Q3 25 EPS
$0.85
MISS 18.43%
Est. $1.04
Q3 25 Revenue
$261.3M
BEAT +3.02%
Est. $253.6M
vs S&P Since Q3 25
+7.2%
BEATING MARKET
DKL +16.4% vs S&P +9.3%
Market Reaction
Did DKL Beat Earnings? Q3 2025 Results
Delek Logistics Partners delivered a mixed third quarter for 2025, posting earnings per unit of $0.85 that fell short of the $1.04 consensus estimate by 18.43%, even as revenue of $261.28 million came in 3.02% above expectations and climbed 22.1% yea… Read more Delek Logistics Partners delivered a mixed third quarter for 2025, posting earnings per unit of $0.85 that fell short of the $1.04 consensus estimate by 18.43%, even as revenue of $261.28 million came in 3.02% above expectations and climbed 22.1% year over year. The headline profit miss was overshadowed in part by the operational story underneath: a record quarter powered by acquisition-driven volume growth, with Adjusted EBITDA rising 27% year over year to $135.98 million as the H2O Midstream and Gravity Water Midstream deals pushed Delaware Basin crude gathering to 153,745 barrels per day and nearly doubled water disposal volumes to 616,484 barrels per day. The Gathering and Processing segment led the way, with Adjusted EBITDA jumping to $82.79 million from $55.02 million a year earlier, while weakness in the Wholesale Marketing and Terminalling segment, partly tied to the reassignment of the Big Spring refinery marketing agreement, weighed on overall profitability. Management responded to the strong operational execution by raising full-year 2025 Adjusted EBITDA guidance to $500 million to $520 million and declaring the partnership's 51st consecutive quarterly distribution increase, setting the payout at $1.12 per unit.
Key Takeaways
- • Incremental EBITDA from H2O Midstream and Gravity Water Midstream acquisitions
- • Record crude gathering volumes in the Delaware Basin crude gathering system
- • W2W dropdown contributing to increased equity method investment income
- • Increased wholesale margins partially offsetting loss of Big Spring refinery marketing agreement
- • Delaware crude oil gathering averaged 153,745 bpd, up from 125,123 bpd year-over-year
- • Midland Water Gathering System water disposal and recycling volumes of 616,484 bpd versus 311,290 bpd year-over-year
DKL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
DKL Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the third quarter Delek Logistics continued its strong execution by making progress on the development of sour gas gathering and acid gas injection capabilities. Delek Logistics also had record crude gathering volumes in its Delaware Business. Due to the strong progress we have made so far in the year we are increasing our full year EBITDA guidance higher to $500 - $520 million. We are proud of the 51st consecutive increase in our distribution.”
— Avigal Soreq, Q3 2025 Earnings Press Release
DKL Earnings Trends
DKL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DKL EPS Trend
Earnings per share: estimate vs actual
DKL Revenue Trend
Quarterly revenue: estimate vs actual
DKL Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 MISS | $1.33 | $0.60 | -54.89% | $297.5M | +24.01% |
| Q4 25 MISS FY | $1.43 | $0.88 | -38.46% | $255.8M | -9.83% |
| FY Full Year | $3.84 | $3.30 | -14.06% | $1.01B | -2.69% |
| Q3 25 MISS | $1.04 | $0.85 | -18.43% | $261.3M | +3.02% |
| Q2 25 MISS | $1.19 | $0.83 | -30.25% | $246.4M | -10.66% |
| Q1 25 MISS | $0.92 | $0.73 | -20.65% | $249.9M | +18.10% |