DKL

MKT CAP:$3B

Delek Logistics Partners, LP

Market Cap

$3B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$49.67+$2.67 (+5.68%)

Apr 22, 2026

Company Details

Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products in the United States. It operates through three segments: Pipelines and Transportation, Wholesale Marketing a...

CEO

Avigal Soreq

IPO Date

Nov 2, 2012

Website

www.deleklogistics.com

Key Metrics TTM

Revenue

$1.0B

+7.7% YoY

Net Income

$176M

EPS (Diluted)

$3.29

Free Cash Flow

-$43M

Revenue / Share

$18.92

Gross Margin

20.9%

Operating Margin

18.1%

Net Margin

17.4%

FCF Margin

-4.3%

P/S

2.7x

P/E

15.3x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 27, 2026

$1.0B+7.7%EPS $3.30

Q4 2025

Feb 27, 2026

$256M+21.9%EPS $0.88

Q3 2025

Nov 7, 2025

$261M+22.1%EPS $0.85

Q2 2025

Aug 6, 2025

$246M-6.9%EPS $0.83

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$207M	$53M	$47M
Q2 22	$267M	$57M	$42M
Q3 22	$294M	$72M	$59M
Q4 22	$269M	$67M	$62M
Q1 23	$244M	$73M	$64M
Q2 23	$247M	$68M	$60M
Q3 23	$276M	$69M	$63M
Q4 23	$254M	$74M	$53M
Q1 24	$252M	$72M	$65M
Q2 24	$265M	$73M	$68M
Q3 24	$214M	$48M	$32M
Q4 24	$210M	$48M	$38M
Q1 25	$250M	$54M	$48M
Q2 25	$246M	$62M	$53M
Q3 25	$261M	$53M	$45M
Q4 25	$256M	$43M	$37M

Valuation

Quarter	P/S	P/E
Q1 22	3.6x	16.1x
Q2 22	3.2x	17.2x
Q3 22	2.8x	17.1x
Q4 22	2.6x	17.0x
Q1 23	2.5x	17.2x
Q2 23	2.6x	17.2x
Q3 23	2.6x	18.4x
Q4 23	2.6x	21.4x
Q1 24	2.6x	22.2x
Q2 24	2.6x	20.7x
Q3 24	2.7x	20.8x
Q4 24	2.9x	18.9x
Q1 25	2.9x	18.1x
Q2 25	2.9x	17.7x
Q3 25	2.8x	16.4x
Q4 25	2.7x	15.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$48M	$35M
Q2 22	$85M	$59M
Q3 22	$164M	$122M
Q4 22	-$105M	-$170M
Q1 23	$29M	$771.0K
Q2 23	$35M	$6M
Q3 23	$47M	$42M
Q4 23	$115M	$75M
Q1 24	$44M	$32M
Q2 24	$88M	$72M
Q3 24	$25M	-$32M
Q4 24	$50M	$3M
Q1 25	$32M	-$28M
Q2 25	$107M	-$10M
Q3 25	$62M	-$6M
Q4 25	$31M	$421.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$13M
Q2 22	$26M
Q3 22	$42M
Q4 22	$65M
Q1 23	$28M
Q2 23	$28M
Q3 23	$4M
Q4 23	$39M
Q1 24	$12M
Q2 24	$16M
Q3 24	$57M
Q4 24	$47M
Q1 25	$60M
Q2 25	$117M
Q3 25	$67M
Q4 25	$31M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+35.1%	+44.2%
Q2 22	+58.3%	+87.0%
Q3 22	+55.1%	+69.0%
Q4 22	+41.7%	+47.6%
Q1 23	+17.9%	+12.4%
Q2 23	-7.4%	-16.7%
Q3 23	-6.2%	-9.2%
Q4 23	-5.5%	-2.8%
Q1 24	+3.5%	+4.4%
Q2 24	+7.2%	+4.9%
Q3 24	-22.4%	-14.5%
Q4 24	-17.4%	-14.8%
Q1 25	-0.9%	+7.9%
Q2 25	-6.9%	-1.7%
Q3 25	+22.1%	+18.5%
Q4 25	+21.9%	+27.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$5M
Q2 22	$14M
Q3 22	$12M
Q4 22	$3M
Q1 23	$8M
Q2 23	$7M
Q3 23	$6M
Q4 23	$5M
Q1 24	$5M
Q2 24	$6M
Q3 24	$16M
Q4 24	$9M
Q1 25	$9M
Q2 25	$9M
Q3 25	$5M
Q4 25	$6M

Revenue Segments

Quarter	Pipelines and Transportation	Wholesale Marketing and Terminalling	Gathering And Processing	Storage And Transportation
Q1 22	$76M	$131M	—	—
Q2 23	—	$119M	$93M	$35M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3M	$0	$3M
Q2 22	$14M	$0	$14M
Q3 22	$15M	$0	$15M
Q4 22	$8M	$0	$8M
Q1 23	$11M	$0	$11M
Q2 23	$8M	$0	$8M
Q3 23	$4M	$0	$4M
Q4 23	$4M	$0	$4M
Q1 24	$10M	$0	$10M
Q2 24	$5M	$0	$5M
Q3 24	$7M	$0	$7M
Q4 24	$5M	$0	$5M
Q1 25	$2M	$0	$2M
Q2 25	$1M	$0	$1M
Q3 25	$7M	$0	$7M
Q4 25	$11M	$0	$11M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	43M	+0.0%	+0.1%
Q2 22	43M	-0.0%	+0.0%
Q3 22	44M	+0.1%	+0.1%
Q4 22	44M	+0.1%	+0.2%
Q1 23	44M	+0.1%	+0.2%
Q2 23	44M	+0.0%	+0.3%
Q3 23	44M	+0.0%	+0.2%
Q4 23	44M	+0.0%	+0.2%
Q1 24	44M	+1.8%	+1.9%
Q2 24	47M	+6.3%	+8.3%
Q3 24	47M	-0.2%	+8.1%
Q4 24	51M	+8.3%	+17.1%
Q1 25	54M	+5.0%	+20.7%
Q2 25	53M	-0.3%	+13.2%
Q3 25	54M	+0.1%	+13.6%
Q4 25	54M	+0.0%	+4.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$128M	2

Revenue / Employee