Delek US Holdings, Inc. said third quarter of 2026 small refinery exemptions reduced its Consolidated Net RINs Obligation and Cost of materials and other by $334.7 million, while record crack spreads supported Refining results.
Delek US Holdings, Inc. is a registrant pursuant to the Securities Act of 1933, as amended ("Securities Act") and is listed on the New York Stock Exchange ("NYSE") under the ticker symbol "DK".The SREs resulted in a reduction of our Consolidated Net RINs Obligation and therefore a reduction within Cost of materials and other of $334.7 million in the third quarter of 2026.During the third quarter of 2026, our Refining segment continued to benefit from a constructive margin environment compared to 2025, supported by record crack spreads and favorable crude oil differentials.Open the document at this passage
DELEC raised its annual EOP target to at least $250 million, increased the quarterly dividend to $0.30 per share, plans approximately $100 million of Q4 buybacks, and expects approximately $425 million in SRE proceeds.
3 source passages
we are again increasing our EOP target to at least $250 million on an annual run rate basis.we have increased our quarterly dividend by approximately 18% to $0.30 per share, and after buying back $50 million worth of our shares in Q3, we expect to do approximately $100 million in shares buyback between now and the end of the year.This will allow us to reduce our 2025 RVO burden and expect to receive approximately $425 million in proceeds in the fourth quarter.Open the document at this passage
Delek US Holdings, Inc. reported third-quarter net income of $1,133.8 million for the quarter ended September 30, 2026. Delek Logistics raised adjusted EBITDA guidance to $530-560 million, while Delek US increased the quarterly dividend by approximately 18% to $0.30 per share.
Financial resultsRead from the first part of this long document4 source passages
BRENTWOOD, Tenn.-- November 6, 2026 -- Delek US Holdings, Inc. (NYSE: DK) (“Delek US", "Company") today announced financial results for its third quarter ended September 30, 2026.•Delek US reported a record third quarter net income of $1,133.8 million or $18.22 per share, adjusted net income of $843.0 million or $13.55 per share and adjusted EBITDA of $1,280.4 million•Delek Logistics ("DKL") reported adjusted EBITDA of $142.9 million. Increased annual adjusted EBITDA guidance to $530-560 million•Paid $15.6 million of dividends and increased regular quarterly dividend by approximately 18% to $0.30 per shareOpen the document at this passage
Delek US Holdings, Inc. approved a quarterly dividend of $0.30 per share, an increase of ~18% from $0.255 per share, payable November 18, 2026 to shareholders of record November 10, 2026.
Delek US Holdings, Inc. completed a $460,000,000 private offering of 0.00% Convertible Senior Notes due 2031, receiving $449.1 million in net proceeds; part funded capped calls, and the remainder supports general corporate purposes and partial Term Loan Credit Facility repayment.
TL;DR.Delek delivered record third-quarter earnings, stronger refining EBITDA and higher EOP guidance, while raising the dividend and continuing buybacks. DKL also raised its outlook, but elevated freight costs, working-capital outflow, wholesale volatility, tanker-rate pressure and renewable-fuel regulatory risk remain relevant headwinds.
Bullish
+Delek reported record third-quarter net income of $1,133.8 million and adjusted EBITDA of $1,280.4 million.
+Refining adjusted EBITDA increased to $1,242.1 million from $697.4 million as crack spreads strengthened.
+The EOP annual run-rate cash-flow improvement guidance was raised from $220 million to at least $250 million.
+All four 2025 small-refinery exemptions reduced the RVO burden and were expected to generate approximately $425 million of fourth-quarter proceeds.
+DKL raised its 2026 EBITDA guidance to $530–$560 million and remained on target to add $60 million of 2027 EBITDA from organic growth.
+The quarterly dividend increased approximately 18% to $0.30 per share, following $50 million of third-quarter buybacks and plans for approximately $100 million by year-end.
Bearish
−Elevated freight rates were pressuring crack spreads and crude differentials.
−A net working-capital outflow of approximately $809 million reduced third-quarter operating cash flow.
−Wholesale marketing remained exposed to market volatility, leading Delek not to provide guidance for the segment.
−VLCC tanker rates were approximately five times their year-earlier level.
−The financial benefits of renewable-fuel waivers remained exposed to litigation and legislative changes.
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment advice
Overall
Neutral
SellHoldBuy
TechnicalSellMomentumStrongSentimentNeutralFundamentalsStrongQuant / VolVery High
314 of 301 funds reported for Sep 30 · net +6.2M sh shares · +97 new
Insider flowDistributing
Net -$3.3M over 90 days · 100% sells
Short interestRising
12.34% of shares out · ▲ +4.3% MoM · 4.3 days cover
Volume signalNormal
Volume near normal
Institution breadthMulti-yr high
301 holders — near 3-yr high, broad support
Squeeze score72
high risk · 0–100
Fundamentals
Strong
Revenue growth−9%
Y/Y
EPS growth+96%
Y/Y
Free cash flow$6.3M
Buyback$394.2M
remaining
Balance sheet$2.6B
net debt
Quant / Vol
risk profile
Very High
Volatility56%
annualized · 1-yr
Max drawdown−36%
past year
ATR6.2%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
what management promised — and delivered
Latest guidance
· from the Earnings Call filed Nov 6, 2026
annual run rate basis
EOP improvement guidance
at least $250M
2026
EBITDA guidance
Raised
$530M – $560M
Aug 5, 2026$520M – $560M→changed toNov 6, 2026$530M – $560M
2027 from its organic growth project on a run rate basis
EBITDA
$60M
annual
DKL third-party annual adjusted EBITDA
Non-GAAPat least 80%
fourth quarter of 2026
Operating expenses
$225M – $235M
G&A
$50M – $55M
Total net interest expense
$52M – $67M
D&A
$115M – $125M
DK
$12M – $17M
DKL
$40M – $50M
mid-cycle
Mid-cycle free cash flow
$700M – $800M
EOP target of a free cash flow basis
at least $250M
EOP target of a free cash flow basis mid-cycle
at least $250M
Total accounting benefit
$750M – $800M
over the next several quarters
Benefit from excess RINs applied against future compliance oblig
$150M – $200M
fourth quarter
Cash proceeds
$425M
Previous outlook
earlier release· from the Earnings Call filed Apr 29, 2026
Still-open targets the latest release did not restate under the same label.
Enterprise optimization plan
· on an annual run rate basisat least $220M
EBITDA
· 2026$520M – $560M
Prior guidance
period ended· from the Earnings Call filed Aug 5, 2026
G&A
· third quarter of 2026$50M – $55M
D&A
· third quarter of 2026$110M – $120M
Net interest expense
· third quarter of 2026$75M – $85M
DK net interest expense
· third quarter of 2026$28M – $33M
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holdersSell
2 · 3 · 1
50 / 200-day cross
No crossNeutral
Price vs 200-day avg
+25%Bullish
Price vs 50-day avg
−6%Bearish
RSI (14)
47Neutral
MACD trend
NegativeBearish
52-week position
76%Neutral
Market signals — smart money & positioning
Mixed
Trend (MA cross)No cross
50d $73 › 200d $55 — 50d above 200d
Institutional flowAccumulating
314 of 301 funds reported for Sep 30 · net +6.2M sh shares · +97 new
Insider flowDistributing
Net -$3.3M over 90 days · 100% sells
Short interestRising
12.34% of shares out · ▲ +4.3% MoM · 4.3 days cover
Volume signalNormal
Volume near normal
Institution breadthMulti-yr high
301 holders — near 3-yr high, broad support
Price context
position in its 52-week range
Range low$27Now $69 · 76%Range high$82
vs 200-day avg +25%vs 50-day avg -6%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Oil & Gas Refining & Marketing — same industry group
Delek US Holdings, Inc. said third quarter of 2026 small refinery exemptions reduced its Consolidated Net RINs Obligation and Cost of materials and other by $334.7 million, while record crack spreads supported Refining results.
Dividends per share over the trailing 365 days by ex-date · buyback figures as last
reported in SEC filings ("spent" derived as authorized − remaining; when several
programs run concurrently, authorized is their combined total per the newest filing) ·
components shown separately — trailing-year buyback spend isn't tracked, so no
combined shareholder yield is derived.
