Delek US Holdings (DK) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Delek US Holdings published the results on November 6, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Delek US Holdings reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• GAAP results include a $334.7 million reduction in cost of materials after the EPA granted small refinery exemptions (SREs) for Krotz Springs' 2024 obligations and for all Delek refineries for 2025. Excluding the RVO adjustment and SREs granted in the quarter, Delek put adjusted EPS at $10.53.
• Delek US owned about 58.0% of Delek Logistics Partners (NYSE: DKL) at September 30, 2026 and consolidates it as its Logistics segment.

Source: Delek US Holdings Q3 2026 results, November 6, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Delek US Holdings splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Delek US Holdings's Refining revenue was $4.2 billion in Q3 2026, up 52% from $2.8 billion in Q3 2025, 96% of total revenue.
• Delek US Holdings's Logistics revenue was $188 million in Q3 2026, up 45% from $130 million in Q3 2025, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Delek US gives no revenue or EPS outlook in its release. The adjusted EBITDA guidance of $530-560 million is for Delek Logistics (DKL), the partnership Delek US consolidates.

In its Q3 2026 release, Delek US Holdings said:

“Increasing the Enterprise Optimization Plan ("EOP") annual run-rate cash flow improvements guidance to at least $250 million”

“Expects to repay the outstanding $850 million Term Loan during the fourth quarter”

“plan to buy back up to $100 million of stock in Q4”

“Increased annual adjusted EBITDA guidance to $530-560 million”

Source: Delek US Q3 2026 release, Nov 6, 2026.

This is the company's own guidance as of Nov 6, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the DK forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Delek US Holdings's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 6, 2026

Delek US Holdings reports two segments, Refining and Logistics. Of $4,392.1 million of net revenues in Q3 2026, against $2,887.0 million a year earlier, Refining brought in $4,203.8 million and Logistics $188.3 million, excluding intercompany fees and revenues. Another $300.5 million of inter-segment fees and revenues was eliminated in consolidation. (Delek US Q3 2026 release, Nov 6, 2026)

The Refining segment runs four refineries: Tyler, Texas (75,000 barrels per day of nameplate capacity), El Dorado, Arkansas (80,000), Big Spring, Texas (73,000) and Krotz Springs, Louisiana (74,000), a combined 302,000 bpd. They make gasoline, jet fuel, diesel, asphalt and other products. In Q3 2026 total throughput averaged 316,291 bpd and crude utilization was 100.2% of nameplate capacity. (Delek US Form 10-Q, Q3 2026, Nov 6, 2026; Delek US Q3 2026 release, Nov 6, 2026)

Volumes barely moved: refined product sales averaged 319,552 bpd against 317,587 bpd a year earlier. The revenue increase came from prices. WTI Cushing crude averaged $85.79 a barrel against $65.06, the U.S. Gulf Coast 5-3-2 crack spread averaged $63.52 against $22.57, and Delek's benchmark crack spreads were up an average of 191.2%. Delek's 10-Q attributes the rise in 2026 crack spreads mainly to tighter global refined product supplies from refinery outages and disruptions in the Middle East, Russia and other regions. (Delek US Q3 2026 release, Nov 6, 2026; Delek US Form 10-Q, Q3 2026, Nov 6, 2026)

The Logistics segment is Delek Logistics Partners (DKL), in which Delek US held a 58.0% interest at September 30, 2026. It gathers, pipes, stores and processes crude oil, natural gas and water and sells wholesale fuel in West Texas. Its adjusted EBITDA was $142.9 million against $138.1 million, which Delek put down to higher margins in the wholesale business and increased interest income on sales-type leases. (Delek US Q3 2026 release, Nov 6, 2026; Delek US Form 10-Q, Q3 2026, Nov 6, 2026)

Delek US's GAAP diluted EPS of $18.22 was well above its adjusted EPS of $13.55 in Q3 2026. In August 2026 the EPA granted small refinery exemptions for the Krotz Springs refinery's 2024 obligations and for all Delek refineries for 2025, which cut cost of materials by $334.7 million. Delek's adjusted figure removes a $377.8 million gain from fair value changes in the net RINs obligation and a $234.2 million reversal of prior-period renewable volume obligations, and adds back $86.3 million of other inventory impact. Excluding the RVO adjustment and SREs granted in the quarter, Delek put adjusted EPS at $10.53. (Delek US Q3 2026 release, Nov 6, 2026)

Since Q3 2025 Delek's non-GAAP measures include the benefit of exemptions it expects to receive for the current year, equal to about 50% of its recorded current-period obligation, while GAAP results carry the full obligation until exemptions are granted. Income tax expense was $315.7 million, an effective rate of 21.5% against 17.0% a year earlier. (Delek US Q3 2026 release, Nov 6, 2026; Delek US Form 10-Q, Q3 2026, Nov 6, 2026)

Diluted weighted average shares were 62,223,976 in the quarter against 60,944,900 a year earlier. Delek repurchased 695,410 shares for $50.0 million during Q3 2026 and had $394.2 million left under its authorization. On September 29, 2026 it issued $460 million of 0.00% convertible senior notes due 2031, with capped call transactions meant to reduce dilution on conversion. (Delek US Q3 2026 release, Nov 6, 2026; Delek US Form 10-Q, Q3 2026, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Delek US does not publish a revenue or EPS outlook in its release. In the Q3 2026 release it raised its Enterprise Optimization Plan target for annual run-rate cash flow improvements from $220 million to at least $250 million, said it expects to repay the outstanding $850 million term loan in the fourth quarter, and said it plans to buy back up to $100 million of stock in Q4. (Delek US Q3 2026 release, Nov 6, 2026)

Delek Logistics raised its annual adjusted EBITDA guidance to $530-560 million. Delek US also raised its regular quarterly dividend by about 18% to $0.30 per share, payable November 18, 2026. (Delek US Q3 2026 release, Nov 6, 2026)

A consensus figure is the average of the models published by the analysts who cover Delek US Holdings, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Delek US Holdings's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DK is on is DK a buy or a sell?, what analysts expect next is on the DK forecast, and what the company does is on the Delek US Holdings (DK) stock page.

Every number on this page can be traced to a document Delek US Holdings published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.