Delek Logistics Partners, LP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
DKL$53.25+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $176,460 | $142,685 | $126,236 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 125,600 | 96,375 | 92,384 |
| Non-cash lease expense | 6,245 | 8,112 | 9,549 |
| Amortization of marketing contract intangible | — | 4,206 | 7,211 |
| Amortization of deferred revenue | (4,738) | (3,038) | (1,755) |
| Amortization of deferred financing costs and debt discount | 5,882 | 5,230 | 6,327 |
| Impairment of Goodwill | — | — | 14,848 |
| Income from equity method investments | (61,793) | (43,301) | (31,433) |
| Dividends from equity method investments | 24,945 | 42,922 | 28,729 |
| Other non-cash adjustments | 6,243 | 1,917 | 2,697 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (43,386) | (6,950) | 21,570 |
| Inventories and other current assets | (5,050) | (620) | (131) |
| Accounts payable and other current liabilities | 242,515 | 8,535 | (20,729) |
| Accounts receivable/payable to related parties | (237,897) | (62,473) | (34,498) |
| Net investment in leases - affiliate | (6,109) | 11,927 | — |
| Non-current assets and liabilities, net | 8,198 | 812 | 4,314 |
| Net cash provided by operating activities | 237,115 | 206,339 | 225,319 |
| Cash flows from investing activities: | |||
| Asset acquisitions from Delek Holdings | — | (83,903) | — |
| Purchases of property, plant and equipment | (267,759) | (129,040) | (96,101) |
| Proceeds from sales of property, plant and equipment | 3,678 | 9,875 | 1,717 |
| Purchases of intangible assets | (12,498) | (2,753) | (4,247) |
| Business combination, net of cash acquired | (181,180) | (182,535) | — |
| Distributions from equity method investments | 15,622 | 4,277 | 9,002 |
| Equity method investment contributions | (2,063) | (500) | — |
| Net cash used in investing activities | (444,200) | (384,579) | (89,629) |
| Cash flows from financing activities: | |||
| Distributions to common unitholders - public | (87,150) | (57,078) | (38,491) |
| Distributions to common unitholders - Delek Holdings | (150,982) | (147,615) | (141,534) |
| Proceeds from term debt | 700,000 | 1,059,000 | — |
| Payments on term debt | — | (531,250) | (18,750) |
| Proceeds from revolving facility | 1,297,900 | 1,328,100 | 431,800 |
| Payments on revolving facility | (1,521,450) | (1,673,200) | (371,800) |
| Redemption of preferred units | — | (70,768) | — |
| Unit repurchase | (10,000) | — | — |
| Proceeds from issuance of common units, net of underwriters' discount | — | 297,855 | — |
| Proceeds from other financing agreements | — | — | 6,214 |
| Payments on other financing agreements | — | (6,214) | — |
| Payments on finance leases | (5,015) | — | — |
| Deferred financing costs paid | (10,710) | (18,122) | (4,468) |
| Other financing activities | — | (839) | (2,876) |
| Net cash provided by (used in) financing activities | 212,593 | 179,869 | (139,905) |
| Net increase (decrease) in cash and cash equivalents | 5,508 | 1,629 | (4,215) |
| Cash and cash equivalents at the beginning of the period | 5,384 | 3,755 | 7,970 |
| Cash and cash equivalents at the end of the period | $10,892 | $5,384 | $3,755 |
| 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 $7.9 million, $2.6 million and $1.1 million in the 2025, 2024 and 2023 periods, respectively | $173,522 | $117,299 | $136,420 |
| Income taxes | $— | $— | $20 |
| Non-cash investing activities: | |||
| Inventory received in connection with DPG Dropdown | $6,860 | $— | $— |
| Equity attributable to W2W Holdings Acquisition | $— | $(62,783) | $— |
| Forgiveness of related party receivable in connection with W2W Holdings Acquisition | $— | $60,000 | $— |
| Redemption of units in connection with the assignment of Big Spring Refinery Marketing Agreement | $— | $(97,949) | $— |
| Equipment acquired under vendor financing | $1,520 | $— | $— |
| Preferred units issued in connection with H2O Acquisition | $— | $70,000 | $— |
| Forgiveness of related party receivable in connection with DPG Dropdown | $58,800 | $— | $— |
| Common units issued in connection with Gravity Acquisition | $91,511 | $— | $— |
| Increase in accrued capital expenditures | $5,084 | $10,946 | $(14,765) |
| Non-cash financing activities: | |||
| Lease liability arising from obtaining operating right-of-use assets during the period | $2,304 | $3,665 | $3,804 |
| Lease liability arising from obtaining finance right-of-use assets during the period | $32,648 | $— | $1,162 |
| Decrease in right-of-use assets due to lease terminations during the period | $1,176 | $— | $— |
F-8 |
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