Delek US and NW Natural Report Q4 2025 Earnings Results

The financial landscape for Delek US Holdings and NW Natural Holdings has been characterized by robust earnings and strategic growth initiatives in 2025. Delek US Holdings reported a significant turnaround with a net income of $78.3 million for the fourth quarter, a stark improvement from the previous year’s loss. This achievement was bolstered by the successful implementation of their Enterprise Optimization Plan and strategic acquisitions.

Meanwhile, NW Natural Holdings celebrated a record year, with adjusted earnings per share reaching the top of their guidance range. The company achieved significant customer growth and made substantial capital investments to enhance system reliability and resiliency.

Quarterly Results and Key Business Drivers

Delek US Holdings showcased a remarkable recovery in the fourth quarter of 2025, reporting a net income of $78.3 million compared to a loss of $413.8 million in the same period the previous year. This turnaround was attributed to increased refining margins driven by wider crack spreads and the benefits of small refinery exemptions.

The company’s refining segment reported an adjusted EBITDA of $314.1 million, reflecting a significant improvement from the $68.7 million loss in the same quarter of 2024. The logistics segment also performed well, with an adjusted EBITDA of $141.9 million, up from $114.3 million in the prior year. Delek US Holdings’ strategic focus on operational excellence and disciplined capital allocation has positioned the company for sustainable growth.

NW Natural Holdings delivered record results across all business segments in 2025. The company reported an adjusted EPS of $2.93, up from $2.33 in 2024, driven by strong customer growth and strategic acquisitions. NW Natural’s gas utility segment saw a significant increase in net income, primarily due to new rates in Oregon and increased investments in the system.

The acquisition of SiEnergy and Pines contributed to the growth, adding approximately 98,000 utility connections. NW Natural Water Utility also reported increased net income, reflecting strong organic growth and new rates for its Arizona utilities.

Join our Telegram group and never miss a breaking digital asset story.

Growth Strategy and Earnings Outlook

Looking ahead, Delek US Holdings has set ambitious guidance for 2026, with Delek Logistics initiating an adjusted EBITDA guidance of $520 million to $560 million. The company aims to further improve its cash flow profile through continued operational excellence and strategic investments in the Permian Basin. Delek US Holdings remains focused on maintaining financial strength and flexibility while enhancing shareholder value through regular dividends and stock repurchases.

NW Natural Holdings has outlined a clear path for growth, with 2026 EPS guidance set between $2.95 and $3.15. The company plans to invest $500 million to $550 million in capital expenditures, with a long-term target of $2.6 billion to $2.9 billion from 2026 to 2030. NW Natural Holdings aims to achieve an EPS growth rate of 4% to 6% annually, with potential upside from the MX3 storage expansion project.

The company is committed to maintaining rate stability and delivering value to shareholders through consistent dividend increases, marking the 70th consecutive year of dividend growth in 2025.Both companies have demonstrated resilience and strategic foresight in navigating the challenges of 2025, setting the stage for continued success in the coming years.

Their focus on operational efficiency, strategic investments, and disciplined financial management positions them well to capitalize on future opportunities and deliver long-term value to shareholders.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.