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Delek US

Logo: Ricblake11, Public domain, via Wikimedia Commons6

Independent refiner and marketer of petroleum products

Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee. The company has a platform consisting of:3 It was founded by Ezra Uzi Yemin.1 Its shares trade on NYSE under the symbol DK.1 Wikipedia text CC BY-SA 4.0

$78.44 up 0.81 (1.04%)Price as of Oct 21, 2026 at 18:59 UTC

Last updated Oct 21, 2026.

Overview

2001Founded1

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  • TickerDK on NYSE1
  • Industrypetroleum industry1
  • HeadquartersBrentwood1
  • Websitewww.delekus.com
  • Legal formcorporation1
  • Incorporated inDE7
  • Business address310 Seven Springs Way, Suite 500, Brentwood, Tn 370277
  • Filer categoryLarge accelerated filer7
  • LEI5493003O53JMENV1N3854
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 62643474

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Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.8%Operating margin10
-0.2%Net margin10
-9.5%Revenue growth, 202510
-4.2%Return on equity10
5.89×Debt to equity10
$6.3MFree cash flow10

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Refining brought in 95% of the revenue Delek US broke down this way in fiscal 2025.

  1. Refining$10.2B1095%down 8% from 2024
  2. Logistics$513.8M105%up 22% from 2024
Business segments by year
Business segments202320242025
Refining$15.6B$11.1B$10.2B
Logistics$456.6M$422.8M$513.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue94¢$10.1B
  • Selling, general and admin3¢$269.5M
  • Other costs3¢$335.8M
  • Income tax0¢$6.8M

Out of $10.7B in revenue.10 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending90¢$529.5M
  • Dividends paid10¢$62.0M

Out of $535.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.10

Financial statements

Revenue1112131410$10.7B in 2025+15% since 2019
0$5.0B$10.0B$15.0B$20.0B2019: $9.3B$9.3B20192020: $7.3B$7.3B2020−21%2021: $10.6B$10.6B2021+46%2022: $19.8B$19.8B2022+86%2023: $16.5B$16.5B2023−17%2024: $11.9B$11.9B2024−28%2025: $10.7B$10.7B2025−10%
Operating income1112131410$301.0M in 2025−39% since 2019
-$1.0B-$500.0M0$500.0M2019: $492.3M$492.3M20192020: -$732.3M-$732.3M20202021: -$34.7M-$34.7M2021−95%2022: $457.5M$457.5M20222023: $244.7M$244.7M2023−47%2024: -$491.5M-$491.5M20242025: $301.0M$301.0M2025
Net income1112131410-$22.8M in 2025
-$750.0M-$500.0M-$250.0M0$250.0M$500.0M2019: $310.6M$310.6M20192020: -$611.4M-$611.4M20202021: -$128.3M-$128.3M2021−79%2022: $257.1M$257.1M20222023: $19.8M$19.8M2023−92%2024: -$560.4M-$560.4M20242025: -$22.8M-$22.8M2025−96%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.10

Period ending2025-12-312024-12-312023-12-31
Net revenues$10.7B$11.9B$16.5B
Cost of materials and other$8.9B$10.8B$14.8B
Operating expenses (excluding depreciation and amortization presented below)$862.9M$763.8M$770.6M
Depreciation and amortization$374.3M$349.7M$322.8M
Total cost of sales$10.1B$11.9B$15.9B
Insurance proceeds-$100.0K-$20.6M-$20.3M
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)$9.0M$3.4M$4.4M
General and administrative expenses$269.5M$252.8M$272.0M
Depreciation and amortization$23.5M$24.8M$16.7M
Asset impairment$17.7M$243.5M$37.9M
Other operating income, net-$8.5M-$55.5M-$6.9M
Total operating costs and expenses$10.4B$12.3B$16.2B
Operating income (loss)$301.0M-$491.5M$244.7M
Interest expense, net$345.3M$313.0M$318.0M
Income from equity method investments-$89.5M-$92.2M-$86.2M
Other expense (income), net$6.3M-$6.3M-$3.7M
Total non-operating expense, net$262.1M$214.5M$228.1M
Income (loss) from continuing operations before income tax expense (benefit)$38.9M-$706.0M$16.6M
Income tax benefit-$6.8M-$107.9M-$3.0M
Income (loss) from continuing operations, net of tax$45.7M-$598.1M$19.6M
(Loss) income from discontinued operations, including gain on sale of discontinued operations-$3.0M$105.9M$35.2M
Income tax (benefit) expense-$600.0K$28.7M$8.1M
(Loss) income from discontinued operations, net of tax-$2.4M$77.2M$27.1M
Net income (loss)$43.3M-$520.9M$46.7M
Net income attributed to non-controlling interests$66.1M$39.5M$26.9M
Net (loss) income attributable to Delek-$22.8M-$560.4M$19.8M
(Loss) income from continuing operations (in dollars per share)-$0-$10-$0
(Loss) income from discontinued operations (in dollars per share)-$0$1$0
Total basic (loss) income per share (in dollars per share)-$0.38-$8.77$0.30
(Loss) income from continuing operations (in dollars per share)-$0-$10-$0
(Loss) income from discontinued operations (in dollars per share)-$0$1$0
Total diluted (loss) income per share (in dollars per share)-$0.38-$8.77$0.30
Basic (in shares)60.7M shares63.9M shares65.4M shares
Diluted (in shares)60.7M shares63.9M shares65.4M shares

Compare Delek US with another company

Corporate structure

Delek US sits at the top of its group. 8 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Delek US

  • Delek US Brentwood, Tennessee, United States
    • Delek Logistics Partners, LP Stake · Brentwood, Tennessee, United States
    • DELEK MARKETING & SUPPLY, LP Subsidiary · Brentwood, Tennessee, United States
    • DELEK REFINING, LTD. Subsidiary · Brentwood, Tennessee, United States
    • DK Canada Energy ULC Subsidiary · Canada
    • DK Innovation (Israel), Ltd. Subsidiary · Israel
    • DK TRADING & SUPPLY, LLC Subsidiary · Brentwood, Tennessee, United States
    • LION OIL COMPANY, LLC Subsidiary · Brentwood, Tennessee, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What Delek US reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$5.6B10 Dec 31, 2025$4.9B10 Dec 31, 2024+12.9%
Accumulated depreciation$2.3B10 Dec 31, 2025$2.0B10 Dec 31, 2024+15.2%
Property and equipment, net$3.3B10 Dec 31, 2025$2.9B10 Dec 31, 2024+11.3%
Operating-lease assets (leased space)$71.4M10 Dec 31, 2025$92.2M10 Dec 31, 2024−22.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$625.8M10 Dec 31, 2025$735.6M10 Dec 31, 2024−14.9%
Stakes in other companies (equity method)$427.7M10 Dec 31, 2025$392.9M10 Dec 31, 2024+8.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$475.3M10 Dec 31, 2025$475.3M10 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$405.7M10 Dec 31, 2025$321.6M10 Dec 31, 2024+26.2%
Accumulated amortization$114.8M10 Dec 31, 2025$86.2M10 Dec 31, 2024+33.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$726.0M10 Dec 31, 2025$893.2M10 Dec 31, 2024−18.7%
Finished goods$445.0M10 Dec 31, 2025$515.2M10 Dec 31, 2024−13.6%

The story

Founded by Ezra Uzi Yemin in 2001.1

Delek US was founded in 2001 as a fully owned subsidiary of Israeli conglomerate Delek Group. Delek US was introduced in the New York Stock Exchange in 2006, and Delek Group reduced its share over the next decade.

Key events in its history are summarized below:

Acquisitions/Divestitures

May 2001: Acquired MAPCO Express, Inc., with 198 retail fuel and convenience stores

April 2005: Acquired the Tyler Refinery and its related assets

July 2006: Acquired 40 retail fuel and convenience stores from Fast Petroleum

August 2006: Acquired refining equipment, pipelines, storage tanks and terminals from Pride Companies

October 2011: Acquired sole ownership of Lion Oil Company, with a refinery, pipeline and other refining, product terminal, and crude oil pipeline assets in and around El Dorado, Arkansas, and product terminals in Memphis and Nashville, Tennessee

Read the full text

January 2013: Announced agreement to purchase a biodiesel facility in Cleburne, Texas from EQM Technologies & Energy, Inc.

February 2014: Announced agreement to purchase a biodiesel facility in Crossett, Arkansas

November 2016: Completed sale of MAPCO Retail Related Assets for $535 million

March 2018: Sold refineries in Paramount, California and Long Beach, California to World Energy LLC.

November 2018: Announced Big Spring Crude Oil Gathering System in the Permian Basin

May 2019: Acquired 33% Interest in Red River pipeline joint venture

August 2019: Acquired 15% Interest in Wink to Webster Pipeline LLC

November 2019: Announced agreement to purchase a biodiesel facility in New Albany, Mississippi

May 2020: Sold Bakersfield refinery to Global Clean Energy Holdings

June 2022: Acquired 3Bear Energy through Delek's master limited partnership, Delek Logistics Partners, LP. 3Bear's operations included crude oil and gas gathering, processing and transportation businesses, as well as water disposal and recycling operations in the Delaware Basin in New Mexico.

October 2024: Sold its retail network to FEMSA.

Mergers

May 2015: Acquired 33.7 million shares of common stock of Alon USA Energy, Inc, a subsidiary of Alon Israel Oil Co. Ltd. This represented approximately 48% of Alon USA shares outstanding in May 2015

July 2017: Acquired the remaining shares of common stock of Alon USA Energy, Inc. Operations included refining, retail, asphalt, and renewable fuel, including Paramount Petroleum.

From Wikipedia’s article on Delek US, shared under CC BY-SA 4.0.8

Leadership

Who has led Delek US, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ezra Uzi Yemin2017–2022
  2. Avigal Soreq2022–now

Chair

  1. Ezra Uzi Yemin2017–now

President

  1. Ezra Uzi Yemin2017–2022
  2. Avigal Soreq2022–now

Chief financial officer

  1. Kevin L. Kremke2017–2019
  2. Assi Ginzburg2019–2020
  3. Reuven Spiegel2021–2024
  4. Mark Wayne Hobbs2025–now

Chief operating officer

  1. Frederec Green2017–2020
  2. Avigal Soreq2020
  3. Todd O'Malley2022–2023
20052010201520202025
Board members and other officers (33)

Products and brands

  • fuel

Listed on Wikidata.1

Refining

Delek US owns and operates four inland refineries with a combined crude throughput capacity of 302,000 barrels per day. The refineries are located in Tyler, Texas; Big Spring, Texas; Krotz Springs, Louisiana; and El Dorado, Arkansas.

Delek's refineries process primarily light crude oil sourced from the Permian Basin, East Texas, Gulf Coast and local production.

Logistics

Read the full text

Delek's logistics segment gathers, transports, and stores crude oil, as well as markets, distributes, transports and stores refined product in West Texas and the Southeast U.S.

Renewables

Delek owns and operates three biodiesel plants with a capacity of approximately 40 million gallons a year, which are located in Cleburne, Texas, Crossett, Arkansas and New Albany, Mississippi.

From Wikipedia’s article on Delek US, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • DK Canada Energy ULC Canada9
  • DK Innovation (Israel), Ltd. Israel9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Delek Holdco, Inc.Feb 28, 2017 to Jul 10, 20177

Timeline

  1. Sep 29, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares59
  2. Aug 7, 20268-K Results of operations60
  3. Aug 5, 20268-K Financial statements and exhibits61
  4. Jul 23, 20268-K Other events62
  5. May 15, 20268-K Entered a material agreement; New debt or obligation63
  6. May 8, 20268-K Regulation FD disclosure64
  7. Apr 29, 20268-K Results of operations65
  8. Apr 22, 20268-K Executive or director change; Shareholder vote66
  9. Apr 21, 20268-K Other events67
  10. Apr 10, 20268-K Entered a material agreement; New debt or obligation68
  11. Feb 27, 20268-K Results of operations; Regulation FD disclosure69
  12. Feb 19, 20268-K Other events70
  13. Jun 14, 2022New chief executive Avigal Soreq becomes CEO18
  14. Jul 3, 2017New chief executive Ezra Uzi Yemin becomes CEO19
  15. 2001Founded Founded1

Calendar

Coming up

  1. Nov 6, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.52 a share, on Nov 7, 2025.71

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results60
  2. Apr 29, 2026Reported quarterly or annual results65
  3. Feb 27, 2026Reported quarterly or annual results69
  4. Nov 7, 2025Reported quarterly or annual results72
  5. Aug 6, 2025Reported quarterly or annual results73
  6. May 7, 2025Reported quarterly or annual results74
  7. Feb 25, 2025Reported quarterly or annual results75
  8. Nov 6, 2024Reported quarterly or annual results76

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

467 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 78 major events, 246 insider forms, 38 large holders, 85 other. The latest 20:

  1. Oct 5, 2026SCHEDULE 13G/A EDGAR
  2. Sep 29, 20268-K EDGAR
  3. Sep 15, 20264 EDGAR
  4. Sep 15, 20264 EDGAR
  5. Sep 14, 20264 EDGAR
  6. Sep 14, 20264 EDGAR
  7. Sep 14, 20264 EDGAR
  8. Sep 14, 20264 EDGAR
  9. Sep 14, 20264 EDGAR
  10. Sep 11, 2026144 EDGAR
  11. Sep 11, 2026144 EDGAR
  12. Sep 9, 20264 EDGAR
  13. Sep 4, 2026144 EDGAR
  14. Sep 3, 20264 EDGAR
  15. Sep 1, 2026144 EDGAR
  16. Aug 28, 2026144 EDGAR
  17. Aug 26, 20264 EDGAR
  18. Aug 25, 20264 EDGAR
  19. Aug 25, 20264 EDGAR
  20. Aug 24, 2026144 EDGAR

The 467 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

81 open-market trades by officers, directors and large owners since October 2021: 15 buys and 66 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Russell AmberEVP, RefiningSale5,392$75.50$407.1KForm 4
Sep 11, 2026FINNERTY WILLIAM JDirectorSale2,943$77.17$227.1KForm 4
Sep 4, 2026Sutil VickyDirectorSale6,397$71.50$457.4KForm 4
Sep 1, 2026Spiegel ReuvenEVP, Delek LogisticsSale7,500$73.21$549.1KForm 4
Aug 24, 2026Sullivan Gary M Jr.DirectorSale27,688$69.01$1.9MForm 4
Aug 21, 2026Marcogliese Richard JDirectorSale2,000$71.05$142.1KForm 4
Aug 21, 2026FINNERTY WILLIAM JDirectorSale1,457$64.70$94.3KForm 4
Aug 18, 2026Spiegel ReuvenEVP, Delek LogisticsSale10,000$68.21$682.1KForm 4
Aug 17, 2026Hobbs Mark WayneEVP, Delek LogisticsSale20,000$64.58$1.3MForm 4
Aug 17, 2026Soreq AvigalPresident & CEOSale80,000$66.51$5.3MForm 4
Aug 13, 2026Yemin Ezra UziDirectorSale200,000$67.52$13.5MForm 4
Jun 29, 2026FINNERTY WILLIAM JDirectorSale5,000$51.50$257.5KForm 4
Jun 3, 2026Sutil VickyDirectorSale1,871$48.00$89.8KForm 4
Jun 1, 2026Sutil VickyDirectorSale3,061$46.00$140.8KForm 4
May 29, 2026Sutil VickyDirectorSale1,848$45.00$83.2KForm 4
May 28, 2026Sutil VickyDirectorSale1,849$44.04$81.4KForm 4
May 18, 2026Tolson Laurie Z.DirectorSale4,921$46.30$227.8KForm 4
May 18, 2026Spiegel ReuvenEVP, Delek LogisticsSale10,000$44.36$443.6KForm 4
May 13, 2026Wright Robert G.EVP, Chief Financial OfficerSale10,720$47.07$504.6KForm 4
May 4, 2026Yemin Ezra UziDirectorSale34,026$47.29$1.6MForm 4

All 81 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Delek US has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Avigal SoreqChief Executive Officer and President$900.0K$7.7M90
2025Reuven SpiegelEVP, Special Projects$560.6K$2.8M90
2025Joseph IsraelEVP, President of Refining and Renewables$600.0K$2.8M90
2025Mark HobbsEVP, CFO$546.9K$2.6M90
2025Denise McWattersEVP, GC and Corp Secretary$470.0K$1.8M90
2025Robert WrightEVP, Dep. CFO$437.7K$1.7M90
2024Avigal SoreqChief Executive Officer and President$900.0K$6.7M90
2024Joseph IsraelEVP, President of Refining and Renewables$600.0K$3.5M90
2024Reuven SpiegelEVP, Special Projects$600.0K$2.7M90
2024Denise McWattersEVP, GC and Corp Secretary$467.3K$1.8M90
2023Avigal SoreqChief Executive Officer and President$880.0K$7.7M90
2023Reuven SpiegelEVP, Special Projects$580.0K$3.0M90
2023Joseph IsraelEVP, President of Refining and Renewables$438.5K$2.5M90
2023Denise McWattersEVP, GC and Corp Secretary$400.0K$1.9M90

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,416,899$275.2M0.0%+280,357
Vanguard Portfolio Management LLC3,878,912$197.1M0.0%+244,415
State Street Corp3,223,307$163.8M0.0%+175,336
Rubric Capital Management LP2,687,449$136.5M1.3%No change
Vanguard Capital Management LLC2,658,066$135.1M0.0%+41,216
Two Sigma Investments, LP2,181,712$110.9M0.1%+281,747
Fmr LLC2,021,441$102.7M0.0%+231,987
Allianz Asset Management GmbH1,858,572$94.4M0.1%+39,960
River Road Asset Management, LLC1,837,251$93.4M1.0%−643,127
Goldman Sachs Group Inc1,594,759$81.0M0.0%−770,643
Geode Capital Management, LLC1,536,966$78.1M0.0%+116,734
ION Fund Management Ltd1,481,841$75.3M8.9%+111,841
Arrowstreet Capital, Limited Partnership1,430,228$72.7M0.0%−165,865
Norges Bank1,420,441$72.2M0.0%New
Citadel Advisors LLC1,302,683$66.2M0.0%+108,893
Forest Avenue Capital Management LP1,188,057$60.4M2.5%+534,227
Charles Schwab Investment Management Inc1,170,039$59.4M0.0%−268,580
Morgan Stanley1,134,907$57.7M0.0%−291,942
Nuveen, LLC818,513$41.6M0.0%−256,324
Fisher Asset Management, LLC817,256$41.5M0.0%−178,455
Bank Of America Corp /de/741,269$37.7M0.0%−104,935
Healthcare Of Ontario Pension Plan Trust Fund694,457$35.3M0.1%−442,263
Barclays PLC692,607$35.2M0.0%−316,555
Northern Trust Corp643,337$32.7M0.0%+45,853
Dimensional Fund Advisors LP637,728$32.4M0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Delek US is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDelek US Holdings, Inc.2
  • CIK0001694426
  • Employer ID (EIN)35-258155791
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company91
  • Incorporated inDelaware91
  • Fiscal year endsDecember 312
  • Industry code (SIC)2911 Petroleum Refining2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address310 Seven Springs Way, Suite 500, Brentwood, TN 370272
  • Phone615-771-67012
  • Shares outstanding61,232,174 as of Jul 30, 202616
  • Public float$1.2B as of Jun 30, 202591
  • AuditorErnst & Young LLP, Nashville, Tennessee PCAOB ID 42; it also attests to the company’s internal control over financial reporting91
  • On EDGAR sinceFeb 28, 20172
  • Filings1,016 in all: 4 (481), 8-K (198), 144 (61), 3 (40), DEFA14A (31), SC 13G/A (29), 10-Q (28), SC 13D/A (15)2
    All 40 form types

    425 (12), DFAN14A (11), SC 13G (10), 10-K (9), S-8 (9), SCHEDULE 13G/A (9), DEF 14A (8), 4/A (7), SCHEDULE 13G (7), CORRESP (6), S-4/A (6), UPLOAD (6), 8-K/A (4), ARS (4), 424B3 (2), DEFC14A (2), EFFECT (2), PRE 14A (2), PREC14A (2), S-4 (2), SC 13D (2), 10-K/A (1), 15-12B (1), 25-NSE (1), 3/A (1), 8-A12B (1), 8-A12B/A (1), 8-K12B (1), CERT (1), CT ORDER (1), PRRN14A (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 10, 2026
    Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01DKNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).91

Risk factors and legal proceedings

The risks Delek US names in Item 1A of its 10-K filed Feb 27, 2026: 60 risks under these headings, as written.91

  • Risks Relating to Our Industries
  • Developments which impact the global oil markets have had, may continue to have, or may have an adverse impact on our business, our future results of operations and our overall financial performance.
  • A regional or global disease outbreak could have a material adverse effect on our business, financial condition, results of operation and liquidity.
  • A substantial or extended decline in refining margins would reduce our operating results and cash flows and could materially and adversely impact our future rate of growth and the carrying value of our assets.
  • We operate in a highly regulated industry and increased costs of compliance with, or liability for violation of, existing or future laws, regulations, executive orders and other requirements could significantly increase our costs of doing business, thereby adversely affecting our profitability.
  • Risks Related to Regulation of Hazardous Waste
  • Risks Related to Air Emissions Regulations
  • Risks Related to Water Emissions Regulations
  • Risks Related to Transportation Regulations
  • Risks Related to Workplace Safety Regulations
  • The availability and cost of RINs and other required credits could have a material adverse effect on our financial condition and results of operations.
  • Increased supply of and demand for alternative transportation fuels, increased fuel economy standards and increased use of alternative means of transportation could lead to a decrease in transportation fuel prices and/or a reduction in demand for petroleum-based transportation fuels.
The other 54 risks
  • Competition in the refining and logistics industry is intense, and an increase in competition in the markets in which we sell our products could adversely affect our earnings and profitability.
  • Decreases in commodity prices may lessen our borrowing capacities, increase collateral requirements for derivative instruments or cause a write-down of inventory.
  • Acts of terror or sabotage, threats of war, armed conflict, or war may have an adverse impact on our business, our future results of operations and our overall financial performance.
  • Legislative and regulatory measures to address climate change and GHG emissions could increase our operating costs or decrease demand for our refined products.
  • Increasing attention to environmental, social and governance matters may impact our business, financial results, cost of capital, or stock price.
  • Risks Relating to Our Business
  • We are particularly vulnerable to disruptions to our refining operations because our refining operations are concentrated in four facilities.
  • The physical effects of climate change and severe weather present risks to our operations.
  • Our operations are subject to business interruptions and casualty losses. Failure to manage risks associated with business interruptions and casualty losses could adversely impact our operations, financial condition, results of operations and cash flows.
  • There are certain environmental hazards and risks inherent in our operations that could adversely affect those operations and our financial results.
  • The costs, scope, timelines and benefits of our refining projects may deviate significantly from our original plans and estimates.
  • We depend upon our logistics segment for a substantial portion of the crude oil supply and refined product distribution networks that serve our Tyler, Big Spring and El Dorado refineries.
  • Interruptions or limitations in the supply and delivery of crude oil, or the supply and distribution of refined products, may negatively affect our refining operations and inhibit the growth of our refining operations.
  • We are subject to risks associated with significant investments in the Permian Basin.
  • We have made investments in joint ventures which subject us to additional risks, over which we do not have full control and which have unique risks.
  • General economic conditions may adversely affect our business, operating results and financial condition.
  • We may be adversely affected by the effects of inflation.
  • Disruption of our supply chain could adversely impact our ability to refine, manufacture, transport and sell our products.
  • Our business could be adversely impacted as a result of our failure to retain or attract key talent.
  • We have capital needs to finance our crude oil and refined products inventory for which our internally generated cash flows or other sources of liquidity may not be adequate.
  • Our insurance policies historically do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums.
  • Our ongoing study of strategic options to unlock and enhance stockholder value poses additional risks to our business.
  • We may not be able to successfully execute our strategy of growth through acquisitions.
  • Acquisitions involve risks that could cause our actual growth or operating results to differ adversely compared with our expectations.
  • We may not be successful in our cost sharing agreement with the DOE’s Office of Clean Energy Demonstrations.
  • Our future results will suffer if we do not effectively manage our expanded operations.
  • We may incur significant costs and liabilities with respect to investigation and remediation of environmental conditions at our facilities.
  • We could incur substantial costs or disruptions in our business if we cannot obtain or maintain necessary permits and authorizations or otherwise comply with health, safety, environmental and other laws and regulations.
  • Our Tyler refinery primarily distributes refined petroleum products via truck or rail. We do not have the ability to distribute these products into markets outside our local market via pipeline.
  • An increase in competition, and/or reduction in demand in the markets in which we purchase feedstocks and sell our refined products, could increase our costs and/or lower prices and adversely affect our sales and profitability.
  • Compliance with and changes in tax laws could adversely affect our performance.
  • Adverse weather conditions or other unforeseen developments could damage our facilities, reduce demand for our products and services and impair our ability to produce and deliver refined petroleum products.
  • Our operating results are seasonal and generally lower in the first and fourth quarters of the year for our refining and logistics segments. We depend on favorable weather conditions in the spring and summer months.
  • A substantial portion of the workforce at our refineries is unionized, and we may face labor disruptions that would interfere with our operations.
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption, cyber-attack or security failure of that technology could harm our business.
  • If we lose any of our key personnel, our ability to manage our business and continue our growth could be negatively impacted.
  • If we are, or become, a U.S. real property holding corporation, special tax rules may apply to a sale, exchange or other disposition of common stock, and non-U.S. holders may be less inclined to invest in our stock, as they may be subject to U.S. federal income tax in certain situations.
  • Our business requires us to make significant capital expenditures and to maintain and improve our refineries and logistics assets.
  • If our cost efficiency measures are not successful, we may become less competitive.
  • Risks Related to Ownership of Our Common Stock
  • The price of our common stock may fluctuate significantly, and you could lose all or part of your investment.
  • Stockholder activism may negatively impact the price of our common stock.
  • Future sales of shares of our common stock could depress the price of our common stock, and could result in substantial dilution to our stockholders.
  • We depend upon our subsidiaries for cash to meet our obligations and pay any dividends.
  • We may be unable to pay future regular dividends in the anticipated amounts and frequency set forth herein.
  • Provisions of Delaware law and our organizational documents may discourage takeovers and business combinations that our stockholders may consider in their best interests, which could negatively affect our stock price.
  • Financial Instrument and Credit Profile Risks
  • Changes in our credit profile could affect our relationships with our suppliers, which could have a material adverse effect on our liquidity and our ability to operate our refineries at full capacity.
  • Our commodity and interest rate derivative activity may limit potential gains, increase potential losses, result in earnings volatility and involve other risks.
  • We are exposed to certain counterparty risks which may adversely impact our results of operations.
  • From time to time, our cash and credit needs may exceed our internally generated cash flow and available credit, and our business could be materially and adversely affected if we are not able to obtain the necessary cash or credit from financing sources.
  • Our debt levels may limit our flexibility in obtaining additional financing and in pursuing other business opportunities.
  • Our debt agreements contain operating and financial restrictions that might constrain our business and financing activities.
  • Fluctuations in interest rates could materially affect our financial results.
  • We may refinance a significant amount of indebtedness and otherwise require additional financing; we cannot guarantee that we will be able to obtain the necessary funds on favorable terms or at all.
  • We recorded goodwill and other intangible assets that could become impaired and result in material non-cash charges to our results of operations in the future.
  • An impairment of our long-lived assets or goodwill could negatively impact our results of operations and financial condition.

Legal proceedings

In the ordinary conduct of our business, we are from time to time subject to lawsuits, investigations and claims, including environmental claims and employee-related matters. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against us, including civil penalties or other enforcement actions, we do not believe that any currently pending legal proceeding or proceedings to which we are a party will have a material adverse effect on our business, financial condition or results of operations. See Note 14 to our consolidated financial statements included in Item 8. Financial Statements and Supplementary Data, of this Annual Report on Form 10-K for further information.

Delek is pursuing litigation against the EPA based on its August 2025 small refinery exemption decisions. In September 2025, our subsidiary Alon Refining Krotz Springs, Inc. filed suit in the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Court of Appeals”) (case no. 25-1180) seeking review of the EPA’s decision that the refinery was ineligible for an exemption for the 2024 compliance year. Then, in October 2025, our subsidiaries Alon Refining Krotz Springs, Inc., Delek Refining, Ltd., Lion Oil Company, LLC and Alon USA, LP filed suit in the D.C. Court of Appeals (case numbers 25-1229, 1230, 1231, 1245) seeking review of the EPA’s decision to refund expired RINs for the 2019 to 2023 compliance years. Separately, in October 2025, Alon USA, LP filed suit in the 5th Circuit Court of Appeals (No. 25-60584) with a protective petition filed in the D.C. Court of Appeals (case no. 25-1246) seeking review of the EPA’s decision denying an exemption on the 2020 exemption petition of the Big Spring Refinery.

The opening of Item 3, Legal Proceedings.91

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