Delek US Holdings, Inc. (DK): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Delek US Holdings, Inc. (DK), trying to see how they actually make money beyond just selling gasoline, and honestly, it's a story about advantaged crude and midstream control. As someone who's spent twenty years mapping these energy plays, I can tell you their model hinges on refining about 302,000 bpd of that sweet Permian crude across four key refineries while maximizing value through their controlling stake-around 63.3%-in Delek Logistics Partners, LP (DKL). To be fair, they also banked a significant $280.8 million Small Refinery Exemption (SRE) benefit in Q3 2025, which shows how regulatory assets play a part in their cost structure, even as they manage over $3,177.3 million in long-term debt as of Q3 2025. If you want the full, precise breakdown of how these moving parts-from logistics fees to retail sales-fit together into their nine building blocks, you need to see the canvas below; it lays out their entire strategy defintely.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Delek US Holdings, Inc. running smoothly, especially how they manage the flow of crude oil and meet regulatory demands. These aren't just handshake deals; they involve massive capital structures and regulatory interplay.

Delek Logistics Partners, LP (DKL) for midstream services

Delek US Holdings, Inc. maintains a critical, controlling relationship with Delek Logistics Partners, LP (DKL). As of September 30, 2025, Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% of Delek Logistics Partners, LP, which includes the general partner interest. This relationship is central to the Sum of the Parts strategy. DKL is executing well, raising its full-year 2025 Adjusted EBITDA guidance to between $500 million and $520 million.

Here's a snapshot of the DKL relationship as of the third quarter of 2025:

Metric	Delek US (DK) Q3 2025	Delek Logistics (DKL) Q3 2025	Delek US (DK) Balance Sheet (Excl. DKL) as of 9/30/2025
Net Income (Loss) Attributable to Entity	$178.0 million	$45.6 million	N/A (Reported on consolidated basis)
Adjusted EBITDA	$759.6 million (Consolidated)	$136.0 million	N/A (Reported on consolidated basis)
Long-Term Debt	$3,177.3 million (Consolidated)	$2,288.3 million (Included in consolidated)	$889.0 million
Cash Balance	$630.9 million (Consolidated)	$6.9 million (Included in consolidated)	$624.0 million

Delek US Holdings, Inc. also made specific transfers to DKL; on May 1, 2025, the company transferred Delek Permian Gathering purchasing and blending activities to Delek Logistics.

Joint ventures for major pipelines like Wink to Webster (W2W)

The Wink to Webster Pipeline (W2W) is a key piece of infrastructure moving Permian crude. Delek US Holdings, Inc. controls a 15% stake in the pipeline system. The operating results for the W2W joint venture are now reported within Delek Logistics' segment following a contribution on August 5, 2024. The system transports more than one million barrels per day of crude oil and condensate from the Permian Basin to the Gulf Coast.

The joint venture ownership structure for W2W includes several major players:

• Affiliates of ExxonMobil
• Plains All American Pipeline, L.P.
• MPLX LP
• Lotus Midstream (purchased by Energy Transfer in 2023)
• Rattler Midstream LP (now Diamondback Energy with a 4% interest)

Oil and gas producers in the Permian Basin for crude supply

The partnership structure extends to securing supply from the basin. Delek Logistics completed the Gravity Acquisition on January 2, 2025, which brought in water disposal and recycling operations in the Permian Basin. Also, DKL finished its new Libby 2 gas processing plant, expanding capacity for producer customers in Lea County, New Mexico. Delek US Holdings, Inc. noted risks related to exposure to Permian Basin crude oil supply, pricing, gathering, and transportation capacity.

Government agencies for regulatory compliance and SRE grants

Regulatory partnerships, particularly with the U.S. Environmental Protection Agency (EPA), have a direct, material financial impact. Delek US Holdings, Inc. recognized a significant benefit in Q3 2025:

• A $280.8 million benefit from being granted Small Refinery Exemptions (SREs) for past Renewable Volume Obligation (RVO) compliance periods.
• The first nine months of 2025 results included an estimated ~$160 million impact from a 50% reduction in RVO due to potential 2025 SRE grants.
• Excluding these SRE items, Q3 2025 Adjusted EBITDA was $318.6 million.
• The company expected proceeds of approximately $400 million from monetizing historical SRE grants over the next six to nine months following Q3 2025.

The annual run-rate cash flow improvements guidance from the Enterprise Optimization Plan (EOP) was increased to at least $180 million, with approximately $60 million of those improvements recognized in Q3 2025.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Key Activities

You're looking at the core engine of Delek US Holdings, Inc. (DK), which is all about turning crude oil into usable products and moving it efficiently. This isn't just about running stills; it's about optimizing every barrel that moves through their system, especially with those big efficiency pushes they've been making.

The first major activity is the physical processing itself. Delek US Holdings, Inc. (DK) runs four key inland refineries. These facilities are the backbone, giving them a combined nameplate crude throughput capacity of 302,000 barrels per day. These assets are strategically placed in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana. To support this, their system processes light crude oil sourced from areas like the Permian Basin and the Gulf Coast. For instance, the Big Spring Refinery is being expanded to specifically handle 100,000 barrels per day of West Texas Sour crude. Overall, the company reports a crude oil supply of 228,000 barrels per day. For the third quarter of 2025, the refining segment posted an Adjusted EBITDA of approximately $696.9 million, which included inventory impacts and SRE benefits.

Next up is the internal drive for better performance, which they call the Enterprise Optimization Plan (EOP). This is a continuous effort to wring out more cash flow through efficiency and cost cuts. Management has definitely gained confidence here, raising the annual run-rate cash flow improvement guidance from the previous $130 to $170 million range to at least $180 million starting in the second half of 2025. In the third quarter of 2025 alone, they recognized about ~$60 million of these EOP improvements, showing real traction. Honestly, this plan is crucial for margin stability.

The third activity centers on logistics, largely executed through their majority-owned subsidiary, Delek Logistics Partners, LP (DKL). This segment handles the gathering, transport, and storage of crude oil and refined products, plus water disposal and recycling. DKL is a significant cash generator, reporting an Adjusted EBITDA of $131.5 million for the third quarter of 2025. They are on track to meet their raised full-year 2025 Adjusted EBITDA guidance of $500 million to $520 million. As of June 30, 2025, Delek US Holdings, Inc. owned approximately 63.3% of DKL, which is a key part of their Sum of the Parts strategy.

Finally, trading and supply are integrated activities that manage the flow and sales of the refined products. The company markets products like gasoline and diesel primarily in the south-central and southwestern U.S. Their total Net Revenues for the third quarter of 2025 were $2,887.0 million. Furthermore, their crude oil and refined product inventory management is supported by financing arrangements; as of March 31, 2025, the volumes subject to the Inventory Intermediation Agreement totaled 5.5 million barrels.

Here's a quick look at the key operational and financial metrics tied to these activities:

Key Activity Metric	Value	Unit/Context	Period/Date
Refining Capacity	302,000	bpd (Combined Nameplate Crude Throughput)	Late 2025
EOP Annual Run-Rate Benefit Target	At least $180 million	Annual Run-Rate Cash Flow Improvements	Late 2025
EOP Improvements Recognized	~$60 million	Improvements Recognized in Quarter	Q3 2025
Logistics Segment Adjusted EBITDA	$131.5 million	Adjusted EBITDA	Q3 2025
Logistics Full-Year EBITDA Guidance	$500 million to $520 million	Full Year Adjusted EBITDA Guidance	Late 2025
Big Spring Crude Unit Capacity	100,000	Barrels per day (West Texas Sour Crude)	Post-Expansion
Reported Crude Oil Supply	228,000	Barrels per day	Late 2025
Total Net Revenues	$2,887.0 million	Net Revenues	Q3 2025

The logistics segment is also focused on growth, completing acquisitions like Gravity Water Midstream on January 2, 2025, and expanding processing capacity, such as the Libby 2 gas plant commissioning. The company is also actively managing its capital structure, having paid approximately $15 million in dividends and bought back about $15 million of its shares during the third quarter.

You can see the operational scale clearly when you look at the logistics segment's growing contribution:

• Logistics Segment Adjusted EBITDA in Q1 2025 was $116.5 million.
• The logistics segment reported a record $117 million in Adjusted EBITDA in Q1 2025 sequentially.
• DKL's Q3 2025 Adjusted EBITDA of $131.5 million showed continued sequential growth.
• Delek US Holdings, Inc. paid a regular quarterly dividend of $0.255 per share in October 2025.

Finance: review the Q4 2025 capital expenditure forecast against the EOP run-rate benefit projections by next Tuesday.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Key Resources

You're looking at the core assets that power Delek US Holdings, Inc. (DK) right now, late in 2025. These aren't just line items; they are the physical and regulatory levers the management team uses to generate cash flow and manage risk. Honestly, the refining assets and the logistics stake are the two biggest pieces of the puzzle.

Let's lay out the hard numbers for the physical and ownership structure:

Key Resource Component	Metric/Location	Latest Reported Value (as of mid-to-late 2025)
Refining Assets	Number of Refineries	Four
Refining Assets	Combined Nameplate Crude Throughput Capacity	302,000 barrels per day
Refining Assets Locations	States	Texas, Arkansas, and Louisiana
Controlling Interest in DKL	Ownership Percentage (as of June 30, 2025)	63.3% (including general partner interest)
Logistics Segment Guidance	Full Year 2025 Adjusted EBITDA Guidance (DKL)	$480 million to $520 million

The refining assets are strategically located to process primarily light crude oil sourced from the Permian Basin, East Texas, and the Gulf Coast. You saw record throughput in Q3 2025 at the Tyler, El Dorado, and Big Spring refineries, which is key to their operational performance.

The logistics segment, Delek Logistics Partners, LP (DKL), is a major component, and its economic separation from the parent company is a major focus. Here's what's happening with those regulatory and infrastructure plays:

• The Enterprise Optimization Plan (EOP) target was increased to at least $180 million in run-rate cash flow improvement, up from an initial target of $120 million.
• Delek US recognized a $280.8 million benefit in the third quarter of 2025 related to being granted Small Refinery Exemptions (SREs) for past Renewable Volume Obligation (RVO) compliance periods.
• The company expects proceeds of approximately $400 million related to the monetization of historical SRE grants over the next six to nine months (as of the Q3 2025 report).
• Management's expectation is that 100% of their refining capacity qualifies for SREs going forward.
• The logistics segment growth was bolstered by the acquisition of Gravity Water Midstream on January 2, 2025, and the H2O Midstream Acquisition on September 11, 2024.
• DKL started commissioning the new Libby 2 gas plant, expanding processing capacity in Lea County, New Mexico.

To be defintely clear, the value of those SREs is significant; excluding the SRE items, the Refining Segment Adjusted EBITDA for Q3 2025 was $318.6 million, showing the underlying operational strength when regulatory benefits are separated out.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Value Propositions

Reliable supply of refined products (gasoline, diesel, jet fuel)

Delek US Holdings, Inc. maintains a combined nameplate crude throughput capacity of 302,000 barrels per day across its refining assets in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana. This capacity supports the consistent delivery of refined products.

Integrated midstream and refining operations for lower cost

The integration between refining and logistics operations, including Delek Logistics Partners, LP (DKL), where Delek US Holdings, Inc. owned approximately 63.3% as of September 30, 2025, contributes to cost advantages. The refining segment reported an Adjusted EBITDA of $696.9 million in the third quarter of 2025. Furthermore, total operating expenses decreased by about 18.1% year over year in the third quarter of 2025. The company's Enterprise Optimization Plan (EOP) has an increased target of at least $180 million on an annual run rate basis for cash flow improvement.

Here's a quick look at some key operational and financial figures from the third quarter of 2025:

Metric	Value (Q3 2025)	Context
Refining Segment Adjusted EBITDA	$696.9 million	Significant year-over-year profit increase
Logistics Segment Adjusted EBITDA	$131.5 million	Compared to $106.1 million in the prior-year quarter
Benchmark Crack Spreads Change (YoY)	Up an average of 46.8%	Driving refining margin increase
Total Operating Expenses Change (YoY)	Decreased about 18.1%	Reflecting cost management efforts
EOP Annual Run Rate Target	At least $180 million	Increased target

Strategic access to advantaged Permian crude oil

The logistics operations, including DKL, strengthen the premier position in the Permian basin through assets like the new processing plant. The ability to benefit from crude oil prices, discounts, and quality, particularly from the Permian region, is a stated focus area for anticipated performance.

Enhanced shareholder returns via dividends and buybacks

Delek US Holdings, Inc. demonstrated a commitment to shareholder distributions through both dividends and stock repurchases in 2025. The Board approved a regular quarterly dividend of $0.255 per share in October 2025, set to be paid on November 17, 2025. This results in an annual dividend of $1.02 per share, representing a yield of 2.64% based on recent trading prices. The dividend payout ratio was sustainable at 59.65% based on the prior year's EPS of $7.13. During the third quarter of 2025, the company paid $15.3 million of dividends and purchased approximately $15 million of DK common stock.

Shareholder distribution activity in recent quarters included:

• Quarterly Dividend Amount: $0.255 per share
• Q3 2025 Dividend Paid: $15.3 million
• Q3 2025 Stock Repurchases: Approximately $15 million
• Annual Dividend Yield (approx.): 2.71%

Delek US Holdings, Inc. (DK) - Canvas Business Model: Customer Relationships

The customer relationships for Delek US Holdings, Inc. are segmented across its core operations: logistics, refining, and retail presence, with distinct engagement models for each group.

Contractual, long-term agreements with logistics customers form a bedrock of the Logistics segment, which is primarily conducted through its majority-owned subsidiary, Delek Logistics Partners, LP (DKL). These relationships involve gathering, transporting, and storing crude oil and intermediate products. The strength of these contracts is reflected in DKL's financial performance; for the third quarter of 2025, the Logistics segment generated an Adjusted EBITDA of $131.5 million. Furthermore, Delek US Holdings, Inc. owns approximately 63.3% (as of June 30, 2025) of DKL, and DKL announced additional intercompany agreements with Delek US in Q1 2025, increasing the third-party EBITDA contribution to approximately 80%. DKL is executing well on its updated full-year Adjusted EBITDA guidance range of $500 to $520 million for 2025.

Logistics Metric (as of late 2025 data)	Value	Period/Context
DKL Q3 2025 Adjusted EBITDA	$131.5 million	Third Quarter 2025
DKL Full Year 2025 Adjusted EBITDA Guidance	$500 to $520 million	2025 Forecast
DK Ownership in DKL (as of June 30, 2025)	63.3%	Limited Partner Interest
DKL Third-Party EBITDA Contribution Target	~80%	Post Q1 2025 Agreements

Dedicated sales teams for large commercial and industrial clients support the Refining segment, which serves transportation and industrial markets. Delek US Holdings, Inc.'s combined nameplate crude throughput capacity across its four refineries is 302,000 barrels per day. The success in serving these large-volume customers is evidenced by the segment's financial results; the Refining segment reported an Adjusted EBITDA of $696.9 million for the third quarter of 2025, significantly up from $10.2 million in the same quarter last year.

Investor relations for capital market communication and defintely transparency is managed through regular disclosures. Delek US Holdings, Inc. announced a regular quarterly dividend of $0.255 per share on October 29, 2025. The company's total consolidated long-term debt was $3,177.3 million as of September 30, 2025, against a cash balance of $630.9 million. For capital market signaling, an institutional investor, GeoSphere Capital Management, established a new stake valued at approximately $4.8 million as of September 30, 2025, by acquiring 150,000 shares during the third quarter.

Transactional relationships with retail consumers at convenience stores are managed through the retail network, though the structure has changed. Delek US Holdings, Inc. sold its retail assets in 2024 for proceeds of $390 million. The company remains an integrated energy business, but the direct transactional relationship with the end consumer at the pump is now less central to the consolidated entity's primary revenue base compared to the prior year.

• Trailing 12-month revenue as of September 30, 2025: $10.7B.
• Total employees as of late 2025: 1,987.
• Regular quarterly dividend paid in 2025: $0.255 per share.
• Enterprise Optimization Plan (EOP) annual run-rate cash flow improvements guidance increased to at least $180 million.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Channels

You're analyzing the Channels component of Delek US Holdings, Inc.'s business model as of late 2025, following the strategic divestiture of its retail arm. This part of the canvas shows how Delek US Holdings gets its refined products and logistics services to the market.

Direct sales to major oil companies and independent refiners represent a core channel for the output from Delek US Holdings' petroleum refining assets. These assets, located in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana, have a combined nameplate crude throughput capacity of 302,000 barrels per day. Sales to these large off-takers are often governed by long-term agreements or market-based transactions for intermediate and refined products.

The Wholesale distribution network for refined products is critical for moving volumes not sold directly. This channel utilizes owned and third-party product terminals and pipelines. The success of this channel is reflected in the logistics segment's performance; for instance, the logistics segment Adjusted EBITDA was $131.5 million in the third quarter of 2025.

Delek Logistics' pipelines, trucks, and terminals form the backbone of the midstream channel, serving both Delek US Holdings and third-party customers. Delek Logistics Partners, LP (DKL), in which Delek US Holdings owned approximately 63.3% as of June 30, 2025, focuses on gathering, pipeline, and transportation services primarily for crude oil and natural gas, alongside storage and wholesale marketing for refined products. DKL is on track to deliver full-year 2025 Adjusted EBITDA guidance between $480 million to $520 million.

Regarding the Retail convenience store network for end-consumer sales, this channel was effectively removed from the Delek US Holdings model in late 2024. Delek US Holdings completed the sale of its retail operations, which included approximately 249 c-stores primarily in Texas and New Mexico, to Fomento Económico Mexicano S.A.B. de C.V. (FEMSA) for approximately $385 million. This divestiture was a key step in the strategy to unlock sum-of-the-parts value.

Here's a quick look at some key figures impacting the channel operations as of late 2025:

Metric	Value	Date/Period
Combined Crude Throughput Capacity	302,000 barrels per day	As of Q3 2025
Delek Logistics (DKL) Q3 2025 Adjusted EBITDA	$131.5 million	Q3 2025
DKL Full Year 2025 Adjusted EBITDA Guidance Range	$480 million to $520 million	2025 Guidance
Delek US Holdings Consolidated Cash Balance	$630.9 million	September 30, 2025
Delek US Holdings Consolidated Long-Term Debt	$3,177.3 million	September 30, 2025
Retail Network Sale Price (Divested 2024)	$385 million	Transaction Value

The focus on midstream deconsolidation and optimizing the refining output means the primary channels now flow through wholesale and direct sales, heavily supported by the DKL infrastructure.

• Delek US Holdings' Q3 2025 Adjusted Net Income was $434.2 million, indicating strong underlying profitability supporting channel operations.
• The logistics segment is executing well, with an expectation to finish the year in the top half of its full-year Adjusted EBITDA guidance.
• The sale of the retail network included the transfer of a small fuel transportation fleet.
• Delek US Holdings' ownership interest in DKL was approximately 63.3% as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Delek US Holdings, Inc. as of late 2025, after some significant portfolio shifts, defintely a different picture than just a few years ago.

The bulk of the refined product sales from Delek US Holdings, Inc.'s four refineries-located in Tyler and Big Spring, Texas; El Dorado, Arkansas; and Krotz Springs, Louisiana-flow to large-scale commercial and industrial buyers, along with independent distributors and wholesalers. These customers are concentrated in the south-central and southwestern regions of the United States. The company's combined nameplate crude throughput capacity across these facilities stands at 302,000 barrels per day. Gasoline, a key product, also moves into wholesale markets across the southern and eastern United States, serving these non-retail channels.

For the US Government and military, Delek US Holdings, Inc. remains a supplier for products like jet fuel. While specific contract values aren't broken out by customer type in the latest reports, this remains a steady, albeit smaller, component of the overall refined product sales mix, serving the needs of transportation firms and government entities.

Now, about the retail consumers. You need to know that Delek US Holdings, Inc. completed a transformational transaction in late 2024. They sold 100% of the equity interests in 249 retail fuel and convenience stores operating under the Delek US Retail brand to a subsidiary of Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) on September 30, 2024, for net cash proceeds of about $390.2 million. This means the direct-to-retail consumer segment is no longer a primary focus for Delek US Holdings, Inc. itself, though their wholesale customers still supply those retail outlets.

Here's a quick look at the operational scale that supports these customer segments, using the latest available segment data:

Metric (Q2 2025)	Refining Segment	Logistics Segment
Adjusted EBITDA (in millions)	$113.6	$120.2
Key Geographic Focus	South-central and Southwestern US	Permian Basin, Bakken (via recent acquisitions)

The customer base is heavily weighted toward the wholesale and commercial side, which is reflected in the segment performance. For instance, the Logistics Segment Adjusted EBITDA was $120.2 million in the second quarter of 2025, driven in part by acquisitions that diversify its third-party revenue streams. The Refining Segment Adjusted EBITDA for the same period was $113.6 million.

You can summarize the key customer characteristics like this:

• Commercial and industrial end-users are primary volume purchasers.
• Independent distributors and wholesalers buy for regional resale.
• Geographic concentration is heavily in the Southern and Southwestern US.
• The company's total outstanding shares were 60,152,407 as of July 31, 2025.
• Trailing 12-month revenue as of September 30, 2025, was $10.7B.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Cost Structure

You're looking at the major drains on Delek US Holdings, Inc.'s cash flow as of late 2025. The cost structure here is dominated by the physical assets-refining and logistics-and the associated debt load.

Raw material costs, primarily crude oil and feedstocks

The single largest variable cost for Delek US Holdings, Inc. is securing the crude oil and feedstocks necessary to run its four refineries. These assets boast a combined nameplate crude throughput capacity of 302,000 barrels per day across the facilities in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana. The cost here fluctuates directly with global commodity prices, though Delek US Holdings, Inc.'s Enterprise Optimization Plan (EOP) is specifically targeting structural changes in how they buy crude to mitigate some of this volatility.

Operating expenses for refineries and logistics assets

Operating expenses cover the day-to-day running of the refining and logistics segments. For the third quarter of 2025, Delek US Holdings, Inc. expected operating expenses to fall between $210 million and $225 million. Looking ahead to the fourth quarter of 2025, the guidance tightened slightly, projecting operating expenses in the range of $205 million to $220 million, factoring in the ramp-up of the new Libby 2 plant at Delek Logistics Partners, LP (DKL). To give you a granular view, here's how the operating expenses per barrel looked across the refining assets in the third quarter of 2025:

Refinery Location	Operating Expenses per Barrel (Q3 2025)
Tyler, Texas	$4.93 per barrel
Big Spring, Texas	$7.20 per barrel
Krotz Springs, Louisiana	$5.35 per barrel
El Dorado, Arkansas	$4.50 per barrel

The logistics segment's operating costs are also influenced by the commissioning and ramp-up of new assets like the Libby 2 gas plant.

General and administrative expenses, including $25.5 million in Q2 2025 restructuring costs

General and administrative (G&A) costs reflect corporate overhead and transformation efforts. For the second quarter of 2025, Delek US Holdings, Inc. recorded $25.5 million in restructuring costs related to its business transformation. Of that amount, $22.1 million was booked in G&A, with the remaining $3.4 million hitting operating expenses. Excluding these restructuring and transaction costs, G&A expenses for the second quarter of 2025 were $50.5 million. For the third quarter of 2025, the guidance for G&A was set between $52 million and $57 million, and this range was maintained for the fourth quarter outlook. The company also booked $34.1 million in restructuring costs and a $16.3 million impairment for software development in the third quarter of 2025, separate from the Q2 charge. It's a complex picture with transformation charges hitting the books.

Debt service on consolidated long-term debt of $3,177.3 million (Q3 2025)

Financing costs are a fixed component of the structure, driven by the overall leverage. As of September 30, 2025, Delek US Holdings, Inc. reported total consolidated long-term debt of $3,177.3 million. This figure includes the debt held by Delek Logistics Partners, LP (DKL), which stood at $2,288.3 million on that date. Excluding DKL, Delek US Holdings, Inc.'s stand-alone long-term debt was $889.0 million as of the third quarter end. The cost of servicing this debt, primarily net interest expense, was guided for the fourth quarter of 2025 to be between $85 million and $95 million. Finance: draft 13-week cash view by Friday.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation for Delek US Holdings, Inc. (DK) based on the latest figures available from late 2025. Honestly, the numbers tell a clear story about where the money is coming from right now.

The primary engine for Delek US Holdings, Inc. revenue remains the Sales of refined petroleum products, which is captured within the Refining Segment's performance. For the third quarter ending September 30, 2025, the Refining Segment reported an Adjusted EBITDA profit of $696.9 million. This was significantly up from the $10.2 million profit in the same quarter last year. A big part of this was the market environment; Delek US Holdings, Inc.'s benchmark crack spreads rose an average of 46.8% year over year during the third quarter of 2025. Overall consolidated Net revenues for the third quarter of 2025 were $2.9 billion, a 5.1% decline year over year, reflecting lower revenues from the refining segment when excluding intercompany fees. The trailing twelve months revenue stood at $10.67B.

Here's a quick look at the segment performance driving that top-line revenue:

• Refining Segment Adjusted EBITDA (Q3 2025): $696.9 million
• Logistics Segment Adjusted EBITDA (Q3 2025): $131.5 million
• Total Consolidated Adjusted EBITDA (Q3 2025): $759.6 million

The Logistics services fees from DKL represent the second major component. Delek Logistics Partners, LP (DKL), in which Delek US Holdings, Inc. holds a majority interest, generates revenue through fees for transportation, terminalling, and storage. The Logistics segment Adjusted EBITDA for the third quarter of 2025 was $131.5 million, an increase from $106.1 million in the prior-year quarter. Delek Logistics Partners, LP (DKL) has an updated full-year 2025 EBITDA guidance range set between $500 million and $520 million.

Regarding Retail sales of fuel and convenience store merchandise, you need to note a structural change. Delek US Holdings, Inc. sold its retail assets during 2024, realizing proceeds of $390 million. Therefore, specific retail sales figures are not a component of the 2025 revenue streams from operations.

Finally, there are significant Regulatory benefits flowing into the revenue picture, specifically from Small Refinery Exemptions (SREs). Delek US Holdings, Inc. recognized a $280.8 million benefit in Q3 2025 related to SRE grants for past Renewable Volume Obligation (RVO) compliance periods. Furthermore, the adjusted figures for the first nine months of 2025 include an impact of approximately $160 million from the 50% reduction in RVO. Management also expects proceeds of approximately $400 million related to the monetization of historical SRE grants over the next six to nine months.

To put the impact of these regulatory items in context, here is the Adjusted EBITDA comparison:

Metric	Q3 2025 Amount	Notes
Reported Adjusted EBITDA	$759.6 million	Total for Delek US Holdings, Inc.
SRE Benefit Recognized	$280.8 million	Included in Reported Adjusted EBITDA
Adjusted EBITDA Excluding SRE Items	$318.6 million	Reflects core operational performance

Even excluding the SRE benefit, the operational Adjusted EBITDA of $318.6 million in Q3 2025 is a strong figure compared to just $70.6 million in the prior-year quarter, showing the Enterprise Optimization Plan (EOP) is working. Finance: draft 13-week cash view by Friday.