Delek US Q1 adjusted EBITDA rises as higher crack spreads lift refining margins

Delek US Holdings

29/04/2026 11:47

Overview

US downstream energy firm's Q1 net loss increases

Adjusted EBITDA rose sharply yr/yr, driven by higher crack spreads and logistics margins

Company completed Big Spring refinery turnaround and raised borrowing capacity by $300 mln

Outlook

Company expects improved margin capture with full system back online after refinery turnaround

Delek Logistics sees continued strength from increasing third-party cash flows and asset optimization

Company aims to leverage enhanced reliability to drive performance for remainder of 2026

Result Drivers

REFINING MARGINS - Co said higher refining margins driven by increased crack spreads boosted refining segment results

BIG SPRING TURNAROUND - Co completed Big Spring refinery turnaround, which management said positions it to capture improved margins

LOGISTICS SEGMENT - Higher wholesale margins and increased interest income from sales-type leases lifted logistics segment results

Company press release: ID:nBw6rKGMka

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted EPS
$0.08
Q1 EPS
-$3.34
Q1 Adjusted Net Income
$4.70 mln
Q1 Net Income
-$201.30 mln
Q1 Adjusted EBITDA
$211.70 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."

Wall Street's median 12-month price target for Delek US Holdings Inc is $44.00, about 7.2% above its April 28 closing price of $41.04

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 3,873 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)