CVR Partners (UAN) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales were $164 million, up from $125.2 million in Q3 2024, with net income of $43.1 million and EBITDA of $71 million, both significantly higher year-over-year.

• A cash distribution of $4.02 per common unit was declared for Q3 2025, to be paid in November.

• Ammonia plant utilization was 95% for the quarter, despite planned and unplanned downtime.

• Higher revenues were driven by increased UAN and ammonia sales prices and, for the nine months, higher UAN sales volumes.

Financial highlights

• UAN sales: 328,000–337,000 tons at $348/ton; ammonia sales: 48,000–59,000 tons at $531/ton, with prices up 52% and 33% year-over-year, respectively.

• Q3 2025 operating income was $50.6 million, up from $11.0 million in Q3 2024; EBITDA was $70.6 million, up from $35.8 million.

• Direct operating expenses were $58 million, up $7 million from Q3 2024 due to higher energy costs and preliminary turnaround spending.

• Cash and cash equivalents as of September 30, 2025, were $156.2 million, with total liquidity of $206 million including credit facility.

• Quarterly distribution declared for Q3 2025 was $4.02 per unit, or $42.5 million total.

Outlook and guidance

• Ammonia utilization for Q4 2025 expected between 80% and 85% due to Coffeyville turnaround.

• Q4 direct operating expenses projected at $58–$63 million; capital spending at $30–$35 million.

• Turnaround expense for Q4 expected at $15–$20 million.

• Management expects continued volatility in feedstock and product prices due to global supply disruptions, inflation, and geopolitical risks.

• Market conditions expected to remain favorable into the first half of 2026.