Delek US Holdings (DK) Q3 FY2026 earnings: revenue $4.4 billion, up 52.1% on the year

Delek US Holdings, Inc. (DK) reported revenue of $4.4 billion for Q3 FY2026, the quarter ended 30 September 2026, up 52.1% on the same quarter a year earlier. Net income was $1.1 billion, up 537.0% on the year, and diluted earnings per share $18.22. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$4.4 billion

+52.1% on the year · +7.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

34.6%

10.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

$1.1 billion

+537.0% on the year · +568.9% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$18.22

+521.8% on the year · +572.3% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 narrowed, 3 new.

Record third-quarter net income reported: Net income attributable to Delek was $1,133.8 million, or $18.22 per diluted share, against $178.0 million, or $2.93, a year earlier. Adjusted net income was $843.0 million, or $13.55 per share.
Adjusted results excluding SRE effects: Excluding the RVO adjustment and SREs granted in the quarter, adjusted EPS was $10.53 and adjusted EBITDA was $1,038.1 million, compared with $1.52 and $325.7 million a year earlier.
Refining EBITDA rose on crack spreads: Refining adjusted EBITDA was $1,242.1 million against $697.4 million, which management attributed to higher refining margin from increased crack spreads. Benchmark crack spreads averaged 191.2% above prior-year levels.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	4,392	4,087	2,887	+7.5%	+52.1%
Cost of revenue	2,813	3,722	2,489	-24.4%	+13.0%
Gross profit	1,580	365	398	+332.6%	+297.2%
Gross margin	36.0%	8.9%	13.8%
Selling, general and administrative	53.4	56.7	76.8	-5.8%	-30.5%
Operating income	1,519	302	296	+402.3%	+413.7%
Operating margin	34.6%	7.4%	10.2%
Interest expense	73.4	100	93.1	-26.7%	-21.2%
Pre-tax income	1,468	222	235	+561.6%	+524.7%
Income tax	316	41.8	39.9	+655.3%	+691.2%
Effective tax rate	21.5%	18.8%	17.0%
Net income	1,134	170	178	+568.9%	+537.0%
Net margin	25.8%	4.1%	6.2%
Diluted EPS	$18.22	$2.71	$2.93	+572.3%	+521.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	567	263	44.0	+115.8%	+1,189.5%
Capital expenditure	111	174	108	-36.0%	+3.1%
Free cash flow	456	89.1	-64.0	+411.9%
Free cash flow margin	10.4%	2.2%	-2.2%
Cash from investing	-116	-176	-103
Cash from financing	256	-82.2	74.8		+241.7%
Depreciation and amortisation	111	116	101	-3.7%	+10.0%
Share-based compensation	5.0	5.2	6.5	-3.8%	-23.1%
Dividends paid	15.6	15.6	15.3	0.0%	+2.0%
Dividend per share	$0.26	$0.26	$0.26	0.0%	0.0%
Diluted shares, weighted	62m	62m	61m	-0.4%	+2.1%
Shares outstanding at period end	61m	61m	60m	-1.0%	+0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,666	423	445	+294.1%	+274.6%
Debt	3,390	3,190	3,177	+6.3%	+6.7%
Operating lease liabilities	33.6	38.3	47.0	-12.3%	-28.5%
Other liabilities	3,393	3,901	3,412	-13.0%	-0.6%
Total liabilities and equity	8,482	7,551	7,081	+12.3%	+19.8%
Fixed assets	3,431	3,433	3,231	-0.1%	+6.2%
Goodwill	475	475	475	0.0%	0.0%
Intangible assets	396	400	409	-1.0%	-3.2%
Cash and equivalents	1,335	629	631	+112.4%	+111.6%
Receivables	1,006	866	667	+16.2%	+50.8%
Inventory	1,085	999	769	+8.5%	+41.0%
Other assets	754	749	898	+0.7%	-16.0%
Total assets	8,482	7,551	7,081	+12.3%	+19.8%

Questions

What was Delek US Holdings' revenue in Q3 FY2026?

Delek US Holdings (DK) reported revenue of $4.4 billion for Q3 FY2026, the quarter ended 30 September 2026, up 52.1% on the same quarter a year earlier.

How much did Delek US Holdings earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.1 billion, up 537.0% on the year, and diluted earnings per share $18.22.

When did Delek US Holdings report Q3 FY2026 results?

Delek US Holdings filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,108	4,459	5,983	5,325	4,479	3,822	4,074	4,629	3,942	3,128	3,308	3,042	2,374	2,642	2,765	2,887	2,429	2,653	4,087	4,392
Cost of revenue	3,068	4,355	5,334	5,181	4,452	3,687	4,038	4,351	4,057	3,033	3,291	3,063	2,508	2,706	2,712	2,489	2,204	2,783	3,722	2,813
Gross profit	39.7	104	649	144	27.3	135	36.5	278	-115	94.9	16.8	-20.2	-135	-63.7	52.2	398	226	-130	365	1,580
Gross margin	1%	2%	11%	3%	1%	4%	1%	6%	-3%	3%	1%	-1%	-6%	-2%	2%	14%	9%	-5%	9%	36%
SG&A	65.0	50.2	122	59.3	107	71.5	75.8	67.7	67.1	61.0	60.2	70.4	61.2	61.5	76.6	76.8	54.6	44.0	56.7	53.4
Operating income	25.0	46.7	493	53.0	-104	139	37.6	212	-144	29.2	4.6	-122	-403	-126	-33.5	296	165	-179	302	1,519
Operating margin	1%	1%	8%	1%	-2%	4%	1%	5%	-4%	1%	0%	-4%	-17%	-5%	-1%	10%	7%	-7%	7%	35%
Interest expense	36.7	5.0	5.2	5.9	n/a	14.0	15.6	16.5	15.3	16.5	15.0	78.8	203	84.1	85.9	93.1	82.2	84.5	100	73.4
Pre-tax income	-43.8	17.9	469	20.8	-153	88.0	-5.3	155	-198	-36.0	-42.6	-175	-452	-195	-103	235	102	-249	222	1,468
Tax rate	n/a	17%	21%	19%	n/a	18%	n/a	19%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	17%	4%	n/a	19%	22%
Net income	-13.4	6.6	362	7.4	-119	64.3	-8.3	129	-165	-32.6	-37.2	-76.8	-414	-173	-106	178	78.3	-201	170	1,134
Net margin	-0%	0%	6%	0%	-3%	2%	-0%	3%	-4%	-1%	-1%	-3%	-17%	-7%	-4%	6%	3%	-8%	4%	26%
Diluted EPS	-$0.18	$0.09	$5.05	$0.10	-$1.73	$0.95	-$0.13	$1.97	-$2.49	-$0.51	-$0.58	-$1.20	-$6.48	-$2.78	-$1.76	$2.93	$1.23	-$3.34	$2.71	$18.22
Operating cash flow	161	26.8	559	130	-291	395	95.1	433	90.8	167	-48.4	-21.6	-164	-62.4	51.4	44.0	503	461	263	567
Capital expenditure	59.1	29.5	68.6	94.7	119	211	66.3	60.7	81.3	47.3	86.0	104	190	136	166	108	120	188	174	111
Free cash flow	102	-2.7	490	35.5	-409	184	28.8	372	9.5	119	-134	-126	-354	-198	-114	-64.0	383	273	89.1	456
Buybacks	0.0	64.0	0.0	0.0	65.6	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	0.0	0.0	0.0	28.3	14.5	14.7	15.0	15.2	15.4	15.7	16.0	16.4	16.1	15.9	15.5	15.3	15.3	15.6	15.6	15.6
Shares outstanding	67m	71m	71m	70m	67m	66m	65m	64m	63m	64m	65m	63m	63m	61m	60m	60m	60m	61m	61m	61m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.