Delek US

Q2 FY2026 EarningsQ2 FY26 results showed a significant top-line beat but missed bottom-line consensus. Net revenue of $4,087.0M exceeded the $3,590.2M estimate (+13.84%), driven by sharply higher refined product prices and increased logistics activity. However, Diluted EPS of $2.71 missed the $2.97 mean expectation (-8.75%), as operating income was pressured by higher cost of materials and G&A expenses of $56.7M that exceeded the ~$49.5M expectation. Management provided a positive catalyst post-quarter with the EPA granting a full RFS exemption for the Krotz Springs refinery, which should provide a tailwind for H2 FY26.