UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38142 DELEK US HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Financial Data and Key Metrics Changes - Delek reported a net loss of $173 million or negative $2.78 per share for Q1 2025, with an adjusted net loss of $144 million or negative $2.32 per share and adjusted EBITDA of $26.5 million [21][22] - The refining segment saw a $42.2 million increase in EBITDA due to a higher margin environment and increased throughput compared to Q4 2024 [21] - Logistics segment delivered $117 million in adjusted EBITDA, a $9 million increase over the previous record [22] Business Line Data and Key Metrics Changes - Total throughput in Tyler was approximately 69,000 barrels per day in Q1, with a production margin of $7.82 per barrel [14] - El Dorado's throughput was approximately 76,000 barrels per day with a production margin of $3.83 per barrel [15] - Big Spring's throughput was approximately 59,000 barrels per day, with a production margin of $4.86 per barrel [16] - Cross Springs achieved a record throughput of approximately 85,000 barrels per day, with a production margin of $6.40 per barrel [18] Market Data and Key Metrics Changes - The refining margin environment was reported to be around $4 below mid-cycle levels [5] - Supply and marketing contributed a loss of $23.7 million in Q1, driven by seasonal low demand trends [19] - Crack spreads improved to $3 to $4 in recent weeks, indicating positive market conditions [42] Company Strategy and Development Direction - The company is focused on its Enterprise Optimization Plan (EOP) aiming for cash flow improvement of $120 million annually starting in the second half of 2025 [10] - Delek is advancing its midstream deconsolidation goal, with third-party cash flow at DKL increasing to around 80% [8] - The company is committed to a disciplined capital allocation strategy, including share buybacks and dividends [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational improvements and the potential for a strong year ahead, particularly in the context of the Permian Basin activity [32] - The company remains optimistic about the support from the EPA for small refinery exemptions, which could provide significant financial relief [51][55] - Management highlighted the importance of free cash flow and the positive trajectory of operational metrics [34][68] Other Important Information - The company paid $16 million in dividends and repurchased $32 million of its shares during the quarter [10] - Capital expenditures for Q1 were $133 million, with a significant portion allocated to logistics and refining segments [23] Q&A Session Summary Question: Discussion on DKL and full year EBITDA guidance - Management reiterated confidence in DKL's performance and the positive outlook for Permian activity [30][32] Question: Capital returns strategy and sustainability of dividend yield - Management emphasized a balanced approach between share buybacks and dividends, focusing on free cash flow generation [33][38] Question: Improvement in supply and marketing for Q2 - Management noted strong demand and improving market conditions, expecting further improvements in wholesale marketing and asphalt categories [40][42] Question: Dynamics in the Southwest market - Management reported strong crack spreads in the Southwest, particularly in Arizona markets, countering concerns about sluggishness [46] Question: Small refinery exemptions (SREs) and potential retroactive claims - Management confirmed that they are pursuing both retroactive and forward-looking SREs, with significant potential value [51][55] Question: Opportunities for upside beyond EOP targets - Management acknowledged potential for exceeding the $120 million target due to ongoing operational improvements [60] Question: Intercompany transactions and their impact - Management clarified that recent intercompany transactions are aimed at optimizing asset allocation and enhancing deconsolidation efforts [72][76] Question: OpEx guidance and trends - Management explained that increased OpEx guidance is primarily due to the addition of a new natural gas plant, with expectations for further improvements [99][100]

Financial Data and Key Metrics Changes - Delek reported a net loss of $173 million or negative $2.78 per share for Q1 2025, with an adjusted net loss of $144 million or negative $2.32 per share and adjusted EBITDA of $26.5 million [19][20] - The increase in adjusted EBITDA was driven by a $42.2 million increase in refining due to a higher margin environment and sequentially higher throughputs [19] - Logistics segment delivered $117 million in adjusted EBITDA, a $9 million increase over the previous record [20] Business Line Data and Key Metrics Changes - Total throughput in Tyler was approximately 69,000 barrels per day with a production margin of $7.82 per barrel [13] - El Dorado's total throughput was approximately 76,000 barrels per day with a production margin of $3.83 per barrel [14] - Big Spring's throughput was approximately 59,000 barrels per day with a production margin of $4.86 per barrel [15] - Cross Springs achieved a record throughput of approximately 85,000 barrels per day with a production margin of $6.4 per barrel [16] Market Data and Key Metrics Changes - The refining margin environment was around $4 below mid-cycle, impacting overall performance [4] - Supply and marketing contributed a loss of $23.7 million, driven by seasonal low demand trends in wholesale marketing and asphalt [17] Company Strategy and Development Direction - The company is focused on a sum of the parts strategy and midstream deconsolidation, aiming to increase third-party cash flow at DKL to around 80% [7][8] - The Enterprise Optimization Plan (EOP) aims to improve cash flow by $120 million annually starting in the second half of 2025 [9] - The company is committed to a disciplined approach to capital allocation, including share buybacks and dividends [10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational improvements and the potential for a cleaner runway into the summer driving season [6] - The company remains optimistic about the prospects for 2025 and beyond, particularly in light of the support for domestic energy production [11] Other Important Information - The company paid $16 million in dividends and repurchased $32 million of its shares during the quarter [9] - The company expects operating expenses for Q2 2025 to be between $215 million and $225 million, reflecting higher throughput [22] Q&A Session Summary Question: Discussion on DKL and full year EBITDA guidance - Management reiterated guidance for DKL, highlighting strong positions in both Midland and Delaware areas, with expectations for high volumes [28] Question: Capital returns strategy and sustainability of dividend yield - Management emphasized a focus on free cash flow and a balanced approach between buybacks and dividends, indicating confidence in share price value [31][35] Question: Supply and marketing improvements in Q2 - Management noted strong demand and positive trends in RAC, with expectations for further improvements in wholesale marketing and asphalt categories [40][41] Question: Dynamics in the Southwest market - Management reported strong cracks in the Southwest, particularly in Arizona markets, countering concerns about sluggish starts [44] Question: Small refinery exemptions (SREs) - Management confirmed that SREs would be pursued retroactively from 2019, with optimism about receiving support from the EPA [49][52] Question: Opportunities for upside beyond EOP targets - Management acknowledged potential for upside beyond the $120 million target, with ongoing focus on operational improvements [57] Question: Intercompany transactions and their impact - Management clarified that recent intercompany transactions are aimed at optimizing asset allocation and enhancing deconsolidation efforts [71][72] Question: Operational expenditure guidance - Management explained that increased OpEx guidance is primarily due to the addition of a new natural gas plant, with expectations for further improvements in the second half of the year [92][93]

Here is how Delek US Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: View all Key Company Metrics for Delek US Holdings here>>> Delek US Holdings (DK) reported $2.64 billion in revenue for the quarter ended March 2025, representing a year-over-year decline of 18.2%. EPS of -$2.32 for the same period compares to -$0.41 a year ago. The reported revenue represents a surprise of +8.54% over the Zacks Consensus Estimate of $2.43 ...

Exhibit 99.2 First Quarter 2025 Earnings Conference Call May 7, 2025 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; and collectively with Delek US, "we" or "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively. These slides and any accompanying oral or written presentations contain forward-looking statements within the meaning of federal securities laws that are b ...

"Looking ahead, we will continue to execute on our priorities of running safe and reliable operations, making further progress on midstream deconsolidation, improving cash flow generation by at least $120 million, and delivering shareholder value while maintaining our financial strength and flexibility," Soreq concluded. Delek US Results | | | | Three Months Ended March 31, | | | --- | --- | --- | --- | --- | | ($ in millions, except per share data) | 2025 | | | 2024 | | Net loss attributable to Delek US | ...

Company Overview - Delek US Holdings (DK) is expected to report a year-over-year decline in earnings due to lower revenues, with a projected quarterly loss of $1.75 per share, reflecting a change of -326.8% [3][12] - Revenues are anticipated to be $2.43 billion, down 24.6% from the same quarter last year [3] Earnings Expectations - The earnings report is scheduled for May 7, 2025, and could influence stock movement based on whether actual results exceed or fall short of expectations [2] - The consensus EPS estimate has been revised 3.55% higher in the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Zacks Earnings ESP for Delek US Holdings is +18.05%, suggesting a likelihood of beating the consensus EPS estimate [11] - The company has a Zacks Rank of 3, indicating a hold position, which combined with the positive Earnings ESP suggests a potential earnings beat [11] Historical Performance - In the last reported quarter, Delek US Holdings was expected to post a loss of $2.89 per share but actually reported a loss of $2.54, resulting in a surprise of +12.11% [12] - The company has successfully beaten consensus EPS estimates in the last four quarters [13] Industry Context - Marathon Petroleum (MPC), a peer in the oil and gas refining and marketing industry, is expected to report earnings per share of $0.63 for the same quarter, reflecting a year-over-year change of -122.7% [17] - Marathon Petroleum's revenues are projected to be $30.09 billion, down 9.4% from the previous year [17]

Group 1: Trade and Market Impact - Investors showed relief on April 22 due to signs of easing trade tensions, with hints from President Trump and Treasury Secretary Scott Bessent about potential reductions in the 145% tariffs on Chinese goods [1] - The positive developments regarding tariffs have led to a bullish market trend since April 22, with expectations of further gains as more tariff-related good news is anticipated [2] Group 2: Stock Screening and Recommendations - A screening process has been designed to identify stocks based on improving broker recommendations and upward revisions in earnings estimates over the past four weeks, incorporating the price/sales ratio as a complementary valuation metric [3] - The screening criteria include a net upgrade in ratings, percentage change in earnings estimates, price-to-sales ratio, stock price above $5, average daily volume over 100,000 shares, and market capitalization in the top 3000 [4][5] Group 3: Featured Stocks - Avis Budget operates as a leading vehicle rental operator with a fleet of nearly 695,000 vehicles, benefiting from strong demand in North America [6] - ABM Industries provides integrated facility solutions and has a strong earnings surprise history, with an average beat of 9.6% over the last four quarters [7] - CVR Energy focuses on renewable energy and petroleum refining, committed to developing renewable biofuels [9] - Delek US Holdings is an independent refiner with significant competitive advantages in the Permian Basin, achieving an average earnings beat of 22.3% [10][11] - Asbury Automotive Group's diversified product mix and e-commerce platform, Clicklane, are driving growth and improving its risk profile [11][12]

Core Insights - Delek US Holdings, Inc. (DK) is a significant player in the U.S. downstream energy sector, focusing on refining and logistics, converting crude oil into essential fuels and managing their transportation and storage [1][2] - The stock has experienced volatility due to fluctuating refining margins, crude oil prices, and industry dynamics, leading to mixed investor sentiment regarding long-term gains versus short-term challenges [1][2] Business Model and Operations - DK operates a diversified business model, engaging in both refining and logistics, which provides stability even when one segment faces challenges [3] - The company runs four strategically located refineries with a total capacity of 302,000 barrels per day, benefiting from strong refining margins, particularly in the Mid-Continent and Gulf Coast regions [4] - DK's operations in the Permian Basin allow it to source crude oil at lower prices, reducing refining costs and enhancing profitability [5] - Investments in refining equipment are aimed at improving operations, lowering costs, and enhancing fuel quality, making DK's facilities more competitive [6] Challenges and Competitive Landscape - DK faces risks related to supply disruptions, which could impact production and financial performance [7] - Dependence on crude production from the Permian Basin poses a risk; any slowdown could increase feedstock costs and diminish competitive advantages [8] - Increasing competition from larger refiners with better economies of scale and financial resources could impact DK's market share and profitability [9] - DK's share price has underperformed compared to peers, losing 18.5% over the last three months, while the overall oil and gas sector increased by 3.9% [10] Summary of Performance - Despite a strong and diversified business model, DK faces several challenges, including potential supply disruptions, competition, and reliance on the Permian Basin for crude supply [14][15] - The recent underperformance compared to peers raises concerns among shareholders regarding the company's growth and investment value [10][15]

A month has gone by since the last earnings report for Delek US Holdings (DK) . Shares have added about 6.1% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Delek US Holdings due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It ...