Delek US Holdings Inc. (DK) saw its stock price soar 6.07% during Wednesday's intraday trading session following the release of its first-quarter 2026 financial results.

The downstream energy company reported a significant earnings beat, with adjusted earnings per share of $0.08, swinging from an adjusted loss of $2.32 per share in the same period last year. This result substantially exceeded analyst expectations, which had forecasted a loss. Furthermore, quarterly net revenue reached $2.65 billion, surpassing consensus estimates.

The strong performance was primarily driven by a sharp increase in adjusted EBITDA to $211.7 million, fueled by higher refining margins. The company attributed the improved refining segment results to increased crack spreads. Additionally, the completion of the Big Spring refinery turnaround positions the company to capture improved margins for the remainder of the year, contributing to positive investor sentiment.