CVR Energy, Inc., together with its subsidiaries, engages in renewable fuels and petroleum refining and marketing, and nitrogen fertilizer manufacturing activities in the United States. It operates through three segments: Petroleum, Renewables, and Nitrogen Fertilizer. The Petroleum segment refines and markets transportation fuels, such as gasoline, diesel, jet fuel, and distillates; and includes crude gathering and logistics activities that support refinery operations. This segment also owns and operates a coking, medium-sour crude oil refinery in Kansas; and a crude oil refinery in Oklahoma. This segment serves retailers, railroads, farm cooperatives, and other refiners/marketers. The Renewables segment refines renewable feedstocks, including soybean oil, corn oil, and other renewable feedstocks into renewable diesel; and marketing of renewables products. The Nitrogen Fertilizer segment owns and operates a nitrogen fertilizer plant in Coffeyville, Kansas that utilizes a pet coke gasification process to produce nitrogen fertilizer products; and a nitrogen fertilizer facility in East Dubuque, Illinois that produces nitrogen fertilizers in the form of ammonia and urea ammonium nitrate (UAN) and nitric acid. This segment primarily markets UAN products to agricultural customers; and ammonia products to agricultural and industrial customers. The company was founded in 1906 and is headquartered in Sugar Land, Texas. CVR Energy, Inc. is a subsidiary of Icahn Enterprises Holdings L.P.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.2B | $591M | $27M | $-238M | 3.7% | -5.9% | 285.7% |
| 2024 | $7.6B | $394M | $7M | $172M | 1.0% | -17.7% | -99.1% |
| 2023 | $9.2B | $1.4B | $769M | $686M | 90.8% | -15.1% | 66.1% |
| 2022 | $10.9B | $1.2B | $463M | $693M | 87.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,896 | 9,247 | 7,610 | 7,162 |
| Cost Of Revenue | - | 9,773 | 7,981 | 7,413 | 6,825 |
| Gross Profit | - | 1,123 | 1,266 | 197 | 337 |
| Operating Expense | - | 149 | 143 | 139 | 155 |
| Operating Income | - | 974 | 1,123 | 58 | 182 |
| EBITDA | - | 1,174 | 1,435 | 394 | 591 |
| EBIT | - | 886 | 1,137 | 96 | 188 |
| Pretax Income | - | 801 | 1,085 | 19 | 80 |
| Tax Provision | - | 157 | 207 | -26 | -10 |
| Net Income | - | 463 | 769 | 7 | 27 |
| Net Income Common Stockholders | - | 463 | 769 | 7 | 27 |
| Total Expenses | - | 9,922 | 8,124 | 7,552 | 6,980 |
| Interest Expense | - | 85 | 52 | 77 | 108 |
| Selling General And Administration | - | 149 | 141 | 139 | 148 |
| Normalized EBITDA | - | 1,185 | 1,435 | 394 | 591 |
| Normalized Income | - | 471.84 | 769 | 7 | 27 |
| Market Cap | 3,168.72 | 3,168.72 | 3,168.72 | 3,168.72 | 3,168.72 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CVR Energy, Inc.this co. | CVI | $3.1B | 117.36β premium | 4.34 | 3.7% | 7.51 |
| Magnolia Oil & Gas Corporation | MGY | $5.5B | 17.19 | 2.88 | 16.8% | 6.54 |
| Comstock Resources, Inc. | CRK | $5.0B | 11.84 | 1.88 | 15.9% | 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| International Seaways, Inc. | INSW | $3.9B | 12.71 |
| - |
| - |
| - |
| - |
| - |
| 1.95 |
| 15.3% |
| 8.52 |
| Cactus, Inc. | WHD | $3.9B | 23.74 | 3.21 | 13.5% | 11.78 |
| SM Energy Company | SM | $3.3B | 10.65 | 1.43 | 13.5% | 4.18 |
| Par Pacific Holdings, Inc. | PARR | $3.3B | 8.60 | 2.10 | 24.4% | 6.02 |
| Crescent Energy Company | CRGY | $3.1B | 31.41 | 0.81 | 2.6% | 5.92 |
| Peer Median | - | 12.91 | 2.02 | 15.6% | 6.28 | |