Delek US Holdings (NYSE:DK) posted a fourth-quarter net profit of $78.3 million on Friday, marking a sharp turnaround as the company’s structural efficiency drive begins to yield substantial financial results.
On a per-share basis, the Brentwood, Tennessee-based refiner earned $1.26, while adjusted net income—which accounts for specific one-time items—reached $143 million, or $2.31 per share.
The quarter’s results were significantly impacted by Small Refinery Exemptions (SREs).
Excluding these regulatory benefits, adjusted earnings were $0.44 per share, with adjusted EBITDA standing at $225.5 million.
When including the SRE impacts, adjusted EBITDA climbed to $374.8 million.
Central to the report was the progress of Delek’s "Enterprise Optimization Plan" (EOP).
The company increased its annual run-rate cash flow improvement target to approximately $200 million, recognizing $50 million in gains during the fourth quarter alone.
Further strengthening its liquidity, Delek announced a restructuring of its Inventory Intermediation Agreement, a move expected to generate at least $40 million in incremental free cash flow.
Delek’s midstream arm, Delek Logistics Partners (DKL), also reported record performance.
The partnership, which is moving toward greater economic separation from its parent company, initiated 2026 adjusted EBITDA guidance of $520 million to $560 million.
Meanwhile, Delek US remained active in its capital allocation strategy, repurchasing $20 million of its own common stock during the period and paying out $15.3 million in dividends.
The Board of Directors declared a regular quarterly dividend of $0.255 per share, payable in March 2026.