Delek US Swings to $169.5M Q2 Profit on Surging Refining Margins
DK has more than doubled off its 52-week low of $19.81.
Summary
Delek US reported Q2 2026 net income of $169.5 million, a dramatic swing from a year-ago loss, driven by surging refining margins and record logistics earnings. The company repurchased $20 million in shares and declared its regular dividend.
Key Events · Earnings and Guidance · DK
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Q2 Net Income Swings to $169.5M
Delek US reported Q2 2026 net income of $169.5 million ($2.71/share), compared to a loss of $106.4 million in Q2 2025. Adjusted net income was $343.9 million ($5.48/share).
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Refining Margins Surge on Higher Crack Spreads
Refining segment adjusted EBITDA reached $566.2 million, up from $114.8 million a year ago, as benchmark crack spreads rose an average of 136%. Adjusted refining margin was $569.1 million.
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Logistics Segment Posts Record EBITDA
Delek Logistics reported record adjusted EBITDA of $143.5 million, up from $127.4 million in Q2 2025, driven by higher wholesale margins and increased interest income.
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$20M in Share Repurchases, Dividend Declared
The company repurchased $20.0 million of common stock during the quarter and declared a regular quarterly dividend of $0.255 per share, payable August 10, 2026.
Analysis · DK · Energy & Transportation
A sharp turnaround defined Delek US's Q2 2026, with net income reaching $169.5 million compared to a $106.4 million loss a year ago. The refining segment was the standout, delivering adjusted EBITDA of $566.2 million as crack spreads more than doubled. Meanwhile, the logistics segment posted a record $143.5 million in adjusted EBITDA. Signaling confidence in the improved margin environment, the company bought back $20 million in stock and declared its regular dividend. With no further turnarounds planned this year and all refineries running well, Delek is well positioned to capture strong distillate demand. The results validate the operational recovery after a challenging Q1 and support the sum-of-the-parts value thesis management has been emphasizing.
At the time of this filing, DK was trading at $67.20 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $19.81 to $68.93. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.