Company: DK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050541
Chunk: 132

Company: Delek US Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 132
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 minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales.

We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance and they may obscure our underlying results and trends.

Non-GAAP measures have important limitations as analytical tools because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures.

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Management's Discussion and Analysis

Non-GAAP Reconciliations

The following table provides a reconciliation of segment EBITDA to the most directly comparable U.S. GAAP measure, net income (loss) attributable to Delek:

Reconciliation of segment EBITDA to net income (loss) attributable to Delek (in millions)

 Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Refining segment EBITDA$464.1 $12.8 $543.0 $135.2 Logistics segment EBITDA102.0 68.6 277.6 268.9 Segment EBITDA attributable to Delek$566.1 $81.4 $820.6 $404.1 Corporate expenses, eliminations and other153.5 88.9 371.5 163.3 Interest expense, net93.1 78.8 263.1 244.1 Income tax expense (benefit)39.9 (40.3)(11.0)(56.7)Depreciation and amortization101.3 98.1 296.7 278.2 Loss (income) from discontinued operations, net of tax0.3 (67.3)1.4 (78.2)Net income (loss) attributable to Delek$178.0 $(76.8)$(101.1)$(146.6)

The following table provides a reconciliation of refining margin to the most directly comparable U.S. GAAP measure, gross margin:

Reconciliation of refining margin to gross margin (in millions)

Refining Segment Three Months Ended September 30,Nine Months Ended September 30,202520242