Delek Q3 Net Income Jumps to $1.13B on Record Crack Spreads and Refinery Exemptions
DK has more than doubled off its 52-week low of $25.85.
Summary
Delek posted Q3 net income of $1,133.8 million ($18.22 diluted) versus $178.0 million a year ago, powered by record crack spreads and $334.7 million of small refinery exemption relief, with cash rising to $1,335.1 million.
Key Events · Earnings and Guidance · DK
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Q3 Earnings Surge on Crack Spreads
Net income attributable to Delek was $1,133.8 million, or $18.22 diluted per share, versus $178.0 million ($2.93) in Q3 2025; net revenues rose 52.1% to $4,392.1 million.
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Refining EBITDA Nearly Triples
Refining segment EBITDA reached $1,327.2 million versus $464.6 million a year earlier, as the Gulf Coast 5-3-2 crack spread averaged $63.52 per barrel versus $22.57.
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Refinery Exemptions Cut RIN Costs
Full small refinery exemptions granted by the EPA reduced Cost of materials and other by $334.7 million in Q3 2026, compared with $280.8 million of relief in Q3 2025.
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Cash and Liquidity Build Sharply
Cash and equivalents rose to $1,335.1 million from $625.8 million at December 31, 2025, on nine-month operating cash flow of $1,291.4 million; total liquidity was $3,746.7 million.
Analysis · DK · Energy & Transportation
Against a year-ago quarter that earned $178.0 million ($2.93), Delek's third quarter was transformational: net income attributable to Delek of $1,133.8 million ($18.22 diluted per share), driven by refining EBITDA of $1,327.2 million versus $464.6 million. Two forces did the work — Gulf Coast crack spreads roughly tripled (5-3-2 averaged $63.52/bbl versus $22.57) and the EPA granted full small refinery exemptions that cut Cost of materials and other by $334.7 million in the quarter. For the balance sheet, the real story is cash generation: nine-month operating cash flow of $1,291.4 million lifted cash to $1,335.1 million from $625.8 million at year-end, and total liquidity stands at $3,746.7 million. Against that, total principal debt is $3,457.9 million, including the new $460.0 million 0% convertible notes due 2031 struck at an $85.31 conversion price — well above today's $63.07, so no conversion dilution is in the money. The catch is durability: SRE relief and record crack spreads are both cyclical and politically exposed, and the company still spent $472.8 million on capex in nine months against a $500-$550 million full-year plan.
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In the 30 days to Nov 6, 2026, 45% of the 1400 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.36%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, DK was trading at $63.07 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.9B. The 52-week trading range was $25.85 to $82.27. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.