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.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
144
404
948
-64.4%
Capital expenditure
185
179
205
+3.4%
Free cash flow
-41.0
225
743
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 amortisation
403
298
298
+35.2%
Share-based compensation
42.0
15.0
34.0
+180.0%
Buybacks
n/a
0.0
0.0
Dividends paid
0.0
151
453
Diluted shares, weighted
100m
100m
100m
0.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
730
703
847
+3.8%
Non-controlling interest
168
185
191
-9.2%
Debt
1,700
1,900
2,185
-10.5%
Other liabilities
1,108
1,475
1,484
-24.9%
Total liabilities and equity
3,706
4,263
4,707
-13.1%
Cash and equivalents
511
987
581
-48.2%
Receivables
235
295
286
-20.3%
Inventory
472
502
604
-6.0%
Other assets
2,488
2,479
3,236
+0.4%
Total assets
3,706
4,263
4,707
-13.1%
10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.