CVR Energy (CVI) FY2022 results: revenue $10.9 billion, up 50.5% on the year

CVR Energy Inc. (CVI) reported revenue of $10.9 billion for fiscal 2022, the year ended 31 December 2022, up 50.5% on the year before. Net income was $463 million, up 1752.0%, and diluted earnings per share $4.60. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$10.9 billion

+50.5% on the year

FY2015FY2022

Operating margin

8.8%

1.2% a year earlier

FY2015FY2022

Net income

$463 million

+1,752.0% on the year

FY2015FY2022

Diluted EPS

$4.60

+1,740.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	10,896	7,242	3,930	+50.5%
Cost of revenue	9,766	7,024	4,119	+39.0%
Gross profit	1,130	218	-189	+418.3%
Gross margin	10.4%	3.0%	-4.8%
Selling, general and administrative	149	119	86.0	+25.2%
Operating income	963	87.0	-333	+1,006.9%
Operating margin	8.8%	1.2%	-8.5%
Interest expense	93.0	n/a	n/a
Pre-tax income	801	66.0	-415	+1,113.6%
Income tax	157	-8.0	-95.0
Effective tax rate	19.6%	-12.1%	n/a
Net income	463	25.0	-256	+1,752.0%
Net margin	4.2%	0.3%	-6.5%
Diluted EPS	$4.60	$0.25	-$2.54	+1,740.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	967	396	90.0	+144.2%
Capital expenditure	191	224	124	-14.7%
Free cash flow	776	172	-34.0	+351.2%
Free cash flow margin	7.1%	2.4%	-0.9%
Cash from investing	-271	-238	-423
Cash from financing	-696	-315	355
Depreciation and amortisation	288	279	278	+3.2%
Share-based compensation	71.0	46.0	4.0	+54.3%
Buybacks	12.0	1.0	7.0	+1,100.0%
Dividends paid	483	241	121	+100.4%
Dividend per share	n/a	$4.89	$1.20
Diluted shares, weighted	100m	100m	0	0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	531	553	1,019	-4.0%
Non-controlling interest	260	217	200	+19.8%
Debt	1,591	1,654	1,683	-3.8%
Other liabilities	1,737	1,482	1,076	+17.2%
Total liabilities and equity	4,119	3,906	3,978	+5.5%
Fixed assets	n/a	n/a	2,240
Goodwill	0.0	0.0	0.0
Cash and equivalents	510	510	667	0.0%
Receivables	358	299	178	+19.7%
Inventory	624	484	298	+28.9%
Other assets	2,627	2,613	595	+0.5%
Total assets	4,119	3,906	3,978	+5.5%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.