Delek Raises 2026 Adjusted EBITDA Floor After Record Quarter

The Tip Desk · November 6, 2026 · 3 min read

The company lifted its 2026 adjusted EBITDA range to $530 million to $560 million after third-quarter adjusted EBITDA of $1,280.4 million.

Delek US Holdings, Inc. (DK) reported record third-quarter net income of $1,133.8 million, or $18.22 a share, as refining margins widened and the company raised its 2026 adjusted EBITDA outlook.

The diversified downstream energy company said adjusted EBITDA was $1,280.4 million for the three months ended September 30, 2026, up from $638.7 million in the second quarter. Excluding the Renewable Volume Obligation adjustment and small-refinery exemptions granted in the quarter, adjusted EBITDA was $1,038.1 million. Adjusted net income was $843.0 million, or $13.55 a share.

Refining Adjusted EBITDA was $1,242.1 million, which the company said reflected an increase in refining margin driven by increased crack spreads. Benchmark crack spreads were up an average of 191.2% from prior-year levels. Inventory adjustments were $86.3 million in the third quarter.

Logistics Adjusted EBITDA was $142.9 million, down from a record $143.5 million in the second quarter. The company said the year-over-year increase reflected higher wholesale margins and increased interest income related to sales-type leases.

Net revenues were $4,392.1 million. Operating income was $1,518.9 million. Cash provided by continuing operations was $567.4 million.

The Environmental Protection Agency granted a full small-refinery exemption for Krotz Springs’ 2024 Renewable Fuel Standard obligations on August 3, 2026, and for all Delek refineries for the 2025 compliance year on August 31. Those exemptions reduced cost of materials and other by $334.7 million in the third quarter.

President and Chief Executive Officer Avigal Soreq said the results were driven by smooth operations, access to advantaged barrels, and industry-leading distillate and jet yield. The company increased annual adjusted EBITDA guidance to $530 million to $560 million from $520 million to $560 million. It also raised Enterprise Optimization Plan annual run-rate cash flow improvement guidance to at least $250 million from $220 million.

Cash and cash equivalents were $1,335.1 million at September 30, 2026, versus $625.8 million at December 31, 2025. Consolidated net debt was $2,054.7 million. Excluding Delek Logistics, Delek US had $1,286.1 million in cash and $1,264.2 million of long-term debt, or a $21.9 million net cash position.

On September 29, 2026, Delek issued $460 million of 0.00% convertible senior notes due 2031 and entered into capped-call transactions. The company said additional proceeds will be used to pay down the Delek Term Loan Credit Facility. It expects to repay the outstanding $850 million Term Loan in the fourth quarter. Delek Logistics completed an underwritten offering of 4,600,000 common units at $50 a unit on August 14, 2026.

The company purchased $50.0 million of DK common stock in the quarter and expects to repurchase up to $100 million in the fourth quarter. It paid $15.6 million of dividends and increased the regular quarterly dividend by about 18% to $0.30 a share from $0.255.

Restructuring costs totaled $5.5 million, or $4.3 million after-tax, in the third quarter.

Soreq said the company remains well positioned to capture the benefits of the constructive margin environment for the remainder of the year and that for 2027 it remains well positioned to add additional $60 million of its $75 million EBITDA growth guidance.