Company: DK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050541
Chunk: 281

Company: Delek US Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 281
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 in outside services. 

EBITDA

Q3 2025 vs. Q3 2024

EBITDA increased by $33.4 million, or 48.7%, in the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by the following:

•incremental EBITDA of $7.6 million and $9.1 million associated with H2O Midstream and Gravity Acquisitions, respectively; and

•a $1.12 per barrel increase in wholesale margins.

These increase were partially offset by the following: 

•lower revenue due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings.

YTD 2025 vs. YTD 2024

EBITDA increased by $8.7 million, or 3.2%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by the following:

•incremental EBITDA of $27.2 million and $33.3 million associated with H2O Midstream and Gravity Acquisitions, respectively; and

• an $0.56 per barrel increase in wholesale margins.

These increases were partially offset by the following: 

•recording certain throughput and storage fees in interest income due to sales-type lease accounting that were previously recorded as revenue in prior year period; and

•lower revenue due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings.

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Management's Discussion and Analysis

Liquidity and Capital Resources 

Sources of Capital  

Our primary sources of liquidity and capital resources are 

•cash generated from our operating activities; 

•borrowings under our debt facilities; and

•potential issuances of additional equity and debt securities. 

At September 30, 2025, our total liquidity amounted to $2,304.6 million comprised primarily of $1,673.7 million in unused credit commitments under our revolving credit facilities (as discussed in Note 10 of our condensed consolidated financial statements in Item 1. Financial Statements, of this Quarterly Report on Form 10-Q) and $630.9 million in cash and cash equivalents. Historically, we have generated adequate cash from operations to fund ongoing working capital requirements, pay quarterly cash dividends, repurchase common stock and fund operational capital expenditures. On October 29, 2025, our Board of Directors approved a quarterly cash dividend of $0