000169442612/312025Q1FALSEhttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpense http://www.delekus.com/20250331#OperatingExpensesIncludingInCostOfSaleshttp://fasb.org/us-gaap/2024#SellingGeneralAndAdministrativeExpense http://www.delekus.com/20250331#OperatingExpensesIncludingInCostOfSalesxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puredk:subsidiarydk:storedk:segmentdk:facilitydk:transactiondk:jointVenturedk:barrelutr:bblutr:MMBTUdk:rIN00016944262025-01-012025-03-3100016944262025-05-0100016944262025-03-3100016944262024-12-3100016944262024-01-012024-03-310001694426us-gaap:CommonStockMember2024-12-310001694426us-gaap:AdditionalPaidInCapitalMember2024-12-310001694426us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001694426us-gaap:RetainedEarningsMember2024-12-310001694426us-gaap:TreasuryStockCommonMember2024-12-310001694426us-gaap:NoncontrollingInterestMember2024-12-310001694426us-gaap:RetainedEarningsMember2025-01-012025-03-310001694426us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001694426us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001694426us-gaap:CommonStockMember2025-01-012025-03-310001694426us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001694426us-gaap:CommonStockMember2025-03-310001694426us-gaap:AdditionalPaidInCapitalMember2025-03-310001694426us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001694426us-gaap:RetainedEarningsMember2025-03-310001694426us-gaap:TreasuryStockCommonMember2025-03-310001694426us-gaap:NoncontrollingInterestMember2025-03-310001694426us-gaap:CommonStockMember2023-12-310001694426us-gaap:AdditionalPaidInCapitalMember2023-12-310001694426us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001694426us-gaap:RetainedEarningsMember2023-12-310001694426us-gaap:TreasuryStockCommonMember2023-12-310001694426us-gaap:NoncontrollingInterestMember2023-12-3100016944262023-12-310001694426us-gaap:RetainedEarningsMember2024-01-012024-03-310001694426us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001694426us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001694426us-gaap:CommonStockMember2024-01-012024-03-310001694426us-gaap:CommonStockMember2024-03-310001694426us-gaap:AdditionalPaidInCapitalMember2024-03-310001694426us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001694426us-gaap:RetainedEarningsMember2024-03-310001694426us-gaap:TreasuryStockCommonMember2024-03-310001694426us-gaap:NoncontrollingInterestMember2024-03-3100016944262024-03-310001694426us-gaap:SegmentDiscontinuedOperationsMemberdk:RetailStoresRetailPurchaseAgreementMember2024-07-310001694426us-gaap:SegmentDiscontinuedOperationsMemberdk:RetailStoresRetailPurchaseAgreementMember2024-07-312024-07-310001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberdk:DelekLogisticsMember2025-01-020001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberdk:DelekLogisticsMember2025-01-022025-01-020001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberdk:DelekLogisticsMember2024-12-012024-12-310001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberdk:DelekLogisticsMember2025-01-012025-03-310001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberdk:DelekLogisticsMember2025-01-022025-03-310001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberus-gaap:CustomerRelationshipsMemberdk:DelekLogisticsMember2025-01-020001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberus-gaap:CustomerRelationshipsMemberdk:DelekLogisticsMembersrt:MinimumMember2025-01-020001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberus-gaap:CustomerRelationshipsMemberdk:DelekLogisticsMembersrt:MaximumMember2025-01-020001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberdk:DelekLogisticsMemberdk:RightsofWayMember2025-01-020001694426dk:GravityWaterIntermediateHoldingsLLCGravityMemberdk:DelekLogisticsMember2024-01-012024-03-310001694426dk:H2OMidstreamMemberdk:DelekLogisticsMember2024-09-110001694426dk:H2OMidstreamMemberdk:DelekLogisticsMember2024-09-112024-09-110001694426dk:H2OMidstreamMemberdk:DelekLogisticsMember2025-01-012025-03-310001694426dk:H2OMidstreamMemberdk:DelekLogisticsMember2025-01-022025-03-310001694426dk:H2OMidstreamMemberus-gaap:CustomerRelationshipsMemberdk:DelekLogisticsMember2024-09-110001694426dk:H2OMidstreamMemberdk:DelekLogisticsMemberdk:RightsofWayMember2024-09-110001694426dk:H2OMidstreamMemberdk:FavorableSupplyContractMemberdk:DelekLogisticsMember2024-09-110001694426dk:AsphaltTerminalJointVentureMember2025-03-310001694426dk:W2WHoldingsLLCMember2024-08-050001694426dk:WinktoWebsterPipelineLLCMember2024-08-050001694426dk:RefiningMember2025-01-012025-03-310001694426dk:OperatingSegmentsExcludingIntersegmentEliminationMemberdk:RefiningMember2025-01-012025-03-310001694426dk:OperatingSegmentsExcludingIntersegmentEliminationMemberdk:LogisticsMember2025-01-012025-03-310001694426us-gaap:CorporateNonSegmentMember2025-01-012025-03-310001694426dk:OperatingSegmentsExcludingIntersegmentEliminationMember2025-01-012025-03-310001694426us-gaap:IntersegmentEliminationMemberdk:RefiningMember2025-01-012025-03-310001694426us-gaap:IntersegmentEliminationMemberdk:LogisticsMember2025-01-012025-03-310001694426dk:CorporateAndEliminationsMember2025-01-012025-03-310001694426us-gaap:IntersegmentEliminationMember2025-01-012025-03-310001694426us-gaap:OperatingSegmentsMemberdk:RefiningMember2025-01-012025-03-310001694426us-gaap:OperatingSegmentsMemberdk:LogisticsMember2025-01-012025-03-310001694426dk:CorporateReconcilingItemsAndEliminationsMember2025-01-012025-03-310001694426dk:OperatingSegmentsExcludingIntersegmentEliminationMemberdk:RefiningMember2024-01-012024-03-310001694426dk:OperatingSegmentsExcludingIntersegmentEliminationMemberdk:LogisticsMember2024-01-012024-03-310001694426us-gaap:CorporateNonSegmentMember2024-01-012024-03-310001694426dk:OperatingSegmentsExcludingIntersegmentEliminationMember2024-01-012024-03-310001694426us-gaap:IntersegmentEliminationMemberdk:RefiningMember2024-01-012024-03-310001694426us-gaap:IntersegmentEliminationMemberdk:LogisticsMember2024-01-012024-03-310001694426dk:CorporateAndEliminationsMember2024-01-012024-03-310001694426us-gaap:IntersegmentEliminationMember2024-01-012024-03-310001694426us-gaap:OperatingSegmentsMemberdk:RefiningMember2024-01-012024-03-310001694426us-gaap:OperatingSegmentsMemberdk:LogisticsMember2024-01-012024-03-310001694426dk:CorporateReconcilingItemsAndEliminationsMember2024-01-012024-03-310001694426us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberdk:RetailStoresRetailPurchaseAgreementMember2024-01-012024-03-310001694426us-gaap:SegmentDiscontinuedOperationsMemberdk:RetailStoresRetailPurchaseAgreementMember2025-01-012025-03-310001694426us-gaap:SegmentDiscontinuedOperationsMemberdk:RetailStoresRetailPurchaseAgreementMember2024-01-012024-03-310001694426dk:StockCompensationPlanExcludingLossMember2025-01-012025-03-310001694426dk:StockCompensationPlanExcludingLossMember2024-01-012024-03-310001694426dk:StockCompensationPlanLossMember2025-01-012025-03-310001694426dk:StockCompensationPlanLossMember2024-01-012024-03-310001694426us-gaap:StockCompensationPlanMember2025-01-012025-03-310001694426us-gaap:StockCompensationPlanMember2024-01-012024-03-310001694426dk:DelekLogisticsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-03-310001694426dk:DelekLogisticsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-03-310001694426dk:PublicStockOfferingMemberdk:DelekLogisticsMember2024-03-122024-03-120001694426us-gaap:OverAllotmentOptionMemberdk:DelekLogisticsMember2024-03-122024-03-120001694426dk:DelekLogisticsMember2024-03-120001694426dk:DelekLogisticsMember2025-02-240001694426dk:DelekLogisticsMember2025-01-012025-03-310001694426dk:DelekLogisticsMember2024-01-012024-03-310001694426dk:DelekLogisticsMember2025-03-310001694426dk:DelekLogisticsPartnersLPMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-03-310001694426dk:DelekLogisticsPartnersLPMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001694426dk:DelekLogisticsPartnersLPMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMember2025-03-310001694426dk:DelekLogisticsPartnersLPMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:NonrelatedPartyMember2024-12-310001694426dk:DelekLogisticsPartnersLPMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RelatedPartyMember2025-03-310001694426dk:DelekLogisticsPartnersLPMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RelatedPartyMember2024-12-310001694426dk:W2WHoldingsLLCMember2025-03-310001694426dk:WinktoWebsterPipelineLLCMember2025-03-310001694426dk:WinktoWebsterPipelineLLCMember2024-12-310001694426dk:RedRiverPipelineCompanyLLCMemberdk:DelekLogisticsPartnersLPMember2025-03-310001694426dk:RedRiverPipelineCompanyLLCMemberdk:DelekLogisticsPartnersLPMember2024-12-310001694426dk:PlainsAllAmericanPipelineAndAndeavorLogisticsMemberdk:DelekLogisticsPartnersLPMember2025-01-012025-03-310001694426dk:PlainsAllAmericanPipelineMemberdk:DelekLogisticsPartnersLPMember2025-03-310001694426dk:AndeavorLogisticsMemberdk:DelekLogisticsPartnersLPMember2025-03-310001694426dk:PlainsAllAmericanPipelineAndAndeavorLogisticsMemberdk:DelekLogisticsPartnersLPMember2025-03-310001694426dk:PlainsAllAmericanPipelineAndAndeavorLogisticsMemberdk:DelekLogisticsPartnersLPMember2024-12-310001694426dk:EthanolUnitTrainFacilityAndTankJointVentureMember2025-03-310001694426dk:OtherJointVentureInvestmentsMember2025-03-310001694426dk:OtherJointVentureInvestmentsMember2024-12-310001694426dk:TitledInventoryMember2025-03-310001694426dk:InventoryIntermediationAgreementMember2025-03-310001694426dk:TitledInventoryMember2024-12-310001694426dk:InventoryIntermediationAgreementMember2024-12-3100016944262023-12-202023-12-2000016944262023-12-212023-12-2100016944262023-12-2000016944262023-12-210001694426dk:DelekTermLoanCreditFacilityMemberus-gaap:SecuredDebtMember2025-03-310001694426dk:DelekTermLoanCreditFacilityMemberus-gaap:SecuredDebtMember2024-12-310001694426dk:DklRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001694426dk:DklRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310001694426dk:A2028NotesMemberus-gaap:SeniorNotesMember2025-03-310001694426dk:A2028NotesMemberus-gaap:SeniorNotesMember2024-12-310001694426dk:DelekLogistics2029NotesMemberus-gaap:SeniorNotesMember2025-03-310001694426dk:DelekLogistics2029NotesMemberus-gaap:SeniorNotesMember2024-12-310001694426dk:DelekTermLoanCreditFacilityMemberus-gaap:SecuredDebtMember2022-11-180001694426us-gaap:SecuredDebtMember2022-11-180001694426dk:IncrementalTermLoansMemberus-gaap:SecuredDebtMember2022-11-182022-11-180001694426dk:IncrementalTermLoansMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2025-01-012025-03-310001694426dk:IncrementalTermLoansMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-03-310001694426us-gaap:SecuredDebtMember2025-03-310001694426us-gaap:SecuredDebtMember2024-12-310001694426us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001694426dk:DelekRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001694426dk:UnitedCommunityBankRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001694426us-gaap:RevolvingCreditFacilityMemberus-gaap:LetterOfCreditMember2025-03-310001694426us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2025-01-012025-03-310001694426us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MinimumMember2025-01-012025-03-310001694426us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MaximumMember2025-01-012025-03-310001694426us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberdk:SecuredOvernightFinancingRateSOFRAndCanadianOvernightFinancingRateCDORMembersrt:MinimumMember2025-01-012025-03-310001694426us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberdk:SecuredOvernightFinancingRateSOFRAndCanadianOvernightFinancingRateCDORMembersrt:MaximumMember2025-01-012025-03-310001694426dk:DklRevolverMemberus-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2025-03-310001694426dk:DklRevolverMemberdk:USSwingLineSublimitMemberus-gaap:LineOfCreditMember2025-03-310001694426dk:DklRevolverMembersrt:MaximumMember2025-01-012025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:LineOfCreditMemberus-gaap:PrimeRateMembersrt:MinimumMember2025-01-012025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:LineOfCreditMemberus-gaap:PrimeRateMembersrt:MaximumMember2025-01-012025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMember2025-01-012025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMember2025-01-012025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:LineOfCreditMemberdk:TotalLeverageRatioInterestRateMembersrt:MinimumMember2025-01-012025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:LineOfCreditMemberdk:TotalLeverageRatioInterestRateMembersrt:MaximumMember2025-01-012025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001694426dk:DKLRevolverSeniorSecuredRevolvingCommitmentMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310001694426dk:UnitedCommunityBankRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberdk:WallStreetJournalPrimeRateMember2025-01-012025-03-310001694426dk:UnitedCommunityBankRevolverMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-03-310001694426dk:DelekLogistics2029NotesMemberus-gaap:SeniorNotesMember2024-03-130001694426dk:Additional2029NotesMemberus-gaap:SeniorNotesMember2024-04-170001694426dk:Additional2029NotesMemberus-gaap:SeniorNotesMember2024-08-160001694426dk:A2028NotesMemberus-gaap:SeniorNotesMember2021-05-240001694426dk:DKLRevolverDelekLogisticsTermFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2022-10-130001694426dk:DKLRevolverDelekLogisticsTermFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2024-03-132024-03-130001694426dk:DKLRevolverDelekLogisticsTermFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2025-01-012025-03-310001694426dk:A2025NotesMemberus-gaap:SeniorNotesMember2018-05-310001694426dk:A2025NotesMemberus-gaap:SeniorNotesMember2025-01-012025-03-310001694426us-gaap:CommodityContractMember2025-01-012025-03-3100016944262024-08-200001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2025-03-310001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2024-12-310001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2025-03-310001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2024-12-310001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-03-310001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-12-310001694426dk:RINCommitmentContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2025-03-310001694426dk:RINCommitmentContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2024-12-310001694426dk:RINCommitmentContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2025-03-310001694426dk:RINCommitmentContractsMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2024-12-310001694426us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2025-03-310001694426us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2024-12-310001694426us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2025-03-310001694426us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-12-310001694426us-gaap:CommodityContractMember2025-03-310001694426us-gaap:CommodityContractMember2024-12-310001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310001694426us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-01-012024-03-310001694426us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-01-012025-03-310001694426us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-01-012024-03-310001694426us-gaap:NondesignatedMember2025-01-012025-03-310001694426us-gaap:NondesignatedMember2024-01-012024-03-310001694426us-gaap:ForwardContractsMember2025-01-012025-03-310001694426us-gaap:ForwardContractsMember2024-01-012024-03-310001694426dk:RINCommitmentContractsMember2025-01-012025-03-310001694426dk:RINCommitmentContractsMember2024-01-012024-03-310001694426us-gaap:FairValueInputsLevel1Memberdk:A2028NotesMemberus-gaap:SeniorNotesMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberdk:A2028NotesMemberus-gaap:SeniorNotesMember2024-12-310001694426us-gaap:FairValueInputsLevel1Memberdk:DelekLogistics2029NotesMemberus-gaap:SeniorNotesMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberdk:DelekLogistics2029NotesMemberus-gaap:SeniorNotesMember2024-12-310001694426us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberdk:RINCommitmentContractsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel2Memberdk:RINCommitmentContractsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel3Memberdk:RINCommitmentContractsMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueMeasurementsRecurringMemberdk:RINCommitmentContractsMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberdk:EnvironmentalCreditsObligationMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel2Memberdk:EnvironmentalCreditsObligationMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel3Memberdk:EnvironmentalCreditsObligationMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueMeasurementsRecurringMemberdk:EnvironmentalCreditsObligationMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberdk:InventoryIntermediationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel2Memberdk:InventoryIntermediationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueInputsLevel3Memberdk:InventoryIntermediationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001694426us-gaap:FairValueMeasurementsRecurringMemberdk:InventoryIntermediationAgreementMember2025-03-310001694426us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2024-12-310001694426us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310001694426us-gaap:FairValueInputsLevel1Memberdk:RINCommitmentContractsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel2Memberdk:RINCommitmentContractsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel3Memberdk:RINCommitmentContractsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueMeasurementsRecurringMemberdk:RINCommitmentContractsMember2024-12-310001694426us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel1Memberdk:EnvironmentalCreditsObligationMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel2Memberdk:EnvironmentalCreditsObligationMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel3Memberdk:EnvironmentalCreditsObligationMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueMeasurementsRecurringMemberdk:EnvironmentalCreditsObligationMember2024-12-310001694426us-gaap:FairValueInputsLevel1Memberdk:InventoryIntermediationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel2Memberdk:InventoryIntermediationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueInputsLevel3Memberdk:InventoryIntermediationAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001694426us-gaap:FairValueMeasurementsRecurringMemberdk:InventoryIntermediationAgreementMember2024-12-310001694426srt:MaximumMember2025-01-012025-03-310001694426us-gaap:RelatedPartyMember2025-01-012025-03-310001694426us-gaap:RelatedPartyMember2024-01-012024-03-310001694426dk:DelekUS2006And2016AndAlonUSAEnergy2005LongTermIncentivePlanMemberus-gaap:SegmentContinuingOperationsMember2025-01-012025-03-310001694426dk:DelekUS2006And2016AndAlonUSAEnergy2005LongTermIncentivePlanMemberus-gaap:SegmentContinuingOperationsMember2024-01-012024-03-310001694426dk:DelekUS2006And2016AndAlonUSAEnergy2005LongTermIncentivePlanMemberus-gaap:SegmentDiscontinuedOperationsMember2024-01-012024-03-310001694426dk:DelekUS2006And2016AndAlonUSAEnergy2005LongTermIncentivePlanMember2025-03-310001694426dk:DelekUS2006And2016AndAlonUSAEnergy2005LongTermIncentivePlanMember2025-01-012025-03-310001694426dk:DelekUS2006And2016AndAlonUSAEnergy2005LongTermIncentivePlanMember2024-01-012024-03-310001694426us-gaap:SubsequentEventMember2025-04-292025-04-290001694426us-gaap:SubsequentEventMemberdk:DelekLogisticsMember2025-05-010001694426us-gaap:SubsequentEventMemberdk:DelekLogisticsMember2025-05-012025-05-010001694426us-gaap:SubsequentEventMember2025-05-02

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Securities registered pursuant to Section 12(b) of the Act:

At May 1, 2025, there were 60,727,290 shares of common stock, $0.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)						3
Condensed Consolidated Balance Sheets						3
Condensed Consolidated Statements of Income						4
Condensed Consolidated Statements of Comprehensive Income						5
Condensed Consolidated Statements of Changes in Stockholders' Equity						6
Condensed Consolidated Statements of Cash Flows						7
Notes to Condensed Consolidated Financial Statements						8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						30
Item 3. Quantitative and Qualitative Disclosures about Market Risk						59
Item 4. Controls and Procedures						61
PART II. OTHER INFORMATION
Item 1. Legal Proceedings						62
Item 1A. Risk Factors						62
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						62
Item 5. Other Information						62
Item 6. Exhibits						64
Signatures						65

                        

Delek US Holdings, Inc. operates through its consolidated subsidiaries, which include Delek US Energy, Inc. ("Delek Energy") (and its subsidiaries) and Alon USA Energy, Inc. ("Alon") (and its subsidiaries). The terms "we," "our," "us," "Delek" and the "Company" are used in this report to refer to Delek and its consolidated subsidiaries. Delek's common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "DK."

Our condensed consolidated financial statements include the accounts of Delek and its subsidiaries. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted, although management believes that the disclosures herein are adequate to make the financial information presented not misleading. Our unaudited condensed consolidated financial statements have been prepared in conformity with GAAP applied on a consistent basis with those of the annual audited consolidated financial statements included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 26, 2025 (the "Annual Report on Form 10-K") and in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2024 included in our Annual Report on Form 10-K.

Our condensed consolidated financial statements include Delek Logistics Partners, LP ("Delek Logistics", NYSE:DKL), which is a variable interest entity ("VIE"). As the indirect owner of the general partner of Delek Logistics, we have the ability to direct the activities of this entity that most significantly impact its economic performance. We are also considered to be the primary beneficiary for accounting purposes for this entity and are Delek Logistics' primary customer. In the event that Delek Logistics incurs a loss, our operating results will reflect such loss, net of intercompany eliminations, to the extent of our ownership interest in this entity.

On July 31, 2024, a wholly owned subsidiary of Delek, entered into a definitive equity purchase agreement (the "Retail Purchase Agreement") with a subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”). Under the terms of the Retail Purchase Agreement, Delek agreed to sell, and FEMSA agreed to purchase, 100% of the equity interests in four of Delek’s wholly-owned subsidiaries that owned and operated 249 retail fuel and convenience stores (the "Retail Stores") under the Delek US Retail brand (the “Retail Transaction”). The Retail Transaction closed on September 30, 2024.

As a result of the Retail Purchase Agreement, we met the requirements under the provisions of Accounting Standards Codification ("ASC") 205-20, Presentation of Financial Statements - Discontinued Operations ("ASC 205-20") and ASC 360, Property, Plant and Equipment ("ASC 360"), to report the results of the Retail Stores as discontinued operations and to classify the Retail Stores as a group of discontinued operations assets.

On January 2, 2025, Delek Logistics completed the acquisition of 100% of the limited liability company interests in Gravity Water Intermediate Holdings LLC from Gravity Water Holdings LLC (the "Seller") related to the Seller's water disposal and recycling operations in the Permian Basin and the Bakken (the “Gravity Acquisition”). See Note 2 for further information.

In the opinion of management, all adjustments necessary for a fair presentation of the financial condition and the results of operations for the interim periods have been included. All significant intercompany transactions and account balances have been eliminated in consolidation. All adjustments are of a normal, recurring nature. Operating results for the interim period should not be viewed as representative of results that may be expected for any future interim period or for the full year.

Certain prior period amounts have been reclassified in order to conform to the current period presentation.

Having classified the Retail Stores as discontinued operations, the condensed consolidated balance sheets for all periods presented have been reclassified to reflect discontinued operations assets and discontinued operations liabilities. The condensed consolidated statements of income for all periods presented have been reclassified to reflect the results of the Retail Stores as income from discontinued operations, net of taxes. See Note 4 for further information regarding discontinued operations.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 requires disaggregation of expenses into specific categories such as purchase of inventory, employee compensation, depreciation, and intangible asset amortization, by relevant expense caption on the statement of operations. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted on either a prospective or retrospective basis. The adoption of ASU 2024-03 will not affect our financial position or our results of operations, but will result in additional disclosures.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). The standard is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with the option to apply the standard retrospectively. The adoption of ASU 2023-09 will not affect our financial position or our results of operations, but will result in additional disclosures.

On January 2, 2025, Delek Logistics completed the Gravity Acquisition for total consideration of $300.8 million, subject to customary adjustments for net working capital. The purchase price was comprised of $209.3 million in cash consisting of a cash deposit of $22.8 million paid in December 2024 upon execution of the purchase agreement and $186.5 million paid at closing on January 2, 2025, and 2,175,209 of Delek Logistics’ common units.

For the three months ended March 31, 2025, we incurred $3.1 million in incremental direct acquisition and integration costs that principally consist of legal, advisory and other professional fees. Such costs are included in general and administrative expenses in the accompanying condensed consolidated statements of income and comprehensive income.

Our condensed consolidated financial and operating results reflect the Gravity Acquisition operations beginning January 2, 2025. Our results of operations included revenue and net income of $22.9 million and $9.9 million, respectively, for the period from January 2, 2025, through March 31, 2025, related to these operations.

The table below presents the estimated purchase price (in millions):

(1)The increase from the $85.0 million base purchase price outlined in the purchase agreement for the common unit consideration was driven by an appreciation in the common unit price.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed in the Gravity Acquisition as of January 2, 2025 (in millions):

(1)The acquired intangible assets amount includes the following identified intangibles:

•Customer relationship intangible that is subject to amortization with a preliminary fair value of $50.7 million, which we estimate to be amortized over 10 to 25 years.

•Rights-of-way intangibles are valued at $31.9 million, the majority of which have an indefinite life.

These fair value estimates are preliminary and therefore, the final fair value of assets acquired and liabilities assumed and the resulting effect on our financial position may change once all necessary information has become available and we finalize our valuations. To the extent possible, estimates have been considered and recorded, as appropriate, for the items above based on the information available as of March 31, 2025. We will continue to evaluate these items until they are satisfactorily resolved and adjust our purchase price allocation accordingly, within the allowable measurement period (not to exceed one year from the date of acquisition), as defined by ASC 805.

Customer relationships were valued using the income approach, with essential assumptions including projected revenues from these relationships, attrition rates, operating margins, and discount rates.

The fair values discussed above were based on significant inputs that are not observable in the market and, therefore, represent Level 3 measurements. For all other current assets and payables, their fair values were considered equivalent to their carrying amounts due to their short-term nature.

The following table summarizes the unaudited pro forma financial information of the Company assuming the Gravity Acquisition had occurred on January 1, 2024. The unaudited pro forma financial information has been adjusted to give effect to certain pro forma adjustments that are directly related to this acquisition based on available information and certain assumptions that management believes are factually supportable. The most significant pro forma adjustments relate to (i) incremental interest expense associated with revolving credit facility borrowings incurred in connection with this acquisition, (ii) incremental depreciation resulting from the estimated fair values of acquired property, plant and equipment, (iii) incremental amortization resulting from the estimated fair value of the acquired customer relationship intangible and, (iv) transaction costs. The unaudited pro forma financial information excludes any expected cost savings or other synergies as a result of this acquisition. The unaudited pro forma financial information is not necessarily indicative of the results of operations that would have been achieved had this acquisition been effective as of the date presented, nor is it indicative of future operating results of the combined company. Actual results may differ significantly from the unaudited pro forma financial information.

			Three Months Ended March 31,
(in millions)			2025						2024
Net revenues			$	2,641.9					$	3,159.7
(Loss) income from continuing operations, net of tax			$	(170.8)					$	(32.6)

On September 11, 2024, Delek Logistics completed the acquisition of 100% of the limited liability company interests in H2O Midstream Intermediate, LLC, H2O Midstream Permian LLC, and H2O Midstream LLC from H2O Midstream Holdings, LLC ("H2O Purchase Agreement"), which included water disposal and recycling operations in the Midland Basin in Texas for total consideration of $229.7 million, subject to customary adjustments for net working capital ("H2O Midstream Acquisition"). The purchase price was comprised of approximately $159.7 million in cash and $70.0 million of Delek Logistics’ preferred units. See Note 6 for further information on Preferred Units. The cash portion was financed through a combination of cash on hand and borrowings under the Delek Logistics' Credit Facility (as defined in Note 10).

For the three months ended March 31, 2025, we incurred $0.1 million in incremental direct acquisition and integration costs that principally consist of legal, advisory and other professional fees. Such costs are included in general and administrative expenses in the accompanying condensed consolidated statements of income.

Our results of operations included revenue and net income of $16.5 million and $7.1 million, respectively, for the period from January 2, 2025, through March 31, 2025, related to these operations.

The table below represents the estimated purchase price (in millions):

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed in the H2O Midstream Acquisition as of September 11, 2024 (in millions):

(1)The acquired intangible assets amount includes the following identified intangibles:

•Customer relationship intangible that is subject to amortization with a preliminary fair value of $26.3 million, which will be amortized over an 13.4 years useful life.

•Rights-of-way intangibles are valued at $28.5 million, which have an indefinite life.

•Favorable supply contract intangible that is subject to amortization with a preliminary fair value of $4.8 million, which will be amortized over a 4.8 years useful life.

These fair value estimates are preliminary and therefore, the final fair value of assets acquired and liabilities assumed and the resulting effect on our financial position may change once all necessary information has become available and we finalize our valuations. To the extent possible, estimates have been considered and recorded, as appropriate, for the items above based on the information available as of March 31, 2025. We will continue to evaluate these items until they are satisfactorily resolved and adjust our purchase price allocation accordingly, within the allowable measurement period (not to exceed one year from the date of acquisition), as defined by ASC 805, Business Combinations.

The fair value of customer relationships was based on the income approach. Key assumptions in the income approach include projected revenue attributable to customer relationships, attrition rate, operating margins and discount rates.

The fair values discussed above were based on significant inputs that are not observable in the market and, therefore, represent Level 3 measurements.

The fair values of all other current assets and payables were equivalent to their carrying values due to their short-term nature.

By acquiring Gravity and H20 Midstream, we intend to increase third-party revenue streams, diversify our customer and product mix, and expand our footprint in the Midland and Bakken basins, aligning with our strategic growth objectives.

Prior to July 2024, we aggregated our operating units into three reportable segments: Refining, Logistics, and Retail. However, on July 31, 2024, Delek entered into the Retail Purchase Agreement to sell the Retail Stores, which consisted of the entire retail segment to FEMSA. As a result of the Retail Purchase Agreement, we met the requirements of ASC 205-20 and ASC 360 to report the results of the Retail Stores as discontinued operations and to classify the Retail Stores as a group of discontinued operations assets. The Retail Transaction closed on September 30, 2024. Operations that are not specifically included in the reportable segments are included in Corporate, Other and Eliminations, which consist of the following:

•our corporate activities;

•results of certain immaterial operating segments, including our Canadian crude trading operations (as discussed in Note 11); and

•intercompany eliminations.

During the second quarter 2024, we realigned our reportable segments for financial reporting purposes to reflect changes in the manner in which our chief operating decision maker, or CODM, assesses financial information for decision-making purposes. The change represents reporting the operating results of our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S. within the refining segment. Prior to this change, these operating results were reported as part of corporate, other and eliminations. While this reporting change did not change our consolidated results, segment data for previous years has been restated and is consistent with the current year presentation throughout the financial statements and the accompanying notes.

On August 5, 2024, we contributed all of our 50% investment in W2W Holdings LLC ("HoldCo") which included our 15.6% indirect interest in the Wink to Webster Pipeline ("WWP") joint venture and related joint venture indebtedness, to a subsidiary of Delek Logistics. The operating results of HoldCo are now reported in our Logistics segment. Previously, they were reported as part of corporate, other and eliminations.

The disaggregated financial results for the reporting segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for the purposes of assisting internal operating decisions. The CODM evaluates performance based upon EBITDA attributable to Delek. We define EBITDA attributable to Delek for any period as net income (loss) attributable to Delek plus interest expense, income tax expense (benefit), depreciation and amortization. Segment EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered alternatives to net income (loss), which is the most directly comparable financial measure to EBITDA that is in accordance with U.S. GAAP. Segment EBITDA, as determined and measured by us, should also not be compared to similarly titled measures reported by other companies.

Assets by segment are not a measure used to assess the performance of the Company by the CODM and thus are not disclosed.

The refining segment processes crude oil and other feedstocks for the manufacture of transportation motor fuels, including various grades of gasoline, diesel fuel and aviation fuel, asphalt and other petroleum-based products that are distributed through owned and third-party product terminals. The refining segment includes the following:

•Tyler, Texas refinery (the "Tyler refinery");

•El Dorado, Arkansas refinery (the "El Dorado refinery");

•Big Spring, Texas refinery (the "Big Spring refinery"); and

•Krotz Springs, Louisiana refinery (the "Krotz Springs refinery").

The refining segment also owns three biodiesel facilities, located in Crossett, Arkansas, Cleburne, Texas and New Albany, Mississippi. During the second quarter of 2024, we made the decision to idle the biodiesel facilities, while exploring viable and sustainable alternatives. In addition, the refining segment includes our wholesale crude operations and our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S.

The refining segment's petroleum-based products are marketed primarily in the south central and southwestern regions of the United States. This segment also ships and sells gasoline into wholesale markets in the southern and eastern United States. In addition, the segment sells motor fuels through its wholesale distribution network on an unbranded basis.

Our logistics segment owns and operates crude oil, refined products and natural gas logistics and marketing assets as well as water disposal and recycling assets. The logistics segment generates revenue by charging fees for gathering, transporting and storing crude oil and natural gas, marketing, distributing, transporting and storing intermediate and refined products and disposing and recycling water in select regions of the southeastern United States and North Dakota, the Midland Basin in Texas, the Delaware Basin in New Mexico and West Texas for our refining segment and third parties, and sales of wholesale products in the West Texas market. The operating results and assets acquired in the Gravity Acquisition have been included in the logistics segment beginning on January 2, 2025. The operating results and assets acquired in the H2O Midstream Acquisition have been included in the logistics segment beginning on September 11, 2024.

The following is a summary of business segment operating performance as measured by EBITDA attributable to Delek for the period indicated (in millions):