CVR Energy (CVI) Q2 2025 earnings summary

Executive summary

• Reported a consolidated net loss of $90 million for Q2 2025 and a loss per share of $1.14, with adjusted EBITDA of $99 million; losses driven by unfavorable RIN mark-to-market, reduced throughput post-turnaround, and higher RFS compliance costs.

• CEO Dave Lamp announced retirement at year-end 2025, with Mark Pytosh to succeed; Brett Icahn appointed to Board effective August 2025.

• No dividends declared or paid in Q2 2025; capital allocation focused on liquidity and debt reduction.

• Prepaid $70 million of term loan principal in Q2 and an additional $20 million after quarter-end.

Financial highlights

• Q2 2025 net sales were $1.76 billion, down from $1.97 billion in Q2 2024; cash and cash equivalents at June 30, 2025 were $596 million.

• Adjusted EBITDA for Q2 2025 was $99 million, compared to $87 million in Q2 2024; adjusted loss per share was $0.23.

• Free cash flow was negative $12 million due to capital and turnaround spending.

• Total liquidity at June 30, 2025 was approximately $920 million, including available credit facilities.

• Long-term debt at June 30, 2025 was $1.79 billion, down from $1.86 billion at year-end 2024.

Outlook and guidance

• Q3 2025 petroleum throughput expected at 200,000–215,000 barrels/day; direct operating expenses $105–$115 million; capital spending $25–$30 million.

• Renewables throughput guidance for Q3 is 16–20 million gallons; capital spending $1–$3 million.

• Fertilizer segment ammonia utilization rate expected at 93–98%; capital spending $20–$25 million.

• Full-year 2025 capital spending estimated at $165–$202 million; turnaround spending at $190 million.

• Management expects RFS compliance costs to remain significant through 2025 and beyond due to regulatory volatility and high RIN prices.