0.34)$(9.98)(Loss) income from discontinued operations(0.02)(0.02)$(0.04)$1.21Total basic income (loss) per share$1.30$(6.55)$(0.38)$(8.77)Diluted income (loss) per share:Income (loss) from continuing operations$1.28$(6.53)$(0.34)$(9.98)(Loss) income from discontinued operations(0.02)(0.02)$(0.04)$1.21Total diluted income (loss) per share$1.26$(6.55)$(0.38)$(8.77)Weighted average common shares outstanding:Basic60,030,00663,234,50560,703,55463,882,219Diluted61,926,89163,234,50560,703,55463,882,219Delek US Holdings, Inc.Condensed Consolidated Cash Flow Data (Unaudited)($ in millions)Three Months Ended December 31,Year Ended December 31,2025202420252024Cash flows from operating activities:Cash provided by (used in) operating activities - continuing operations$503.8$(162.6)$538.2$(83.7)Cash (used in) provided by operating activities - discontinued operations(1.0)(0.9)(2.4)16.9Net cash provided by (used in) operating activities502.8(163.5)535.8(66.8)Cash flows from investing activities:Cash used in investing activities - continuing operations(116.9)(215.8)(697.9)(603.2)Cash provided by investing activities - discontinued operations———361.7Net cash used in investing activities(116.9)(215.8)(697.9)(241.5)Cash flows from financing activities:Cash (used in) provided by financing activities - continuing operations(391.0)77.352.3221.7Net (used in) cash provided by financing activities(391.0)77.352.3221.7Net decrease in cash and cash equivalents(5.1)(302.0)(109.8)(86.6)Cash and cash equivalents at the beginning of the period630.91,037.6735.6822.2Cash and cash equivalents at the end of the period625.8735.6625.8735.6Working Capital Impacts Included in Cash Flows from Operating Activities from Continuing Operations($ in millions)Three Months Ended December 31,Year Ended December 31,2025202420252024Favorable (unfavorable) cash flow working capital changes (1)$25.8$(71.1)$(2.9)$39.2 (1) Includes obligations under the inventory intermediation agreement.Significant Transactions During the Quarter Impacting Results:Restructuring CostsIn 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. For the fourth quarter 2025, we recorded restructuring costs totaling $18.8 million ($14.6 million after-tax) associated with our business transformation. Restructuring costs of $10.4 million are recorded in general and administrative expenses, $5.7 million are included in operating expenses, and $2.7 million are included in other operating (income) and expense in our condensed consolidated statements of income.General and Administrative ExpensesExcluding transaction costs and restructuring costs, general and administrative expenses were $43.4 million for the three months ended December 31, 2025.Citi Inventory Intermediation Agreement AmendmentIn the fourth quarter, we amended the Inventory Intermediation Agreement, further reducing interest expense and other associated fees while increasing our flexibility on liquidity and inventory financing options for all refineries associated with the Inventory Intermediation Agreement. We exercised optionality to exclude certain volumes related to the agreement and our obligation under the agreement was reduced by $289.2 million between December 31, 2024 and December 31, 2025.Other Inventory Impact“Other inventory impact” is primarily calculated by multiplying the number of barrels sold during the period by the difference between current period weighted average purchase cost per barrel directly related to our refineries and per barrel cost of materials and other for the period recognized on a first-in, first-out basis directly related to our refineries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical refining margins to current period average crack spreads, as well as provides a means to better compare our results to peers.Small Refinery ExemptionsIn August of 2025, the United States Environmental Protection Agency (“EPA”) announced its decisions on the backlog of 175 Small Refinery Exemption (“SRE”) petitions from refineries seeking an exemption from their Renewable Fuel Standard obligations. Delek fully complied with Renewable Identification Number (“RIN”) obligations for all years, incurring significant costs to finance our compliance.EPA granted Delek full and partial exemptions for substantially all of our 20 petitions for the 2019-2024 calendar years. Because RINs are valid for a one-year period, a majority of the refunded RINs were expired and therefore had no value, and are the subject of ongoing litigation. The RINs received from prior year SREs resulted in a reduction of our Consolidated Net RIN Obligation and therefore a reduction within cost of materials and other of approximately $75.3 million in the fourth quarter of 2025.Intercompany LeasesAs a result of amendments to intercompany lease agreements in August 2024, we had to reassess lease classification for the agreements that contain leases under Accounting Standards Codification 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and finance leases for the Refining segment. Therefore, portions of the minimum volume commitments under these agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Refining segment, as the underlying lease was reclassified from an operating lease to a finance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.Subsequent Events - Transactions with Delek LogisticsIn January 2026, we entered into asset purchase agreements with Delek Logistics, pursuant to which we agreed to acquire a Tyler refinery tank for total consideration of $19.0 million and El Dorado tank and terminal assets for total consideration of $66.0 million. The Tyler Tank Purchase and the El Dorado Terminal Purchase are expected to close on April 1, 2026 and October 1, 2027, respectively.Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss)Three Months Ended December 31,Year Ended December 31,$ in millions (unaudited)2025202420252024Reported net income (loss) attributable to Delek US$78.3$(413.8)$(22.8)$(560.4)Adjusting items (1)Inventory and other LCM valuation (benefit) loss(30.8)(0.2)8.4(10.7)Tax effect6.9—(1.9)2.4Inventory and other LCM valuation (benefit) loss, net(23.9)(0.2)6.5(8.3)Other inventory impact41.043.9176.682.9Tax effect(9.2)(9.9)(39.7)(18.7)Other inventory impact, net (2)31.834.0136.964.2Business interruption insurance and settlement recoveries———(10.6)Tax effect———2.4Business interruption insurance and settlement recoveries, net———(8.2)Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements0.10.1(1.0)1.2Tax effect—(0.1)0.2(0.3)Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net0.1—(0.8)0.9Transaction related expenses0.83.89.124.8Tax effect(0.1)(0.9)(2.0)(5.6)Transaction related expenses, net0.72.97.119.2Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation(21.2)1.84.55.5Tax effect4.8(0.4)(1.0)(1.2)Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation, net (3)(16.4)1.43.54.3Restructuring costs18.83.386.862.8Tax effect(4.2)(0.7)(19.5)(14.1)Restructuring costs, net (2)14.62.667.348.7Renewable volume obligation short related to small refinery exemptions(5)74.0—234.2—Tax effect(16.7)—(52.7)—Renewable volume obligation short related to small refinery exemptions, net57.3—181.5—Goodwill impairment—212.2—212.2Tax effect————Goodwill impairment, net—212.2—212.2Property settlement———(53.4)Tax effect———12.0Property settlement, net———(41.4)Gain on sale of Retail Stores—0.9—(97.5)Tax effect—(0.5)—27.4Gain on sale of Retail Stores, net—0.4—(70.1)Impairment of investments held at cost and other assets1.4—26.3—Tax effect(0.3)—(5.9)—Impairment of investments held at cost and other assets, net(2)1.1—20.4—DPG inventory adjustment(0.8)—0.1—Tax effect0.2———DPG inventory adjustment, net (4)(0.6)—0.1—Total Adjusting items (1)64.7253.3422.5221.5Adjusted net income (loss)$143.0$(160.5)$399.7$(338.9)(1)All adjustments have been tax effected using the estimated marginal income tax rate, as applicable.(2)See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.(3)Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.(4)Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.(5)Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per shareThree Months Ended December 31,Year Ended December 31,$ per share (unaudited)2025202420252024Reported diluted net income (loss) per share$1.26$(6.55)$(0.38)$(8.77)Adjusting items, after tax (per share) (1) (2)Net inventory and other LCM valuation (benefit) loss(0.39)—0.11(0.13)Other inventory impact (3)0.510.532.261.00Business interruption insurance and settlement recoveries———(0.13)Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements——(0.01)0.01Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (4)(0.26)0.020.060.07Transaction related expenses0.010.050.120.30Restructuring costs (3)0.240.041.110.77Renewable volume obligation short related to small refinery exemptions (6)0.93—2.99—Goodwill impairment—3.36—3.32Property settlement———(0.65)Gain on sale of Retail Stores—0.01—(1.10)Impairment of investments held at cost and other assets (3)0.02—0.34—DPG inventory adjustment, net (5)(0.01)———Total Adjusting items (1)1.054.016.983.46Adjusted net income (loss) per share$2.31$(2.54)$6.60$(5.31)(1)The adjustments have been tax effected using the estimated marginal tax rate, as applicable.(2)For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.(3)See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.(4)Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.(5)Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.(6)Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDAThree Months Ended December 31,Year Ended December 31,$ in millions (unaudited)2025202420252024Reported net income (loss) attributable to Delek US$78.3$(413.8)$(22.8)$(560.4)Add:Interest expense, net82.268.9345.3313.1Income tax benefit4.0(52.1)(7.4)(79.2)Depreciation and amortization101.196.3397.8383.5Proportional interest, taxes, depreciation and amortization from equity-method investments7.18.029.028.1EBITDA attributable to Delek US272.7(292.7)741.985.1Adjusting itemsNet inventory and other LCM valuation (benefit) loss(30.8)(0.2)8.4(10.7)Other inventory impact (1)41.043.9176.682.9Business interruption insurance and settlement recoveries———(10.6)Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements0.10.1(1.0)1.2Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)(21.2)1.84.55.5Transaction related expenses0.83.89.124.8Restructuring costs (1)18.83.386.862.8Renewable volume obligation short related to small refinery exemptions(4)74.0—234.2—Goodwill impairment—212.2—212.2Property settlement———(53.4)Gain on sale of Retail Stores—0.9—(97.5)Impairment of investments held at cost and other assets(1)1.4—26.3—DPG inventory adjustment (3)(0.8)—0.1—Net income attributable to non-controlling interest18.811.766.139.5Total Adjusting items102.1277.5611.1256.7Adjusted EBITDA$374.8$(15.2)$1,353.0$341.8(1)See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.(2)Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.(3)Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.(4)Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing OperationsThree Months Ended December 31,Year Ended December 31,$ in millions (unaudited)2025202420252024Reported income (loss) from continuing operations, net of tax$98.1$(401.1)$45.7$(598.1)Add:Interest expense, net82.268.9345.3313.0Income tax benefit4.2(51.2)(6.8)(107.9)Depreciation and amortization101.196.3397.8374.5Proportional interest, taxes, depreciation and amortization from equity-method investments7.18.029.028.1EBITDA attributable to Delek US292.7(279.1)811.09.6Adjusting itemsNet inventory and other LCM valuation (benefit) loss(30.8)(0.2)8.4(10.7)Other inventory impact (1)41.043.9176.682.9Business interruption insurance and settlement recoveries———(10.6)Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements0.10.1(1.0)1.2Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)(21.2)1.84.55.5Transaction related expenses0.83.39.114.9Restructuring costs (1)18.83.386.862.8Renewable volume obligation short related to small refinery exemptions(4)74.0—234.2—Goodwill impairment—212.2—212.2Property settlement———(53.4)Impairment of investments held at cost and other assets(1)1.4—26.3—DPG inventory adjustment (3)(0.8)—0.1—Total Adjusting items83.3264.4545.0304.8Adjusted EBITDA from continuing operations$376.0$(14.7)$1,356.0$314.4(1)See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.(2)Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.(3)Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.(4)Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued OperationsThree Months Ended December 31,Year Ended December 31,$ in millions (unaudited)2025202420252024Reported (loss) income from discontinued operations, net of tax$(1.0)$(1.0)$(2.4)$77.2Add:Interest expense, net———0.1Income tax (benefit) expense(0.2)(0.9)(0.6)28.7Depreciation and amortization———9.0EBITDA attributable to discontinued operations(1.2)(1.9)(3.0)115.0Adjusting itemsTransaction costs—0.5—9.9Gain on sale of Retail Stores—0.9—(97.5)Total Adjusting items—1.4—(87.6)Adjusted EBITDA from discontinued operations$(1.2)$(0.5)$(3.0)$27.4Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing OperationsThree Months Ended December 31, 2025$ in millions (unaudited)RefiningLogisticsSegmentTotalCorporate,Other andEliminationsConsolidatedSegment EBITDA Attributable to Delek US$258.3$98.2$356.5$(63.8)$292.7Adjusting itemsNet inventory and other LCM valuation (benefit) loss(30.8)—(30.8)—(30.8)Other inventory impact (1)41.0—41.0—41.0Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements0.1—0.1—0.1Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)———(21.2)(21.2)Transaction related expenses—0.40.40.40.8Restructuring costs (1)0.4—0.418.418.8Renewable volume obligation short related to small refinery exemptions (5)74.0—74.0—74.0Intercompany lease impacts (1)(28.9)44.115.2(15.2)—Impairment of investments held at cost and other assets (1)———1.41.4DPG inventory adjustment (4)—(0.8)(0.8)—(0.8)Total Adjusting items55.843.799.5(16.2)83.3Adjusted Segment EBITDA from continuing operations$314.1$141.9$456.0$(80.0)$376.0Three Months Ended December 31, 2024$ in millions (unaudited)Refining (3)LogisticsSegmentTotalCorporate,Other andEliminations (3)ConsolidatedSegment EBITDA Attributable to Delek US$(292.3)$80.9$(211.4)$(67.7)$(279.1)Adjusting itemsNet inventory and other LCM valuation (benefit) loss(0.2)—(0.2)—(0.2)Other inventory impact (1)43.9—43.9—43.9Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements0.1—0.1—0.1Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements1.8—1.8—1.8Transaction related expenses—2.72.70.63.3Restructuring costs———3.33.3Goodwill impairment212.2—212.2—212.2Intercompany lease impacts (1)(34.2)30.7(3.5)3.5—Total Adjusting items223.633.4257.07.4264.4Adjusted Segment EBITDA from continuing operations$(68.7)$114.3$45.6$(60.3)$(14.7)Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing OperationsYear Ended December 31, 2025$ in millions (unaudited)RefiningLogisticsSegmentTotalCorporate,Other andEliminationsConsolidatedSegment EBITDA Attributable to Delek US$803.4$395.6$1,199.0$(388.0)$811.0Adjusting itemsNet inventory and other LCM valuation (benefit) loss8.4—8.4—8.4Other inventory impact (1)176.6—176.6—176.6Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements(1.0)—(1.0)—(1.0)Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2)(5.5)—(5.5)10.04.5Restructuring costs (1)1.4—1.485.486.8Transaction related expenses—6.86.82.39.1Renewable volume obligation short related to small refinery exemptions (5)234.2—234.2—234.2Impairment of investments held at cost and other assets(1)—2.82.823.526.3DPG inventory adjustment (4)—0.10.1—0.1Intercompany lease impacts (1)(118.2)129.711.5(11.5)—Total Adjusting items295.9139.4435.3109.7545.0Adjusted Segment EBITDA from continuing operations$1,099.3$535.0$1,634.3$(278.3)$1,356.0Year Ended December 31, 2024$ in millions (unaudited)Refining (3)LogisticsSegment TotalCorporate, Other and Eliminations (3)ConsolidatedSegment EBITDA Attributable to Delek US$(156.3)$358.5$202.2$(192.6)$9.6Adjusting itemsNet inventory and other LCM valuation (benefit) loss(10.7)—(10.7)—(10.7)Other inventory impact (1)82.9—82.9—82.9Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements1.2—1.2—1.2Unrealized RINs hedging gain (loss) where the hedged item is not yet recognized in the financial statements5.5—5.5—5.5Restructuring costs36.6—36.626.262.8Transaction related expenses—11.411.43.514.9Business interruption insurance recoveries(10.6)—(10.6)—(10.6)Goodwill impairment212.2—212.2—212.2Property settlement———(53.4)(53.4)Intercompany lease impacts (1)(66.3)59.6(6.7)6.7—Total Adjusting items250.871.0321.8(17.0)304.8Adjusted Segment EBITDA from continuing operations$94.5$429.5$524.0$(209.6)$314.4(1)See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.(2)Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA’s Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial.(3)During the second quarter 2024, we realigned our reportable segments for financial reporting purposes to reflect changes in the manner in which our chief operating decision maker, or CODM, assesses financial information for decision-making purposes. The change represents reporting the operating results of our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S. within the refining segment. Prior to this change, these operating results were reported as part of corporate, other and eliminations. While this reporting change did not change our consolidated results, segment data for previous years has been restated and is consistent with the current year presentation.(4)Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.(5)Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.Refining Segment Selected Financial InformationThree Months Ended December 31,Year Ended December 31,2025202420252024Total Refining Segment(Unaudited)(Unaudited)Days in period9292365366Total sales volume - refined product (average barrels per day (“bpd”)) (1)296,724271,333306,152301,834Total production (average bpd)292,553262,918299,836292,817Crude oil261,080252,170285,496281,271Other feedstocks33,68314,34618,16115,380Total throughput (average bpd)294,763266,516303,657296,651Total refining production margin per bbl total throughput$10.49$3.71$8.50$7.10Total refining operating expenses per bbl total throughput$5.42$5.46$5.50$5.37Total refining production margin ($ in millions)$284.6$90.9$942.6$771.2Supply, marketing and other ($ millions) (2)98.3(34.6)511.6(123.0)Total adjusted refining margin ($ in millions)$382.9$56.3$1,454.2$648.2Total crude slate detailsTotal crude slate: (% based on amount received in period)WTI crude oil78.4%66.3%75.0%69.9%Gulf Coast Sweet crude5.0%6.7%6.3%7.3%Local Arkansas crude oil3.4%3.9%3.4%3.4%Other13.2%23.1%15.3%19.4%Crude utilization (% based on nameplate capacity) (4)86.5%83.5%94.5%93.1%Tyler, TX RefineryDays in period9292365366Products manufactured (average bpd):Gasoline43,56033,05238,05535,723Diesel/Jet32,59329,56832,47031,755Petrochemicals, LPG, NGLs2,1751,9832,0512,319Other521426855849Total production78,84965,02973,43170,646Throughput (average bpd):Crude oil75,60665,06073,09170,009Other feedstocks4,5671,2791,9222,299Total throughput80,17366,33975,01372,308Tyler refining production margin ($ in millions)$91.9$40.6$287.2$265.2Per barrel of throughput:Tyler refining production margin$12.45$6.66$10.49$10.02Operating expenses$4.93$5.51$5.02$5.04Crude Slate: (% based on amount received in period)WTI crude oil75.8%74.5%74.8%79.2%East Texas crude oil20.5%25.2%22.9%20.4%Other3.7%0.3%2.3%0.4%Capture rate (3)57.1%48.4%51.4%57.0%El Dorado, AR RefineryDays in period9292365366Products manufactured (average bpd):Gasoline36,60437,81438,13838,215Diesel/Jet25,82027,62829,11829,843Petrochemicals, LPG, NGLs1,2129181,0971,205Asphalt5,0548,4126,7498,739Other1,0961,0761,1491,237Total production69,78675,84876,25179,239Throughput (average bpd):Crude oil67,65973,21574,71277,993Other feedstocks2,9834,0342,9602,886Total throughput70,64277,24977,67280,879Refining Segment Selected Financial Information (continued)Three Months Ended December 31,Year Ended December 31,2025202420252024El Dorado refining production margin ($ in millions)$54.4$4.0$175.8$101.0Per barrel of throughput:El Dorado refining production margin$8.37$0.56$6.20$3.41Operating expenses$5.51$4.78$4.86$4.65Crude Slate: (% based on amount received in period)WTI crude oil84.9%64.9%81.0%66.5%Local Arkansas crude oil13.7%13.1%13.2%12.2%Other1.4%22.0%5.8%21.3%Capture rate (3)38.4%4.1%30.4%19.4%Big Spring, TX RefineryDays in period9292365366Products manufactured (average bpd):Gasoline33,78236,75733,22733,888Diesel/Jet21,50924,78423,40325,157Petrochemicals, LPG, NGLs1,6834,9493,1394,710Asphalt1,4382,9862,0032,774Other3,5022,6703,9823,883Total production61,91472,14665,75470,412Throughput (average bpd):Crude oil59,67766,91963,14566,123Other feedstocks3,1155,9813,8714,975Total throughput62,79272,90067,01671,098Big Spring refining production margin ($ in millions)$66.7$33.8$230.0$215.4Per barrel of throughput:Big Spring refining production margin$11.54$5.04$9.40$8.28Operating expenses$6.40$6.29$7.11$6.66Crude Slate: (% based on amount received in period)WTI crude oil77.8%70.1%74.0%70.4%WTS crude oil22.2%29.9%26.0%29.6%Capture rate (3)56.3%38.6%48.1%48.9%Krotz Springs, LA RefineryDays in period9292365366Products manufactured (average bpd):Gasoline44,43918,51642,61434,268Diesel/Jet29,90318,95732,07028,125Heavy oils1,3619,2023,2603,641Petrochemicals, LPG, NGLs6,3022,7916,4564,942Other—429—1,544Total production82,00549,89584,40072,520Throughput (average bpd):Crude oil58,13746,97674,54867,146Other feedstocks23,0193,0529,4085,220Total throughput81,15650,02883,95672,366Krotz Springs refining production margin ($ in millions)$71.6$12.5$249.6$189.6Per barrel of throughput:Krotz Springs refining production margin$9.59$2.71$8.14$7.16Operating expenses$5.06$5.27$5.22$5.23Crude Slate: (% based on amount received in period)WTI Crude75.2%52.6%69.9%63.7%Gulf Coast Sweet Crude22.9%35.0%24.1%29.7%Other1.9%12.4%6.0%6.6%Capture rate (3)52.2%27.8%51.4%53.4%(1)Includes sales to other segments which are eliminated in consolidation.(2)Supply, marketing and other activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory, the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations and our 50% interest in a joint venture that owns asphalt terminals. Formally known as Trading & Supply.(3)Defined as refining production margin divided by the respective crack spread. See page 21 for crack spread information.(4)Crude throughput as % of total nameplate capacity of 302,000 bpd.Logistics Segment Selected InformationThree Months Ended December 31,Year Ended December 31,2025202420252024(Unaudited)(Unaudited)Gathering & Processing: (average bpd)Lion Pipeline System:Crude pipelines (non-gathered)59,55164,92066,12569,903Refined products pipelines49,19857,51354,61659,136SALA Gathering System8,48313,8839,45411,568East Texas Crude Logistics System33,77135,04631,29634,711Midland Gathering Assets237,681200,705219,782217,847Plains Connection System206,493360,725182,523333,405Delaware Gathering Assets:Natural gas gathering and processing (Mcfd) (1)64,94071,07862,11174,831Crude oil gathering (average bpd)140,790123,346138,575123,978Water disposal and recycling (average bpd)98,040144,414107,415128,539Midland Water Gathering System: (2)Water disposal and recycling (average bpd) (2)(3)613,869274,361587,419280,955Wholesale Marketing & Terminalling:East Texas - Tyler Refinery sales volumes (average bpd) (4)69,36963,02268,05267,682Big Spring wholesale marketing throughputs (average bpd)(5)———44,999West Texas wholesale marketing throughputs (average bpd)10,7537,4728,7375,828West Texas wholesale marketing margin per barrel$3.48$4.35$3.42$3.18Terminalling throughputs (average bpd) (6)147,041151,309145,237154,217(1)Mcfd - average thousand cubic feet per day.(2)Consists of volumes of H2O Midstream and Gravity.(3)Gravity 2025 are from January 2, 2025 through December 31, 2025.(4)Excludes jet fuel and petroleum coke.(5)Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings.(6)Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock, Arkansas terminals and Memphis and Nashville, Tennessee terminals.Supplemental InformationSchedule of Selected Segment Financial Data, Pricing Statistics Impacting our Refining Segment, and Other Reconciliations of Amounts Reported Under U.S. GAAP Selected Segment Financial DataThree Months Ended December 31, 2025$ in millions (unaudited)RefiningLogisticsSegmentTotalCorporate,Other andEliminationsConsolidatedNet revenues (excluding intercompany fees and revenues)$2,301.8$127.6$2,429.4$—$2,429.4Inter-segment fees and revenues82.3128.1210.4(210.4)—Total revenues$2,384.1$255.7$2,639.8$(210.4)$2,429.4Cost of sales2,194.3214.92,409.2(205.7)2,203.5Gross margin$189.8$40.8$230.6$(4.7)$225.9Three Months Ended December 31, 2024$ in millions (unaudited)RefiningLogisticsSegmentTotalCorporate,Other andEliminationsConsolidatedNet revenues (excluding intercompany fees and revenues)$2,270.3$103.4$2,373.7$—$2,373.7Inter-segment fees and revenues (1)69.4106.4175.8(175.8)—Total revenues$2,339.7$209.8$2,549.5$(175.8)$2,373.7Cost of sales2,502.7163.92,666.6(158.3)2,508.3Gross margin$(163.0)$45.9$(117.1)$(17.5)$(134.6)Year Ended December 31, 2025$ in millions (unaudited)RefiningLogisticsSegmentTotalCorporate,Other andEliminationsConsolidatedNet revenues (excluding intercompany fees and revenues)$10,209.1$513.8$10,722.9$—$10,722.9Inter-segment fees and revenues342.2499.5841.7(841.7)—Total revenues$10,551.3$1,013.3$11,564.6$(841.7)$10,722.9Cost of sales10,042.0810.210,852.2(741.4)10,110.8Gross margin$509.3$203.1$712.4$(100.3)$612.1Year Ended December 31, 2024$ in millions (unaudited)RefiningLogisticsSegmentTotalCorporate,Other andEliminationsConsolidatedNet revenues (excluding intercompany fees and revenues)$11,142.4$422.8$11,565.2$—$11,565.2Inter-segment fees and revenues (1)640.6517.81,158.4(871.4)287.0Total revenues$11,783.0$940.6$12,723.6$(871.4)$11,852.2Cost of sales12,009.5703.012,712.5(817.2)11,895.3Gross margin$(226.5)$237.6$11.1$(54.2)$(43.1)(1)Intercompany fees and sales for the refining segment include revenues of $— million and $287.0 million during the year ended December 31, 2024, respectively, to the Retail Stores, the operations of which are reported in discontinued operations.Pricing StatisticsThree Months Ended December 31,Year Ended December 31,(average for the period presented)2025202420252024WTI — Cushing crude oil (per barrel)$59.24$70.42$64.87$75.88WTI — Midland crude oil (per barrel)$59.77$71.19$65.59$76.85WTS — Midland crude oil (per barrel)$58.32$70.12$64.71$75.95LLS (per barrel)$60.96$72.57$67.15$78.30Brent (per barrel)$63.08$74.01$68.19$79.84U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1)$21.81$13.74$20.42$17.58U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1)$20.51$13.05$19.56$16.94U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1)$18.37$9.77$15.83$13.40U.S. Gulf Coast Unleaded Gasoline (per gallon)$1.74$1.90$1.91$2.13Gulf Coast Ultra-low sulfur diesel (per gallon)$2.21$2.15$2.21$2.36U.S. Gulf Coast high sulfur diesel (per gallon)$1.98$2.02$2.00$1.98Natural gas (per MMBTU)$4.04$2.98$3.62$2.42(1)For our Tyler and El Dorado refineries, we compare our per barrel refining product margin to the Gulf Coast 5-3-2 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Big Spring refinery, we compare our per barrel refining margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery's crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery’s crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery’s crude oil input is primarily comprised of LLS and WTI Midland.Other Reconciliations of Amounts Reported Under U.S. GAAP$ in millions (unaudited) Three Months Ended December 31,Year Ended December 31,Reconciliation of gross margin to Refining margin to Adjusted refining margin2025202420252024Gross margin$189.8$(163.0)$509.3$(226.5)Add back (items included in cost of sales):Operating expenses (excluding depreciation and amortization)147.0137.2614.6596.6Depreciation and amortization64.770.7270.0265.5Refining margin$401.5$44.9$1,393.9$635.6Adjusting itemsNet inventory and other LCM valuation loss (benefit)(30.8)(0.2)8.4(10.7)Other inventory impact (1)41.043.9176.682.9Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements0.10.1(1.0)1.2Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements—1.8(5.5)5.5Intercompany lease impacts (1)(28.9)(34.2)(118.2)(66.3)Total Adjusting items(18.6)11.460.312.6Adjusted refining margin$382.9$56.3$1,454.2$648.2(1)See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.Calculation of Net DebtDecember 31, 2025December 31, 2024Long-term debt - current portion$9.5$9.5Long-term debt - non-current portion3,223.62,755.7Total long-term debt3,233.12,765.2Less: Cash and cash equivalents625.8735.6Net debt - consolidated2,607.32,029.6Less: DKL net debt2,333.51,870.0Net debt, excluding DKL$273.8$159.6View source version on businesswire.com: https://www.businesswire.com/news/home/20260227707703/en/Investor/Media Relations Contacts:investor.relations@delekus.comInformation about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), news webpage (www.delekus.com/news) and its X account (@DelekUSHoldings).Source: Delek US Holdings, Inc.