On this page of StockholderLetter.com we present the latest annual shareholder letter from Delek US Holdings, Inc. — ticker symbol DK. Reading current and past DK letters to shareholders can bring important insights into the investment thesis.


6 )$ # & $! ' ! 0 1 1 #$ $ ! $! 2- ! - ! 0 3 )) 4$# % 0 53 #$ $ ! ! & ! ! . $ " ( $!' - ( ! $!- ( ##$ # ! "$! !($ !' ! " 4$.$ $ %,
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
6 7 ( "-)) ""0 - )& )-" " $ " $# # ( $ 0 -% "- % $ $ + # $+1 + $" $# # ( $ +$ 2329 $ 0 & -#& +$ $)+ & ) ((-$+ + "+$ ,&+)& , 0 $ ) "+$#/ & # "" , ( % +$ 2329 - ( " ) "" & # $+1 + $0 ( ) $ +$- -" +( * ( $ 0 ; ) &+" " # +$ 232: $% ' $%0 ) $ +$- % -" $% "- +$ - ) ( $ 0 " , " +$ 232:/ ( ; ( ) $ +% $ $% "-)) "" & + " & %0 - " # ) + $"0 ,+ ) $ +$- + + +1 + $ +( $ / " $% + ' + $"0 " & +" 0 1
 • shareholder letter icon 3/10/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/24/2023 DK Stockholder Letter
 • stockholder letter icon 3/22/2024 DK Stockholder Letter
 • stockholder letter icon 3/20/2025 DK Stockholder Letter
 • stockholder letter icon More "Oil & Gas Refining & Marketing" Category Stockholder Letters
 • Benford's Law Stocks icon DK Benford's Law Stock Score = 90


DK Shareholder/Stockholder Letter Transcript:































 6






   )$   #  &        $!       ' !       0  1 1 #$  $ ! $!   2-            !     - !   0 3  

 ))  4$#    % 0 53 #$  $ !  !       &    !    !  .  $     "  ( $!'  -  ( ! $!-   ( ##$ # !  
  "$! !($       !'    !  "  4$.$ $ %,


 6 7       






  +) 0
         +1+$# "   $# *  -       -      +  
'-"+$ "" +$ 2324/       ) $ +$- %  %* $)+$# 
 -   -(     &      "/ 56    78 "     #  +$ 
23290  &  )-   $    )-"  $      "     #  +"    

 )&+ *  % ) $"  +%  + $0    (     " %    "&    
 &   +$ 232:/  $         (  ' "+"/ ,   ;  )  
#        & $ <3=            #+" +)"!           
'  # $     %    (  &+ %.      " - ) "0  &+" 

          "&   &  %  "0
"   / '-  *  -      +1  + $0    '  + *   &   

) (      % ) $"  +%  + $0         ;)+  % 

"&   &  %  "0




   +(+1  + $    $  $% & , +  & " ' ) (    
)             &  )-  -      ' +)         0  $ 

2329/      *  * %    (      #   % +$+ +  +*  
 &  ) (  $ 0  -+ %+$#  $  &  "-)) ""     -  

      ( $) 0
   "     %  &+"    #  ( +$ 2324     )&+ *  
     ) "&    , +(   * ( $     @<3    @A23 
  # $+1  + $ ,  $ ,  ;  )      )&+ *        "  
@233 (+ + $ +$  $$-        ) "&    , 
# $    + $/ % -' +$#  -  +$+ +    ;  )   + $"0 
 &      +" $      $ . +(        B +  +"   %-  '   

) $%+ + $"0 



)    + $  &  -#&  &  ) )  0
 + " / ,    +  + +1  "     $%    + '         + $"/ 
 &    -$%  + $     -  '-"+$ ""0     & $ 


      -$+" +) "&       - )& " "0  +$   / ,  
 &   "   $# & $  -  ) (   + +* $ ""0
   %  $    - "-  #  , &     #  , &!" "   0 

  +$   )   -  "     #+)   "+ + $0

 6 7       

   ( "-)) ""0  -        )&   )-" "  $ "    

 $# # ( $ 0
   -%   "-      % $ $    +    # $+1  + $" 
 $# # ( $  +$ 2329    $ 0  &  -#&  +$ $)+   

 &  ) ((-$+ + "+$ ,&+)& ,         0
$ )  "+$#/  &     #  "" ,  ( %  +$ 2329 
 -   (      "  )  ""  &    # $+1  + $0    ( 

) $ +$- -" +(   * ( $ 0    ;  )   &+" 

"     #  +$ 232:  $% '   $%0
) $ +$- %   -"   $% "-      +$  -  ) (  $ 0 

" ,  "    +$   232:/    (  ;   (    ) $ +% $  
 $% "-)) ""  &    + "  &  %0  -  "     #     


 ) + $"0


   ,+  ) $ +$-       +  + +1        + $   
+(     $   / "     $%    + '         + $"0    



 "  &     +" 0
1


shareholder letter icon 3/10/2026 Letter Continued (Full PDF)
 

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