DK Delek US Holdings, Inc.

Overview and Growth

Fiscal 2025 results for Delek US Holdings, Inc. combined $10.72B of revenue with net loss of $22.80M and an operating cash inflow of $535.80M. Revenue of $10.72B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 9.5% below fiscal 2024 revenue of $11.85B, marking a top-line contraction. On a per-share basis, diluted EPS was -$0.38, which connects the reported earnings outcome with the company’s diluted share count. Asset turnover was 1.57x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $612.10M as gross profit before recognizing operating expenses and other items. Gross margin was 5.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $301.00M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 2.8%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was a net loss of $22.80M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 0.2% after all recognized items. Pretax income was $38.90M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 0.4%, relating income before taxes directly to revenue. The company recognized an income-tax benefit of $6.80M, increasing after-tax earnings relative to the pretax result. Relative to positive pretax income, the tax benefit measured 17.5%. The net loss equaled 4.2% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 0.3%, placing the bottom-line deficit against the company’s resource base.

Liquidity and Capital Structure

At period end, the $6.85B asset base was financed through $6.30B of liabilities and $547.30M of equity. The near-term balance sheet paired $2.07B of current assets with $2.53B of current liabilities at the reporting date. At 0.82x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $625.80M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 24.7%, excluding receivables and other current assets. Total debt was $3.23B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 5.91x, showing how much debt the company carried for each unit of book equity. Debt represented 47.2% of total assets, placing borrowing in the context of the company’s full resource base. Liabilities represented 92.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 9.1%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 2.7% higher than fiscal 2024 assets of $6.67B, measuring the company’s own balance-sheet change. Against $575.20M of equity in fiscal 2024, the current book-equity balance moved 4.9% and ended lower.

Cash Flow and Earnings Quality

Cash flow from operations was $535.80M, a reported cash inflow that can be compared directly with net income and capital spending. Capital spending was $529.50M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 98.8% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $6.30M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 0.1%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 0.1%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.