CVR Energy (NYSE:CVI) outlined mixed fourth-quarter results as management pointed to one-time items tied to the company’s renewable diesel strategy shift and operational disruptions at its fertilizer business, while reiterating a constructive outlook for refining and nitrogen fertilizer fundamentals.
Quarter and full-year results
For full-year 2025, the company reported consolidated net income of $90 million and EBITDA of $591 million. Segment EBITDA was $411 million in petroleum, $211 million in fertilizer, and a ($22) million loss in renewables.
CFO Dane Neumann said net loss attributable to CVR shareholders was $110 million, or ($1.10) per share, with fourth-quarter EBITDA of $51 million. The quarter included a $39 million unfavorable inventory valuation impact, a $9 million unfavorable change in RFS liability, and $10 million of unrealized derivative gains. Excluding these items, the company reported Adjusted EBITDA of $91 million and adjusted loss per share of ($0.80).
Refining: higher throughput and cracks, but RINs remained a drag
Adjusted EBITDA in the petroleum segment was $73 million, up from $9 million in the fourth quarter of 2024, driven mainly by higher crack spreads and increased throughput volumes.
- Combined total throughput: ~218,000 barrels per day
- Utilization: ~97% of nameplate capacity
- Light product yield: 92%
Neumann said benchmark cracks softened versus the third quarter, with the Group 3 2-1-1 averaging $22.70 per barrel. He described October and November as “unseasonably strong,” which management believes contributed to higher refining utilization and a decline in cracks in December.
CVR’s fourth-quarter realized margin—adjusted for RFS liability changes, inventory valuation, and unrealized derivative gains—was $9.92 per barrel, a 44% capture rate on the Group 3 2-1-1 benchmark. RIN prices declined about $0.18 per barrel from third-quarter levels, averaging $6.05 per barrel for the quarter, but the company’s net RIN expense remained significant. Excluding the change in RFS liability, net RIN expense was $90 million, or $4.49 per barrel, which Neumann said reduced the capture rate by roughly 20%.
The estimated accrued RFS obligation on the balance sheet was $72 million at year-end, representing 59 million RINs marked at an average price of $1.21. Neumann also noted CVR continues to recognize 100% of Wynnewood Refining Company’s RIN obligation because the EPA has not ruled on its pending petition; the fourth-quarter 2025 obligation tied to Wynnewood was approximately 34 million RINs.
Direct operating expenses in petroleum rose to $5.40 per barrel from $5.13 per barrel a year earlier, driven primarily by higher personnel and utilities costs.
Renewables: renewable diesel operations ceased and unit reverted
Adjusted EBITDA in the renewable segment was breakeven, down from $9 million in the prior-year quarter. Neumann attributed the decline to the loss of the blender’s tax credit, a decline in the HOBO spread, and reduced throughput. The company ceased operations of the renewable diesel unit at the end of November, and the reversion back to hydrocarbon processing was completed in December.
Fertilizer: turnaround completed, but third-party issue extended downtime
Adjusted EBITDA in the fertilizer segment fell to $20 million from $50 million in the prior-year quarter. Ammonia utilization was 64%, reflecting a planned turnaround and delayed startup at Coffeyville.
Neumann said the turnaround finished in early November as scheduled, but the facility experienced additional downtime due to about three weeks of startup issues at the third-party-owned air separation plant.
CVR Partners’ general partner declared a distribution of $0.37 per common unit for the fourth quarter of 2025. CVR Energy, which owns about 37% of CVR Partners’ common units, expects to receive approximately $1 million of cash distributions.
Balance sheet actions, spending plans, and 2026 guidance
Cash flow from operations in the fourth quarter was breakeven, while free cash flow was a use of $55 million. Neumann cited key cash uses including a $75 million term loan payment, $68 million in RIN purchases tied to Wynnewood’s 2024 and 2025 obligations, $55 million of capital spending, $27 million for non-controlling interest related to CVR Partners’ third-quarter distribution, and $26 million of cash interest.
Full-year 2025 consolidated capital spending totaled $197 million ($135 million petroleum, $57 million fertilizer, $4 million renewable). The company also said turnaround spending in petroleum was approximately $190 million in 2025.
Looking ahead, CVR expects full-year 2026 consolidated capital spending of $200 million to $240 million, with petroleum turnaround spending of $15 million to $20 million. Neumann said growth capital spending of $75 million to $90 million in 2026 is expected to be “slightly elevated,” driven by peak spending on the Wynnewood alkylation project and reliability and debottlenecking work in fertilizer, funded from cash reserves at CVR Partners.
At year-end, consolidated cash was $511 million, including $69 million in the fertilizer segment. After year-end, CVR completed a $1 billion senior notes offering (maturing in 2031 and 2034) and used proceeds to repay the remaining term loan balance, redeem all 8.5% notes due 2029, and redeem $217 million of 5.75% notes due 2028. Neumann also said CVR upsized and extended its asset-based lending facility, increasing commitments from $345 million to $550 million and extending maturity to 2031.
For first-quarter 2026, the company guided to:
- Petroleum: throughput of 200,000 to 215,000 bpd; direct operating expenses of $110 million to $120 million; capital spending of $30 million to $35 million
- Fertilizer: ammonia utilization rate of 95% to 100%; direct operating expenses of $57 million to $62 million (excluding inventory impacts); capital spending of $25 million to $30 million
In strategic remarks during his first earnings call as CEO, Pytosh said management’s priorities include safe and reliable operations, improving margin capture through commercial optimization, pursuing more proactive—but disciplined—M&A across refining and fertilizer, and maintaining a disciplined approach to capital allocation. He also introduced Travis Capps as the new Chief Commercial Officer, noting Capps most recently served as Chief Commercial Officer at Motiva.
On the call, management discussed ramping up WCS processing at Coffeyville to as much as 20,000 bpd, compared with less than 1,000 bpd in 2025, citing widened differentials and upgrades made in prior turnarounds. They also said RIN prices had risen sharply early in 2026 amid uncertainty around the 2026 RVO, and described steps to blend more and explore additional blending capacity as part of efforts to reduce exposure.
About CVR Energy (NYSE:CVI)
CVR Energy, Inc is an independent downstream energy company engaged primarily in petroleum refining and nitrogen fertilizer production in the United States. Headquartered in Sugar Land, Texas, CVR Energy operates through two reportable segments—Petroleum Products and Nitrogen Fertilizers—leveraging its refining expertise and distribution network to serve both wholesale and retail markets across key regions in the U.S.
In its Petroleum Products segment, the company owns and operates the Coffeyville, Kansas refinery, which has the capability to process various grades of crude oil into gasoline, diesel, jet fuel and other refined products.
