Equity Profile

DK

Delek US Holdings, Inc.

EnergyOil & Gas Refining & Marketing$4.2B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Delek US Holdings, Inc. operates in the energy sector, primarily focusing on oil and gas refining and marketing....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company managed costs and revenue in the quarter.

N/A

Revenue Growth

Revenue growth will provide insight into the company's ability to increase sales in a competitive market.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

DK Q2-2026 Earnings Preview

Context

Company Snapshot

Delek US Holdings, Inc. operates in the energy sector, primarily focusing on oil and gas refining and marketing. As a significant player in this industry, the company is influenced by fluctuating oil prices, regulatory changes, and consumer demand for fuel and related products.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+457.47%

Avg Stock Reaction

+2.12%

Last Quarter Recap

In Q1-2026, Delek reported an EPS of $0.08, significantly beating expectations. The stock reacted positively, gaining over 13% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations are mixed, with investors keenly watching for any signs of continued profitability after recent strong earnings surprises.

Bull Case

If Delek can maintain or improve its refining margins and show solid revenue growth, it could lead to further stock appreciation.

Bear Case

Conversely, if the company fails to meet earnings expectations or if refining margins decline, it could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026?

Given the company's recent earnings surprises, the EPS figure will be critical in assessing ongoing profitability and market confidence.

How have refining margins changed compared to the previous quarter?

Refining margins are essential for Delek's profitability, and any significant changes could impact investor sentiment.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Delek's ability to maintain strong refining margins despite potential market volatility.

Supporting Evidence

Options are pricing a 23.24% move, indicating expectations of high volatility.

The company's recent history shows a strong EPS surprise rate of 88%, suggesting a pattern of outperforming expectations.

Recent refining margin trends in the industry suggest potential for stability, which could benefit Delek.

Key Risk

If refining margins exceed $10 per barrel, it could significantly alter the bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on refining margins and overall profitability, which are critical for Delek's financial health.

Bull Confirmed If

A refining margin above $10 per barrel would confirm the bull case.

Bear Confirmed If

If refining margins fall below $5 per barrel, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±23.24%

Historical Avg

±6.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±23.2% while DK has averaged ±6.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

69.4%

Calls (16K)P/C Ratio: 0.02Puts (2K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Energy

n=30

Fade rate: 6 of 30 (20%)

This setup has occurred 30 times across Energy in the last 2 years. 24 of 30 (80%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 4.4%, with a raw directional average of -1.5% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Delek beats expectations, history suggests the stock could rise by an average of 2.42%, confirming a positive outlook.

In-Line / Cautious

If results are in line but management offers cautious commentary, the stock may see a muted reaction as investors reassess future growth.

Miss

A miss could lead to a decline, with historical data suggesting an average drop of 0.07% in such scenarios.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on refining capacity and operational efficiency improvements.
2Management's outlook on oil prices and their impact on margins.
3Details on any new contracts or partnerships that could influence revenue.
4Insights into consumer demand trends for fuel and related products.
5Any commentary on cost management strategies in the current market.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Delek US Holdings, Inc. operates in the energy sector, primarily focusing on oil and gas refining and marketing....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well the company managed costs and revenue in the quarter.

N/A

Revenue Growth

Revenue growth will provide insight into the company's ability to increase sales in a competitive market.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

DK Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+457.47%

Avg Stock Reaction

+2.12%

Last Quarter Recap

In Q1-2026, Delek reported an EPS of $0.08, significantly beating expectations. The stock reacted positively, gaining over 13% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations are mixed, with investors keenly watching for any signs of continued profitability after recent strong earnings surprises.

Bull Case

If Delek can maintain or improve its refining margins and show solid revenue growth, it could lead to further stock appreciation.

Bear Case

Conversely, if the company fails to meet earnings expectations or if refining margins decline, it could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026?

Given the company's recent earnings surprises, the EPS figure will be critical in assessing ongoing profitability and market confidence.

How have refining margins changed compared to the previous quarter?

Refining margins are essential for Delek's profitability, and any significant changes could impact investor sentiment.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Delek's ability to maintain strong refining margins despite potential market volatility.

Supporting Evidence

Options are pricing a 23.24% move, indicating expectations of high volatility.

The company's recent history shows a strong EPS surprise rate of 88%, suggesting a pattern of outperforming expectations.

Recent refining margin trends in the industry suggest potential for stability, which could benefit Delek.

Key Risk

If refining margins exceed $10 per barrel, it could significantly alter the bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on refining margins and overall profitability, which are critical for Delek's financial health.

Bull Confirmed If

A refining margin above $10 per barrel would confirm the bull case.

Bear Confirmed If

If refining margins fall below $5 per barrel, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±23.24%

Historical Avg

±6.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±23.2% while DK has averaged ±6.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

69.4%

Calls (16K)P/C Ratio: 0.02Puts (2K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Energy

n=30

Fade rate: 6 of 30 (20%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Delek beats expectations, history suggests the stock could rise by an average of 2.42%, confirming a positive outlook.

In-Line / Cautious

If results are in line but management offers cautious commentary, the stock may see a muted reaction as investors reassess future growth.

Miss

A miss could lead to a decline, with historical data suggesting an average drop of 0.07% in such scenarios.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on refining capacity and operational efficiency improvements.
2Management's outlook on oil prices and their impact on margins.
3Details on any new contracts or partnerships that could influence revenue.
4Insights into consumer demand trends for fuel and related products.
5Any commentary on cost management strategies in the current market.