Delek US reported Q4 2025 net income attributable to shareholders of USD 78.3 million (USD 1.26 per diluted share). Adjusted net income was USD 143.0 million (USD 2.31 per share) and adjusted EBITDA was USD 374.8 million. Excluding the impacts of small refinery exemptions (SREs), Delek US said adjusted EPS was USD 0.44 and adjusted EBITDA was USD 225.5 million. Q4 net revenues were USD 2.43 billion. In the refining segment, Q4 adjusted EBITDA was USD 314.1 million, with Delek US citing a 66.0% increase in benchmark crack spreads and benefits from SREs; regulatory relief under renewable fuel standards reduced cost of materials by USD 75.3 million in Q4 and USD 356.1 million YTD. In logistics, Q4 adjusted EBITDA was USD 141.9 million, and Delek Logistics initiated 2026 adjusted EBITDA guidance of USD 520 million to USD 560 million. Delek US said it increased annual run-rate cash flow improvements under its Enterprise Optimization Plan to about USD 200 million, with about USD 50 million of improvements recognized in Q4. The company also announced a restructuring of its Inventory Intermediation Agreement expected to generate at least USD 40 million of incremental free cash flow, and noted the obligation under the agreement fell to USD 119.5 million at December 31, 2025. Delek US bought about USD 20 million of common stock during the quarter, paid USD 15.3 million of dividends, and declared a regular quarterly dividend of USD 0.255 per share. As of December 31, 2025, Delek US reported cash of USD 625.8 million and consolidated net debt of USD 2.61 billion.

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