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CVI

CVR Energy, Inc.

CVI

CVR Energy, Inc. • NYSE
$34.53 ▲ 0.35% (+0.12)
Market Cap $3.47 B
52w High $41.67
52w Low $15.10
Dividend Yield 2.00%
P/E 20.93
Volume 306.20K
Outstanding Shares 100.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.944B ▲ $48M ▲ $374M ▲ 19.239% ▲ $3.72 ▲ $623M ▲
Q2-2025 $1.761B ▲ $35M ▼ $-114M ▲ -6.474% ▲ $-1.14 ▲ $-24M ▲
Q1-2025 $1.646B ▼ $38M ▲ $-123M ▼ -7.473% ▼ $-1.22 ▼ $-61M ▼
Q4-2024 $1.947B ▲ $35M ▼ $29M ▲ 1.489% ▲ $0.29 ▲ $123M ▲
Q3-2024 $1.833B $40M $-124M -6.765% $-1.23 $-35M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $670M ▲ $3.992B ▲ $2.951B ▼ $840M ▲
Q2-2025 $596M ▼ $3.984B ▼ $3.318B ▼ $466M ▼
Q1-2025 $695M ▼ $4.251B ▼ $3.48B ▲ $580M ▼
Q4-2024 $987M ▲ $4.263B ▲ $3.375B ▲ $703M ▲
Q3-2024 $534M $3.878B $3.022B $675M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $401M ▲ $163M ▼ $-42M ▲ $-47M ▲ $74M ▲ $120M ▲
Q2-2025 $-90M ▲ $176M ▲ $-185M ▼ $-90M ▼ $-99M ▲ $-13M ▲
Q1-2025 $-105M ▼ $-195M ▼ $-82M ▼ $-15M ▼ $-292M ▼ $-246M ▼
Q4-2024 $40M ▲ $98M ▲ $43M ▲ $312M ▲ $453M ▲ $36M ▲
Q3-2024 $-123M $48M $-35M $-65M $-52M $12M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Nitrogen Fertilizer Segment
Nitrogen Fertilizer Segment
 $130.00M ▲$140.00M ▲$140.00M ▲$170.00M ▲
Petroleum Segment
Petroleum Segment
 $1.65Bn ▲$1.75Bn ▲$1.48Bn ▼$1.56Bn ▲
Renewables Segment
Renewables Segment
 $0 ▲$0 ▲$70.00M ▲$-40.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed strongly from pandemic lows, peaked during the refinery and fertilizer boom, and has since stepped down as market conditions normalized. Profitability followed the same pattern: losses in the downturn, very strong results in the recent up-cycle, and then a sharp squeeze more recently, with earnings hovering just above break-even. This shows a classic cyclical energy business: when refining margins and fertilizer prices are favorable, profits can be very robust, but they can compress quickly when spreads narrow or input costs rise. Overall, the track record confirms that CVR Energy can be highly profitable in good markets but remains sensitive to swings in commodity prices and operating conditions.

Balance Sheet

Balance Sheet The balance sheet shows a business that carries meaningful debt relative to its equity base, but also maintains a decent cash cushion. Assets have grown only gradually, suggesting disciplined expansion rather than aggressive empire-building. Equity has been somewhat volatile, reflecting prior losses and then strong earnings recovery, with only a modest capital buffer today. The structure is typical of a mid-sized refiner and fertilizer producer: leveraged but not extreme, with enough liquidity to navigate normal volatility, yet exposed if a prolonged downturn hits both refining and fertilizer at the same time.

Cash Flow

Cash Flow Cash generation has improved significantly since the pandemic trough. Operating cash flow was weak in the early years, then surged during the strong refining and fertilizer cycle, and has eased back more recently but remains positive. Free cash flow followed the same pattern: negative when conditions were tough, solidly positive in the boom, and still in the black now, though at a lower level. Capital spending has been steady and relatively modest, which has helped convert a good portion of operating cash into free cash. Overall, CVR Energy has shown it can produce meaningful excess cash in favorable markets, giving it flexibility for debt management, dividends, or projects—while reminding that cash flow is closely tied to the commodity cycle.

Competitive Edge

Competitive Edge CVR Energy’s edge comes from being a tightly integrated refining and fertilizer platform with strategically located assets in the Mid-Continent. Its key differentiator is the Coffeyville fertilizer plant, which uses refinery pet coke instead of natural gas, creating a structural cost advantage and a closed-loop link between refining and fertilizer. Its refineries benefit from access to discounted inland crude and established logistics to reach key fuel and agricultural markets. Feedstock flexibility—being able to process various crude types and a broad mix of renewable feedstocks—adds resilience when markets shift. That said, the company still operates in highly competitive, commodity-driven sectors where pricing power is limited and results depend heavily on market spreads and regulation.

Innovation and R&D

Innovation and R&D Rather than big formal R&D programs, CVR Energy focuses on process innovation and targeted projects that enhance margins. The standout is its unique pet coke gasification technology for fertilizer, which underpins its cost advantage. In renewables, it has converted a unit to produce renewable diesel and added a pre-treatment facility that lets it use cheaper, lower-carbon feedstocks like used cooking oil and animal fats, improving yields and economics. The company is actively exploring Sustainable Aviation Fuel through proven technology, but has paused major commitments until policy incentives become clearer, signaling discipline around capital risk. Ongoing efficiency upgrades at its refineries, such as improving distillate recovery, show a steady pipeline of incremental innovations aimed at squeezing more value from existing assets.

Summary

CVI is a cyclical, asset-heavy energy and fertilizer business that has demonstrated strong earning power in good markets and very thin margins when conditions weaken. Its integrated model—refining feeding fertilizer, plus a growing renewable fuels platform—creates real cost and logistics advantages and a modest competitive moat, especially in nitrogen fertilizer and Mid-Continent fuels. Financially, leverage is noticeable but supported by reasonable liquidity and the ability to generate solid free cash flow in up-cycles. Innovation is practical and commercially focused, aimed at lowering feedstock costs, increasing yields, and selectively positioning for the energy transition through renewable diesel and potential SAF. The main trade-offs are clear: operational and technological strengths on one side, and exposure to commodity cycles, regulatory shifts, and balance-sheet leverage on the other.

NEWS

October 29, 2025 · 4:22 PM UTC

CVR Energy Reports Third Quarter 2025 Results

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October 16, 2025 · 8:30 AM UTC

CVR Energy to Release Third Quarter 2025 Earnings Results

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