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CVR Energy (CVI) investor relations material

CVR Energy Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 net income reached $401 million, reversing prior year losses, driven by a $488 million EPA-related benefit and strong operational performance in petroleum and fertilizer segments.

  • EBITDA was $625 million, with adjusted EBITDA at $180 million, and EPS of $3.72; adjusted EPS was $0.40.

  • Major regulatory relief from EPA reduced RFS obligations by $488 million, significantly benefiting results.

  • Renewables segment faced losses and asset write-downs, prompting a decision to revert the Wynnewood renewable diesel unit to hydrocarbon processing.

  • Operating income for Q3 2025 was $512 million, up from a $113 million loss in Q3 2024.

Financial highlights

  • Q3 2025 net sales were $1.94 billion, up from $1.83 billion in Q3 2024; free cash flow was $121 million.

  • Cash and cash equivalents at quarter-end were $670 million, down from $987 million at year-end 2024.

  • Adjusted EBITDA in the petroleum segment was $120 million; fertilizer segment delivered $71 million; renewables posted a $7 million loss.

  • Long-term debt at quarter-end was $1.8 billion, down from $1.86 billion at year-end 2024.

  • Partnership declared a $4.02 per common unit distribution for Q3 2025.

Outlook and guidance

  • No major refinery turnarounds planned until 2027; Q4 2025 petroleum throughput expected at 200,000–215,000 bpd.

  • Fertilizer ammonia utilization rate for Q4 2025 expected at 80–85% due to planned turnaround.

  • Renewables throughput projected at 10–15 million gallons, with a catalyst change scheduled.

  • Full-year 2025 capital spending projected at $180–200 million.

  • Management expects sufficient liquidity for at least the next 12 months, with $1.0 billion in total liquidity as of September 30, 2025.

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Frequently asked questions

CVR Energy Inc is a diversified holding company operating in petroleum refining and nitrogen fertilizer production through its subsidiaries. The company owns and operates refineries, pipelines, and storage facilities primarily in the Midwestern United States. It also holds a majority interest in CVR Partners LP. The company is headquartered in Sugar Land, Texas, and its shares are listed on the NYSE.

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