Segment Data

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Data

Segment Data

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.

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.

On May 1, 2025, we transferred the Delek Permian Gathering ("DPG") purchasing and blending activities to Delek Logistics (the "DPG Dropdown”). The operating results of DPG are now reported in our Logistics segment, while previously recorded in the Refining segment.

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 segment EBITDA attributable to Delek. We define segment 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.

Refining Segment

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.

Logistics Segment

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 southern 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.

Business Segment Operating Performance

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

	Three Months Ended September 30, 2025
	Refining		Logistics		Total
Net revenues (excluding intercompany fees and revenues)	$	2,756.7	$	130.3	$	2,887.0
Inter-segment fees and revenues	85.4		131.0		216.4
Total segment revenues	$	2,842.1	$	261.3	$	3,103.4
Elimination of inter-segment revenue					(216.4)
Total consolidated revenues					$	2,887.0
Cost of materials and other	2,225.4		129.8
Operating expenses	159.0		43.8
General and administrative expenses	2.9		4.5
Income from equity method investments	(9.3)		(21.9)
Other segment items(3)	—		3.1
Segment EBITDA attributable to Delek	$	464.1	$	102.0	$	566.1
Reconciling items to consolidated loss before income taxes
Corporate expenses, eliminations and other (1)					153.5
Depreciation and amortization					101.3
Interest expense, net					93.1
Income tax expense					39.9
Loss from discontinued operations, net of tax					0.3
Net income attributable to Delek					$	178.0
	Three Months Ended September 30, 2025
	Refining		Logistics		Corporate, Other and Eliminations		Consolidated
Depreciation and amortization	$	66.9	$	37.9	$	(3.5)	$	101.3
Interest expense, net	$	50.5	$	21.3	$	21.3	$	93.1
Income from equity method investments	$	(9.3)	$	(21.9)	$	—	$	(31.2)
Capital spending (2)	$	33.2	$	49.7	$	7.7	$	90.6

	Three Months Ended September 30, 2024
	Refining		Logistics		Total
Net revenues (excluding intercompany fees and revenues)	$	2,852.6	$	99.2	$	2,951.8
Inter-segment fees and revenues	175.2		114.9		290.1
Total segment revenues	$	3,027.8	$	214.1	$	3,241.9
Elimination of inter-segment revenue					(199.5)
Total consolidated revenues					$	3,042.4
Cost of materials and other	2,862.3		117.5
Operating expenses	145.0		28.0
General and administrative expenses	3.9		15.7
Income from equity method investments	(9.9)		(15.6)
Other segment items(3)(4)	13.7		(0.1)
Segment EBITDA attributable to Delek	$	12.8	$	68.6	$	81.4
Reconciling items to consolidated loss before income taxes
Corporate expenses, eliminations and other (1)					88.9
Depreciation and amortization					98.1
Interest expense, net					78.8
Income tax benefit					(40.3)
Income from discontinued operations, net of tax					(67.3)
Net loss attributable to Delek					$	(76.8)
	Three Months Ended September 30, 2024
	Refining		Logistics		Corporate, Other and Eliminations		Consolidated
Depreciation and amortization	$	76.0	$	24.2	$	(2.1)	$	98.1
Interest expense, net	$	28.0	$	13.6	$	37.2	$	78.8
Income from equity method investments	$	(9.9)	$	(15.6)	$	0.4	$	(25.1)
Capital spending (2)	$	57.7	$	65.2	$	5.6	$	128.5

	Nine Months Ended September 30, 2025
	Refining		Logistics		Total
Net revenues (excluding intercompany fees and revenues)	$	7,907.3	$	386.2	$	8,293.5
Inter-segment fees and revenues	259.9		371.4		631.3
Total segment revenues	$	8,167.2	$	757.6	$	8,924.8
Elimination of inter-segment revenue					(631.3)
Total consolidated revenues					$	8,293.5
Cost of materials and other	7,174.8		378.2
Operating Expenses	467.6		122.9
General and administrative expenses	9.7		22.3
Income from equity method investments	(24.5)		(42.6)
Other segment items(3)	(3.4)		(0.8)
Segment EBITDA attributable to Delek	$	543.0	$	277.6	$	820.6
Reconciling items to consolidated loss before income taxes
Corporate expenses, eliminations and other (1)					371.5
Depreciation and amortization					296.7
Interest expense, net					263.1
Income tax benefit					(11.0)
Loss from discontinued operations, net of tax					1.4
Net loss attributable to Delek					$	(101.1)
	Nine Months Ended September 30, 2025
	Refining		Logistics		Corporate, Other and Eliminations		Consolidated
Depreciation and amortization	$	205.3	$	99.0	$	(7.6)	$	296.7
Interest expense, net	$	129.6	$	58.0	$	75.5	$	263.1
Income from equity method investments	$	(24.5)	$	(42.6)	$	0.4	$	(66.7)
Capital spending (2)	$	129.7	$	240.8	$	16.7	$	387.2

	Nine Months Ended September 30, 2024
	Refining		Logistics		Total
Net revenues (excluding intercompany fees and revenues)	$	8,872.1	$	319.4	$	9,191.5
Inter-segment fees and revenues	571.2		411.4		982.6
Total segment revenues	$	9,443.3	$	730.8	$	10,174.1
Elimination of inter-segment revenue					(695.6)
Total consolidated revenues					$	9,478.5
Cost of materials and other	8,852.6		379.3
Operating Expenses	459.4		89.5
General and administrative expenses	12.3		26.6
Income from equity method investments	(25.8)		(32.0)
Other segment items(3)(4)	9.6		(1.5)
Segment EBITDA attributable to Delek	$	135.2	$	268.9	$	404.1
Reconciling items to consolidated loss before income taxes
Corporate expenses, eliminations and other (1)					163.3
Depreciation and amortization					278.2
Interest expense, net					244.1
Income tax benefit					(56.7)
Income from discontinued operations, net of tax					(78.2)
Net loss attributable to Delek					$	(146.6)
	Nine Months Ended September 30, 2024
	Refining		Logistics		Corporate, Other and Eliminations		Consolidated
Depreciation and amortization	$	194.8	$	74.9	$	8.5	$	278.2
Interest expense, net	$	47.1	$	89.1	$	107.9	$	244.1
Income from equity method investments	$	(25.8)	$	(32.0)	$	(19.6)	$	(77.4)
Capital spending (2)	$	126.2	$	90.6	$	17.8	$	234.6

(1) Corporate expenses, eliminations and other represents corporate costs that are not allocated to the operating segments, inter-segment cost eliminations, and other unallocated shared service functions. “Corporate expenses, eliminations and other” are included in the tables above to reconcile total Segment EBITDA attributable to Delek to the Company’s consolidated loss before income taxes.

(2) Capital spending includes additions on an accrual basis. Capital spending excludes capital spending associated with the Retail Stores of $3.4 million and $14.0 million during the three and nine months ended September 30, 2024, respectively.

(3) Other segment items include asset impairment, other operating (income) expense, net, and other (income) expense, net.

(4) Other segment items for the three and nine months ended September 30, 2024, includes a $22.1 million impairment charge related to the idling of the biodiesel facilities for the Refining segment. Refer to Note 17- Restructuring and Other Charges for further information.