Delek US Swings to $374.8M Q4 Adjusted EBITDA, Approves $0.255 Dividend
Delek US reported Q4 adjusted EBITDA of $374.8M versus –$15.2M a year earlier, driven by a 66% rise in benchmark crack spreads and a $314.1M refining segment EBITDA swing. Logistics segment EBITDA rose to $141.9M from $114.3M; board approved a $0.255 dividend, with $625.8M cash and $2.607B net debt.
1. Q4 Financial Highlights
Delek US reported net income of $78.3M in Q4 2025 compared to a $413.8M loss a year earlier, with adjusted net income of $143.0M or $2.31 per diluted share versus a $160.5M adjusted loss. Total adjusted EBITDA for the quarter was $374.8M, up from –$15.2M.
2. Segment Performance
The refining segment delivered $314.1M of adjusted EBITDA versus –$68.7M last year, driven by a 66% increase in benchmark crack spreads and $75.3M in renewable fuel standard cost relief. Logistics segment adjusted EBITDA rose to $141.9M from $114.3M, supported by the W2W dropdown, H2O Midstream and Gravity acquisitions.
3. Liquidity and Capital Allocation
As of December 31, 2025, Delek US held $625.8M in cash against $3,233.1M of long-term debt, resulting in $2,607.3M net debt. The board approved a quarterly dividend of $0.255 per share, underscoring the company’s focus on disciplined capital allocation and cash flow generation.