DKHIGH SIGNALFINANCIAL10-K

Delek US achieved a dramatic turnaround with net losses narrowing 95.9% from -$560.4M to -$22.8M while significantly strengthening its balance sheet.

This represents a substantial operational recovery suggesting Delek has successfully navigated previous challenges and is approaching profitability. The massive improvement in net income combined with stronger stockholders' equity indicates the company has likely resolved major operational or write-down issues that plagued the prior period.

Comparing 2026-02-27 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

Delek US demonstrated a remarkable financial turnaround with net losses narrowing by nearly 96% while stockholders' equity surged 66% to $2.0B, indicating substantially improved financial health. The company increased capital expenditures by 24% to $529.5M, signaling confidence in future growth despite modestly higher debt levels and reduced cash positions. The combination of dramatically improved profitability, stronger equity base, and increased investment spending suggests Delek has successfully emerged from a challenging period and is positioning for growth.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+95.9%
-$560.4M→-$22.8M

Net income grew 95.9% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+66.1%
$1.2B→$2.0B

Equity base grew 66.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
+23.8%
$427.7M→$529.5M

Capex increased 23.8% — ongoing investment in capacity or infrastructure for future growth.

Inventory
Balance Sheet
-18.7%
$893.2M→$726.0M

Inventory reduced 18.7% — lean inventory management or demand outpacing supply.

Total Debt
Balance Sheet
+16.9%
$2.8B→$3.2B

Debt rose 16.9% — additional borrowing for investment or operations; monitor coverage ratios.

Cash & Equivalents
Balance Sheet
-14.9%
$735.6M→$625.8M

Cash decreased 14.9% — monitor burn rate and upcoming capital needs.

Current Assets
Balance Sheet
-11.3%
$2.3B→$2.1B

Current assets declined 11.3% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-26
ADDED
At February 20, 2026, there were 59,808,421 shares of the registrant's common stock, $0.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).
Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.
Available Information Our Internet website address is www.DelekUS.com and X account is @DelekUSHoldings .
Bakken Basin - A large sedimentary basin in North Dakota, Montana and Canada.
Delaware Basin - A large sedimentary basin in West Texas and New Mexico.
Permian Basin - A large sedimentary basin that includes the Midland and Delaware Basins primarily in West Texas and New Mexico.
Renewable Identification Number (RIN) - A renewable fuel credit used to satisfy requirements for blending renewable fuels under RFS-2.
Sour Gas - Natural gas containing more than four parts per million of hydrogen sulfide.
We may not be successful in our cost sharing agreement with the DOE's Office of Clean Energy Demonstrations.
(2) Excludes approximately 462 miles of gathering system pipeline which are decommissioned.
REMOVED
At February 20, 2025, there were 62,513,232 shares of the registrant's common stock, $.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).
Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.
Available Information Our Internet website address is www.DelekUS.com and X (previously known as Twitter) account is @DelekUSHoldings .
5 | Glossary of Terms Renewable Identification Number (RIN) - A renewable fuel credit used to satisfy requirements for blending renewable fuels under RFS-2.
Straight run - Product produced off of the crude or vacuum unit and not further processed.
We may not enter into a cost sharing agreement with the DOE s Office of Clean Energy Demonstrations.
(2) Includes approximately 240 miles of leased capacity and 489 miles of gathering system pipeline which is decommissioned.
10 | Business and Properties Key Objectives Certain fundamental principles are foundational to our long-term strategy and direct us as we develop our strategic objectives.
Evolving Strategic View Historically, we have grown through acquisitions in both of our segments.
Our business strategy has been focused on capitalizing on and growing our integrated business model in ways that allow us to participate in all phases of the downstream production process, from transporting crude oil to our refineries for processing into refined products.
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