CVR Energy (CVI) Q1 2025 earnings summary

Executive summary

• Reported a consolidated net loss of $105 million for Q1 2025, with a loss per share of $1.22 and EBITDA loss of $61 million, impacted by Coffeyville refinery turnaround and unfavorable RFS mark-to-market impacts.

• Adjusted EBITDA was $24 million, down from $99 million year-over-year, and no cash dividend was declared for Q1 2025.

• Results were affected by lower crack spreads, increased RFS compliance costs, and both planned and unplanned downtime at Coffeyville.

• Renewable segment processed 14 million gallons at Wynnewood, with gross margin up to $1.13 per gallon from $0.65 year-over-year.

• Fertilizer segment achieved 101% ammonia utilization, higher ammonia prices, and strong demand heading into spring.

Financial highlights

• Net loss of $105 million and EBITDA loss of $61 million for Q1 2025; adjusted EBITDA was $24 million, and adjusted loss per share was $0.58.

• Revenue declined to $1.65 billion from $1.86 billion year-over-year.

• Cash and cash equivalents at quarter-end were $695 million, down from $987 million at year-end 2024.

• Free cash flow was negative $285 million, compared to positive $121 million in Q1 2024.

• Operating cash flow was $(195) million, down from $177 million in Q1 2024.

Outlook and guidance

• Q2 2025 petroleum throughput expected at 160,000–180,000 barrels per day; direct operating expenses $105–$115 million; capital spending $35–$40 million.

• Fertilizer segment ammonia utilization expected at 87%–97% with some planned downtime; capital spending $18–$22 million.

• Renewable segment Q2 throughput estimated at 16–20 million gallons; direct operating expenses $8–$10 million; capital spending $2–$4 million.

• Full year 2025 capital spending projected at $180–$210 million; turnaround spending $180–$200 million.

• No additional refinery turnarounds planned until 2027.