Delek US Reports Q1 2026 Turnaround with Strong Refining Margins — Delek US Holdings, Inc.

Event summary

Delek US reported a net loss of $201.3 million for Q1 2026, but adjusted EBITDA rose to $211.7 million, up from $33.6 million in the same period last year.
Refining segment Adjusted EBITDA was $155.3 million, driven by a 63.8% increase in benchmark crack spreads.
Logistics segment Adjusted EBITDA increased to $132.4 million, reflecting higher margins and increased interest income.
The company completed the Big Spring refinery turnaround safely, on time, and on budget.
Delek US had a cash balance of $624.1 million and total consolidated long-term debt of $3,183.1 million as of March 31, 2026.

The big picture

Delek US's Q1 2026 results highlight the company's focus on operational efficiency and strategic asset optimization. The successful completion of the Big Spring refinery turnaround positions Delek US to capture improved margins during the upcoming driving season. The logistics segment continues to demonstrate resilience, supporting the company's overall financial flexibility.

What we're watching

Refining Margins: How sustained crack spreads will impact Delek US's refining margins in the upcoming driving season.
Logistics Growth: Whether Delek Logistics can maintain its growth trajectory with increasing third-party cash flows and asset optimization.
Debt Management: The pace at which Delek US can reduce its net debt position while funding value-creation initiatives.