Cash flow generation remains highly erratic, with an OCF/NI ratio of -2.32 in 2026Q1, highlighting a persistent disconnect between reported earnings and actual cash-generating capacity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'02 |
|---|
| Cash from Operations | 1.07B | 551.5M | -66.8M | 1.01B | 425.3M | 371.4M | -282.9M | 575.2M | 560.3M | 332.1M | 268.2M | 180M | 316.9M | 102.7M | 462.9M | 130.1M | 71M | 137.8M | 28.3M | 179.9M | 110.2M | 148.67M | 24.93M | 17.5M |
| Operating CF Margin % | - | 5.14% | -0.56% | 5.99% | 2.15% | 3.49% | -3.87% | 6.19% | 5.51% | 4.57% | 6.39% | 3.12% | 3.81% | 1.18% | 5.3% | 1.81% | 1.89% | 5.17% | 0.61% | 4.39% | 3.44% | 7.32% | 2.91% | 3.18% |
| Operating CF Growth % | 1767.91% | 925.6% | -106.59% | 138.33% | 14.51% | 231.28% | -149.18% | 2.66% | 68.71% | 23.83% | 49% | -43.2% | 208.57% | -77.81% | 255.8% | 83.24% | -48.48% | 386.93% | -84.27% | 63.25% | -25.88% | 496.44% | 42.43% | - |
| Net Income | -51.4M | -20.4M | -520.9M | 46.7M | 290.5M | -170.5M | -570.4M | 331M | 383.6M | 328.5M | -219.7M | 43.7M | 226M | 135.7M | 276M | 163.1M | -79.9M | 700K | 26.5M | 96.4M | 93M | 64.12M | 7.33M | -500K |
| Depreciation & Amortization | 399.8M | 397.8M | 374.5M | 339.5M | 275M | 264.6M | 278.4M | 203.8M | 199.4M | 153.3M | 116.4M | 134M | 111.5M | 89.8M | 82.5M | 74.1M | 61.1M | 52.4M | 40.9M | 38M | 27M | 18.38M | 13.21M | 7.4M |
| Stock-Based Compensation | 21.6M | 0 | 33.8M | 27.5M | 29.1M | 24.6M | 22.8M | 25.8M | 21.4M | 17.5M | 16.4M | 16.8M | 13.9M | 15M | 6.2M | 2.7M | 3.1M | 4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -69.4M | -10.5M | -103.6M | -1.6M | 61.6M | -59.4M | -32.1M | 62.1M | -29M | -49.4M | -154.4M | 17.4M | 37M | 38.9M | 15.1M | 57.7M | -4.6M | 39.8M | 10M | 10.3M | 22.8M | 8.87M | 3.94M | 0 |
| Other Non-Cash Items | 10.3M | 199.2M | 199.1M | 89.9M | 57.2M | 38M | 164.1M | 26.7M | -400K | -181.8M | 331M | 20.5M | 1.4M | 6.3M | 4.7M | -3.8M | 64.3M | -21.9M | 20.3M | -400K | 1.2M | 451K | -128K | 9.9M |
| Working Capital Changes | 729.3M | -14.6M | -49.7M | 511.6M | -288.1M | 274.1M | -145.7M | -74.2M | -14.7M | 64M | 178.5M | -52.4M | -72.9M | -183M | 78.4M | -163.7M | 27M | 62.8M | -71.1M | 32.4M | -33.8M | 56.85M | 573K | 700K |
| Change in Receivables | -292M | -21.5M | 179.8M | 460M | -429.1M | -253.3M | 259.7M | -276.7M | 112.7M | -155.8M | -48.1M | -36.5M | 55.4M | 5.8M | 20.5M | -157.1M | -28M | -31.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -127.2M | 149.4M | 1.1M | 559.4M | -251.1M | -342.3M | 244.4M | -417.7M | 138.7M | -191.1M | -53.7M | 114M | 217M | -255.6M | 46M | -166.9M | 20.9M | -46.9M | 59M | -32M | -24.8M | 14.33M | -2.16M | 0 |
| Change in Payables | 1.18B | -42M | -220.8M | -299.7M | 300.9M | 702.5M | -480.3M | 565.2M | -128.1M | 290.9M | 221M | -75.8M | -117.3M | 47.1M | 38.9M | 65.3M | 38.9M | 137.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -582.2M | -713.6M | -241.5M | -408M | -931.6M | -178.4M | -191.3M | -691.3M | -125.3M | 25.2M | 180.5M | -460.4M | -289.4M | -244.4M | -159.2M | -195.7M | -44.5M | -102.9M | -39.1M | -222.7M | -251.4M | -162.31M | -27.34M | -12.1M |
| Capital Expenditures | -585M | -542M | -427.7M | -392.5M | -280.2M | -223.2M | -272.2M | -432.9M | -323.7M | -177.5M | -47M | -221.3M | -256.9M | -222.3M | -132M | -81M | -57M | -170M | -102.1M | -87.7M | -97.5M | -29.19M | -6.97M | 0 |
| CapEx % of Revenue | 5.45% | 5.05% | 3.61% | 2.32% | 1.42% | 2.1% | 3.73% | 4.66% | 3.18% | 2.44% | 1.12% | 3.84% | 3.09% | 2.55% | 1.51% | 1.13% | 1.52% | 6.37% | 2.21% | 2.14% | 3.04% | 1.44% | 0.81% | - |
| Acquisitions | 5.2M | -170.9M | 0 | 0 | -625.7M | -1.7M | 8.7M | -260.3M | 110.6M | 190.4M | -61.6M | -241.3M | -33.8M | -23.2M | -27.4M | -105.2M | 0 | 0 | 0 | -74.6M | -107.3M | -109.56M | -22.15M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -300K | 1.4M | 186.6M | -3.6M | -25.7M | 46.5M | 72.2M | 1.9M | 86.3M | 5.6M | 900K | 9.4M | 1.3M | 1.1M | 200K | -195.7M | 12.5M | 52.8M | 18.6M | 300K | 0 | -91K | 1.78M | -12.1M |
| Cash from Financing | -485.4M | 52.3M | 221.7M | -624.7M | 491.1M | -124M | 306.4M | -7.9M | -297.6M | -104.6M | -61.7M | 138.5M | 16.6M | -60M | 72.1M | 242.4M | -45.8M | 18.2M | -78.9M | 45.5M | 180.2M | 54.11M | 5.62M | -4.4M |
| Debt Issued (Net) | 137.8M | 456.3M | 168.1M | -463.2M | 873.4M | -132M | 275.3M | 279.9M | 309.1M | 64.9M | 24.5M | 196.8M | 154.4M | 48.1M | -75.6M | 61.8M | -21.3M | -33.9M | -70.9M | 67.6M | 16.8M | 65.42M | 11.67M | 0 |
| Equity Issued (Net) | -47.9M | -79.4M | 185.6M | -85.4M | -190.5M | 2.1M | -6.4M | -187.3M | -365.3M | -30M | -7.5M | -46.6M | -74.7M | -37.9M | 175.5M | 0 | 0 | 0 | 0 | 3.9M | 163.8M | 0 | 0 | 0 |
| Dividends Paid | -61.7M | -62M | -64.2M | -60.3M | -42.8M | 0 | -69.1M | -86.8M | -80.1M | -44M | -37.5M | -37.1M | -59.2M | -57.3M | -35.5M | -19.5M | -8.4M | -8.1M | -8M | -28.5M | -1.9M | 0 | 0 | 0 |
| Share Repurchases | -47.9M | -79.4M | -41.5M | -85.4M | -193.6M | 0 | -4M | -178.1M | -365.3M | -25M | -6M | -42.2M | -74.7M | -37.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -513.6M | -262.6M | -67.8M | -15.8M | -149M | 5.9M | 106.6M | -13.7M | -161.3M | -95.5M | -41.2M | 25.4M | -3.9M | -12.9M | 7.7M | 200.1M | -16.1M | 60.2M | 0 | 2.5M | 1.5M | -11.31M | -6.06M | -4.4M |
| Net Change in Cash | 300K | -109.8M | -86.6M | -19.1M | -15.2M | 69M | -167.8M | -124M | 137.4M | 252.7M | 387M | -141.9M | 44.1M | -201.7M | 375.8M | 176.8M | -19.3M | 53.1M | -89.7M | 2.7M | 39M | 40.46M | 3.2M | -4.4M |
| Free Cash Flow | 479.1M | 22M | -497.4M | 616.8M | 139.5M | 148.2M | -555.1M | 142.3M | 236.6M | 154.6M | 221.2M | -41.3M | 60M | -119.6M | 330.9M | 49.1M | 14M | -32.2M | -73.8M | 92.2M | 12.7M | 119.48M | 17.95M | 17.5M |
| FCF Margin % | 4.46% | 0.21% | -4.2% | 3.65% | 0.7% | 1.39% | -7.6% | 1.53% | 2.33% | 2.13% | 5.27% | -0.72% | 0.72% | -1.37% | 3.79% | 0.68% | 0.37% | -1.21% | -1.6% | 2.25% | 0.4% | 5.88% | 2.09% | 3.18% |
| FCF Growth % | 157.96% | 104.42% | -180.64% | 342.15% | -5.87% | 126.7% | -490.09% | -39.86% | 53.04% | -30.11% | 635.59% | -168.83% | 150.17% | -136.14% | 573.93% | 250.71% | 143.48% | 56.37% | -180.04% | 625.98% | -89.37% | 565.56% | 2.58% | - |
| FCF per Share | 7.95 | 0.36 | -7.79 | 9.35 | 1.95 | 2.00 | -7.54 | 1.86 | 2.73 | 2.14 | 3.57 | -0.67 | 1.01 | -1.99 | 5.55 | 0.86 | 0.26 | -0.59 | -1.36 | 1.74 | 0.27 | 3.03 | 0.46 | 0.44 |
| FCF Conversion (FCF/Net Income) | -9.32x | -24.19x | 0.12x | 51.19x | 1.65x | -2.89x | 0.46x | 1.85x | 1.62x | 1.15x | -1.74x | 9.28x | 1.60x | 0.87x | 1.70x | 0.82x | -0.89x | 196.86x | 1.07x | 1.87x | 1.18x | 2.32x | 3.40x | -35.00x |
| Interest Paid | 165.4M | 0 | 300.1M | 323.5M | 186.7M | 125.3M | 123.7M | 126.2M | 120.1M | 82.1M | 51.9M | 48.9M | 37.1M | 31.3M | 40.7M | 43.9M | 25.1M | 19.1M | 17.8M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.8M | 10.8M | 27.6M | 4.2M | 3.6M | 94.2M | 103.9M | 70.5M | 1.7M | 5.1M | 111.7M | 73.7M | 111.3M | 54.6M | 1.6M | 1.7M | 5.1M | 0 | 0 | 0 | 0 | 0 |
High Leverage Amid Volatility
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio reaching -2.32 in 2026Q1, suggesting that reported earnings are frequently decoupled from the actual cash-generating capacity of the underlying refining and retail operations.
The persistent divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are masking the true operational performance of the business. Investors should monitor whether this volatility reflects genuine operational inefficiency or merely the accounting timing of RINs obligations and inventory valuation adjustments.
Based on Delek's reported figures, free cash flow has demonstrated extreme instability, swinging from a deficit of $355.3 million in 2024Q4 to a positive $273.6 million in 2026Q1, which underscores the company's difficulty in maintaining consistent cash generation amidst fluctuating refining margins and high capital intensity.
The erratic FCF trajectory suggests that the company's cash flow profile is highly sensitive to external market factors rather than internal operational stability. This inconsistency complicates the assessment of the firm's ability to fund ongoing operations and debt service without relying on external financing or asset monetization.
According to recent SEC filings, Delek's capital expenditure as a percentage of revenue has fluctuated significantly, peaking at 8.0% in 2024Q4, which indicates that the company must commit substantial capital to maintain its aging refinery assets even during periods of negative net income and constrained liquidity.
The high level of maintenance capex relative to revenue suggests that the company faces a structural burden to keep its inland refineries operational. This capital intensity may limit management's flexibility to deleverage the balance sheet, as essential turnarounds and environmental compliance upgrades remain non-discretionary cash outflows.
Data from the latest quarterly reports shows that working capital changes have been a primary driver of cash flow volatility, with a significant $598.1 million inflow in 2026Q1, suggesting that the company's cash position is heavily reliant on the timing of inventory and payables management.
The reliance on working capital swings to bolster operating cash flow may indicate that the company is managing its payables aggressively to preserve liquidity. Investors should be cautious, as these temporary cash inflows do not represent sustainable operational profitability and may reverse in subsequent periods.
Quick answers to the most common questions about buying DK stock.
Delek US Holdings, Inc. (DK) generated $551.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Delek US Holdings, Inc. (DK) generated $22.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Delek US Holdings, Inc. (DK) spent $542.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Delek US Holdings, Inc. (DK) returned $62.0M to shareholders via cash dividends and spent $79.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.