Filing Flows › Delek Logistics Partners, LP (DKL) › Q4 2025
Delek Logistics Partners, LP (DKL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Delek Logistics Partners, LP (DKL) reported revenue of $256M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -2% from the quarter before. Operating margin was 14.2%, net earnings $47.3M (18.5% of revenue).
Delek Logistics Partners, LP, Q4 2025: revenue $256M (+22% year over year), operating margin 14.2%, net earnings $47.3M, operating cash flow $43.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $256M | -2% | +22% |
| Operating profit | $36.4M | -20% | -4% |
| Net earnings | $47.3M | +4% | +34% |
| Operating cash flow | $43.2M | -21% | -13% |
| Free cash flow | $12.6M | — | +226% |
What changed
Revenue was $255.8M in Q4 2025, up 22% year over year and down 2% from the previous quarter. Gathering and Processing was the largest line at 51% of revenue.
Operating profit was $36.4M, a 14.2% margin (down 3.9 points year over year). Operating profit fell $1.6M even though revenue rose $45.9M versus a year earlier, so costs grew faster than sales. Total costs grew 28% against revenue growth of 22%. The fastest-growing cost line was Cost of revenue (+32%). Net earnings were $47.3M, up 34% year over year. The effective tax rate was -0.7%. Non-operating items added $10.5M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $43.2M (down 13% year over year), 91% of net earnings. Non-cash charges added back $36.0M of depreciation and amortization. Working capital and other items used $40.1M. Capital expenditures of $30.6M left free cash flow of $12.6M.
Questions
What was Delek Logistics Partners, LP's revenue in the fourth quarter 2025?
Delek Logistics Partners, LP (DKL) reported revenue of $256M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -2% from the quarter before.
Was Delek Logistics Partners, LP profitable in the fourth quarter 2025?
Operating profit was $36.4M (14.2% of revenue) and net earnings $47.3M.