Delek US Holdings Inc

How Do They Make Money?

revenue

Segment	Share	Revenue
Refining	95% FY2022: 100%
Logistics	4.8% FY2022: 5.2%

Not on paper. It lost $22.8M in FY2025, but brought in more cash than it spent: $6.3M of free cash flow.

Operating income, FY2025

3% of revenue

▲ Now profitable vs FY2024 (−$491.5M, −4%)

Net income, FY2025

0% of revenue

▼ −96% (Loss) vs FY2024 (−$560.4M, −5%)

Free cash flow, FY2025

0% of revenue

▲ Now profitable vs FY2024 (−$494.5M, −4%)

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Refining share of revenue vs 95.2% in Q2 FY2025

Flat. Revenue was $10.7B in FY2025, about the same as the $10.6B of FY2021.

Revenue over time

Refining Logistics Retail

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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