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Delek US Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$456M in Q3 2026 · $1.2B over twelve months

Operating cash flow$567M
Capital spending−$111M
Free cash flow+$456M
Cash / net income0.5×
Cash conversion cycle-5 days

Analysis

In Q3 2026, Delek US Holdings generated $567M of operating cash flow and spent $111M on capital projects, leaving free cash flow of $456M. That is $520M more than in Q3 2025 (−$64.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.8B; the largest uses were capital spending ($593M), other financing ($271M), net borrowing (+) / repaid (−) ($157M); besides operations, cash came from asset & business sales ($5.4M); the cash balance rose by $704M.

Operating cash flow was $567M against net income of $1.2B — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$735M, deferred taxes +$195M, receivables −$140M.

Its cash conversion cycle was -5 days (receivables 20 + inventory 34 − payables 59): suppliers fund its working capital.

Free cash flow

Delek US Holdings: free cash flow by quarterDelek US Holdings: free cash flow by quarter−$354MQ4 2024−$198MQ1 2025−$114MQ2 2025−$64.0MQ3 2025$383MQ4 2025$273MQ1 2026$89.1MQ2 2026$456MQ3 2026
Operating cash flow less capital spending.
Delek US Holdings: operating cash flow against capital spendingDelek US Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$164M$190MQ4 2024−$62.4M$136MQ1 2025$51.4M$166MQ2 2025$44.0M$108MQ3 2025$503M$120MQ4 2025$461M$188MQ1 2026$263M$174MQ2 2026$567M$111MQ3 2026
Latest (Q3 2026): Operating cash flow $567M, Capital spending $111M.

Capital allocation, year by year

Delek US Holdings: where the cash came from (up) and went (down), by fiscal yearDelek US Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $371MFY2021: Net borrowing −$489MFY2021: Asset sales $11.9MFY2021: Capital spending −$222M$383MFY2021FY2022: Operating cash flow $425MFY2022: Net borrowing $912MFY2022: Asset sales $200KFY2022: Capital spending −$280MFY2022: Acquisitions −$626MFY2022: Buybacks −$64.0MFY2022: Dividends −$42.8M$1.3BFY2022FY2023: Operating cash flow $1.0BFY2023: Net borrowing −$435MFY2023: Asset sales $1.9MFY2023: Capital spending −$392MFY2023: Dividends −$60.3M$1.0BFY2023FY2024: Operating cash flow −$66.8MFY2024: Net borrowing −$350MFY2024: Asset sales $10.2MFY2024: Capital spending −$428MFY2024: Acquisitions −$182MFY2024: Dividends −$64.2M$10.2MFY2024FY2025: Operating cash flow $536MFY2025: Net borrowing −$224MFY2025: Asset sales $10.3MFY2025: Capital spending −$530MFY2025: Acquisitions −$181MFY2025: Dividends −$62.0M$546MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were capital spending ($1.9B) and net borrowing ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$3.4B
Net debt$2.1B
Due within a year$9.5M

Delek US Holdings funds itself: free cash flow was $1.2B over the last twelve months, and $1.3B of cash and investments stands against $3.4B of debt ($9.5M due within a year, 140.5× covered by cash).

Delek US Holdings: debt maturities by year (FY2025)Delek US Holdings: debt maturities by year (FY2025)$9.5MYear 1$221MYear 2$410MYear 3$1.9BYear 4$700MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Delek US Holdings: sources (+) and uses (−) of cash, Q3 2026Delek US Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$706MOperating cash flow$567MOther financing$519MNet borrowing (+) / repaid (−)−$248MCapital spending−$111MDividends−$15.6MOther investing−$5.2M
Delek US Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Delek US Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.8BCash drawn (+) / kept (−)−$704MCapital spending−$593MOther financing−$271MNet borrowing (+) / repaid (−)−$157MDividends−$62.1MOther investing−$12.5MAsset & business sales$5.4M

From profit to cash

Delek US Holdings: net income to operating cash flow, Q3 2026Delek US Holdings: net income to operating cash flow, Q3 2026Net income$1.2BDepreciation & amortization$111MStock-based pay$7.0MDeferred taxes$195MReceivables−$140MInventory−$40.9MPayables−$735MOperating cash flow$567M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026203459-5
Q2 2026202451-7
Q1 2026272764-10
Q4 2025253171-15
Q3 2025223068-15
Q2 2025232963-11
Q1 2025222961-10
Q4 2024233365-9

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$567M−$111M—−$15.6M−$248M−$706M$456M
Q2 2026$263M−$174M—−$15.6M$86.9M−$4.5M$89.1M
Q1 2026$461M−$188M—−$15.6M−$50.7M$1.7M$273M
Q4 2025$503M−$120M—−$15.3M$55.1M$5.1M$383M
Q3 2025$44.0M−$108M—−$15.3M$76.0M−$15.4M−$64.0M
Q2 2025$51.4M−$166M—−$15.5M−$624M$8.3M−$114M
Q1 2025−$62.4M−$136M−$181M−$15.9M$270M$112M−$198M
Q4 2024−$164M−$190M−$23.0M−$16.1M−$24.5M$302M−$354M

Delek US Holdings: income statement and cash flow

Delek US Holdings, Q3 2026: revenue $4.4B (+52% year over year), operating margin 34.6%. The chart follows the revenue to costs, profit and cash.

Delek US Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.