Delek US Holdings, Inc. (DK) SEC Filings & Earnings Calls

Potential dilution from conversion of notes; capped call mitigates but not eliminated.

“Initially, a maximum of 6,874,884 shares of Common Stock may be issued upon conversion of the Notes” · word for word

Geopolitical Instability and Commodity Volatility

“The near term economic outlook remains uncertain due to geopolitical instability, commodity market volatility and our requirements to comply with the U.S. Environmental Protection Agency’s Renewable Fuel Standard - 2 ("RFS-2") regulations.” · word for word

Regulatory Compliance Cost (RFS-2)

“In periods of unfavorable regulatory sentiment, RINs prices can increase at higher rates than crack spreads, or even when crack spreads are declining.” · word for word

Cybersecurity Incident

“In July 2026, we identified a cybersecurity incident in which an unauthorized third party accessed a single employee's account and copied certain files from our email and SharePoint environment.” · word for word

Executive turnover may cause short-term disruption but appears planned with smooth transitions.

“Multiple executive role changes effective July 1, 2026.”

Secured by second lien on receivables/inventory and first lien on other assets; standard covenants.

“Term Credit Facility secured by second priority lien on Revolving Priority Collateral and first priority lien on Term Priority Collateral.”

Geopolitical Volatility

“Global crude oil and refined product markets have experienced significant volatility in 2026 due to geopolitical instability in the Middle East, including the ongoing conflict involving Iran and resulting disruptions to maritime transit through the Strait of Hormuz.” · word for word

Regulatory Cost Pressure (RFS-2)

“The near term economic outlook still has uncertainty due to geopolitical instability, commodity market volatility and our requirements to comply with the U.S. Environment Projection Agency’s Renewable Fuel Standard - 2 ("RFS-2") regulations.” · word for word

Commodity Price Volatility

“Our results of operations are significantly affected by fluctuations in the prices of certain commodities, including, but not limited to, crude oil, gasoline, distillate fuel, biofuels, natural gas, and electricity, among others.” · word for word

Refinery Turnaround Impact

“a decrease in sales volumes (including purchased products) primarily related to the Big Spring refinery turnaround in the first quarter of 2026.” · word for word

GAAP net loss of $201.3M driven by RVO adjustment; adjusted net income positive but GAAP loss highlights regulatory risk.

“Delek US reported a first quarter net loss of $201.3 million or $(3.34) per share, adjusted net income of $4.7 million or $0.08 per share and adjusted EBITDA of $211.7 million. Excluding the impacts of the RVO adjustment, adjusted EPS was $(0.98) per share and adjusted EBITDA was $129.4 million.” · word for word

High leverage: total consolidated long-term debt $3.18B, net debt $2.56B; refinancing increased borrowing capacity by $300M.

“Total consolidated long-term debt of $3,183.1 million, resulting in net debt of $2,559.0 million. Announced refinancing of the revolving credit facilities for both Delek and Delek Logistics, increasing our consolidated borrowing capacity by $300 million and extending maturities to 2031.” · word for word

Increased debt capacity may increase leverage

“Revolving commitments increased by $150M.”

Concentrated ownership and related-party transactions

“Delek US Holdings and its subsidiaries beneficially own 63.0% of Delek Logistics Partners, and the filing describes a related-party asset sale for units, which may create conflicts of interest.”

Concentrated ownership and related-party transactions

“Delek US Holdings and its subsidiaries beneficially own 63.0% of Delek Logistics Partners, and the filing describes a related-party asset sale for units, which may create conflicts of interest.”

Refining margin volatility

“Our Refining segment provided higher margins than 2024 due to increased crack spreads and reclamation of renewable fuel standards credits” · word for word

Commodity/cyclical exposure

“Companies with commodity exposure, cyclical/volatile business cycles, heavy manufacturing operations, and/or safety and environmental focus” · word for word

Related party transaction risk

“Certain transactions with Delek Logistics and its affiliated entities could be considered related party transactions under Item 404 of Regulation S-K” · word for word

Concentration in four refineries

“Because all of our refining operations are concentrated in the Tyler, El Dorado, Big Spring and Krotz Springs refineries, significant disruptions at one of these facilities could have a material adverse effect on our consolidated financial results.” · word for word

Natural gas cost exposure

“Operating expenses increased $18.0 million, or 3.0%, in the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in operating expenses was primarily driven by the following: higher natural gas prices in 2025” · word for word

Dependence on Delek Logistics

“Our Tyler, El Dorado and Big Spring refineries are substantially dependent upon Delek Logistics' assets and services under several long-term pipeline and terminal, tankage and throughput agreements expiring in 2026 through 2036.” · word for word

High leverage: net debt $2.6B; DKL debt $2.3B consolidated.

“Net debt of $2,607.3 million; Delek Logistics had $2,344.4 million of total long-term debt.” · word for word

Refining margin volatility: improvement driven by crack spreads and SREs, which may not persist.

“Refining margin driven by increased crack spreads and SRE benefits; benchmark crack spreads up 66%.” · word for word

Forward-looking statements subject to risks including crude oil supply, OPEC actions, and integration of acquisitions.

“Risks and uncertainties with respect to crude oil supply, OPEC actions, integration of acquired businesses.”

Illustrative FCF is non-GAAP and based on mid-cycle assumptions, not actual results.

“Illustrative DK Standalone EBITDA and free cash flow are non-GAAP financial measures; not actual representation of 2025 or projection for 2026.” · word for word

Crack spread volatility

“Our profitability in the refining segment is substantially determined by the difference between the cost of the crude oil feedstocks we purchase and the price of the refined products we sell, referred to as the "crack spread"” · word for word

Regulatory risk (RFS-2)

“Our refining operations continue to be impacted by requirements to comply with RFS-2.” · word for word

Natural gas price exposure

“Operating expenses increased by $14.0 million, or 9.7%, in the third quarter of 2025 compared to the third quarter of 2024, driven by the following: higher natural gas prices in 2025” · word for word

Geopolitical and tariff uncertainty

“The near term economic outlook still has uncertainty due to geopolitical instability and commodity market volatility.” · word for word

Dependence on SRE grants for earnings; regulatory uncertainty.

“Recognized $280.8M benefit from SREs; future SRE grants uncertain.”

High debt levels.

“Net debt of $2,546.4 million.” · word for word