CVR Energy (CVI) 2025 EBITDA jumps as Q4 loss follows renewables shift
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
CVR Energy reported a mixed finish to 2025, with a fourth quarter net loss attributable to stockholders of $110 million, or $(1.10) per diluted share, driven largely by $62 million of accelerated depreciation tied to reverting its Wynnewood renewable diesel unit back to hydrocarbon processing. Quarterly EBITDA was $51 million, down from $122 million a year earlier, though adjusted EBITDA improved to $91 million from $67 million, helped by inventory and RFS-related adjustments.
For full-year 2025, net income attributable to stockholders rose to $27 million from $7 million in 2024, while EBITDA increased to $591 million and adjusted EBITDA to $393 million, up from $394 million and $317 million. Petroleum delivered $207 million of net income and $411 million of EBITDA, supported by higher refining margins, while the Renewables segment posted a $137 million net loss amid unfavorable economics. The Nitrogen Fertilizer segment earned $99 million with EBITDA of $211 million, backed by strong ammonia and UAN pricing despite turnaround downtime.
Cash and cash equivalents were $511 million at December 31, 2025, with total debt and finance lease obligations of $1.8 billion. CVR Partners declared a $0.37 per-unit cash distribution for fourth quarter 2025, and the company prepaid $75 million of term debt in December. Management guided first-quarter 2026 refinery throughput to 200,000–215,000 bpd and ammonia utilization of 95–100%.
Positive
- None.
Negative
- None.
Insights
Results show stronger 2025 EBITDA but a weak, depreciation-heavy Q4 and a strategic pullback from renewables.
CVR Energy doubled consolidated net income to
The fourth quarter swung to a net loss of
Balance sheet metrics showed cash of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
___________________________________
Date of Report (Date of earliest event reported): February 18, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (281 ) 207-3200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On February 18, 2026, CVR Energy, Inc. (the “Company”) issued a press release announcing information regarding its results of operations and financial condition for the three months and year ended December 31, 2025, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in Items 2.02 and 7.01 of this Current Report on Form 8-K (“Current Report”) and Exhibit 99.1 attached hereto is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified therein as being incorporated by reference. The furnishing of information in this Current Report (including Exhibit 99.1) is not intended to, and does not, constitute a determination or admission by the Company that the information in this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any securities of the Company or its affiliates.
Item 7.01. Regulation FD Disclosure
The information set forth under Item 2.02 is incorporated by reference as if fully set forth herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following exhibit is being “furnished” as part of this Current Report:
Exhibit Number | Exhibit Description | ||||
| 99.1 | Press Release dated February 18, 2026. | ||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 18, 2026
| CVR Energy, Inc. | |||||
| By: | /s/ DANE J. NEUMANN | ||||
| Dane J. Neumann | |||||
| Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary | |||||
Exhibit 99.1
CVR Energy Reports Fourth Quarter and Full-Year 2025 Results
•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 (February 18, 2026) – 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.”
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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.
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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.
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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.
Contact Information:
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com
MediaRelations@CVREnergy.com
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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.
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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.
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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 | |||||||||
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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.
8
| 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 | |||||||||||||||||||
9
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 | |||||||||||||||||||
10
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.
11
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.
12
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 | |||||||||||||||
13
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.
14
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.
15
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 | |||||||||||||||
16
FAQ
How did CVR Energy (CVI) perform financially in full-year 2025?
CVR Energy reported net income attributable to stockholders of $27 million in 2025, up from $7 million in 2024. Consolidated net income was $90 million, with EBITDA rising to $591 million and adjusted EBITDA to $393 million, reflecting stronger refining and fertilizer contributions.
Why did CVR Energy post a net loss in the fourth quarter of 2025?
The company recorded a fourth quarter 2025 net loss attributable to stockholders of $110 million, or $(1.10) per diluted share. This was driven largely by $62 million of accelerated depreciation from reverting the Wynnewood renewable diesel unit back to hydrocarbon processing, offsetting otherwise positive operating metrics.
How did CVR Energy’s business segments perform in 2025?
In 2025, the Petroleum segment generated net income of $207 million and EBITDA of $411 million, while the Nitrogen Fertilizer segment earned $99 million with EBITDA of $211 million. The Renewables segment posted a net loss of $137 million and EBITDA of negative $22 million amid weak economics.
What was the impact of Renewable Fuel Standard relief on CVR Energy in 2025?
Following the August 2025 small refinery exemption decision, Wynnewood’s RFS obligations for 2020–2024 were reduced by more than 424 million RINs. This drove an RVO adjustment and a $488 million gain, significantly affecting reported results and the Petroleum segment’s RFS liability changes.
What is CVR Energy’s cash, debt and distribution position at year-end 2025?
As of December 31, 2025, CVR Energy held $511 million in cash and cash equivalents and had $1.8 billion of total debt and finance lease obligations. CVR Partners’ board declared a fourth quarter 2025 cash distribution of $0.37 per common unit, payable March 9, 2026.
What operational changes did CVR Energy make to its renewable diesel operations?
In December 2025, CVR Energy reverted the Wynnewood Renewable Diesel Unit back to hydrocarbon processing service. Management cited unfavorable renewables economics and a desire to optimize feedstock and relieve logistical constraints within the refining business, triggering substantial additional depreciation expense.
What 2026 outlook did CVR Energy provide for refining and fertilizer operations?
For first quarter 2026, the company forecast Petroleum segment throughput of 200,000–215,000 barrels per day and crude utilization of 92–97%. The Nitrogen Fertilizer segment outlook includes an ammonia utilization rate of 95–100% and direct operating expenses of $57–$62 million, excluding turnaround and inventory effects.
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CVR Energy
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[Form 4] CVR ENERGY INC Insider Trading Activity
Feb 18, 2026
[10-K] CVR ENERGY INC Files Annual Report
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[8-K] CVR ENERGY INC Reports Material Event
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[8-K] CVR ENERGY INC Reports Material Event
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[8-K] CVR ENERGY INC Reports Material Event