📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

CVR Energy, Inc., together with its subsidiaries, engages in renewable fuels and petroleum refining and marketing, and nitrogen fertilizer manufacturing activities in the United States. It operates through three segments: Petroleum, Renewables, and Nitrogen Fertilizer. The Petroleum segment refines and markets transportation fuels, such as gasoline, diesel, jet fuel, and distillates; and includes crude gathering and logistics activities that support refinery operations. This segment also owns and operates a coking, medium-sour crude oil refinery in Kansas; and a crude oil refinery in Oklahoma. This segment serves retailers, railroads, farm cooperatives, and other refiners/marketers. The Renewables segment refines renewable feedstocks, including soybean oil, corn oil, and other renewable feedstocks into renewable diesel; and marketing of renewables products. The Nitrogen Fertilizer segment owns and operates a nitrogen fertilizer plant in Coffeyville, Kansas that utilizes a pet coke gasification process to produce nitrogen fertilizer products; and a nitrogen fertilizer facility in East Dubuque, Illinois that produces nitrogen fertilizers in the form of ammonia and urea ammonium nitrate (UAN) and nitric acid. This segment primarily markets UAN products to agricultural customers; and ammonia products to agricultural and industrial customers. The company was founded in 1906 and is headquartered in Sugar Land, Texas. CVR Energy, Inc. is a subsidiary of Icahn Enterprises Holdings L.P.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding CVI

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	474.8K	$16.0M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	282.3K	$9.5M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

Management expresses cautious optimism about improving refining fundamentals and product demand, while acknowledging significant headwinds from RIN mark-to-market impacts and turnaround disruptions. Phrases like 'cautiously optimistic' and 'positive' are balanced with detailed explanations of negative factors.

Q3 2025

Confident Specific

Management used precise figures (net income $401M, EBITDA $625M, throughput 216k bpd, 97% utilization) and decisive language: 'made the decision to revert the renewable diesel unit', 'cautiously optimistic about the near and medium-term outlook'. The tone is confident in refining fundamentals and specific about actions and targets.

Q4 2025

Confident Specific

New CEO Mark Pytosh gave specific strategic priorities (safety, commercial optimization, proactive M&A, disciplined capital allocation) and quantitative guidance (throughput 200-215k bpd, CapEx $200-240M). Language like 'we believe fundamentals look constructive' and 'we will be more proactive' signals forward-looking confidence.

Q1 2026 latest

Confident Specific

Management stated 'operations performed well', 'well positioned to improve margin capture', and 'outlook is constructive for both businesses' while referencing specific utilization rates (97% crude, 103% ammonia) and market data (cracks of $38.36 in April). They directly addressed challenges (RIN costs, derivatives) but pivoted to optimism.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The company is leveraging high utilization and favorable macro conditions (tightening Mid-Con inventories, elevated cracks post-Strait of Hormuz) to improve margins, while maintaining a deleveraging path and initiating a dividend. Key risks remain: the large derivative book could become a cash drag if cracks decline, and RIN costs continue to pressure capture rates. Investors should watch Q2 margin realization compared to hedging losses, EPA action on SRE petitions, and progress on debt reduction. The reinstated dividend signals confidence but is modest relative to potential cash flows.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED CVR Energy Q1: Net loss $160M, 97% crude utilization, 103% ammonia utilization

Revenue & Profitability

Q1 2026 consolidated net loss was $160 million, with losses per share of $1.91 and EBITDA of a loss of $52 million. Adjusted EBITDA was $37 million, and adjusted losses per share were $1.24. The petroleum segment had adjusted EBITDA of negative $50 million, while the fertilizer segment generated adjusted EBITDA of $78 million. Free cash flow for the quarter was $21 million.

Outlook

Management believes the outlook is constructive for both businesses due to global supply disruptions from the Strait of Hormuz closure. Mid-Continent gasoline inventories have declined 17% and diesel 20% since the start of 2026, with supply days at low or below-average levels. Fertilizer markets are tightening with 30% of nitrogen production typically transiting the Strait and multiple Middle Eastern facilities damaged. For Q2 2026, quarter-to-date Group 3-2-1 cracks average $38.36 per barrel, ammonia prices at $950 per ton, and UAN at $525 per ton.

Growth Drivers

Key growth levers include improving margin capture through rail loading at Wynnewood and new pipeline capacity such as the Kansas-to-Denver pipeline coming online later in 2026 and the Western Gateway Pipeline over the next few years. The fertilizer segment benefits from strong spring planting demand with USDA estimating 95 million corn acres. The company also continues to seek opportunities to add scale and geographic diversity.

Balance Sheet & CapEx

Full year 2026 consolidated capital spending is estimated between $200 million and $240 million. Q1 actual capital spending on an accrual basis was $44 million ($29 million petroleum, $14 million fertilizer). For Q2, petroleum capital spending is expected to be $35-$40 million and fertilizer $28-$32 million. Significant cash uses in Q1 included $47 million capital spending, $40 million cash interest, and $15 million debt refinancing costs.

Margins

The petroleum segment realized margin was $4.72 per barrel, representing a 22% capture rate on the Group 3-2-1 benchmark, negatively impacted by RIN expense of $7.37 per barrel (34% impact). Q1 direct operating expenses in petroleum were $6.10 per barrel, down from $8.58 in the prior year. Fertilizer utilization was high at 103%. Management expects Q2 2026 cracks to improve significantly, with quarter-to-date Group 3-2-1 cracks averaging $38.36 per barrel.

Key Risks

Key risks include unrealized derivative losses of $158 million on crack spread swaps due to market volatility, high RIN prices that have more than doubled year-over-year, and continued delays by the EPA on the Wynnewood SRE petition. Geopolitical events, particularly the closure of the Strait of Hormuz and damage to Middle Eastern fertilizer production, create both opportunities and uncertainty. The company also faces the risk of crude and product supply disruptions.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Strong Q2 2026 results driven by high utilization and favorable market conditions, with adjusted EBITDA up significantly year-over-year. RFS compliance costs and derivative losses weighed on margins, but robust cash flow and liquidity support ongoing deleveraging and capital returns.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw strong operational performance but a net loss due to unrealized derivative and RIN expenses. Market volatility from geopolitical events is creating opportunities, with improved outlooks for both refining and fertilizer segments. Dividend reinstated and deleveraging remains a priority.

Q4 2025 Q4 2025 2026-02-19

Full year 2025 saw $90M net income and $591M EBITDA, but Q4 posted a $116M net loss due to depreciation and downtime. Strategic focus is on operational reliability, margin capture, and disciplined growth, with constructive market outlooks for refining and fertilizer.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 saw strong net income and EBITDA, driven by SRE benefits and robust petroleum and fertilizer operations. Renewables faced losses, prompting a reversion to hydrocarbon processing. Debt reduction and potential dividend resumption remain key priorities.

Q2 2025 Q2 2025 2025-07-31

Q2 2025 saw a net loss of $90M, driven by RIN impacts and reduced throughput post-turnaround. Adjusted EBITDA was $99M, with strong fertilizer results offsetting renewables weakness. No major turnarounds are planned until 2027, and deleveraging remains a priority.

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