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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 |
| Operating Revenue | - | 10,896 | 9,247 | 7,610 | 7,344 |
| 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 |
| Selling General And Administration | - | 149 | 141 | 139 | 148 |
| Total Expenses | - | 9,922 | 8,124 | 7,552 | 6,980 |
| Operating Income | - | 974 | 1,123 | 58 | 182 |
| Total Operating Income As Reported | - | 963 | 1,123 | 58 | 182 |
| EBITDA | - | 1,174 | 1,435 | 394 | 591 |
| Normalized EBITDA | - | 1,185 | 1,435 | 394 | 591 |
| EBIT | - | 886 | 1,137 | 96 | 188 |
| Interest Expense | - | 85 | 52 | 77 | 108 |
| Net Interest Income | - | -85 | -52 | -77 | -108 |
| Other Non Operating Income Expenses | - | -77 | 14 | 38 | 6 |
| Other Income Expense | - | -88 | 14 | 38 | 6 |
| Interest Expense Non Operating | - | 85 | 52 | 77 | 108 |
| Net Non Operating Interest Income Expense | - | -85 | -52 | -77 | -108 |
| Pretax Income | - | 801 | 1,085 | 19 | 80 |
| Tax Provision | - | 157 | 207 | -26 | -10 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2.16 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 644 | 878 | 45 | 90 |
| Net Income From Continuing And Discontinued Operation | - | 463 | 769 | 7 | 27 |
| Net Income From Continuing Operation Net Minority Interest | - | 463 | 769 | 7 | 27 |
| Net Income | - | 463 | 769 | 7 | 27 |
| Net Income Common Stockholders | - | 463 | 769 | 7 | 27 |
| Net Income Including Noncontrolling Interests | - | 644 | 878 | 45 | 90 |
| Normalized Income | - | 471.84 | 769 | 7 | 27 |
| Diluted NI Availto Com Stockholders | - | 463 | 769 | 7 | 27 |
| Basic Average Shares | - | 100.50 | 100.50 | 100.50 | 100.50 |
| Diluted Average Shares | - | 100.50 | 100.50 | 100.50 | 100.50 |
| Reconciled Depreciation | - | 288 | 298 | 298 | 403 |
| Reconciled Cost Of Revenue | - | 9,773 | 7,981 | 7,413 | 6,825 |
| Total Unusual Items | 78 | -11 | -2 | 0 | - |
| Total Unusual Items Excluding Goodwill | 78 | -11 | -2 | 0 | - |
| Minority Interests | - | -181 | -109 | -38 | -63 |
| Special Income Charges | -3 | -11 | -2 | 0 | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Gain On Sale Of Security | 81 | - | - | - | - |
| Depreciation Amortization Depletion Income Statement | 9 | 7 | - | - | - |
| Depreciation And Amortization In Income Statement | 9 | 7 | - | - | - |
| Gain On Sale Of Ppe | -3 | -11 | -2 | 0 | - |
| Other Operating Expenses | - | - | 2 | - | 7 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CVR Energy, Inc.this co. | CVI | $3.4B | 125.66↑ premium | 4.65 | 3.7% | 7.89 |
| Comstock Resources, Inc. | CRK | $4.1B | 9.67 | 1.53 | 15.9% | 5.06 |
| Crescent Energy Company | CRGY | $4.0B | 30.32 | 0.78 | 2.6% | 5.84 |
| Oceaneering International, Inc. | OII | $4.0B | 11.22 | 3.71 | 33.0% | 9.77 |
| Helmerich & Payne, Inc. | HP | $4.0B |
| - |
| - |
| - |
| - |
| - |
| -24.17 |
| 1.45 |
| -6.0% |
| 9.06 |
| International Seaways, Inc. | INSW | $3.9B | 12.56 | 1.92 | 15.3% | 8.43 |
| Peabody Energy Corporation | BTU | $3.8B | -71.88 | 1.08 | -1.5% | 9.47 |
| Tidewater Inc. | TDW | $3.7B | 11.04 | 2.71 | 24.5% | 8.67 |
| Par Pacific Holdings, Inc. | PARR | $2.8B | 7.54 | 1.84 | 24.4% | 5.46 |
| Peer Median | - | 10.35 | 1.69 | 15.6% | 8.55 | |