Today, Delek US Holdings Inc. released its financial results for the fourth quarter ended December 31, 2025.
The retailer reported:
- Fourth quarter net income of $78.3 million
- Adjusted net income of $143.0 million
- Adjusted EBITDA of $374.8 million
- Refining segment adjusted EBITDA of $314.1 million compared with $68.7 million in the same quarter last year
- Further advanced key objectives of its Enterprise Optimization Plan (“EOP”), including increasing the annual run-rate cash flow improvements to ~$200 million and recognizing ~$50 million of improvements in 4Q’25
- Restructuring of its Inventory Intermediation Agreement, which will result in incremental free cash flow generation of at least $40 million
- Delek Logistics reported record financial performance and initiated 2026 adjusted EBITDA guidance of $520 million to $560 million
- Delek US purchased ~$20 million in DK common stock during the quarter
“2025 has been a transformational year for DK in improving its cash flow profile through successful implementation of the Enterprise Optimization Plan, reducing the costs of Inventory Intermediation Agreements and progressing its economic separation with Delek Logistics,” said Avigal Soreq, president and chief executive officer of Delek US. “We are very proud of the continuous improvement culture we are building at Delek and look forward to driving incremental free cash flow improvement through continued operational excellence, cost optimization and disciplined capital allocation.”
In August 2024, FEMSA purchased Delek US Holdings’ retail business for $385 million. FEMSA is based out of Mexico and runs operations in over 17 countries.