The company exhibits structural margin instability, evidenced by a sharp decline in gross margins from 17.1% in 2025Q3 to a negative 2.7% in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 10.73B | 10.72B | 11.85B | 16.92B | 19.8B | 10.65B | 7.3B | 9.3B | 10.17B | 7.27B | 4.2B | 5.76B | 8.32B | 8.71B | 8.73B | 7.2B | 3.76B | 2.67B | 4.62B | 4.1B | 3.21B | 2.03B | 857.9M | 549.6M |
| Revenue Growth % | -5.56% | -9.53% | -29.94% | -14.56% | 85.96% | 45.83% | -21.47% | -8.59% | 39.98% | 73.11% | -27.15% | -30.78% | -4.39% | -0.23% | 21.23% | 91.67% | 40.83% | -42.22% | 12.65% | 27.73% | 57.87% | 136.84% | 56.1% | - |
| Cost of Goods Sold | 10.03B | 10.15B | 11.92B | 15.88B | 19.06B | 10.42B | 7.59B | 8.41B | 9.2B | 6.76B | 4.06B | 5.42B | 7.71B | 8.26B | 8.07B | 6.75B | 3.64B | 2.61B | 4.21B | 3.85B | 2.82B | 1.73B | 730.78M | 460.3M |
| COGS % of Revenue | - | 94.7% | 100.57% | 93.88% | 96.28% | 97.88% | 103.93% | 90.43% | 90.44% | 92.98% | 96.77% | 94.1% | 92.67% | 94.85% | 92.45% | 93.78% | 96.99% | 97.99% | 91.22% | 94.04% | 87.86% | 85.22% | 85.18% | 83.75% |
| Gross Profit | 707.8M | 568.3M | -67.9M | 1.04B | 736.5M | 225.5M | -287M | 890.1M | 972.8M | 510.5M | 135.7M | 339.8M | 610.3M | 448M | 659M | 447.4M | 113.2M | 53.6M | 405.2M | 244.1M | 389.4M | 300.24M | 127.12M | 89.3M |
| Gross Margin % | 6.59% | 5.3% | -0.57% | 6.12% | 3.72% | 2.12% | -3.93% | 9.57% | 9.56% | 7.02% | 3.23% | 5.9% | 7.33% | 5.15% | 7.55% | 6.22% | 3.01% | 2.01% | 8.78% | 5.96% | 12.14% | 14.78% | 14.82% | 16.25% |
| Gross Profit Growth % | - | 936.97% | -106.55% | 40.67% | 226.61% | 178.57% | -132.24% | -8.5% | 90.56% | 276.2% | -60.06% | -44.32% | 36.23% | -32.02% | 47.3% | 295.23% | 111.19% | -86.77% | 66% | -37.31% | 29.69% | 136.19% | 42.35% | - |
| Operating Expenses | 354M | 172.4M | 423.6M | 756.1M | 279M | 260.2M | 445.3M | 397.8M | 360.9M | 324.1M | 227.3M | 259.1M | 243.8M | 210.3M | 186M | 159.1M | 116.8M | 119.6M | 324.7M | 87.6M | 234.2M | 180.13M | 106.66M | 81.7M |
| OpEx % of Revenue | - | 1.61% | 3.57% | 4.47% | 1.41% | 2.44% | 6.1% | 4.28% | 3.55% | 4.46% | 5.41% | 4.5% | 2.93% | 2.42% | 2.13% | 2.21% | 3.11% | 4.48% | 7.04% | 2.14% | 7.3% | 8.87% | 12.43% | 14.87% |
| Selling, General & Admin | 229.4M | 198.4M | 252.8M | 286.4M | 313.7M | 200.4M | 234.6M | 274.7M | 247.6M | 169.8M | 106.1M | 126M | 133.4M | 120.5M | 99.7M | 81.4M | 59M | 64.3M | 290.6M | 54.6M | 211.4M | 156.58M | 95.18M | 12.2M |
| SG&A % of Revenue | - | 1.85% | 2.13% | 1.69% | 1.58% | 1.88% | 3.21% | 2.95% | 2.43% | 2.34% | 2.53% | 2.19% | 1.6% | 1.38% | 1.14% | 1.13% | 1.57% | 2.41% | 6.3% | 1.33% | 6.59% | 7.71% | 11.09% | 2.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -26M | 170.8M | 469.7M | -34.7M | 59.8M | 210.7M | 123.1M | 7.3M | 154.3M | -400K | 1.6M | 900K | 6.3M | 82.5M | 74.1M | 57.8M | 15M | 34.1M | 33M | 22.8M | 23.55M | 11.48M | 69.5M |
| Operating Income | 353.8M | 395.9M | -491.5M | 279.9M | 457.5M | -34.7M | -732.3M | 492.3M | 611.9M | 186.4M | -49.2M | 80.7M | 366.5M | 237.7M | 473.1M | 286.1M | 9.2M | 31.4M | 80.5M | 156.5M | 155.2M | 120.11M | 20.46M | 7.6M |
| Operating Margin % | 3.3% | 3.69% | -4.15% | 1.65% | 2.31% | -0.33% | -10.03% | 5.29% | 6.02% | 2.56% | -1.17% | 1.4% | 4.4% | 2.73% | 5.42% | 3.97% | 0.24% | 1.18% | 1.74% | 3.82% | 4.84% | 5.91% | 2.38% | 1.38% |
| Operating Income Growth % | - | 180.55% | -275.6% | -38.82% | 1418.44% | 95.26% | -248.75% | -19.55% | 228.27% | 478.86% | -160.97% | -77.98% | 54.19% | -49.76% | 65.36% | 3009.78% | -70.7% | -60.99% | -48.56% | 0.84% | 29.21% | 487.03% | 169.22% | - |
| EBITDA | 753.6M | 793.7M | -117M | 631.5M | 732.5M | 229.9M | -464.7M | 731M | 813.2M | 340.4M | 67.5M | 214.7M | 478M | 327.5M | 555.6M | 360.2M | 70.3M | 83.8M | 121.4M | 194.5M | 182.2M | 138.5M | 33.67M | 15M |
| EBITDA Margin % | 7.02% | 7.4% | -0.99% | 3.73% | 3.7% | 2.16% | -6.36% | 7.86% | 7.99% | 4.68% | 1.61% | 3.73% | 5.74% | 3.76% | 6.37% | 5% | 1.87% | 3.14% | 2.63% | 4.75% | 5.68% | 6.82% | 3.92% | 2.73% |
| EBITDA Growth % | 387.2% | 778.38% | -118.53% | -13.79% | 218.62% | 149.47% | -163.57% | -10.11% | 138.9% | 404.3% | -68.56% | -55.08% | 45.95% | -41.05% | 54.25% | 412.38% | -16.11% | -30.97% | -37.58% | 6.75% | 31.56% | 311.39% | 124.44% | - |
| D&A (Non-Cash Add-back) | 399.8M | 397.8M | 374.5M | 351.6M | 275M | 264.6M | 267.6M | 238.7M | 201.3M | 154M | 116.7M | 134M | 111.5M | 89.8M | 82.5M | 74.1M | 61.1M | 52.4M | 40.9M | 38M | 27M | 18.38M | 13.21M | 7.4M |
| EBIT | 384.3M | 384.2M | -393M | 312.4M | 517.6M | -600K | -641.7M | 533.8M | 610.7M | 392.8M | -336.8M | 73.4M | 358.7M | 237.7M | 473.3M | 299M | -50.8M | 30.9M | 72M | 154.8M | 162.2M | 120.1M | 19.79M | 7.6M |
| Net Interest Income | -323.8M | -345.3M | -313M | -318.2M | -195.8M | -136.7M | -125.7M | -119.8M | -120.1M | -89.8M | -52.9M | -51M | -32.7M | -37.4M | -45.5M | -51.2M | -34.1M | -25.4M | -21.6M | -21.3M | -18M | -18.25M | -8.27M | -5.7M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 500K | 3.3M | 11.3M | 5.8M | 4M | 1.5M | 1.1M | 800K | 300K | 200K | 0 | 0 | 100K | 2.1M | 9.3M | 7.2M | 2.14M | 58K | 0 |
| Interest Expense | 323.8M | 345.3M | 313M | 318.2M | 195.8M | 137.2M | 129M | 131.1M | 125.9M | 93.8M | 54.4M | 52.1M | 33.5M | 37.7M | 45.7M | 51.2M | 34.1M | 25.5M | 23.7M | 30.6M | 25.2M | 20.39M | 8.33M | 5.7M |
| Other Income/Expense | -368.8M | -357M | -214.5M | -228.1M | -135.7M | -102.6M | -35.1M | -89.6M | -126.4M | 119M | -342M | -47.4M | -31.8M | -31.1M | -45.5M | -49.6M | -94.1M | 68.5M | -23.8M | -24.5M | -14.1M | -13.74M | -9.06M | -8.3M |
| Pretax Income | -15M | 38.9M | -706M | 51.8M | 321.8M | -137.3M | -767.4M | 402.7M | 485.5M | 299.3M | -391.2M | 27.1M | 327.6M | 206.6M | 427.6M | 247.8M | -84.9M | 5.4M | 40.4M | 132M | 137M | 99.34M | 11.46M | -700K |
| Pretax Margin % | -0.14% | 0.36% | -5.96% | 0.31% | 1.63% | -1.29% | -10.51% | 4.33% | 4.77% | 4.12% | -9.32% | 0.47% | 3.94% | 2.37% | 4.9% | 3.44% | -2.26% | 0.2% | 0.88% | 3.22% | 4.27% | 4.89% | 1.34% | -0.13% |
| Income Tax | -28.2M | -6.8M | -107.9M | 5.1M | 56.4M | -42M | -193.6M | 71.7M | 96.4M | -29.2M | -171.5M | -16.6M | 101.6M | 70.9M | 151.6M | 84.7M | -5M | 3.1M | 17.4M | 35.6M | 44M | 34.95M | 4.13M | -200K |
| Effective Tax Rate % | 188% | -17.48% | 15.28% | 9.85% | 17.53% | 30.59% | 25.23% | 17.8% | 19.86% | -9.76% | 43.84% | -61.25% | 31.01% | 34.32% | 35.45% | 34.18% | 5.89% | 57.41% | 43.07% | 26.97% | 32.12% | 35.19% | 36.04% | 28.57% |
| Net Income | -51.4M | -22.8M | -560.4M | 19.8M | 257.1M | -128.3M | -611.4M | 310.6M | 345.6M | 288.8M | -153.7M | 19.4M | 198.6M | 117.7M | 272.8M | 158.3M | -79.9M | 700K | 26.5M | 96.4M | 93M | 64.12M | 7.33M | -500K |
| Net Margin % | -0.48% | -0.21% | -4.73% | 0.12% | 1.3% | -1.2% | -8.37% | 3.34% | 3.4% | 3.97% | -3.66% | 0.34% | 2.39% | 1.35% | 3.13% | 2.2% | -2.13% | 0.03% | 0.57% | 2.35% | 2.9% | 3.16% | 0.85% | -0.09% |
| Net Income Growth % | 92.66% | 95.93% | -2930.3% | -92.3% | 300.39% | 79.02% | -296.84% | -10.13% | 19.67% | 287.9% | -892.27% | -90.23% | 68.73% | -56.85% | 72.33% | 298.12% | -11514.29% | -97.36% | -72.51% | 3.66% | 45.05% | 774.35% | 1566.6% | - |
| Net Income (Continuing) | 13.2M | 45.7M | -598.1M | 46.7M | 265.4M | -95.3M | -573.8M | 331M | 383.6M | 328.5M | -219.7M | 37.1M | 225.3M | 135.7M | 276M | 163.1M | -79.9M | 2.3M | 30.9M | 96.4M | 93M | 64.4M | 7.33M | -500K |
| Discontinued Operations | -2.3M | -2.4M | 77.2M | 0 | 25.1M | 0 | 0 | 5.2M | 0 | 0 | 86.3M | 6.6M | 700K | 0 | 0 | 0 | 0 | 0 | 3.5M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 249.5M | 260.8M | 262.4M | 114.2M | 125.9M | 119.8M | 118.4M | 169M | 175.5M | 313.6M | 190.6M | 200.6M | 196.7M | 185.4M | 178.7M | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.85 | -0.38 | -8.77 | 0.30 | 3.60 | -2.30 | -7.75 | 3.97 | 3.98 | 4.00 | -2.48 | 0.32 | 3.35 | 1.96 | 4.57 | 2.78 | -1.47 | 0.01 | 0.49 | 1.82 | 1.94 | 1.63 | 0.19 | -0.01 |
| EPS Growth % | 91.8% | 95.67% | -3023.33% | -91.67% | 256.52% | 70.32% | -295.21% | -0.25% | -0.5% | 261.29% | -875% | -90.45% | 70.92% | -57.11% | 64.39% | 289.12% | -14800% | -97.96% | -73.08% | -6.19% | 19.02% | 757.89% | 1596.06% | - |
| EPS (Basic) | - | -0.38 | -8.77 | 0.30 | 3.63 | -2.30 | -7.75 | 4.01 | 4.17 | 4.04 | -2.48 | 0.32 | 3.38 | 1.99 | 4.65 | 2.80 | -1.47 | 0.01 | 0.50 | 1.85 | 1.98 | 1.63 | 0.19 | -0.01 |
| Diluted Shares Outstanding | 60.26M | 60.7M | 63.88M | 65.98M | 71.52M | 73.98M | 73.6M | 76.57M | 86.77M | 72.3M | 61.92M | 61.32M | 59.36M | 60.05M | 59.64M | 57.03M | 54.26M | 54.48M | 54.4M | 52.85M | 47.92M | 39.39M | 39.39M | 39.39M |
| Basic Shares Outstanding | 60.26M | 60.7M | 63.88M | 66M | 70.79M | 73.98M | 73.6M | 75.85M | 82.8M | 71.57M | 61.86M | 60.82M | 58.78M | 59.19M | 58.72M | 56.54M | 54.26M | 53.69M | 53.68M | 52.08M | 47.08M | 39.39M | 39.39M | 39.39M |
| Dividend Payout Ratio | - | - | - | 304.55% | 16.65% | - | - | 27.95% | 23.18% | 15.24% | - | 191.24% | 29.81% | 48.68% | 13.01% | 12.32% | - | 1157.14% | 30.19% | 29.56% | 2.04% | - | - | - |
High Leverage Amid Volatility
As indicated by the most recent quarterly data, Delek US Holdings has experienced a sustained period of top-line decline, with revenue growth rates consistently negative over the past ten quarters, culminating in a marginal 0.4% year-over-year increase in 2026Q1 following a prolonged period of double-digit contraction.
The company's revenue trajectory reflects the inherent volatility of the refining sector, where throughput and crack spreads dictate top-line performance. The inability to maintain consistent growth suggests that the firm remains highly susceptible to regional demand fluctuations and the cyclical nature of Permian Basin crude pricing.
Based on reported financial statements, Delek's gross margins have exhibited extreme volatility, swinging from a peak of 17.1% in 2025Q3 to a negative 2.7% in 2026Q1, highlighting the company's limited ability to consistently capture favorable crack spreads relative to its fixed cost base.
This margin instability suggests that the company's inland refinery configuration, while providing a localized freight advantage, is insufficient to insulate the bottom line from broader market downturns. Investors should monitor whether the current negative margin environment represents a temporary operational hurdle or a more permanent structural disadvantage.
According to recent SEC filings, the company's operating income has frequently turned negative, with an operating margin of -4.2% in 2026Q1, demonstrating that the firm lacks the necessary operating leverage to maintain profitability when gross profits fail to cover fixed SG&A and operational overhead.
The high fixed-cost nature of the refining business means that any contraction in gross profit flows directly to the operating line, exacerbating losses during down cycles. The lack of consistent operating efficiency suggests that management faces significant challenges in rightsizing the cost structure to match current throughput levels.
Data from the latest income statement reveals a concerning trend of net losses, with a net margin of -7.6% in 2026Q1, which warrants further investigation into the company's ability to service its debt obligations given the reported high debt-to-equity ratio of 6.13.
Short-term observers may focus on the potential for a liquidity crunch if refining margins do not recover rapidly to support interest payments. The reliance on non-controlling interests and complex MLP structures further complicates the assessment of true cash-generating capacity available to the parent company.
Quick answers to the most common questions about buying DK stock.
For fiscal year 2025, Delek US Holdings, Inc. (DK) reported total revenue of $10.72B. This represents a 1851.0% increase compared to $549.6M in 2002.
Delek US Holdings, Inc. (DK) reported a net loss of $22.8M for the fiscal year ending 2025.
Delek US Holdings, Inc. (DK) reported an operating income of $395.9M, resulting in an operating profit margin of 3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Delek US Holdings, Inc. (DK) generated $568.3M in gross profit for the year, representing a gross profit margin of 5.3%. This demonstrates the company's core pricing power and production efficiency.