CVR Energy Reports Fourth Quarter and Full-Year 2025 Results

Key Terms

ebitda financial

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

term loan financial

A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.

cash distribution financial

A cash distribution is a direct payment of money from a company, fund, or investment vehicle to its shareholders or investors, similar to receiving a portion of the profits or proceeds like a periodic paycheck. It matters to investors because it provides tangible return on their ownership, affects the value left in the business, and can signal financial health or a change in strategy—like a homeowner taking money out of a property rather than reinvesting in it.

throughput technical

Throughput is the amount of stuff, like products or data, that a system can handle or move through in a certain period of time. For example, a factory’s throughput is how many items it produces each hour, and it matters because higher throughput usually means things are running efficiently and meeting demand quickly.

refining margin financial

Refining margin is the difference between the price a refinery gets for selling finished fuels and the cost it paid for crude oil and processing those barrels. Think of it like the profit margin a baker earns after buying flour and paying oven time to sell bread; higher margins mean refineries can cover costs and earn more, while lower or negative margins warn of tighter profits and potential losses. Investors watch it as a direct indicator of refinery profitability and cash flow.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

ammonia utilization rate technical

The ammonia utilization rate measures the share of ammonia feedstock that is actually converted into the intended product or used in a process, rather than being lost, emitted, or turned into waste. For investors, it signals operational efficiency and cost control—higher utilization means lower raw-material cost per unit, better profit margins and fewer environmental or regulatory risks; think of it like a car’s fuel efficiency for an industrial chemical process.

• Net loss attributable to CVR Energy stockholders of $110 million for fourth quarter 2025, and net income attributable to CVR Energy stockholders of $27 million for full-year 2025
• EBITDA and Adjusted EBITDA of $51 million and $91 million, respectively, for fourth quarter 2025, and $591 million and $393 million, respectively, for full-year 2025
• Completed the reversion of the Renewable Diesel Unit (“RDU”) at the Wynnewood Refinery back to hydrocarbon processing service in December 2025
• Prepaid $75 million in principal of the Term Loan in December 2025
• CVR Partners announced a fourth quarter 2025 cash distribution of 37 cents per common unit

SUGAR LAND, Texas--(BUSINESS WIRE)-- CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its fourth quarter 2025 results including a net loss attributable to CVR Energy stockholders of $110 million, or $1.10 per diluted share, and an adjusted loss per diluted share of 80 cents, compared to net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, and an adjusted loss of 13 cents per diluted share for the fourth quarter of 2024. Net loss for the fourth quarter of 2025 was $116 million compared to net income of $40 million for the fourth quarter of 2024. Net loss for the fourth quarter of 2025 included $62 million of accelerated depreciation associated with the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing. EBITDA and adjusted EBITDA for the fourth quarter of 2025 were $51 million and $91 million, respectively, compared to EBITDA and adjusted EBITDA of $122 million and $67 million, respectively, for the fourth quarter of 2024.

For full-year 2025, the Company reported net income attributable to CVR Energy stockholders of $27 million, or 27 cents per diluted share, and an adjusted loss per diluted share of $1.22, compared to net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, and an adjusted loss per diluted share of 51 cents for full-year 2024. Net income for full-year 2025 was $90 million compared to net income of $45 million for full-year 2024. Net income for full-year 2025 included $93 million of accelerated depreciation associated with the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing. EBITDA and adjusted EBITDA for full-year 2025 were $591 million and $393 million, respectively, compared to EBITDA and adjusted EBITDA of $394 million and $317 million, respectively, for full-year 2024.

“CVR Energy’s solid fourth quarter results were driven by strong throughput volumes in our refining operations, along with attractive seasonal crack spreads in the Fall,” said Mark Pytosh, CVR Energy’s Chief Executive Officer. “We remain optimistic about the intermediate term prospects for refining, with expected steady increases in global demand for refined products and fewer supply additions compared to the past few years.

“CVR Partners’ results were impacted by a 32-day planned turnaround at our Coffeyville fertilizer facility followed by subsequent downtime due to three weeks of startup issues at the third-party air separation plant. Nitrogen fertilizer market conditions continue to be supportive with tight global supply balances and continued strong demand, and pricing has remained robust so far this year.”

Segment Highlights

Below are financial and operational highlights of each of the Company’s reportable segments:

	Three Months Ended December 31,								Year Ended December 31,
	2025				2024				2025				2024
Petroleum Segment
Petroleum Segment net (loss) income (in millions)	$	(16	)		$	35			$	207			$	70
Petroleum Segment EBITDA* (in millions)		41				72				411				223
Petroleum Segment Adjusted EBITDA* (in millions)		73				9				199				138
Total throughput barrels per day		218,013				213,703				181,988				196,278
Refining margin* ($ per throughput barrel)	$	8.35			$	8.37			$	13.64			$	9.53
Adjusted refining margin* ($ per throughput barrel)		9.92				6.45				10.45				8.67
Direct operating expenses* ($ per throughput barrel)		5.40				5.13				6.25				5.86
Renewables Segment (1)
Renewables Segment net loss (in millions)	$	(76	)		$	(3	)		$	(137	)		$	(21	)
Renewables Segment EBITDA* (in millions)		(8	)			3				(22	)			3
Renewables Segment Adjusted EBITDA* (in millions)		—				9				(8	)			10
Total vegetable oil throughput gallons per day		137,091				185,730				163,894				150,716
Renewables margin* ($ per vegetable oil throughput gallon)	$	0.25			$	0.79			$	0.40			$	0.80
Adjusted renewables margin* ($ per vegetable oil throughput gallon)		0.91				1.15				0.63				0.94
Direct operating expenses* ($ per vegetable oil throughput gallon)		0.56				0.48				0.50				0.58
Nitrogen Fertilizer Segment
Nitrogen Fertilizer Segment net (loss) income (in millions)	$	(10	)		$	18			$	99			$	61
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA* (in millions)		20				50				211				179
Ammonia utilization rate (percent of capacity utilization)		64	%			96	%			88	%			96	%
Ammonia sales (thousands of tons)		81				97				246				271
UAN sales (thousands of tons)		182				310				1,191				1,260
Ammonia pricing at gate ($ per ton)	$	626			$	475			$	582			$	479
UAN pricing at gate ($ per ton)		355				229				314				248

____________________
*	See “Non-GAAP Reconciliations” section below.
(1)	In December 2025, the Company reverted the RDU at the Wynnewood Refinery back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business.

Corporate and Other

The Company reported income tax benefit of $10 million, or (12.5) percent of income before income taxes, for the year ended December 31, 2025, compared to income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024. The decrease in income tax benefit was due primarily to an increase in overall pretax earnings for full-year 2025, compared to full-year 2024. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for full-year 2025, compared to full-year 2024.

Cash, Debt and Dividend

Consolidated cash and cash equivalents was $511 million at December 31, 2025. Consolidated total debt and finance lease obligations was $1.8 billion at December 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2025 cash distribution of $0.37 per common unit, which will be paid on March 9, 2026, to common unitholders of record as of March 2, 2026.

Fourth Quarter 2025 Earnings Conference Call

CVR Energy previously announced that it will host its fourth quarter and full-year 2025 Earnings Conference Call on Thursday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The fourth quarter and full-year 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 3388257. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 3388257. The webcast will be archived and available on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com.

Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; impacts of planned and unplanned downtime and turnarounds on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; crack spreads and the impacts thereof on our results; prospects for the refining industry; impact of costs to comply with the Renewable Fuel Standard (“RFS”) and revaluation of our RFS liability; ability to secure RFS waivers; reportable segments; supply and demand trends; refining supply additions; RIN and product pricing; global fertilizer industry conditions; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; timing of determinations and other interactions with, and submissions to, regulatory authorities and agencies; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by the administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; the health and economic effects of any pandemic, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Energy, Inc.

Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners, LP.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Non-GAAP Measures

Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the three and twelve months ended December 31, 2025 and 2024:

EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel - Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin - The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin - Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon - Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon - Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.

Petroleum Segment

Major Scheduled Turnaround Activities - The Petroleum Segment had total capitalized expenditures of $1 million and $13 million during the three months ended December 31, 2025 and 2024 and $190 million and $58 million during the twelve months ended December 31, 2025 and 2024, respectively. The next planned turnaround is currently scheduled to take place during 2027 at the Wynnewood Refinery.

Renewable Fuel Standard - Based on the U.S. Environmental Protection Agency decision document to the Company’s subsidiary, Wynnewood Refining Company, LLC’s (“WRC”), affirming the validity of its previous grant of WRC’s petitions for small refinery hardship relief under the RFS for WRC’s 2017 and 2018 compliance periods and granting 100 percent waivers for WRC’s 2019 and 2021 compliance periods and granting 50 percent waivers for its 2020, 2022, 2023 and 2024 compliance periods (the “August 2025 SRE Decision”), WRC obligations for the 2020 through 2024 compliance periods were reduced by more than 424 million RINs, resulting in an RVO adjustment and a gain of $488 million to reflect the small refinery hardship relief waivers.

Renewables Segment

The remaining useful lives of certain assets within the Renewables Segment were adjusted as a result of changes in their expected utilization beginning in September 2025, which resulted in additional depreciation expense of $62 million and $93 million during the three and twelve months ended December 31, 2025.

Nitrogen Fertilizer Segment

Major Scheduled Turnaround Activities - We incurred turnaround expenses of $14 million and less than $1 million during the three months ended December 31, 2025 and 2024, respectively, and $17 million and less than $1 million during the twelve months ended December 31, 2025, and 2024, respectively. The next planned turnaround is currently scheduled to commence in August 2026 at the East Dubuque Fertilizer Facility.

CVR Energy, Inc.
(unaudited)
Consolidated Statement of Operations Data
	Three Months Ended December 31,								Year Ended December 31,
(in millions, except per share data)	2025				2024				2025				2024
Net sales	$	1,810			$	1,947			$	7,162			$	7,610
Operating costs and expenses:
Cost of materials and other		1,527				1,653				5,722				6,448
Direct operating expenses (exclusive of depreciation and amortization)		197				165				700				667
Depreciation and amortization		143				72				394				290
Cost of sales		1,867				1,890				6,816				7,405
Selling, general and administrative expenses (exclusive of depreciation and amortization)		33				35				148				139
Depreciation and amortization		2				2				9				8
Other operating expenses (income), net		3				(1	)			7				—
Operating (loss) income		(95	)			21				182				58
Other income (expense):
Interest expense, net		(29	)			(20	)			(108	)			(77	)
Other income, net		1				27				6				38
Income (loss) before income taxes		(123	)			28				80				19
Income tax benefit		(7	)			(12	)			(10	)			(26	)
Net (loss) income		(116	)			40				90				45
Less: Net (loss) income attributable to noncontrolling interest		(6	)			12				63				38
Net (loss) income attributable to CVR Energy stockholders	$	(110	)		$	28			$	27			$	7
Basic and diluted (loss) earnings per share	$	(1.10	)		$	0.28			$	0.27			$	0.06
Dividends declared per share	$	—			$	—			$	—			$	1.50
Adjusted loss per share*	$	(0.80	)		$	(0.13	)		$	(1.22	)		$	(0.51	)
EBITDA*	$	51			$	122			$	591			$	394
Adjusted EBITDA*	$	91			$	67			$	393			$	317
Weighted-average common shares outstanding - basic and diluted		100.5				100.5				100.5				100.5

____________________
*	See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data
(in millions)	December 31, 2025				December 31, 2024
Cash and cash equivalents	$	511			$	987
Working capital (inclusive of cash and cash equivalents)		561				726
Total assets		3,706				4,263
Total debt and finance lease obligations, including current portion		1,765				1,919
Total liabilities		2,808				3,375
Total CVR stockholders’ equity		730				703

Selected Consolidated Cash Flow Data
	Three Months Ended December 31,								Year Ended December 31,
(in millions)	2025				2024				2025				2024
Net cash flows provided by (used in):
Operating activities	$	—			$	98			$	144			$	404
Investing activities		(53	)			43				(362	)			(121	)
Financing activities		(106	)			312				(258	)			(482	)
Net (decrease) increase in cash, cash equivalents and restricted cash	$	(159	)		$	453			$	(476	)		$	(199	)
Free cash flow *	$	(55	)		$	40			$	(231	)		$	181

____________________
*	See “Non-GAAP Reconciliations” section below.

Selected Segment Data
	Three Months Ended December 31, 2025																Three Months Ended December 31, 2024
(in millions)	Petroleum				Renewables				Nitrogen Fertilizer				Consolidated				Petroleum				Renewables				Nitrogen Fertilizer				Consolidated
Net sales	$	1,649			$	72			$	131			$	1,810			$	1,755			$	93			$	140			$	1,947
Operating (loss) income		(13	)			(76	)			(3	)			(95	)			4				(3	)			26				21
Net (loss) income		(16	)			(76	)			(10	)			(116	)			35				(3	)			18				40
EBITDA *		41				(8	)			20				51				72				3				50				122
Capital Expenditures: (1)
Maintenance	$	26			$	1			$	17			$	44			$	24			$	1			$	15			$	40
Growth		11				—				10				21				7				—				3				11
Total capital expenditures	$	37			$	1			$	27			$	65			$	31			$	1			$	18			$	51

	Year Ended December 31, 2025																Year Ended December 31, 2024
(in millions)	Petroleum				Renewables				Nitrogen Fertilizer				Consolidated				Petroleum				Renewables				Nitrogen Fertilizer				Consolidated
Net sales	$	6,426			$	312			$	606			$	7,162			$	6,920			$	289			$	525			$	7,610
Operating (loss) income		211				(137	)			129				182				12				(22	)			90				58
Net income (loss)		207				(137	)			99				90				70				(21	)			61				45
EBITDA *		411				(22	)			211				591				223				3				179				394
Capital Expenditures: (1)
Maintenance	$	96			$	3			$	35			$	134			$	90			$	3			$	30			$	127
Growth		39				1				22				63				38				8				7				54
Total capital expenditures	$	135			$	4			$	57			$	197			$	128			$	11			$	37			$	181

____________________
*	See “Non-GAAP Reconciliations” section below.
(1)	Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

	December 31, 2025																December 31, 2024
(in millions)	Petroleum				Renewables				Nitrogen Fertilizer				Consolidated				Petroleum				Renewables				Nitrogen Fertilizer				Consolidated
Cash and cash equivalents (1)	$	253			$	9			$	69			$	511			$	735			$	13			$	91			$	987
Total assets		2,987				294				969				3,706				3,288				420				1,019				4,263
Total debt and finance lease obligations, including current portion (2)		195				—				570				1,765				354				—				569				1,919

____________________
(1)	Corporate cash and cash equivalents consisted of $180 million and $148 million at December 31, 2025 and December 31, 2024, respectively.
(2)	Corporate total debt and finance lease obligations, including current portion consisted of $1.0 billion and $996 million at December 31, 2025 and December 31, 2024, respectively.

Petroleum Segment
Throughput Data by Refinery
	Three Months Ended December 31,						Year Ended December 31,
(in bpd)	2025			2024			2025			2024
Coffeyville
Gathered crude	48,885			75,269			48,598			73,928
Other domestic	74,272			47,732			47,279			39,360
Canadian	711			3,969			482			7,304
Condensate	6,406			—			2,398			3,177
Other feedstocks and blendstocks	12,993			14,997			9,594			12,511
Wynnewood
Gathered crude	54,103			55,507			55,607			46,185
Other domestic	6,930			—			4,070			980
Condensate	8,000			10,747			8,509			9,165
Other feedstocks and blendstocks	5,713			5,482			5,451			3,668
Total throughput	218,013			213,703			181,988			196,278

Production Data by Refinery
	Three Months Ended December 31,						Year Ended December 31,
(in bpd)	2025			2024			2025			2024
Coffeyville
Gasoline	73,250			72,868			53,238			69,771
Distillate	61,132			61,016			47,983			56,690
Other liquid products	4,816			3,775			4,040			5,125
Solids	4,624			4,349			3,523			4,762
Wynnewood
Gasoline	40,504			40,139			38,294			33,106
Distillate	26,017			24,473			24,994			20,917
Other liquid products	6,376			4,405			7,410			4,551
Solids	—			12			8			9
Total production	216,719			211,037			179,490			194,931
Crude utilization (1)	96.5	%		93.6	%		80.8	%		87.2	%
Distillate yield (as % of total crude throughput) (2)	43.7	%		44.2	%		43.7	%		43.1	%
Light product yield (as % of total crude throughput) (3)	100.8	%		102.7	%		98.5	%		100.2	%
Liquid volume yield (as % of total throughput) (4)	97.3	%		96.7	%		96.7	%		96.9	%

____________________
(1)	Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2)	Total Distillate divided by Total Crude Throughput.
(3)	Total Gasoline and Distillate divided by Total Crude Throughput.
(4)	Total Gasoline, Distillate, and Other liquid products divided by total throughput.

Key Market Indicators
	Three Months Ended December 31,								Year Ended December 31,
(dollars per barrel)	2025				2024				2025				2024
West Texas Intermediate (WTI) NYMEX	$	59.14			$	70.32			$	64.73			$	75.77
Crude Oil Differentials to WTI:
Brent		3.94				3.69				3.45				4.09
WCS (heavy sour)		(12.06	)			(12.25	)			(11.34	)			(13.86	)
Condensate		(0.02	)			(0.24	)			(0.42	)			(0.48	)
Midland Cushing		0.62				0.87				0.81				1.10
NYMEX Crack Spreads:
Gasoline		18.85				13.84				20.85				20.91
Heating Oil		38.21				23.40				31.89				26.67
NYMEX 2-1-1 Crack Spread		28.53				18.62				26.37				23.79
PADD II Group 3 Product Basis:
Gasoline		(6.80	)			(4.03	)			(4.22	)			(6.52	)
Ultra Low Sulfur Diesel (ULSD)		(4.86	)			(4.57	)			(3.26	)			(4.96	)
PADD II Group 3 Product Crack Spread:
Gasoline		12.04				9.81				16.63				14.40
ULSD		33.35				18.83				28.63				21.71
PADD II Group 3 2-1-1		22.70				14.32				22.63				18.05

Renewables Segment
Renewables Throughput and Production Data
	Three Months Ended December 31,						Year Ended December 31,
(in gallons per day)	2025			2024			2025			2024
Throughput Data
Corn Oil	—			81,009			5,153			53,984
Soybean Oil	137,091			104,721			158,741			96,732
Production Data
Renewable diesel	124,453			163,110			151,921			134,399
Renewable utilization (1)	54.4	%		73.7	%		65.0	%		59.8	%
Renewable diesel yield (as % of corn and soybean oil throughput)	90.8	%		87.8	%		92.7	%		89.2	%

____________________
(1)	Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Key Market Indicators
	Three Months Ended December 31,								Year Ended December 31,
	2025				2024				2025					2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.50			$	0.43			$	0.49			$	0.44
Midwest crude corn oil (dollars per pound)		0.52				0.46				0.51				0.50
CARB ULSD (dollars per gallon)		2.36				2.28				2.41				2.47
NYMEX ULSD (dollars per gallon)		2.32				2.23				2.30				2.44
California LCFS (dollars per metric ton)		53.64				72.05				56.30				60.07
Biodiesel RINs (dollars per RIN)		1.03				0.66				1.01				0.59

Nitrogen Fertilizer Segment
Production Data
	Three Months Ended December 31,								Year Ended December 31,
	2025				2024				2025				2024
Consolidated production volume (thousands of tons):
Ammonia (gross produced) (2)		140				210				761				836
Ammonia (net available for sale) (2)		62				80				243				270
UAN		169				310				1,174				1,273
Feedstock:
Petroleum coke used in production (thousands of tons)		64				123				459				517
Petroleum coke used in production (dollars per ton)	$	56.76			$	55.71			$	49.11			$	59.69
Natural gas used in production (thousands of MMBtus) (3)		2,063				2,224				8,234				8,667
Natural gas used in production (dollars per MMBtu) (3)	$	3.82			$	3.00			$	3.74			$	2.56

____________________
(1)	Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)	Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)	The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators
	Three Months Ended December 31,								Year Ended December 31,
	2025				2024				2025				2024
Ammonia — Southern plains (dollars per ton)	$	679			$	526			$	606			$	526
Ammonia — Corn belt (dollars per ton)		741				595				661				573
UAN — Corn belt (dollars per ton)		382				274				377				277
Natural gas NYMEX (dollars per MMBtu)	$	3.73			$	2.98			$	3.53			$	2.41

Q1 2026 Outlook
The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2026. See “Forward-Looking Statements” above.
	Q1 2026
	Low				High
Petroleum Segment
Total throughput (bpd)		200,000				215,000
Crude Utilization (1)		92	%			97	%
Direct operating expenses (in millions) (2)	$	110			$	120
Nitrogen Fertilizer Segment
Ammonia utilization rate		95	%			100	%
Direct operating expenses (in millions) (2)	$	57			$	62
Capital Expenditures (in millions) (3)
Petroleum Segment	$	30			$	35
Nitrogen Fertilizer Segment		25				30
Other (4)		1				3
Total capital expenditures	$	56			$	68

____________________
(1)	Represents crude oil throughput divided by total crude oil capacity (bpd). Our consolidated crude oil capacity is 206,500 bpd.
(2)	Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
(3)	Turnaround and capital expenditures are disclosed on an accrual basis.
(4)	Capital expenditures for the Renewables Segment are expected to be minimal following the reversion of the RDU at the Wynnewood Refinery back to hydrocarbon processing service and are included in ‘Other’ for purposes of this guidance.

Non-GAAP Reconciliations
Reconciliation of Consolidated Net (Loss) Income to EBITDA and Adjusted EBITDA
	Three Months Ended December 31,								Year Ended December 31,
(in millions)	2025				2024				2025				2024
Net (loss) income	$	(116	)		$	40			$	90			$	45
Interest expense, net		29				20				108				77
Income tax (benefit)		(7	)			(12	)			(10	)			(26	)
Depreciation and amortization		145				74				403				298
EBITDA		51				122				591				394
Adjustments:
Changes in RFS liability, unfavorable (favorable)		9				(57	)			(262	)			(89	)
Unrealized (gain) loss on derivatives		(10	)			6				(4	)			22
Inventory valuation impacts, unfavorable		39				20				66				14
Gain on sale of equity method investment		—				(24	)			—				(24	)
Other non-cash adjustments		2				—				2				—
Adjusted EBITDA	$	91			$	67			$	393			$	317

Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted Earnings per Share
	Three Months Ended December 31,								Year Ended December 31,
	2025				2024				2025				2024
Basic and diluted (loss) earnings per share	$	(1.10	)		$	0.28			$	0.27			$	0.06
Adjustments: (1)
Changes in RFS liability, unfavorable (favorable)		0.07				(0.43	)			(1.97	)			(0.67	)
Unrealized (gain) loss on derivatives		(0.08	)			0.04				(0.03	)			0.16
Inventory valuation impacts, unfavorable		0.30				0.16				0.50				0.12
Gain on sale of equity method investment		—				(0.18	)			—				(0.18	)
Other non-cash adjustments		0.01				—				0.01				—
Adjusted loss per share	$	(0.80	)		$	(0.13	)		$	(1.22	)		$	(0.51	)

____________________
(1)	Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
	Three Months Ended December 31,								Year Ended December 31,
(in millions)	2025				2024				2025				2024
Net cash provided by operating activities	$	—			$	98			$	144			$	404
Less:
Capital expenditures		(55	)			(55	)			(185	)			(179	)
Capitalized turnaround expenditures		(1	)			(7	)			(197	)			(53	)
Return on equity method investment		1				4				7				9
Free cash flow	$	(55	)		$	40			$	(231	)		$	181

Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA
	Three Months Ended December 31,								Year Ended December 31,
(in millions)	2025				2024				2025				2024
Petroleum Segment net (loss) income	$	(16	)		$	35			$	207			$	70
Interest expense (income), net		5				(4	)			10				(21	)
Depreciation and amortization		52				41				194				174
Petroleum Segment EBITDA		41				72				411				223
Adjustments:
Changes in RFS liability, unfavorable (favorable) (1)		9				(57	)			(262	)			(89	)
Unrealized (gain) loss on derivatives, net		(10	)			6				(4	)			22
Inventory valuation impact, unfavorable (2)		33				12				54				6
Gain on sale of equity method investment		—				(24	)			—				(24	)
Petroleum Segment Adjusted EBITDA	$	73			$	9			$	199			$	138

Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin
	Three Months Ended December 31,								Year Ended December 31,
(in millions, except throughput data)	2025				2024				2025				2024
Net sales	$	1,649			$	1,755			$	6,426			$	6,920
Less:
Cost of materials and other		(1,482	)			(1,590	)			(5,520	)			(6,236	)
Direct operating expenses (exclusive of depreciation and amortization)		(108	)			(101	)			(415	)			(421	)
Depreciation and amortization		(52	)			(41	)			(194	)			(174	)
Gross profit		7				23				297				89
Add:
Direct operating expenses (exclusive of depreciation and amortization)		108				101				415				421
Depreciation and amortization		52				41				194				174
Refining margin		167				165				906				684
Adjustments:
Revaluation of RFS liability, (unfavorable) favorable		9				(57	)			(262	)			(89	)
Unrealized (gain) loss on derivatives, net		(10	)			6				(4	)			22
Inventory valuation impact, unfavorable (2)		33				12				54				6
Adjusted refining margin	$	199			$	126			$	694			$	623
Total throughput barrels per day		218,013				213,703				181,988				196,278
Days in the period		92				92				365				366
Total throughput barrels		20,057,204				19,660,650				66,425,773				71,837,644
Refining margin per total throughput barrel	$	8.35			$	8.37			$	13.64			$	9.53
Adjusted refining margin per total throughput barrel		9.92				6.45				10.45				8.67
Direct operating expenses per total throughput barrel		5.40				5.13				6.25				5.86

____________________
(1)	Changes in the RFS liability include adjustments to reflect the August 2025 SRE Decision in the amount of $488 million for the year ended December 31, 2025, as well as the revaluation of the RVO.
(2)	The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA
	Three Months Ended December 31,								Year Ended December 31,
(in millions)	2025				2024				2025				2024
Renewables Segment net loss	$	(76	)		$	(3	)		$	(137	)		$	(21	)
Interest expense, net		—				—				—				(1	)
Depreciation and amortization		68				6				115				25
Renewables Segment EBITDA		(8	)			3				(22	)			3
Adjustments:
Inventory valuation, unfavorable (1)		6				6				12				7
Other non-cash adjustments (2)		2				—				2				—
Renewables Segment Adjusted EBITDA	$	—			$	9			$	(8	)		$	10

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin
	Three Months Ended December 31,								Year Ended December 31,
(in millions, except throughput data)	2025				2024				2025				2024
Net sales	$	72			$	93			$	312			$	289
Less:
Cost of materials and other		(69	)			(79	)			(288	)			(245	)
Direct operating expenses (exclusive of depreciation and amortization)		(7	)			(8	)			(30	)			(31	)
Depreciation and amortization		(68	)			(6	)			(115	)			(25	)
Gross loss		(72	)			—				(121	)			(12	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		7				8				30				31
Depreciation and amortization		68				6				115				25
Renewables margin		3				14				24				44
Inventory valuation, unfavorable (1) (3)		6				6				12				7
Other non-cash adjustments (2)		2				—				2				—
Adjusted renewables margin	$	11			$	20			$	38			$	51
Total vegetable oil throughput gallons per day		137,091				185,730				163,894				150,716
Days in the period		92				92				365				366
Total vegetable oil throughput gallons		12,612,400				17,087,105				59,820,859				55,161,935
Renewables margin per vegetable oil throughput gallon	$	0.25			$	0.79			$	0.40			$	0.80
Adjusted renewables margin per vegetable oil throughput gallon		0.91				1.15				0.63				0.94
Direct operating expenses per vegetable oil throughput gallon		0.56				0.48				0.50				0.58

____________________
(1)	The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.
(2)	Consists of asset write-downs associated with the reversion of the RDU at the Wynnewood Refinery in December 2025.
(3)	Includes an inventory valuation charge of $2 million and $9 million for the second and third quarters of 2025, respectively, and $5 million recorded in the fourth quarter of 2024, as inventories were reflected at the lower of cost or net realizable value. No adjustment was necessary for any other period in 2025 or 2024.

Reconciliation of Nitrogen Fertilizer Segment Net (Loss) Income to EBITDA and Adjusted EBITDA
	Three Months Ended December 31,								Year Ended December 31,
(in millions)	2025				2024				2025				2024
Nitrogen Fertilizer Segment net (loss) income	$	(10	)		$	18			$	99			$	61
Add:
Interest expense, net		7				7				30				30
Depreciation and amortization		23				25				82				88
Nitrogen Fertilizer Segment EBITDA and Adjusted EBITDA	$	20			$	50			$	211			$	179

 

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Investor Relations

Richard Roberts

(281) 207-3205

InvestorRelations@CVREnergy.com

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Brandee Stephens

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Source: CVR Energy, Inc.