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Side-by-side financial comparison of Delek US Holdings, Inc. (DK) and EQUINOR ASA (EQNR). Click either name above to swap in a different company.
EQUINOR ASA is the larger business by last-quarter revenue ($26.0B vs $2.4B, roughly 10.7× Delek US Holdings, Inc.). Delek US Holdings, Inc. runs the higher net margin — 3.2% vs -0.8%, a 4.0% gap on every dollar of revenue. On growth, EQUINOR ASA posted the faster year-over-year revenue change (2.4% vs 2.3%).
Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee.
Equinor ASA is a Norwegian multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy and lithium mining. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world. In 2023, the company was ranked 52nd in the same list. As of 2021, the company has 21,126 employees.
DK vs EQNR — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $2.4B | $26.0B |
| Net Profit | $78.3M | $-204.0M |
| Gross Margin | 9.3% | 46.6% |
| Operating Margin | 6.8% | 20.2% |
| Net Margin | 3.2% | -0.8% |
| Revenue YoY | 2.3% | 2.4% |
| Net Profit YoY | 118.9% | -108.9% |
| EPS (diluted) | $1.23 | $-0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.9B | $26.0B | ||
| Q2 25 | $2.8B | $25.1B | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $3.0B | $25.4B | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | $3.1B | — |
| Q4 25 | $78.3M | — | ||
| Q3 25 | $178.0M | $-204.0M | ||
| Q2 25 | $-106.4M | $1.3B | ||
| Q1 25 | $-172.7M | — | ||
| Q4 24 | $-413.8M | — | ||
| Q3 24 | $-76.8M | $2.3B | ||
| Q2 24 | $-37.2M | — | ||
| Q1 24 | $-32.6M | — |
| Q4 25 | 9.3% | — | ||
| Q3 25 | 13.8% | 46.6% | ||
| Q2 25 | 1.9% | 49.3% | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | -5.7% | — | ||
| Q3 24 | -0.7% | 48.5% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 3.0% | — |
| Q4 25 | 6.8% | — | ||
| Q3 25 | 10.2% | 20.2% | ||
| Q2 25 | -1.2% | 22.8% | ||
| Q1 25 | -4.8% | — | ||
| Q4 24 | -17.0% | — | ||
| Q3 24 | -4.0% | 27.1% | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 6.2% | -0.8% | ||
| Q2 25 | -3.8% | 5.2% | ||
| Q1 25 | -6.5% | — | ||
| Q4 24 | -17.4% | — | ||
| Q3 24 | -2.5% | 9.0% | ||
| Q2 24 | -1.1% | — | ||
| Q1 24 | -1.0% | — |
| Q4 25 | $1.23 | — | ||
| Q3 25 | $2.93 | $-0.08 | ||
| Q2 25 | $-1.76 | $0.50 | ||
| Q1 25 | $-2.78 | — | ||
| Q4 24 | $-6.48 | — | ||
| Q3 24 | $-1.20 | $0.82 | ||
| Q2 24 | $-0.58 | — | ||
| Q1 24 | $-0.51 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $625.8M | $8.1B |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $547.3M | $40.6B |
| Total Assets | $6.8B | $135.8B |
| Debt / EquityLower = less leverage | 5.91× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $625.8M | — | ||
| Q3 25 | $630.9M | $8.1B | ||
| Q2 25 | $615.5M | — | ||
| Q1 25 | $623.8M | — | ||
| Q4 24 | $735.6M | — | ||
| Q3 24 | $1.0B | $6.2B | ||
| Q2 24 | $657.9M | — | ||
| Q1 24 | $753.4M | — |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
| Q4 25 | $547.3M | — | ||
| Q3 25 | $444.8M | $40.6B | ||
| Q2 25 | $294.9M | — | ||
| Q1 25 | $429.4M | — | ||
| Q4 24 | $575.2M | — | ||
| Q3 24 | $875.4M | $44.4B | ||
| Q2 24 | $982.8M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $6.8B | — | ||
| Q3 25 | $7.1B | $135.8B | ||
| Q2 25 | $7.1B | — | ||
| Q1 25 | $6.9B | — | ||
| Q4 24 | $6.7B | — | ||
| Q3 24 | $7.0B | — | ||
| Q2 24 | $6.9B | — | ||
| Q1 24 | $7.2B | — |
| Q4 25 | 5.91× | — | ||
| Q3 25 | 7.14× | — | ||
| Q2 25 | 10.51× | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 4.81× | — | ||
| Q3 24 | 3.19× | — | ||
| Q2 24 | 2.50× | — | ||
| Q1 24 | 2.41× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $502.8M | $6.3B |
| Free Cash FlowOCF − Capex | $382.8M | — |
| FCF MarginFCF / Revenue | 15.8% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 6.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | $6.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $502.8M | — | ||
| Q3 25 | $44.0M | $6.3B | ||
| Q2 25 | $51.4M | $2.5B | ||
| Q1 25 | $-62.4M | — | ||
| Q4 24 | $-163.5M | — | ||
| Q3 24 | $-21.6M | $6.5B | ||
| Q2 24 | $-48.4M | — | ||
| Q1 24 | $166.7M | — |
| Q4 25 | $382.8M | — | ||
| Q3 25 | $-64.0M | — | ||
| Q2 25 | $-114.4M | — | ||
| Q1 25 | $-198.1M | — | ||
| Q4 24 | $-354.0M | — | ||
| Q3 24 | $-140.6M | — | ||
| Q2 24 | $-128.3M | — | ||
| Q1 24 | $128.4M | — |
| Q4 25 | 15.8% | — | ||
| Q3 25 | -2.2% | — | ||
| Q2 25 | -4.1% | — | ||
| Q1 25 | -7.5% | — | ||
| Q4 24 | -14.9% | — | ||
| Q3 24 | -4.6% | — | ||
| Q2 24 | -3.9% | — | ||
| Q1 24 | 4.1% | — |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 1.2% | — |
| Q4 25 | 6.42× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
EQNR
Segment breakdown not available.
