Equity Profile

DK

Delek US Holdings, Inc.

EnergyOil & Gas Refining & Marketing$4.1B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Delek US Holdings, Inc. is a company in the energy sector, primarily focused on oil and gas refining and marketing....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue

Revenue figures provide insight into the company's sales performance and market demand for its products.

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. is a company in the energy sector, primarily focused on oil and gas refining and marketing. With a market cap of $4 billion, it plays a crucial role in the energy supply chain, especially as demand for energy fluctuates in response to global economic conditions.

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 of a loss. The stock reacted positively, increasing by 13.72% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Delek's upcoming earnings, especially given its strong performance in the previous quarter. However, uncertainty remains due to the volatile nature of the energy market.

Bull Case

If Delek continues to outperform expectations, particularly in refining margins and overall profitability, it could see significant stock price appreciation.

Bear Case

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

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the refining margins be for this quarter?

Refining margins are crucial for Delek's profitability, and any significant changes could impact earnings expectations.

How does management view the current demand for refined products?

Understanding management's perspective on demand can provide insights into future revenue and market positioning.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Delek to capitalize on rising refining margins, which could significantly boost earnings this quarter.

Supporting Evidence

Delek's recent EPS surprises indicate strong operational performance that may not be fully reflected in current estimates.

The options market is pricing a larger move than historical averages, suggesting heightened expectations for volatility.

Recent trends in crude oil prices may favor refiners, potentially leading to better-than-expected margins.

Key Risk

If refining margins exceed $10 per barrel, it could lead to a substantial upward revision in earnings expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around the company's ability to maintain or improve refining margins in a fluctuating energy market.

Bull Confirmed If

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

Bear Confirmed If

A decline in refining margins below $5 per barrel would confirm 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 potential movement in the stock price, reflecting uncertainty ahead of the earnings report.

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: 7 of 30 (23%)

This setup has occurred 30 times across Energy in the last 2 years. 23 of 30 (77%) 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 -1.6% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Delek beats earnings expectations, history suggests a potential stock increase of around 2.42%, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance from management.

Miss

Should the company miss earnings expectations, history suggests a potential decline of around 0.07%, indicating investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on refining margins and how they compare to previous quarters.
2Management's outlook on demand for refined products in the coming months.
3Insights into operational efficiencies or cost-saving measures implemented.
4Discussion on any external factors affecting the energy market, such as geopolitical events.
5Any commentary on future capital expenditures or investments in infrastructure.

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Company Snapshot

Delek US Holdings, Inc. is a company in the energy sector, primarily focused on oil and gas refining and marketing....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue

Revenue figures provide insight into the company's sales performance and market demand for its products.

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 of a loss. The stock reacted positively, increasing by 13.72% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Delek continues to outperform expectations, particularly in refining margins and overall profitability, it could see significant stock price appreciation.

Bear Case

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

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the refining margins be for this quarter?

Refining margins are crucial for Delek's profitability, and any significant changes could impact earnings expectations.

How does management view the current demand for refined products?

Understanding management's perspective on demand can provide insights into future revenue and market positioning.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Delek to capitalize on rising refining margins, which could significantly boost earnings this quarter.

Supporting Evidence

Delek's recent EPS surprises indicate strong operational performance that may not be fully reflected in current estimates.

The options market is pricing a larger move than historical averages, suggesting heightened expectations for volatility.

Recent trends in crude oil prices may favor refiners, potentially leading to better-than-expected margins.

Key Risk

If refining margins exceed $10 per barrel, it could lead to a substantial upward revision in earnings expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around the company's ability to maintain or improve refining margins in a fluctuating energy market.

Bull Confirmed If

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

Bear Confirmed If

A decline in refining margins below $5 per barrel would confirm 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 potential movement in the stock price, reflecting uncertainty ahead of the earnings report.

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: 7 of 30 (23%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Delek beats earnings expectations, history suggests a potential stock increase of around 2.42%, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance from management.

Miss

Should the company miss earnings expectations, history suggests a potential decline of around 0.07%, indicating investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on refining margins and how they compare to previous quarters.
2Management's outlook on demand for refined products in the coming months.
3Insights into operational efficiencies or cost-saving measures implemented.
4Discussion on any external factors affecting the energy market, such as geopolitical events.
5Any commentary on future capital expenditures or investments in infrastructure.