Detailed financial statements for Delek Logistics Partners, LP (DKL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Delek Logistics Partners, LP (DKL) manages and operates a diverse portfolio of logistics and marketing assets for crude oil, intermediate, and refined petroleum products throughout the United States. The company's operations are structured into three primary segments: Pipelines and Transportation, Wholesale Marketing and Terminalling, and Investments in Pipeline Joint Ventures.
Analysis Summary
Delek Logistics Partners, LP reported revenue of $1.01B in the most recent fiscal year, growing at a 5-year CAGR of 12.5%. Net income reached $176.5M, with a 2.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 17.3%, operating margin 15.3%, net margin 12.8%.
At $56.08 (closing price, October 30, 2026), DKL trades at a P/E of 19.54 and an ROE of -9.36%. Market capitalisation stands at $3.2B.
Balance sheet quality for DKL: debt-to-equity ratio of -34.75, current ratio of 0.96 over the last 12 months, net debt of $2.37B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$30.6M represents -17% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $448.1M | $538.1M | $657.6M | $584.0M | $563.4M | $700.9M | $1.04B | $1.02B | $940.6M | $1.01B |
| Cost of Revenue | $339.4M | $416.2M | $509.1M | $432.7M | $356.7M | $486.7M | $789.8M | $740.7M | $696.9M | $801.7M |
| Gross Profit | $108.7M | $121.9M | $148.5M | $151.3M | $206.7M | $214.2M | $246.6M | $279.7M | $243.7M | $211.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $10.3M | $11.8M | $17.2M | $20.8M | $22.6M | $21.5M | $34.2M | $24.8M | $35.9M | $28.6M |
| Operating Expenses | $31.1M | $33.8M | $21.9M | $25.5M | $26.9M | $23.7M | $36.9M | $40.8M | $40.9M | $29.1M |
| Operating Income | $77.7M | $88.2M | $125.8M | $125.8M | $179.8M | $190.5M | $209.7M | $238.9M | $202.8M | $182.5M |
| EBITDA | $97.3M | $115.0M | $157.8M | $179.0M | $251.8M | $265.2M | $311.9M | $370.3M | $394.7M | $484.4M |
| Interest Expense | $13.6M | $23.9M | $41.3M | $47.3M | $42.9M | $50.2M | $82.3M | $143.2M | $151.0M | $179.3M |
| Pre-tax Income | $62.9M | $69.2M | $90.7M | $97.7M | $159.5M | $165.0M | $159.4M | $127.4M | $143.2M | $176.9M |
| Income Tax | $81,000 | -$222,000 | $534,000 | $967,000 | $223,000 | $153,000 | $382,000 | $1.2M | $479,000 | $458,000 |
| Net Income | $62.8M | $69.4M | $90.2M | $96.7M | $159.3M | $164.8M | $159.1M | $126.2M | $142.7M | $176.5M |
| EPS | $2.08 | $2.09 | $3.70 | $2.61 | $4.18 | $3.79 | $3.66 | $2.90 | $2.99 | $3.30 |
| EPS (Diluted) | $2.07 | $2.09 | $3.70 | $2.61 | $4.18 | $3.79 | $3.66 | $2.89 | $2.99 | $3.30 |
| Shares Outstanding (Diluted) | 24.4 M | 24.4 M | 24.4 M | 24.4 M | 33.6 M | 43.5 M | 43.5 M | 43.6 M | 47.5 M | 53.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $261.3M | $255.8M | $297.5M | $384.8M |
| Gross Profit | $52.9M | $43.2M | $45.8M | $66.1M |
| Operating Income | $45.4M | $36.6M | $40.0M | $61.9M |
| EBITDA | $128.7M | $131.5M | $120.4M | $84.8M |
| Net Income | $45.6M | $47.3M | $32.4M | $28.9M |
| EPS | $0.85 | $0.88 | $0.60 | $0.54 |
| EPS (Diluted) | $0.85 | $0.88 | $0.60 | $0.54 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $59,000 | $4.7M | $4.5M | $5.5M | $4.2M | $4.3M | $8.0M | $3.8M | $5.4M | $10.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $22.0M | $24.1M | $21.6M | $13.2M | $21.6M | $15.4M | $53.3M | $69.6M | $110.8M | $114.5M |
| Inventory | $8.9M | $20.9M | $5.5M | $12.6M | $3.1M | $2.4M | $1.5M | $2.3M | $5.4M | $17.9M |
| Total Current Assets | $32.0M | $50.5M | $32.6M | $33.6M | $29.3M | $23.0M | $65.2M | $76.3M | $145.9M | $400.8M |
| Property, Plant & Equipment | $251.0M | $255.1M | $312.6M | $298.8M | $489.0M | $470.3M | $948.8M | $955.2M | $1.08B | $1.87B |
| Goodwill | $12.2M | $12.2M | $12.2M | $12.2M | $12.2M | $12.2M | $27.1M | $12.2M | $12.2M | $12.2M |
| Intangible Assets | $14.4M | $15.9M | $154.0M | $131.0M | $160.1M | $153.9M | $364.8M | $343.0M | $281.5M | $233.0M |
| Total Assets | $415.5M | $443.5M | $624.6M | $744.4M | $956.4M | $935.1M | $1.68B | $1.64B | $2.04B | $2.78B |
| Accounts Payable | $10.9M | $19.1M | $22.1M | $21.4M | $6.7M | $72.6M | $63.5M | $26.3M | $41.4M | $292.9M |
| Short-term Debt | 0 | 0 | 0 | $1.4M | $8.7M | $6.8M | $23.0M | $36.7M | $5.3M | $11.3M |
| Total Current Liabilities | $20.7M | $31.8M | $36.5M | $35.1M | $28.3M | $96.8M | $106.2M | $90.6M | $88.8M | $356.5M |
| Long-term Debt | $392.6M | $422.6M | $700.4M | $833.1M | $992.3M | $899.0M | $1.65B | $1.67B | $1.88B | $2.34B |
| Total Liabilities | $428.8M | $472.8M | $759.4M | $895.6M | $1.06B | $1.04B | $1.79B | $1.80B | $2.01B | $2.77B |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | -$13.3M | -$29.2M | -$134.8M | -$146.1M | -$108.3M | -$104.0M | -$110.7M | -$161.9M | $35.5M | $6.1M |
| Total Debt | $392.6M | $422.6M | $700.4M | $836.9M | $1.02B | $919.9M | $1.68B | $1.72B | $1.89B | $2.38B |
| Net Debt | $392.5M | $418.0M | $695.9M | $831.3M | $1.01B | $915.6M | $1.67B | $1.72B | $1.88B | $2.37B |
| Working Capital | $11.3M | $18.7M | -$3.9M | -$1.5M | $1.0M | -$73.8M | -$41.0M | -$14.3M | $57.1M | $44.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $6.9M | $10.9M | $9.9M | $13.7M |
| Total Assets | $2.75B | $2.78B | $2.91B | $2.87B |
| Total Liabilities | $2.73B | $2.77B | $2.93B | $2.94B |
| Total Equity | $17.5M | $6.1M | -$20.2M | -$69.3M |
| Total Debt | $2.30B | $2.38B | $2.33B | $2.41B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $62.8M | $69.4M | $90.2M | $96.7M | $140.5M | $164.8M | $159.1M | $126.2M | $142.7M | $176.5M |
| Depreciation & Amortization | $20.8M | $21.9M | $32.0M | $33.9M | $49.4M | $50.0M | $70.2M | $99.6M | $100.6M | $128.2M |
| Stock-based Compensation | $599,000 | $721,000 | $674,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $14.9M | -$3.5M | $21.9M | $571,000 | -$19.8M | $51.4M | -$49.4M | -$29.5M | -$48.8M | -$41.7M |
| Operating Cash Flow | $100.7M | $87.7M | $148.0M | $130.4M | $193.0M | $275.2M | $192.2M | $225.3M | $206.3M | $237.1M |
| Capital Expenditure | -$11.3M | -$18.2M | -$157.2M | -$9.1M | -$13.3M | -$24.0M | -$146.7M | -$100.3M | -$131.8M | -$267.8M |
| Acquisitions | -$61.6M | -$3.5M | -$173,000 | -$139.3M | -$12.2M | -$1.4M | -$625.6M | 0 | -$266.9M | -$177.5M |
| Stock Repurchased | 0 | 0 | 0 | -$8,000 | -$10,000 | 0 | 0 | 0 | 0 | -$10.0M |
| Dividends Paid | -$60.6M | -$68.5M | -$172.9M | -$82.0M | -$109.2M | -$161.7M | -$171.1M | -$180.0M | -$204.7M | -$238.1M |
| Free Cash Flow | $89.4M | $69.5M | -$9.2M | $121.3M | $179.7M | $251.1M | $45.5M | $125.0M | $74.5M | -$30.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $61.5M | $31.0M | $170.4M | $71.2M |
| Capital Expenditure | -$67.2M | -$30.6M | -$48.5M | -$59.5M |
| Free Cash Flow | -$5.7M | $421,000 | $121.9M | $11.7M |
| Dividends Paid | -$59.6M | -$59.9M | -$60.2M | -$60.1M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.1% | +22.2% | -11.2% | -3.5% | +24.4% | +47.9% | -1.5% | -7.8% | +7.7% | |
| Net Income Growth (YoY) | +10.5% | +29.9% | +7.3% | +64.6% | +3.5% | -3.5% | -20.6% | +13.0% | +23.7% | |
| EPS Growth (YoY) | +0.5% | +77.0% | -29.5% | +60.2% | -9.3% | -3.4% | -20.8% | +3.1% | +10.4% | |
| Shares Change (YoY) | +0.1% | +0.1% | +0.1% | +37.6% | +29.4% | +0.1% | +0.2% | +8.9% | +12.8% | |
| FCF Growth (YoY) | -22.3% | -113.2% | +1,419.2% | +48.1% | +39.7% | -81.9% | +174.8% | -40.3% | -141.1% | |
| Gross Margin | 24.3% | 22.7% | 22.6% | 25.9% | 36.7% | 30.6% | 23.8% | 27.4% | 25.9% | 20.9% |
| Operating Margin | 17.3% | 16.4% | 19.1% | 21.5% | 31.9% | 27.2% | 20.2% | 23.4% | 21.6% | 18.0% |
| EBITDA Margin | 21.7% | 21.4% | 24.0% | 30.6% | 44.7% | 37.8% | 30.1% | 36.3% | 42.0% | 47.8% |
| Net Margin | 14.0% | 12.9% | 13.7% | 16.6% | 28.3% | 23.5% | 15.3% | 12.4% | 15.2% | 17.4% |
| FCF Margin | 20.0% | 12.9% | -1.4% | 20.8% | 31.9% | 35.8% | 4.4% | 12.2% | 7.9% | -3.0% |
| Effective Tax Rate | 0.1% | -0.3% | 0.6% | 1.0% | 0.1% | 0.1% | 0.2% | 0.9% | 0.3% | 0.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.67 | $2.85 | -$0.38 | $4.97 | $5.35 | $5.78 | $1.05 | $2.87 | $1.57 | -$0.57 |
| Dividends Per Share | $2.49 | $2.81 | $7.09 | $3.36 | $3.25 | $3.72 | $3.93 | $4.13 | $4.31 | $4.45 |
| Shares Outstanding (Basic) | 24.3 M | 24.3 M | 24.4 M | 24.4 M | 33.6 M | 43.4 M | 43.5 M | 43.6 M | 47.5 M | 53.5 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | -935.80% |
| Return on Invested Capital | 7.68% |
| Return on Assets | 5.37% |
| Gross Margin | 17.34% |
| Operating Margin | 15.34% |
| Net Margin | 12.85% |
Financial Health
| Debt / Equity | -34.75 |
| Current Ratio | 0.96 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.12 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.73 | 15.17 | 7.91 | 12.25 | 7.66 | 11.27 | 12.36 | 14.89 | 14.13 | 13.52 |
| P/B | -52.21 | -26.41 | -5.29 | -5.34 | -9.93 | -17.85 | -17.78 | -11.62 | 56.44 | 390.45 |
| P/S | 1.55 | 1.43 | 1.08 | 1.34 | 1.91 | 2.65 | 1.90 | 1.84 | 2.13 | 2.36 |
| Gross Margin | 24.3% | 22.7% | 22.6% | 25.9% | 36.7% | 30.6% | 23.8% | 27.4% | 25.9% | 20.9% |
| Operating Margin | 17.3% | 16.4% | 19.1% | 21.5% | 31.9% | 27.2% | 20.2% | 23.4% | 21.6% | 18.0% |
| Net Margin | 14.0% | 12.9% | 13.7% | 16.6% | 28.3% | 23.5% | 15.3% | 12.4% | 15.2% | 17.4% |
Related companies: PTEN · TRMD · TDW · INSW · OII · KNTK · DHT · TNK
Explore sector: Energy · Oil & Gas Midstream
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