DKL Delek Logistics Partners, LP

Overview and Growth

In fiscal 2025, Delek Logistics Partners, LP recorded $1.01B of revenue, net income of $176.46M, and an operating cash inflow of $237.12M. Revenue of $1.01B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 7.7% from $940.64M in fiscal 2024, increasing the company’s operating scale. The revenue-to-assets relationship was 0.36x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $215.17M as gross profit before recognizing operating expenses and other items. Gross profit represented 21.2% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $181.84M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 17.9%, showing how efficiently sales converted into operating profit. Net income came to $176.46M, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 17.4% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $176.92M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 17.5% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $458.00K, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 0.3% of pretax income, showing the tax burden absorbed by the year’s earnings. The net-income-to-assets relationship measured 6.3%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

The company held $2.78B of assets against $2.77B of liabilities and $6.11M of equity, revealing how the asset base was financed. Current assets were $400.77M against $356.49M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 1.12x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $10.89M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 3.1%, excluding receivables and other current assets. Total debt was $2.34B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 383.45x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 84.4%, showing how much of the asset base was matched by borrowing. Liabilities represented 99.8% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 0.4%, comparing reported cash and equivalents with the full positive asset balance. Compared with $2.04B in fiscal 2024, the current asset base moved 36.1% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $237.12M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.34x, showing the relationship between accrual earnings and operating cash. Capital spending was $267.76M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 112.9%, connecting investment intensity with the company’s cash-generation base. Operating cash flow and capital spending combined to leave a $30.64M cash deficit after capital spending. Free-cash-flow margin was -3.0%, reflecting a cash deficit equal to 3.0% of revenue after capital spending. The free-cash-flow deficit equaled 1.1% of total assets, placing the cash shortfall against the company’s resource base.

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