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CVR Energy (CVI) investor relations material
CVR Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported Q2 2025 consolidated net loss of $90M–$114M, loss per share $1.14, and adjusted EBITDA of $99M, mainly due to RIN mark-to-market, lower throughput, and turnaround impacts.
CEO David Lamp to retire at year-end 2025, with Mark Pytosh named successor; Brett Icahn appointed to Board effective August 2025.
No dividends declared or paid in Q2 2025; capital allocation focused on liquidity and debt reduction.
Financial highlights
Q2 2025 net loss: $90M–$114M; adjusted EBITDA: $99M; adjusted loss per share: $0.23.
Net sales for Q2 2025 were $1.76B, down from $1.97B YoY; cash and equivalents at June 30, 2025: $596M.
Free cash flow was negative $12M; prepaid $90M of term loan principal between Q2 and July 2025.
Total liquidity at June 30, 2025: $759M–$920M; total debt $1.79B–$1.9B.
Outlook and guidance
No major refining turnarounds planned for 2025–2026; next at Wynnewood in 2027; next fertilizer turnaround Q4 2025.
Petroleum throughput expected at 200,000–215,000 bpd; renewables Q3 throughput: 16–20M gallons; fertilizer ammonia utilization: 93–98%.
Capital expenditures for 2025 projected at $165M–$202M; Q3 2025 capex expected $47M–$60M.
RFS compliance costs expected to remain significant due to regulatory volatility and high RIN prices.
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