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CVR Energy (NYSE: CVI) posts Q2 2026 net income, dividend and $737M cash

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

CVR Energy, Inc. reported second quarter 2026 results with consolidated net income of $46 million, compared with a net loss of $90 million in the second quarter of 2025. Net loss attributable to CVR Energy stockholders narrowed to $3 million, or $0.03 per diluted share. Net sales were $2,738 million, and consolidated adjusted EBITDA was $209 million, up from $99 million a year earlier, reflecting higher contributions from both the Petroleum and Nitrogen Fertilizer segments.

The Petroleum segment generated net income of $12 million and adjusted EBITDA of $106 million, with total throughput of 212,965 barrels per day and an adjusted refining margin of $12.43 per throughput barrel. The Nitrogen Fertilizer segment delivered net income of $78 million and EBITDA of $107 million, supported by a 99 percent ammonia utilization rate and higher realized ammonia and UAN pricing.

Cash and cash equivalents were $737 million as of June 30, 2026, compared with $511 million at December 31, 2025, against total debt and finance lease obligations of $1.8 billion. The board declared a cash dividend of $0.10 per share for the quarter, and CVR Partners approved a $6.08 per common unit distribution. Management also provided Q3 2026 outlook ranges for throughput, utilization, direct operating expenses and capital expenditures.

Positive

  • Consolidated results shifted to net income of $46 million in Q2 2026 from a $90 million net loss in Q2 2025, marking a return to profitability at the consolidated level.
  • Adjusted EBITDA increased to $209 million in Q2 2026 from $99 million a year earlier, showing substantially higher operating earnings across the refining and nitrogen fertilizer businesses.
  • Free cash flow reached $264 million in Q2 2026, and cash and cash equivalents were $737 million versus $511 million at year-end 2025, alongside a declared $0.10 per share dividend and $6.08 per unit CVR Partners distribution.

Negative

  • None.

Filing Explained

The August turnaround is planned, not complete; Q3 ammonia utilization is forecast at 75%–80% while expansion targets approximately 5% more capacity.

CVR Energy furnished this July 29, 2026 Form 8-K under Items 2.02 and 7.01, so the results information is presented as furnished rather than filed. Its material new operational disclosure is a planned East Dubuque turnaround expected to begin in August, alongside a brownfield ammonia expansion expected to raise production capacity by approximately 5%; Q3 ammonia utilization is forecast at 75% to 80%.

A Form 8-K reports specified material events within four business days, with item numbers identifying the event category. The expansion remains a plan tied to the turnaround, not a completed capacity increase.

For liquidity, the company defines free cash flow as operating cash flow less capital expenditures and capitalized turnaround expenditures, with specified adjustments shown in its reconciliation. On that same measure, the filing shows positive six-month cash generation after the stated deductions, but it does not change the planned status of the August work.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $46 million Consolidated net income for the three months ended June 30, 2026
Net loss attributable to stockholders $3 million Q2 2026 net loss attributable to CVR Energy stockholders
Adjusted EBITDA $209 million Consolidated adjusted EBITDA for the three months ended June 30, 2026
Net sales $2,738 million Consolidated net sales for Q2 2026
Cash and cash equivalents $737 million Balance as of June 30, 2026
Total debt and finance lease obligations $1,783 million Consolidated total debt and finance lease obligations as of June 30, 2026
Dividend declared per share $0.10 Second quarter 2026 cash dividend declared by CVR Energy
Free cash flow $264 million Free cash flow for the three months ended June 30, 2026
Adjusted EBITDA financial
"Adjusted EBITDA for the second quarter of 2026 was $209 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Refining margin financial
"Refining margin * ($ per throughput barrel) | $ | 9.94"
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.
Renewable Fuel Standard ("RFS") regulatory
"impact of costs to comply with the Renewable Fuel Standard ("RFS")"
A renewable fuel standard (RFS) is a government rule that requires a certain portion of transportation fuel sold to come from renewable sources like ethanol or biodiesel, similar to a recipe that mandates specific ingredients. It matters to investors because it creates predictable demand for biofuels, a market for tradable compliance credits, and cost or revenue implications for fuel producers, farmers and refiners, affecting profitability and investment risk across energy and agricultural sectors.
2-1-1 Crack Spread financial
"NYMEX 2-1-1 Crack Spread | 54.34"
Free Cash Flow financial
"Free cash flow * | $ | 264"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Non-GAAP measures financial
"Our management uses certain non-GAAP measures, and reconciliations to those measures"
Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.
Net income $46 million vs net loss of $90 million in the second quarter of 2025
Net loss attributable to CVR Energy stockholders $3 million improved from $114 million net loss attributable to stockholders in the second quarter of 2025
Adjusted EBITDA $209 million up from $99 million in the second quarter of 2025
Net sales $2,738 million up from $1,761 million in the second quarter of 2025
Guidance

For Q3 2026, outlook includes Petroleum Segment throughput of 205,000–220,000 bpd, crude utilization of 95–100%, Nitrogen Fertilizer ammonia utilization of 75–80% and total capital expenditures of $85–$105 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did CVR Energy (CVI) perform financially in Q2 2026?
In Q2 2026, CVR Energy reported consolidated net income of $46 million versus a $90 million net loss a year earlier. Net loss attributable to stockholders was $3 million or $0.03 per diluted share, on net sales of $2,738 million and adjusted EBITDA of $209 million.

What were CVR Energy (CVI)'s segment results in Q2 2026?
The Petroleum segment posted net income of $12 million and adjusted EBITDA of $106 million, with 212,965 barrels per day of throughput. The Nitrogen Fertilizer segment reported net income of $78 million and EBITDA of $107 million, supported by a 99% ammonia utilization rate and higher fertilizer pricing.

What dividends and distributions did CVR Energy (CVI) announce for Q2 2026?
CVR Energy’s board declared a Q2 2026 cash dividend of $0.10 per share, payable August 17, 2026 to stockholders of record on August 10, 2026. CVR Partners’ board declared a Q2 2026 cash distribution of $6.08 per common unit, with the same record and payment dates.

What is CVR Energy (CVI)'s cash, debt and free cash flow position after Q2 2026?
As of June 30, 2026, CVR Energy had cash and cash equivalents of $737 million and total debt and finance lease obligations of $1.8 billion. In Q2 2026, net cash from operating activities was $307 million, and free cash flow, a non-GAAP measure, was $264 million.

What operational and capital spending outlook did CVR Energy (CVI) give for Q3 2026?
For Q3 2026, the Petroleum segment outlook is total throughput of 205,000–220,000 bpd and crude utilization of 95–100%, with direct operating expenses of $110–$120 million. Total capital expenditures are projected between $85 million and $105 million across segments and other activities.

How did CVR Energy (CVI)'s non-GAAP metrics look in Q2 2026?
In Q2 2026, consolidated EBITDA was $161 million and consolidated adjusted EBITDA was $209 million. Petroleum Adjusted EBITDA was $106 million, while Nitrogen Fertilizer EBITDA and Adjusted EBITDA were $107 million, with reconciliations provided to the nearest GAAP measures.
0001376139false00013761392026-07-292026-07-29



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): July 29, 2026

CVR ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3349261-1512186
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
2277 Plaza Drive, Suite 500
Sugar Land, Texas 77479
(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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareCVIThe New York Stock Exchange
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 July 29, 2026, CVR Energy, Inc. (the “Company”) issued a press release announcing information regarding its results of operations and financial condition for the three months ended June 30, 2026, 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 exhibits are being “furnished” as part of this Current Report on Form 8-K:
Exhibit
Number

Exhibit Description
99.1
Press Release dated July 29, 2026.
104Cover 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: July 29, 2026
CVR Energy, Inc.
By:/s/ Richard J. Roberts, Jr.
Richard J. Roberts, Jr.
Interim Chief Financial Officer, Vice President - Financial Planning & Analysis and Investor Relations

Exhibit 99.1
cvilogoa09a.gif
CVR Energy Reports Second Quarter 2026 Results
•Second quarter 2026 net loss attributable to CVR Energy stockholders of $3 million; Adjusted EBITDA of $209 million
•Declared cash dividend of 10 cents for the second quarter 2026
•CVR Partners, LP (“CVR Partners”) announced a second quarter 2026 cash distribution of $6.08 per common unit
SUGAR LAND, Texas (July 29, 2026) – CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced its second quarter 2026 results including a net loss attributable to CVR Energy stockholders of $3 million, or 3 cents per diluted share, and an adjusted earnings per diluted share of 34 cents, compared to net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, and an adjusted loss per diluted share of 23 cents for the second quarter of 2025. Net income for the second quarter of 2026 was $46 million compared to net loss of $90 million for the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 was $209 million, compared to adjusted EBITDA of $99 million for the second quarter of 2025.
“CVR Energy posted another quarter of strong operating results across our system, with crude utilization of 98 percent and ammonia plant utilization of 99 percent,” said Dane Neumann, CVR Energy’s Chief Executive Officer. “The ongoing global conflicts have created tightness across energy and fertilizer markets. We continue to believe our assets are well-positioned to benefit from these market conditions and are pleased to announce a cash dividend of 10 cents per share for the second quarter. Looking ahead, we remain laser focused on pursuing accretive growth and believe current market conditions could support these efforts, as well as opportunities to reduce leverage and add value for our shareholders.
“With solid results for the quarter, CVR Partners declared a distribution of $6.08 per common unit,” Neumann continued. “The planned turnaround at the East Dubuque fertilizer facility is expected to begin in August, during which we plan to complete the brownfield ammonia expansion that is expected to increase production capacity by approximately 5%.”
Segment Highlights
Below are financial and operational highlights of each of the Company’s reportable segments:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Petroleum Segment
Petroleum net (loss) income (in millions)
$12$(137)$(182)$(297)
Petroleum EBITDA* (in millions)
58(84)(81)(202)
Petroleum Adjusted EBITDA* (in millions)
10638567
Total throughput barrels per day212,965172,149213,613146,406
Refining margin* ($ per throughput barrel)
$9.94$2.21$5.04$1.14
Adjusted refining margin* ($ per throughput barrel)
12.439.958.599.04
Direct operating expenses* ($ per throughput barrel)
5.936.456.027.32
1

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Nitrogen Fertilizer Segment
Nitrogen Fertilizer net income (in millions)
$78$39$127$66
Nitrogen Fertilizer EBITDA and Adjusted EBITDA* (in millions)
10767185120
Ammonia utilization rate (percent of capacity utilization)
99 %91 %101 %96 %
Ammonia sales volumes (thousands of tons)
5457127117
UAN sales volumes (thousands of tons)
333345643681
Ammonia pricing at gate ($ per ton)
$791$593$731$573
UAN pricing at gate ($ per ton)
392317368287
*See “Non-GAAP Reconciliations” section below.
Corporate and Other
The Company reported an income tax expense of $10 million, or 17.8 percent of income before income taxes, for the three months ended June 30, 2026, compared to an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025. The change in income tax benefit was primarily due to an increase in overall pretax earnings while the change in effective tax rate was primarily caused by changes in pretax earnings attributable to noncontrolling interests and the impact of state tax credits relative to overall pretax earnings.
Cash, Debt and Dividend
Consolidated cash and cash equivalents were $737 million at June 30, 2026. Consolidated total debt and finance lease obligations were $1.8 billion at June 30, 2026, including $570 million held by the Nitrogen Fertilizer Segment.
CVR Energy announced a second quarter 2026 cash dividend of 10 cents per share. The dividend, as declared by CVR Energy’s Board of Directors, will be paid on August 17, 2026, to stockholders of record as of August 10, 2026.
CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2026 cash distribution of $6.08 per common unit, which will be paid on August 17, 2026, to common unitholders of record as of August 10, 2026.
Second Quarter 2026 Earnings Conference Call
CVR Energy previously announced that it will host its second quarter 2026 Earnings Conference Call on Thursday, July 30, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.
The second quarter 2026 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: the information provided under the section titled “Q3 2026 Outlook” herein; 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; ability to achieve growth, accretive or otherwise,
2

reduce leverage or add shareholder value; 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 and any potential increase to future dividends; direct operating expenses, capital expenditures, depreciation and amortization, including the impacts thereof on our results; increase in value of our assets; 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 the Company to pay or increase 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; 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 business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.
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
3

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.
The following are non-GAAP measures we present for the periods ended June 30, 2026 and 2025:
EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Petroleum 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.
Adjusted EBITDA, Petroleum Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum 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 U.S. 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 - Total capitalized turnaround expenditures as part of planned turnarounds were $1 million and $24 million during the three months ended June 30, 2026 and 2025, respectively, and $1 million and $190 million during the six months ended June 30, 2026 and 2025, respectively.
4

CVR Energy, Inc.
(all information in this release is unaudited)

Consolidated Statement of Operations Data
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2026202520262025
Net sales$2,738 $1,761 $4,718 $3,407 
Operating costs and expenses:
Cost of materials and other2,370 1,582 4,195 3,099 
Direct operating expenses (exclusive of depreciation and amortization)174 169 355 324 
Depreciation and amortization77 76 155 142 
Cost of sales2,621 1,827 4,705 3,565 
Selling, general and administrative expenses (exclusive of depreciation and amortization)34 36 73 73 
Depreciation and amortization3 2 4 4 
Other operating expenses (income), net2 (1)3 — 
Operating income (loss)78 (103)(67)(235)
Other (expense) income:
Interest expense, net(25)(30)(83)(55)
Other income, net3 1 17 4 
Income (loss) before income taxes56 (132)(133)(286)
Income tax expense (benefit)10 (42)(19)(91)
Net income (loss)46 (90)(114)(195)
Less: Net income attributable to noncontrolling interest49 24 81 42 
Net loss attributable to CVR Energy stockholders$(3)$(114)$(195)$(237)
Basic and diluted loss per share$(0.03)$(1.14)$(1.94)$(2.36)
Dividends declared per share0.10 — 0.10 — 
Adjusted earnings (loss) per share *
$0.34 $(0.23)$(0.91)$(0.81)
EBITDA *161 (24)109 (85)
Adjusted EBITDA *209 99 246 122 
Weighted-average common shares outstanding - basic and diluted100.5 100.5 100.5 100.5 
*See “Non-GAAP Reconciliations” section below.
Selected Consolidated Balance Sheet Data
(in millions)June 30, 2026December 31, 2025
Cash and cash equivalents
$737 $511 
Working capital (inclusive of cash and cash equivalents)506 561 
Total assets
4,079 3,706 
Total debt and finance lease obligations, including current portion
1,783 1,765 
Total liabilities
3,335 2,808 
Total CVR stockholders’ equity
525 730 
5

Selected Consolidated Cash Flow Data
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Net cash provided by (used in):
Operating activities
$307 $176 $371 $(19)
Investing activities
(43)(185)(86)(267)
Financing activities
(39)(90)(59)(105)
Net increase (decrease) in cash, cash equivalents, and restricted cash$225 $(99)$226 $(391)
Free cash flow *$264 $(12)$285 $(297)
* See “Non-GAAP Reconciliations” section below.
Selected Segment Data
Three Months Ended June 30,
20262025
(in millions)
PetroleumNitrogen FertilizerConsolidatedPetroleumNitrogen FertilizerConsolidated
Net sales$2,540 $202 $2,738 $1,561 $169 $1,761 
Operating income (loss)5 85 78 (133)46 (103)
Net income (loss)12 78 46 (137)39 (90)
EBITDA *58 107 161 (84)67 (24)
Capital expenditures (1)
Maintenance$23 $12 $35 $14 $6 $21 
Growth6 5 11 9 4 15 
Total capital expenditures$29 $17 $46 $23 $10 $36 
Six Months Ended June 30,
20262025
(in millions)
PetroleumNitrogen FertilizerConsolidatedPetroleumNitrogen FertilizerConsolidated
Net sales$4,344 $382 $4,718 $3,038 $311 $3,407 
Operating (loss) income(188)142 (67)(295)81 (235)
Net income (loss)(182)127 (114)(297)66 (195)
EBITDA *(81)185 109 (202)120 (85)
Capital expenditures (1)
Maintenance$42 $20 $63 $55 $10 $66 
Growth16 11 27 17 6 26 
Total capital expenditures$58 $31 $90 $72 $16 $92 
* See “Non-GAAP Reconciliations” section below.
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.
6

June 30, 2026December 31, 2025
(in millions)PetroleumNitrogen FertilizerConsolidatedPetroleumNitrogen FertilizerConsolidated
Cash and cash equivalents (1)
$482 $137 $737 $253 $69 $511 
Total assets 3,260 1,057 4,079 2,987 969 3,706 
Total debt and finance lease obligations, including current portion (2)
37 570 1,783 195 570 1,765 
(1)Corporate cash and cash equivalents consisted of $114 million and $180 million at June 30, 2026 and December 31, 2025, respectively.
(2)Corporate total debt and finance lease obligations, including current portion consisted of $1.2 billion and $1.0 billion at June 30, 2026 and December 31, 2025, respectively.
Petroleum Segment
Refining Throughput and Production Data by Refinery
Throughput DataThree Months Ended
June 30,		Six Months Ended
June 30,
(in bpd)2026202520262025
Gathered crude113,627 125,940 112,149 110,705 
Other domestic70,165 32,313 70,989 22,671 
Canadian19,475 581 18,436 610 
Other feedstocks and blendstocks9,698 13,315 12,039 12,420 
Total throughput212,965 172,149 213,613 146,406 
Production DataThree Months Ended
June 30,		Six Months Ended
June 30,
(in bpd)2026202520262025
Gasoline103,19486,980107,31872,908
Distillate92,28070,55689,89457,938
Other liquid products9,3377,8398,1019,601
Solids6,7113,7236,3532,534
Total production211,522169,098211,666142,981
Crude utilization (1)
98.4 %76.9 %97.6 %64.9 %
Distillate yield (as % of crude throughput) (2)
45.4 %44.4 %44.6 %43.2 %
Light product yield (as % of crude throughput) (3)
96.2 %99.2 %97.8 %97.7 %
Liquid volume yield (as % of total throughput) (4)
96.2 %96.1 %96.1 %95.9 %
(1)Total Gathered crude, Other domestic, and Canadian 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.
7

Key Market Indicators
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars per barrel)2026202520262025
West Texas Intermediate (WTI) NYMEX$92.70 $63.74 $82.77 $67.52 
Crude Oil Differentials to WTI:
Brent3.98 2.97 4.83 3.29 
WCS (heavy sour)(14.21)(9.43)(14.06)(10.92)
Midland Cushing1.91 0.74 1.50 0.92 
NYMEX Crack Spreads:
Gasoline44.20 24.76 33.45 20.86 
Heating Oil64.47 26.99 57.87 27.71 
NYMEX 2-1-1 Crack Spread54.34 25.87 45.66 24.29 
PADD II Group 3 Product Basis:
Gasoline(9.97)(3.58)(11.80)(3.20)
Ultra-Low Sulfur Diesel(8.88)(0.12)(12.84)(3.60)
PADD II Group 3 Product Crack Spread:
Gasoline34.23 21.18 21.65 17.66 
Ultra-Low Sulfur Diesel55.59 26.87 45.03 24.11 
PADD II Group 3 2-1-144.91 24.02 33.34 20.89 
Nitrogen Fertilizer Segment

Production Data
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Consolidated production volume (thousands of tons):
Ammonia—gross produced (1)
214 197 434 413 
Ammonia—net available for sale (1)
64 54 134 117 
UAN342 321 678 668 
Feedstock:
Petroleum coke used in production (thousands of tons)
136 130 274 261 
Petroleum coke used in production (dollars per ton)
$44.94 $56.68 $39.39 $49.54 
Natural gas used in production (thousands of MMBtus) (2)
2,014 1,897 4,129 4,057 
Natural gas used in production (dollars per MMBtu) (2)
$2.84 $3.29 $4.15 $4.00 
(1)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.
(2)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.
8

Key Market Indicators
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Ammonia — Southern plains (dollars per ton)
$868 $576 $802 $569 
Ammonia — Corn belt (dollars per ton)
936 630 857 624 
UAN — Corn belt (dollars per ton)
534 403 475 364 
Natural gas NYMEX (dollars per MMBtu)
$2.94 $3.51 $3.83 $3.69 
Q3 2026 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2026. See “Forward-Looking Statements” above.
Q3 2026
LowHigh
Petroleum Segment
Total throughput (bpd)
205,000 220,000 
Crude utilization (1)
95 %100 %
Direct operating expenses (in millions) (2)
$110 $120 
Nitrogen Fertilizer Segment
Ammonia utilization rate75 %80 %
Direct operating expenses (in millions) (2)
$57 $62 
Capital Expenditures (in millions) (3)
Petroleum Segment$41 $50 
Nitrogen Fertilizer Segment40 49 
Other4 6 
Total capital expenditures$85 $105 
(1)Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2)Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
(3)Turnaround and capital expenditures are disclosed on an accrual basis.

9

Non-GAAP Reconciliations
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Net income (loss)$46 $(90)$(114)$(195)
Interest expense, net25 30 83 55 
Income tax expense (benefit)10 (42)(19)(91)
Depreciation and amortization80 78 159 146 
EBITDA161 (24)109 (85)
Adjustments:
Changes in RFS obligation, unfavorable
73 89 124 200 
Unrealized (gain) loss on derivatives, net
(6)2 151 (1)
Inventory valuation impacts, (favorable) unfavorable
(19)32 (138)8 
Adjusted EBITDA$209 $99 $246 $122 
Reconciliation of Basic and Diluted Loss per Share to Adjusted Earnings (Loss) per Share
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Basic and diluted loss per share$(0.03)$(1.14)$(1.94)$(2.36)
Adjustments: (1)
Changes in RFS obligation, unfavorable
0.55 0.65 0.93 1.50 
Unrealized (gain) loss on derivatives, net
(0.04)0.02 1.14 (0.01)
Inventory valuation impacts, (favorable) unfavorable
(0.14)0.24 (1.04)0.06 
Adjusted earnings (loss) per share$0.34 $(0.23)$(0.91)$(0.81)
(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 (Used In) Operating Activities to Free Cash Flow
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Net cash provided by (used in) operating activities$307 $176 $371 $(19)
Less:
Capital expenditures(43)(41)(90)(92)
Capitalized turnaround expenditures(1)(148)(1)(191)
Return of equity method investment1 1 5 5 
Free cash flow$264 $(12)$285 $(297)
10

Reconciliation of Petroleum Segment Net Income (Loss) to EBITDA and Adjusted EBITDA
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Petroleum net income (loss)$12 $(137)$(182)$(297)
Interest expense (income), net(3)5 (1)5 
Depreciation and amortization49 48 102 90 
Petroleum EBITDA58 (84)(81)(202)
Adjustments:
Changes in RFS obligation, unfavorable
73 89 124 200 
Unrealized (gain) loss on derivatives, net
(6)2 151 (1)
Inventory valuation impacts, (favorable) unfavorable (1)
(19)31 (138)10 
Petroleum Adjusted EBITDA$106 $38 $56 $7 
Reconciliation of Petroleum Segment Gross Profit (Loss) to Refining Margin and Adjusted Refining Margin
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Net sales$2,540 $1,561 $4,344 $3,038 
Less:
Cost of materials and other(2,347)(1,526)(4,149)(3,008)
Direct operating expenses (exclusive of depreciation and amortization)(116)(102)(233)(193)
Depreciation and amortization(49)(48)(102)(90)
Gross profit (loss)28 (115)(140)(253)
Add:
Direct operating expenses (exclusive of depreciation and amortization)116 102 233 193 
Depreciation and amortization49 48 102 90 
Refining margin193 35 195 30 
Adjustments:
Changes in RFS obligation, unfavorable
73 89 124 200 
Unrealized (gain) loss on derivatives, net
(6)2 151 (1)
Inventory valuation impacts, (favorable) unfavorable (1)
(19)31 (138)10 
Adjusted refining margin
$241 $157 $332 $239 
Total throughput barrels per day212,965 172,149 213,613 146,406 
Days in the period91 91 181 181 
Total throughput barrels19,379,847 15,665,597 38,663,976 26,499,565 
Refining margin per total throughput barrel$9.94 $2.21 $5.04 $1.14 
Adjusted refining margin per total throughput barrel12.43 9.95 8.59 9.04 
Direct operating expenses per total throughput barrel5.93 6.45 6.02 7.32 
(1)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.
11

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2026202520262025
Nitrogen Fertilizer net income$78 $39 $127 $66 
Interest expense, net7 7 16 15 
Depreciation and amortization22 21 42 39 
Nitrogen Fertilizer EBITDA and Adjusted EBITDA$107 $67 $185 $120 
12

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