CVR Partners (UAN) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 were $202.2 million, up 20% year-over-year, with net income of $78 million and EBITDA of $107.1 million, both more than doubling from Q2 2025.

• Ammonia plant utilization reached 99% in Q2 2026, reflecting strong operational performance.

• Distribution of $6.08 per common unit declared for Q2 2026, payable in August.

• Higher ammonia and UAN prices drove financial gains despite slightly lower sales volumes.

• Ongoing Middle East conflicts tightened global nitrogen fertilizer supply, supporting higher prices.

Financial highlights

• Operating income for Q2 2026 was $85 million, up from $46.3 million in Q2 2025.

• UAN sales: 333,000 tons at $392/ton; ammonia sales: 54,000 tons at $791/ton, with prices up 24% and 33% year-over-year, respectively.

• Direct operating expenses were $59 million; capital spending was $17.3 million for Q2 2026.

• Ended Q2 2026 with $187.5 million liquidity ($137.5 million cash, $50 million ABL availability).

• Available cash for distribution in Q2 2026 was $64.2 million, up from $41.1 million in Q2 2025.

Outlook and guidance

• Q3 2026 ammonia utilization expected at 75–80% due to planned East Dubuque turnaround.

• Q3 direct operating expenses projected at $57–62 million; turnaround expenses: $30–35 million; capital spending: $40–49 million.

• 2026 total capital spending estimated at $85–95 million, with $31.1 million spent in the first half.

• Next major turnaround at East Dubuque scheduled for August 2026, estimated cost $35–40 million.

• Management expects continued volatility in fertilizer prices due to geopolitical events and regulatory changes.