Delek US Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
DK$62.64-3.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $43.3 | $(520.9) | $46.7 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 397.8 | 374.5 | 339.5 |
| Non-cash lease expense | 39.5 | 46.1 | 60.3 |
| Deferred income taxes | (10.5) | (103.6) | (1.6) |
| Asset impairment | 17.7 | 243.5 | 37.9 |
| Income from equity method investments | (89.5) | (92.2) | (86.2) |
| Dividends from equity method investments | 41.1 | 74.1 | 61.0 |
| Non-cash lower of cost or market/net realizable value adjustment | 8.4 | (10.7) | 0.4 |
| Loss on extinguishment of debt | — | 3.6 | — |
| Equity-based and non-cash compensation expense | 86.7 | 33.8 | 27.5 |
| Loss (income) from discontinued operations | 2.4 | (77.2) | (27.1) |
| Other | 15.9 | 0.5 | 5.0 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (21.5) | 179.8 | 460.0 |
| Inventories and other current assets | 149.4 | 84.6 | 559.4 |
| Fair value of derivatives | 7.2 | (5.5) | 4.0 |
| Accounts payable and other current liabilities | (42.0) | (220.8) | (299.7) |
| Obligation under Inventory Intermediation Agreements | (96.0) | 1.1 | (192.1) |
| Non-current assets and liabilities, net | (11.7) | (94.4) | (16.0) |
| Cash provided by (used in) operating activities - continuing operations | 538.2 | (83.7) | 979.0 |
| Cash (used in) provided by operating activities - discontinued operations | (2.4) | 16.9 | 34.6 |
| Net cash provided by (used in) operating activities | 535.8 | (66.8) | 1,013.6 |
| Cash flows from investing activities: | |||
| Business combination, net of cash acquired | (181.2) | (182.5) | — |
| Equity method investment contributions | (2.1) | (19.1) | — |
| Distributions from equity method investments | 15.7 | 5.0 | 14.9 |
| Purchases of property, plant and equipment | (529.5) | (427.7) | (392.5) |
| Purchase of equity securities | — | — | (11.9) |
| Purchases of intangible assets | (12.5) | (2.9) | (4.3) |
| Proceeds from sale of property, plant and equipment | 10.3 | 10.2 | 1.9 |
| Insurance and settlement proceeds | 10.7 | 16.2 | 10.3 |
| Other | (9.3) | (2.4) | — |
| Cash used in investing activities - continuing operations | (697.9) | (603.2) | (381.6) |
| Cash provided by (used in) investing activities - discontinued operations | — | 361.7 | (26.4) |
| Net cash used in investing activities | (697.9) | (241.5) | (408.0) |
| Cash flows from financing activities: | |||
| Proceeds from long-term revolvers | 9,871.2 | 6,922.1 | 3,545.8 |
| Payments on long-term revolvers | (10,094.7) | (7,272.2) | (3,980.8) |
| Proceeds from term debt | 700.0 | 1,059.0 | — |
| Payments on term debt | (9.5) | (540.8) | (28.2) |
| Proceeds from product and other financing agreements | 2,069.5 | 1,110.3 | 1,187.3 |
| Repayments of product and other financing agreements | (2,040.6) | (1,096.3) | (1,212.7) |
| Proceeds from Inventory Intermediation Agreement | — | — | 32.2 |
| Repayments on Inventory Intermediation Agreement | (193.2) | — | — |
| Proceeds from termination of Supply & Offtake Obligation | — | — | 25.8 |
| Repurchase of common stock | (79.4) | (41.5) | (85.4) |
| Distribution to non-controlling interest | (87.1) | (56.8) | (38.6) |
| Proceeds from issuance of Delek Logistic common limited partner units, net | — | 297.9 | — |
| Redemption of Delek Logistics preferred units | — | (70.8) | |
| Dividends paid | (62.0) | (64.2) | (60.3) |
| Deferred financing costs paid | (10.7) | (18.2) | (4.6) |
| Other | (11.2) | (6.8) | (5.2) |
| Cash provided by (used in) financing activities - continuing operations | 52.3 | 221.7 | (624.7) |
| Net cash provided by (used in) financing activities | 52.3 | 221.7 | (624.7) |
| Net decrease in cash and cash equivalents | (109.8) | (86.6) | (19.1) |
| Cash and cash equivalents at the beginning of the period | 735.6 | 822.2 | 841.3 |
| Cash and cash equivalents at the end of the period | 625.8 | 735.6 | 822.2 |
| Less cash and cash equivalents of discontinued operations at the end of the period | — | — | 0.4 |
| Cash and cash equivalents of continuing operations at the end of the period | $625.8 | $735.6 | $821.8 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for: | |||
| Interest, net of capitalized interest of $12.1 million, $4.5 million, and $5.5 million in the 2025, 2024, and 2023 periods, respectively | $341.7 | 300.1 | 323.5 |
| Income taxes | $1.5 | $3.8 | $10.8 |
| Non-cash investing activities: | |||
| Delek Logistics preferred units issued in connection with H2O Acquisition | $— | $70.0 | |
| Delek Logistics common units issued in connection with Gravity Acquisition | $91.5 | $— | $— |
| (Decrease) increase in accrued capital expenditures | $(7.9) | $14.9 | $(27.6) |
| Non-cash financing activities: | |||
| Non-cash lease liability arising from obtaining right-of-use assets during the period | $56.5 | $16.0 | $55.9 |
| Non-cash right of use asset decrease due to lease termination during the period | $(4.4) | $— | $— |
F-11 |
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