Short answer
CVR ENERGY INC (CVI) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $7.2B (−5.9% year over year) and net income of $27M.
- Top risk flagged: EPA PFAS regulations risk with potential cost recovery and remediation liabilities from hazardous substance designation under CERCLA and RCRA by April 2026 final rules
FY2025 key financial metrics · XBRL
- Revenue
- $7.2B
- −5.9% YoY
- Net income
- $27M
- +285.7% YoY
- Operating margin
- 2.5%
- +1.8 pp YoY
- EPS (diluted)
- $0.27
- +350.0% YoY
- ROE
- 3.7%
- +2.7 pp YoY
- Operating cash flow
- $144M
- −64.4% YoY
Source: XBRL data from the CVR ENERGY INC (CVI) FY2025 10-K on SEC EDGAR. USD.
CVR ENERGY INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: diversified holding company in petroleum refining/marketing, renewable fuels, and nitrogen fertilizer manufacturing via CVR Partners
- Renewables unit at Wynnewood Refinery reverted from renewable diesel back to hydrocarbon processing in Dec 2025 due to unfavorable economics
- Petroleum throughput declined at Coffeyville Refinery to 108,351 bpd in 2025 from 136,280 bpd in 2024; Wynnewood throughput rose to 73,637 bpd from 59,998 bpd
- Pet coke supply from Coffeyville Refinery to nitrogen fertilizer plant decreased to ~36% in 2025 from 46% in 2024
- Icahn Enterprises owned ~70% of common stock as of Dec 31, 2025, reflecting significant concentrated ownership
Management Discussion & Analysis
- Revenue not explicitly stated, no YoY figures or dollar amounts provided in the text
- Operating margin or profitability percentages not disclosed in provided MD&A section
- Segment performance specifics not given, but Petroleum Segment underwent reversion of renewable diesel unit in Dec 2025; Nitrogen Fertilizer Segment completed projects improving reliability and capacity potential
- Capital spend highlights: Petroleum Segment $136 million for alkylation unit upgrade, $3 million for distillate yield improvement, $50 million for flare gas system; no dividend or share buyback amounts disclosed
- Forward outlook: slightly below mid-cycle crack spreads, diesel spreads elevated; regulatory uncertainties in renewable fuels; ongoing geopolitical risks impacting crude and fertilizer markets; potential strategic transactions under consideration
Risk Factors
- EPA PFAS regulations risk with potential cost recovery and remediation liabilities from hazardous substance designation under CERCLA and RCRA by April 2026 final rules
- Significant exposure to OPEC+ production disputes impacting crude oil supply, refining margins, and inventory valuation losses in Petroleum segment
- Wynnewood Refinery fire in April 2024 caused damage to pipe racks and pumps, disrupting naphtha processing and affecting operations
- Renewables segment faces competition and price pressure from increased capacity and feedstock demand volatility from new renewable fuel projects
- Customer concentration risk: Renewables segment has two customers accounting for ~50% net sales, loss could materially impact cash flows
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