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CVR Energy (CVI) FY2025 results: revenue $7.2 billion, down 5.9% on the year

CVR Energy Inc. (CVI) reported revenue of $7.2 billion for fiscal 2025, the year ended 31 December 2025, down 5.9% on the year before. Net income was $27 million, up 285.7%, and diluted earnings per share $0.27. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$7.2 billion
-5.9% on the year
FY2018FY2025
Operating margin
2.5%
0.8% a year earlier
FY2018FY2025
Net income
$27 million
+285.7% on the year
FY2018FY2025
Diluted EPS
$0.27
+350.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 7 new.

  • Q4 net loss attributable to stockholders: Q4 2025 net loss attributable to CVR Energy stockholders was $110 million, or $1.10 per diluted share, against $28 million of net income a year earlier. Adjusted loss per diluted share was 80 cents.
  • Final figures within preliminary ranges: Final figures fell inside the preliminary ranges released January 26, 2026, covering net loss, EBITDA, Adjusted EBITDA, refinery throughput, ammonia utilization, cash and debt.
  • Petroleum net income rose for year: Petroleum Segment net loss was $16 million in Q4 2025, against $35 million of income a year earlier. Full-year Petroleum net income was $207 million, against $70 million in 2024.
  • RDU returned to hydrocarbon processing: The Wynnewood RDU reverted to hydrocarbon processing in December 2025. Management cited the unfavorable economics of the renewables business and feedstock and logistics within refining.
  • Ammonia utilization fell in Q4: Ammonia utilization was 64 percent in Q4 2025, against 96 percent in Q4 2024, and 88 percent for the year, against 96 percent.
Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue7,1627,6109,247-5.9%
Cost of revenue6,8167,4057,974-8.0%
Gross profit3462051,273+68.8%
Gross margin4.8%2.7%13.8%
Selling, general and administrative148139141+6.5%
Operating income18258.01,123+213.8%
Operating margin2.5%0.8%12.1%
Interest expense13911590.0+20.9%
Pre-tax income80.019.01,085+321.1%
Income tax-10.0-26.0207
Effective tax rate-12.5%-136.8%19.1%
Net income27.07.0769+285.7%
Net margin0.4%0.1%8.3%
Diluted EPS$0.27$0.06$7.65+350.0%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow144404948-64.4%
Capital expenditure185179205+3.4%
Free cash flow-41.0225743
Free cash flow margin-0.6%3.0%8.0%
Cash from investing-362-121-239
Cash from financing-258-482-40.0
Depreciation and amortisation403298298+35.2%
Share-based compensation42.015.034.0+180.0%
Buybacksn/a0.00.0
Dividends paid0.0151453
Diluted shares, weighted100m100m100m0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity730703847+3.8%
Non-controlling interest168185191-9.2%
Debt1,7001,9002,185-10.5%
Other liabilities1,1081,4751,484-24.9%
Total liabilities and equity3,7064,2634,707-13.1%
Cash and equivalents511987581-48.2%
Receivables235295286-20.3%
Inventory472502604-6.0%
Other assets2,4882,4793,236+0.4%
Total assets3,7064,2634,707-13.1%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.