Delek US Holdings, Inc. is an integrated downstream energy corporation operating within the United States. Its operations are divided into three core ...
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Operator: Hello, everyone. Thank you for joining us, and welcome to the Delek US Second Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Robert Wright, EVP and CFO. Robert, go ahead. Robert Wright: Good morning, and welcome to the Delek US Second Quarter Earnings Conference Call. Participants joining me on today's call will include Avigal Soreq, President and CEO; Mohit Bhardwaj, EVP, New Energy, Strategy and Investor Relations; as well as other members of our management team. Today's presentation materials can be found on the Investor Relations section of the Delek US website. Slide 2 contains our safe harbor statement regarding forward-looking information. As a reminder, this conference call will contain forward-looking information as defined under the federal securities laws, including statements regarding guidance and future business outlook. Any forward-looking statements made during today's call involve risks and uncertainties that may cause actual results to differ materially from today's comments. Factors that could cause actual results to differ are included in our SEC filings. The company assumes no obligation to update any forward-looking statements. I will now turn the call over to Avigal for opening remarks. Avigal? Avigal Soreq: Thank you, Robert. Good morning, and thank you for joining us today. I'm extremely pleased with our strong execution in the second quarter. The quarter further demonstrates our enhanced execution capabilities. First, we successfully navigated the volatility in crude and product markets caused by the event in the Middle East. Second, we made further progress in increasing our free cash flow profile and reducing our overall cost structure. This quarter reinforced the importance of discipline in maintaining safe and reliable operations and making thoughtful capital allocation decisions. This is especially important during periods of strong margins. We will continue to apply the same prudent approach across our business, capital deployment and corporate culture as we are creating sustainable long-term shareholder value. As I mentioned during the last earnings call, the events in the Middle East and East Europe has created many ripple effects in the markets. We continue to see steep liquidation, swing in crude differentials and shortage of transportation fuels. In the current environment, we continue to believe that access to crude, high distillate yield and, most importantly, the ability to respond quickly to changing in the market conditions are critical to maintaining operational flexibility and delivering strong performance. We plan to continue navigating this environment with measured approach by, first, mitigating risk; and second, capturing the opportunities offered by the market. Now I will cover some of our second quarter highlights and strategic initiatives in detail. Starting with refining. Our refining system operated well, demonstrated by all 4 refineries. …
Est. EPS $5.12 · Revenue $3.44B · 6 analysts
Est. EPS $2.52 · Revenue $3.16B · 6 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| The total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). |
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Avigal Soreq | President, Chief Executive Officer & Director | USD 2,851,591 | Male | 1978 | Active |
Reuven Avraham Spiegel | Executive Vice President of Special Projects |
| USD 1,969,485 |
| Male |
| 1956 |
| Active |
Mark Hobbs | Executive Vice President & Chief Financial Officer | USD 1,540,278 | Male | 1971 | Active |
Joseph Israel | Executive Vice President and President of Refining & Renewables | USD 1,462,053 | Male | 1972 | Active |
Denise Clark McWatters | Executive Vice President, General Counsel & Corporate Secretary | USD 1,060,384 | Female | 1960 | Active |
Robert Wright | Executive Vice President | USD 990,321 | Male | 1984 | Active |
Anthony Leo Miller | Executive Vice President of Retail | USD 605,750 | Male | 1963 | Active |
Ido Biger | Executive VP and Chief Information & Data Officer | — | Male | — | Active |
Sam Eljaouhari | Executive Vice President & Chief Human Resource Officer | — | Male | — | Active |
Mohit Bhardwaj | Executive Vice President of Strategy, Business Development & Investor Relations | — | Male | — | Active |
Est. EPS $11.79 · Revenue $13.31B · 6 analysts
Est. EPS $1.38 · Revenue $2.81B · 2 analysts
$1.02 per share
$1.02 per share
| $10.7B |
| -9.5% |
| +54.0% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-22.8M | +95.9% | +184.2% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +5.3% | +1025.1% | +435.2% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +3.7% | +189.0% | +277.2% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -0.2% | +95.5% | +154.7% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $22.0M | +104.4% | -69.8% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +0.2% | +104.9% | -80.4% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 1170.2% | +27.8% | -87.6% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.82x | -11.8% | +0.7% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $6.8B | +2.7% | -0.2% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -0.38 vs 4.01 | -109.5% | 2.71 vs 5.12 | -47.1% |
| Revenue Surprise | $10.7B vs $10.8B | -0.3% | $4.1B vs $3.4B | +18.7% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Sullivan Gary M Jr. | director | Common Stock | D | 27,688 | $69.01 |
| Aug 21, 2026 | Marcogliese Richard J | director | Common Stock | D | 2,000 | $71.05 |
| Aug 21, 2026 | FINNERTY WILLIAM J | director | Common Stock | D | 1,457 | $64.70 |
| Aug 18, 2026 | Spiegel Reuven | officer: EVP, Special Projects | Common Stock | D | 10,000 | $68.21 |
| Aug 17, 2026 | Hobbs Mark Wayne | officer: EVP, Delek Logistics | Common Stock | D | 15,124 | $64.36 |
