CVR Energy (CVI) FY2024 results: revenue $7.6 billion, down 17.7% on the year

CVR Energy Inc. (CVI) reported revenue of $7.6 billion for fiscal 2024, the year ended 31 December 2024, down 17.7% on the year before. Net income was $7 million, down 99.1%, and diluted earnings per share $0.06. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$7.6 billion

-17.7% on the year

FY2017FY2024

Operating margin

0.8%

12.1% a year earlier

FY2017FY2024

Net income

$7 million

-99.1% on the year

FY2017FY2024

Diluted EPS

$0.06

-99.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	7,610	9,247	10,896	-17.7%
Cost of revenue	7,405	7,974	9,766	-7.1%
Gross profit	205	1,273	1,130	-83.9%
Gross margin	2.7%	13.8%	10.4%
Selling, general and administrative	139	141	149	-1.4%
Operating income	58.0	1,123	963	-94.8%
Operating margin	0.8%	12.1%	8.8%
Interest expense	115	90.0	93.0	+27.8%
Pre-tax income	19.0	1,085	801	-98.2%
Income tax	-26.0	207	157
Effective tax rate	-136.8%	19.1%	19.6%
Net income	7.0	769	463	-99.1%
Net margin	0.1%	8.3%	4.2%
Diluted EPS	$0.06	$7.65	$4.60	-99.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	404	948	967	-57.4%
Capital expenditure	179	205	191	-12.7%
Free cash flow	225	743	776	-69.7%
Free cash flow margin	3.0%	8.0%	7.1%
Cash from investing	-121	-239	-271
Cash from financing	-482	-40.0	-696
Depreciation and amortisation	298	298	288	0.0%
Share-based compensation	15.0	34.0	71.0	-55.9%
Buybacks	0.0	0.0	12.0
Dividends paid	151	453	483	-66.7%
Diluted shares, weighted	100m	100m	100m	0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	703	847	531	-17.0%
Non-controlling interest	185	191	260	-3.1%
Debt	1,900	2,185	1,591	-13.0%
Other liabilities	1,475	1,484	1,737	-0.6%
Total liabilities and equity	4,263	4,707	4,119	-9.4%
Goodwill	n/a	n/a	0.0
Cash and equivalents	987	581	510	+69.9%
Receivables	295	286	358	+3.1%
Inventory	502	604	624	-16.9%
Other assets	2,479	3,236	2,627	-23.4%
Total assets	4,263	4,707	4,119	-9.4%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.