Cvr Energy Stock Earnings Reports

CVR Energy reported Q3 2025 consolidated net income of $401 million ($3.72/share) and EBITDA of $625 million. Results included a $488 million benefit from EPA small refinery exemptions (SREs) for Wynnewood covering 2019–2024, which reduced the company’s RFS liability on the balance sheet by over 80%. Excluding RFS, inventory and unrealized derivative impacts, adjusted EBITDA was $180 million and adjusted EPS was $0.40. Refining throughput was strong (≈216,000 bpd, 97% crude utilization) and Group III cracks improved year-over-year, boosting petroleum segment performance (adjusted petroleum EBITDA $120 million; realized margin $12.87/bbl). Renewables performed poorly due to loss of the blender’s tax credit and higher soybean oil costs; management will convert the Wynnewood renewable diesel unit back to hydrocarbon processing during the December turnaround, taking accelerated depreciation and mothballing pretreatment assets but retaining the option to reconvert if incentives improve. Fertilizer results were solid (ammonia utilization ~95%, adjusted fertilizer EBITDA $71 million) with tight global supply supporting prices. Cash and liquidity remained healthy (consolidated cash ~$670 million; total liquidity excl. CVR Partners ~$830 million). Management emphasized priority on reducing term loan debt (current principal ≈ $235 million) and returning to target leverage before resuming a quarterly dividend. Capex guidance for full-year 2025 is $180–200 million (plus ~$190M capitalized turnaround spending); Q4 segment-level throughput, expense and capex ranges were provided. CEO David Lamp announced this will be his last call before retirement.