NYSE: DKL
Delek Logistics Partners, LPCIK 0001552797 · SIC 4610 · Pipelines (Except Natural Gas)
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Delek Logistics prices $200M public offering at $50/unit to repay debt
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Delek Logistics Partners (DKL) files preliminary prospectus for common unit offering, size and price TBD
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Delek Logistics launches $175M common unit offering to repay revolving credit debt
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Delek Logistics revenue jumps 56.2% to $384.8M; refinances debt, sells assets to parent
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Delek Logistics Partners launches at-the-market offering of common units up to $100 million
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Latest financial statements
From 10-Q filed Nov 6, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Net revenues: | ||||
| Affiliate (1) | 184,201 | 131,016 | 555,655 | 371,420 |
| Third party | 188,242 | 130,261 | 499,014 | 386,137 |
| Net revenues | 372,443 | 261,277 | 1,054,669 | 757,557 |
| Cost of sales: | ||||
| Cost of materials and other affiliate (1) | 116,230 | 85,486 | 373,370 | 259,863 |
| Cost of materials and other third party | 111,261 | 44,238 | 261,694 | 118,274 |
| Operating expenses (excluding depreciation and amortization presented below) | 46,414 | 43,472 | 135,804 | 121,627 |
| Depreciation and amortization | 38,257 | 34,128 | 110,524 | 86,505 |
| Total cost of sales | 312,162 | 207,324 | 881,392 | 586,269 |
| Operating expenses related to wholesale business (excluding depreciation and amortization presented below) | 346 | 381 | 1,338 | 1,285 |
| General and administrative expenses | 5,853 | 4,520 | 13,407 | 22,328 |
| Depreciation and amortization | 237 | 671 | 1,876 | 3,107 |
| Other operating expense (income), net | 374 | 3,013 | 1,280 | (835) |
| Total operating costs and expenses | 318,972 | 215,909 | 899,293 | 612,154 |
| Operating income | 53,471 | 45,368 | 155,376 | 145,403 |
| Non-operating (income) expenses: | ||||
| Interest income | (23,211) | (26,716) | (78,041) | (72,801) |
| Interest expense | 49,383 | 47,991 | 171,065 | 130,803 |
| Income from equity method investments | (20,581) | (21,878) | (46,695) | (42,564) |
| Other (income) expense, net | 23 | 67 | (33) | 26 |
| Total non-operating expenses (income), net | 5,614 | (536) | 46,296 | 15,464 |
| Income before income tax expense | 47,857 | 45,904 | 109,080 | 129,939 |
| Income tax expense | 439 | 344 | 439 | 771 |
| Net income | 47,418 | 45,560 | 108,641 | 129,168 |
| Comprehensive income | 47,418 | 45,560 | 108,641 | 129,168 |
| Net income per unit: | ||||
| Basic | 0.85 | 0.85 | 2.01 | 2.41 |
| Diluted | 0.85 | 0.85 | 2.00 | 2.41 |
| Weighted average common units outstanding: | ||||
| Basic | 55,600,366 | 53,467,306 | 54,104,363 | 53,505,419 |
| Diluted | 55,676,196 | 53,519,572 | 54,194,042 | 53,540,795 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except unit and per unit data)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 49,001 | 10,892 |
| Accounts receivable | 115,696 | 114,544 |
| Accounts receivable from related parties | 258,701 | 216,641 |
| Lease receivable affiliate | 39,038 | 36,362 |
| Inventory | 26,615 | 17,913 |
| Other current assets | 5,267 | 4,416 |
| Total current assets | 494,318 | 400,768 |
| Property, plant and equipment: | ||
| Property, plant and equipment | 1,990,620 | 1,827,530 |
| Less: accumulated depreciation | (490,113) | (403,523) |
| Property, plant and equipment, net | 1,500,507 | 1,424,007 |
| Equity method investments | 345,941 | 340,070 |
| Customer relationship intangibles, net | 216,373 | 233,022 |
| Other intangibles, net | 148,234 | 137,439 |
| Goodwill | 12,203 | 12,203 |
| Operating lease right-of-use assets | 7,978 | 11,683 |
| Finance lease right-of-use assets | 29,138 | 27,802 |
| Net investment in leases affiliate | 153,797 | 185,656 |
| Other non-current assets | 13,571 | 6,618 |
| Total assets | 2,922,060 | 2,779,268 |
| LIABILITIES AND PARTNERS' (DEFICIT) EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 508,529 | 292,908 |
| Interest payable | 36,488 | 30,557 |
| Excise and other taxes payable | 17,205 | 16,569 |
| Current portion of operating lease liabilities | 1,834 | 3,027 |
| Current portion of finance lease liabilities | 10,529 | 8,310 |
| Accrued expenses and other current liabilities | 4,604 | 5,122 |
| Total current liabilities | 579,189 | 356,493 |
| Non-current liabilities: | ||
| Long-term debt, net of current portion | 2,125,612 | 2,344,420 |
| Operating lease liabilities, net of current portion | 2,125 | 3,551 |
| Finance lease liabilities, net of current portion | 19,910 | 20,289 |
| Asset retirement obligations | 27,270 | 24,278 |
| Other non-current liabilities | 28,351 | 24,123 |
| Total non-current liabilities | 2,203,268 | 2,416,661 |
| Partners' (deficit) equity: | ||
| Common unitholders public; 24,302,578 units issued and outstanding at September 30, 2026 (19,643,923 at December 31, 2025) | 705,747 | 510,376 |
| Common unitholders Delek Holdings; 33,508,831 units issued and outstanding at September 30, 2026, exclusive of 359,372 issued units held by the Partnership in treasury (33,868,203 issued and outstanding at December 31, 2025) | (566,144) | (504,262) |
| Total partners' (deficit) equity | 139,603 | 6,114 |
| Total liabilities and partners' (deficit) equity | 2,922,060 | 2,779,268 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 108,641 | 129,168 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 112,400 | 89,612 |
| Non-cash lease expense | 3,605 | 5,045 |
| Amortization of deferred revenue | (5,670) | (2,102) |
| Amortization of deferred financing costs and debt discount | 4,867 | 4,274 |
| Income from equity method investments | (46,695) | (42,564) |
| Dividends from equity method investments | 32,469 | 21,424 |
| Loss on extinguishment of debt | 23,005 | — |
| Other non-cash adjustments | 9,058 | 4,094 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (1,152) | (20,658) |
| Inventories and other current assets | (9,553) | (2,788) |
| Accounts payable and other current liabilities | 221,002 | 269,392 |
| Accounts receivable/payable to related parties | (42,060) | (263,622) |
| Net investment in leases affiliate | 10,183 | 7,717 |
| Non-current assets and liabilities, net | 9,422 | (5,082) |
| Net cash provided by operating activities | 429,522 | 193,910 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (167,194) | (237,143) |
| Proceeds from sales of property, plant and equipment | 104 | 3,408 |
| Purchases of intangible assets | (12,137) | (8,914) |
| Business combination, net of cash acquired | — | (181,180) |
| Distributions from equity method investments | 8,355 | 12,168 |
| Net cash used in investing activities | (170,872) | (411,661) |
| Cash flows from financing activities: | ||
| Distributions to common unitholders public | (66,660) | (65,184) |
| Distributions to common unitholders Delek Holdings | (114,000) | (113,050) |
| Proceeds from term debt | 800,000 | 700,000 |
| Payments on term debt | (800,000) | — |
| Proceeds from revolving facility | 1,608,600 | 1,106,900 |
| Payments on revolving facility | (1,820,450) | (1,385,450) |
| Unit repurchase | — | (10,000) |
| Proceeds from issuance of common units, net of underwriters' discount | 220,239 | — |
| Deferred financing costs paid | (23,679) | (10,854) |
| Debt extinguishment costs paid | (17,837) | — |
| Other financing activities | (6,754) | (3,083) |
| Net cash (used in) provided by financing activities | (220,541) | 219,279 |
| Net increase in cash and cash equivalents | 38,109 | 1,528 |
| Cash and cash equivalents at the beginning of the period | 10,892 | 5,384 |
| Cash and cash equivalents at the end of the period | 49,001 | 6,912 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except unit and per unit data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗