CVR ENERGY INC (CVI) FY2025 10-K Annual Report
CVR ENERGY INC (CVI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CVR ENERGY INC FY2025 10-K Analysis
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
CVR ENERGY INC FY2025 Key Financial MetricsXBRL
Revenue
$7.2B
▼ -5.9% YoY
Net Income
$27M
▲ +285.7% YoY
Operating Margin
2.5%
▲ +178bp YoY
Net Margin
0.4%
▲ +29bp YoY
ROE
3.7%
▲ +270bp YoY
Total Assets
$3.7B
▼ -13.1% YoY
EPS (Diluted)
$0.27
▲ +350.0% YoY
Operating Cash Flow
$144M
▼ -64.4% YoY
Source: XBRL data from CVR ENERGY INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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