Mixed results: revenue growth and guidance reaffirmation are positives, but the earnings decline and storm headwinds warrant caution. Watch for any revisions to guidance on the earnings call and monitor leverage trends.
Price Chart
Executive Summary
DKL reported Q1 2026 revenue of $297.5M (+19% YoY) but net income fell to $32.4M ($0.60/unit) from $39.0M ($0.73/unit) a year ago, impacted by Winter Storm Fern. Adjusted EBITDA rose to $132.3M from $123.2M, and the company reaffirmed its 2026 EBITDA guidance of $520M-$560M while increasing the quarterly distribution to $1.130/unit.
Key Financial Metrics
Key Facts
- Q1 2026 net income $32.4M ($0.60/diluted unit) vs $39.0M ($0.73) YoY
- Revenue $297.5M vs $249.9M YoY (+19%)
- Adjusted EBITDA $132.3M vs $123.2M YoY (+7.4%)
- 2026 EBITDA guidance reaffirmed at $520M-$560M
- Quarterly distribution increased to $1.130/unit (1.8% YoY)
- New $1.3B credit facility with $1.1B undrawn; leverage 4.05x
Financial Impact
Revenue grew by ~$47.6M YoY but net income dropped by ~$6.7M due to storm impacts and higher interest expense
Risk Factors
- Weather disruptions (Winter Storm Fern impact ~$10M on EBITDA guidance)
- High debt leverage at 4.05x limits financial flexibility
- Dependence on sponsor Delek US (DK) for a significant portion of revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-028090 |
| Document: dkl-20260429.htm | 0001628280-26-028090 |
| Document: 0001628280-26-028090-index-headers.html | 0001628280-26-028090 |
| Document: 0001628280-26-028090-index.html | 0001628280-26-028090 |
| Document: 0001628280-26-028090.txt | 0001628280-26-028090 |
| 8-K Data (Synthetic) | 0001628280-26-028090 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 18, 2026 6w ago | Insider Cluster | $53.74 $56.26 | ▲ +4.69% | ▲ +6.44% | $54.93 (+2.21%) |
Aug 14, 2026 7w ago | 8-K | $54.01 $56.49 | ▼ −4.59% | ▼ −6.58% | $54.93 (−1.70%) |
Aug 13, 2026 7w ago | 8-K | $52.30 $56.90 | ▼ −8.80% | ▼ −10.54% | $54.93 (−5.03%) |
Aug 5, 2026 8w ago | 8-K | $57.11 $55.46 | ▲ +2.89% | ▲ +2.29% | $54.93 (+3.82%) |
May 14, 2026 20w ago | 8-K | $51.70 $49.52 | ▼ −4.22% | ▼ −6.34% | $54.93 (+6.25%) |
May 4, 2026 21w ago | 8-K | $51.16 $51.13 | ▼ −0.06% | ▼ −5.70% | $54.93 (+7.37%) |
Apr 29, 2026 22w ago | 8-K | $51.95 $50.61 | ▼ −2.58% | ▼ −8.63% | $54.93 (+5.74%) |
Feb 27, 2026 31w ago | 8-K | $50.84 $53.12 | ▲ +4.48% | ▲ +12.04% | $54.93 (+8.04%) |
US Market Status
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