CVR Energy (CVI) FY2023 results: revenue $9.2 billion, down 15.1% on the year

CVR Energy Inc. (CVI) reported revenue of $9.2 billion for fiscal 2023, the year ended 31 December 2023, down 15.1% on the year before. Net income was $769 million, up 66.1%, and diluted earnings per share $7.65. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$9.2 billion

-15.1% on the year

FY2016FY2023

Operating margin

12.1%

8.8% a year earlier

FY2016FY2023

Net income

$769 million

+66.1% on the year

FY2016FY2023

Diluted EPS

$7.65

+66.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	9,247	10,896	7,242	-15.1%
Cost of revenue	7,974	9,766	7,024	-18.3%
Gross profit	1,273	1,130	218	+12.7%
Gross margin	13.8%	10.4%	3.0%
Selling, general and administrative	141	149	119	-5.4%
Operating income	1,123	963	87.0	+16.6%
Operating margin	12.1%	8.8%	1.2%
Interest expense	90.0	93.0	n/a	-3.2%
Pre-tax income	1,085	801	66.0	+35.5%
Income tax	207	157	-8.0	+31.8%
Effective tax rate	19.1%	19.6%	-12.1%
Net income	769	463	25.0	+66.1%
Net margin	8.3%	4.2%	0.3%
Diluted EPS	$7.65	$4.60	$0.25	+66.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	948	967	396	-2.0%
Capital expenditure	205	191	224	+7.3%
Free cash flow	743	776	172	-4.3%
Free cash flow margin	8.0%	7.1%	2.4%
Cash from investing	-239	-271	-238
Cash from financing	-40.0	-696	-315
Depreciation and amortisation	298	288	279	+3.5%
Share-based compensation	34.0	71.0	46.0	-52.1%
Buybacks	0.0	12.0	1.0
Dividends paid	453	483	241	-6.2%
Dividend per share	n/a	n/a	$4.89
Diluted shares, weighted	100m	100m	100m	0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	847	531	553	+59.5%
Non-controlling interest	191	260	217	-26.5%
Debt	2,185	1,591	1,654	+37.3%
Other liabilities	1,484	1,737	1,482	-14.6%
Total liabilities and equity	4,707	4,119	3,906	+14.3%
Goodwill	n/a	0.0	0.0
Cash and equivalents	581	510	510	+13.9%
Receivables	286	358	299	-20.1%
Inventory	604	624	484	-3.2%
Other assets	3,236	2,627	2,613	+23.2%
Total assets	4,707	4,119	3,906	+14.3%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.