Delek US's record third quarter 2026 revenue of $4.39B beat estimates on soaring crack spreads

Delek US Holdings reported record third quarter 2026 financial results that significantly exceeded analyst expectations for both the top and bottom lines. Performance was driven by a massive expansion in benchmark crack spreads, which increased an average of 191.2% year-over-year, and significant regulatory benefits from small refinery exemptions.

Key Highlights

• Net revenues reached $4.39 billion, surpassing the $3.88 billion consensus estimate by 13%.
• Adjusted EPS of $13.55 beat the $7.59 estimate, aided by a $334.7 million reduction in costs following EPA-granted Small Refinery Exemptions (SREs).
• Refining segment Adjusted EBITDA surged to $1.24 billion from $697.4 million in the prior-year period due to wider margins and optimized operations.
• The company increased its regular quarterly dividend by 18% to $0.30 per share and expects to repay its outstanding $850 million Term Loan in the fourth quarter.