Delek US Raises 2026 EBITDA Guidance to $520–560M, Lifts EOP Target to $200M
Delek US Holdings delivered a Q4 adjusted EPS of $0.44 and adjusted EBITDA of $226 million while raising its 2026 EBITDA guidance to $520–560 million. The company boosted its Enterprise Optimization Plan target to at least $200 million and expects inventory agreement restructuring to add $40 million in annual free cash flow.
1. Q4 Financial Results
Delek US posted adjusted EPS of $0.44 and adjusted EBITDA of $226 million in Q4, driven by strong refining margins and operational efficiency.
2. 2026 Guidance and EOP Update
The company raised its 2026 EBITDA guidance to $520–560 million and lifted its Enterprise Optimization Plan savings target to at least $200 million in annual run rate, citing accelerating margin capture.
3. Free Cash Flow Improvements
Restructuring the inventory intermediation agreement is projected to add $40 million in annual free cash flow, while RINs monetization of approximately $360 million helped reduce interest expenses.
4. Cost Pressures and Regulatory Risks
Operating expenses are expected to rise in Q1 2026 due to Winter Storm Fern preparations, and uncertainty remains over recognition of pre-2023 SREs and future RINs valuations.