Delek US narrowly beats estimates following Big Spring turnaround and credit expansion

Delek US Holdings (NYSE:DK) unveiled its financial results for the first quarter of 2026, a period marked by significant operational milestones and strategic balance sheet maneuvering.

The Brentwood-based energy company posted a GAAP net loss of $201.3 million, or $(3.34) per share.

However, after adjusting for specific items—most notably a Renewable Volume Obligation (RVO) adjustment—the company reported an adjusted net income of $4.7 million, or $0.80 per share, and adjusted EBITDA of $211.7 million.

Excluding the favorable impacts of the RVO adjustment, the underlying performance reflected the capital-intensive nature of the quarter, with an adjusted EPS of $(0.98) and adjusted EBITDA of $129.4 million.

A primary driver of activity was the Big Spring Refinery turnaround, which management confirmed was completed safely, on time, and within budget.

This maintenance is expected to improve future refining profitability through superior margin capture and reduced operational costs.

Delek also reported accelerated progress on its Enterprise Optimization Plan (EOP).

The company increased its annual run-rate cash flow improvement target to approximately $220 million, up from the previous $200 million estimate.

This efficiency drive is part of a broader effort to streamline the cost structure across the company's refining and logistics segments.