Delek US Holdings (DK) stock soared 5.35% during intraday trading on Friday, following the release of its fourth quarter 2025 financial results.

The company reported adjusted earnings per share of $2.31 for Q4 2025, a significant beat compared to analyst expectations of a loss of $0.19 to $0.20 per share. This represents a substantial swing from a loss of $2.54 per share in the same quarter last year. The strong performance was driven by a 66% increase in benchmark crack spreads in its refining segment and regulatory relief under renewable fuel standards.

Delek US also announced operational improvements, including advancing its Enterprise Optimization Plan which achieved approximately $50 million in improvements during the quarter. The company restructured its Inventory Intermediation Agreement, expected to generate at least $40 million in incremental free cash flow. Additionally, Delek Logistics, a segment of the company, initiated 2026 adjusted EBITDA guidance of $520 million to $560 million.