Q4 25 EPS
$0.88
MISS 38.46%
Est. $1.43
Q4 25 Revenue
$255.8M
MISS 9.83%
Est. $283.6M
vs S&P Since Q4 25
-13.3%
TRAILING MARKET
DKL -6.4% vs S&P +6.9%
Full Year 2025 Results
FY 25 EPS
$3.30
MISS 14.06%
Est. $3.84
FY 25 Revenue
$1.01B
MISS 2.69%
Est. $1.04B
Market Reaction
Did DKL Beat Earnings? Q4 2025 Results
Delek Logistics Partners posted a disappointing fourth quarter despite record annual results, with earnings per unit of $0.88 falling well short of the $1.14 consensus estimate, a miss of 22.81%, while revenue of $255.77 million came in 9.86% below t… Read more Delek Logistics Partners posted a disappointing fourth quarter despite record annual results, with earnings per unit of $0.88 falling well short of the $1.14 consensus estimate, a miss of 22.81%, while revenue of $255.77 million came in 9.86% below the $283.76 million Wall Street had anticipated, even as that top line reflected 21.9% year-over-year growth. The primary driver behind the shortfall was the reassignment of the Big Spring refinery marketing agreement to sponsor Delek US Holdings, which weighed on the Wholesale Marketing and Terminalling segment and masked otherwise strong operational momentum. On the brighter side, net income climbed to $47.29 million from $35.30 million a year earlier, and Adjusted EBITDA reached a record $142.28 million for the quarter, buoyed by the Gravity Water Midstream acquisition and record crude gathering volumes in the Delaware Basin. The partnership extended its 52nd consecutive quarterly distribution increase to $1.13 per unit and issued 2026 EBITDA guidance of $520 to $560 million, a range that already absorbs roughly $10 million in headwinds from Winter Storm Fern, with third-party EBITDA expected to exceed 80% as economic separation from Delek US Holdings nears completion.
Key Takeaways
- • Record Adjusted EBITDA driven by strong execution across crude, gas, and water businesses
- • Incremental EBITDA from Gravity and H2O Midstream acquisitions
- • Increased interest income from sales-type leases in Storage and Transportation segment
- • W2W dropdown impact boosting Investments in Pipeline Joint Ventures income
- • Record crude gathering volumes in Delaware Basin operations
DKL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
DKL Revenue by Segment
With YoY comparisons, source: SEC Filings
“Delek Logistics delivered another record year, driven by strong execution across our crude, gas, and water businesses and the continued dedication of our team. 2025 was a pivotal year for Delek Logistics, highlighted by the successful startup of the Libby 2 gas plant, acquisition of Gravity Water Midstream and the execution of strategic intercompany agreements, a combination of which has largely completed DKL's economic separation from its sponsor. We also made meaningful progress advancing sour gas gathering and acid gas injection capabilities, while achieving record crude gathering volumes in our Delaware Basin operations.”
— Avigal Soreq, Q4 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% |