Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 128

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 128
---
 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.

47 |

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 (loss) income attributable to Delek:

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

 Three Months Ended June 30,Six Months Ended June 30,2025202420252024Refining segment EBITDA$95.1 $17.3 $78.9 $122.4 Logistics segment EBITDA90.1 100.6 175.6 200.3 Segment EBITDA attributable to Delek$185.2 $117.9 $254.5 $322.7 Corporate expenses, eliminations and other124.9 5.6 218.0 74.4 Interest expense, net85.9 77.6 170.0 165.3 Income tax benefit(14.1)(8.8)(50.9)(16.4)Depreciation and amortization94.1 88.4 195.4 180.1 (Income) loss from discontinued operations, net of tax0.8 (7.7)1.1 (10.9)Net loss attributable to Delek$(106.4)$(37.2)$(279.1)$(69.8)

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 June 30,Six Months Ended June 30,2025202320252024Total revenues$2,716.8 $3,307.2 $5,325.1 $6,415.5 Cost of sales2,695.5 3,356.4 5,396.4 6,423.5 Gross margin