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Oil & gas midstream · Energy · Fiscal year ends Dec 31
Delek Logistics Partners reported revenue of $1B in the fiscal year ended Dec 2025, up 7.7% from the year before. Operating income was $182M, an operating margin of 17.9%, and net income was $176M. Operating cash flow of $237M less capital expenditure of $268M left free cash flow of −$31M. Net debt was $2.3B.
Ranks among the 18 oil & gas midstream companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 701 | 1,036 | 1,020 | 941 | 1,013 |
| Cost of revenue | 485 | 787 | 735 | 697 | 798 |
| Gross profit | 216 | 249 | 285 | 244 | 215 |
| Selling, general & admin | 21.5 | 34.2 | 24.8 | 35.9 | 28.6 |
| Operating income | 191 | 210 | 239 | 203 | 182 |
| Interest expense | 50.2 | 82.3 | 143 | 151 | 179 |
| Pre-tax income | 165 | 159 | 127 | 143 | 177 |
| Income tax | 0.2 | 0.4 | 1.2 | 0.5 | 0.5 |
| Net income | 165 | 159 | 126 | 143 | 176 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 4.3 | 8.0 | 3.8 | 5.4 | 10.9 |
| Receivables | 15.4 | 53.3 | – | – | – |
| Inventory | 2.4 | 1.5 | 2.3 | 5.4 | 17.9 |
| Current assets | 23.0 | 65.2 | 76.3 | 146 | 401 |
| Net PP&E | 449 | 924 | 936 | 1,064 | 1,424 |
| Goodwill | 12.2 | 27.1 | 12.2 | 12.2 | 12.2 |
| Total assets | 935 | 1,679 | 1,642 | 2,042 | 2,779 |
| Payables | 8.2 | 57.4 | 26.3 | 41.4 | 293 |
| Current liabilities | 96.8 | 106 | 90.6 | 88.8 | 356 |
| Short-term debt | 0.0 | 15.0 | 30.0 | 0.0 | – |
| Long-term debt | 899 | 1,647 | 1,674 | 1,875 | 2,344 |
| Backlog (remaining obligations) | 1,474 | 1,299 | 1,146 | 1,039 | 537 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 275 | 192 | 225 | 206 | 237 |
| Capital expenditure | 23.1 | 141 | 96.1 | 129 | 268 |
| Free cash flow | 252 | 51.1 | 129 | 77.3 | −30.6 |
| Depreciation & amortisation | 42.8 | 63.0 | 92.4 | 96.4 | 126 |
| Stock-based compensation | 2.0 | 2.7 | 2.7 | – | – |
| Acquisitions | 0.0 | 626 | 0.0 | 183 | 181 |
| Share buybacks | – | – | 0.0 | 0.0 | 10.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 47.9% | −1.5% | −7.8% | 7.7% |
| Operating income growth (YoY) | – | 10.1% | 14.0% | −15.1% | −10.3% |
| Gross margin | 30.8% | 24.1% | 27.9% | 25.9% | 21.2% |
| Operating margin | 27.2% | 20.2% | 23.4% | 21.6% | 17.9% |
| Net margin | 23.5% | 15.3% | 12.4% | 15.2% | 17.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.7% | 13.3% | 15.4% | 10.4% | 7.5% |
| Free cash flow margin | 36.0% | 4.9% | 12.7% | 8.2% | −3.0% |
| Cash conversion (CFO ÷ net income) | 1.67x | 1.21x | 1.78x | 1.45x | 1.34x |
| Receivable days | 8 | 19 | – | – | – |
| Inventory days | 2 | 1 | 1 | 3 | 8 |
| Payable days | 6 | 27 | 13 | 22 | 134 |
| Interest cover | 3.79x | 2.55x | 1.67x | 1.34x | 1.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 895 | 1,654 | 1,700 | 1,870 | 2,334 |
| Current ratio | 0.24x | 0.61x | 0.84x | 1.64x | 1.12x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.