Delek US (NYSE: $DK) is a diversified downstream energy firm that has assets in biodiesel production, petroleum refining, renewables, logistics, marketing, retail fuel, and convenience stores. On Friday, November 7, 2025, before markets opened, it released its Q3 results. Here is a deep dive into those results.
Delek US Q3 Results
For the third quarter of fiscal 2025, Delek US reported an adjusted net income of $434.2 million or $7.13 per share, and an adjusted EBITDA of $759.6 million. This was compared to an adjusted net loss of $93 million or a $1.45 loss per share the previous year, an adjusted EBITDA of $70.6 million in Q324. Net revenue came in at $2.89 billion, compared to $3.04 billion the previous year.
The exceptional results in Q3 were attributed to a $280.8 million benefit related to Small Refinery Exemptions (“SREs”) by the EPA for past Renewable Volume Obligation (“RVO”).
Excluding the SRE benefits, the company’s adjusted EBITDA would have been $318.6 million, and an adjusted EPS of $1.52, still a massive improvement beyond expectations. For the quarter, analysts had forecast an adjusted EPS loss of $0.09, and revenue of $2.7 billion. Delek US expects to receive around $400 million in proceeds from monetizing historic SRE grants in the next six to nine months.
Commenting on the results, Delek US CEO Avigal Soreq said, “We continue to make progress in achieving our Sum of the Parts goals and improving the overall profitability of the company as highlighted by a strong EOP contribution in 3Q’25.”
Dividend And Liquidity
The company’s board approved a quarterly dividend of $0.255 per share on October 29, 2025. It ended the quarter with $630.9 million in cash balance, and consolidated long-term debt of $3.18 billion, and thus a net debt of $2.55 billion. During the quarter, it bought back around $15 million of its common shares.
The company had $6.9 million in cash and $2.29 million in total long-term debt. Excluding logistics, it had $624 million in cash and $889 million in long-term debt, or $265 million net debt position.
Delek US Forecast
The company now expects an annual run-rate cash flow of at least $180 million, up from the previous forecast of $130-170 million, recognizing improvement of around $60 million in Q3. It expects to end the year in to top half of its earlier adjusted EBITDA guidance of $480-$520 million. It now expects a full-year adjusted EBITDA of $500-520 million.
Delek US (NYSE: $DK) Stock Performance
Following the analyst-beating Q3 results, DK shares rose 6.80% during the morning trading session to $41.88 as of 1104 AM in New York. The stock is up 125.26% in 2025. Over the past 12 months, the stock has risen 136.24%. Meanwhile, the stock is up 32.17% over the past month.
Analysts give DK shares an overall hold rating. They forecast an average price of $34.62, which is a 17.57% downside, based on the most recent price. The analysts give a wide range of forecasts, with a high of $43 and a low of $24.
Is Now The Time To Buy Delek US ($DK)
Looking at the fundamentals, Delek US is notable for its high dividend yield, increasing its distribution for over 50 of the past consecutive quarters. In terms of financial health, the company is in a solid position and is expected to generate enough cash to cover distribution at a rate of 1.3 times. With solid cash flow and sound financials, the company has the flexibility to continue growing its operations. Consequently, adding Delek US to your portfolio could potentially pay off in the long term.
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