# CVR ENERGY INC (CVI) Informational only - not investment advice. CIK: 0001376139 SIC: 2911 Petroleum Refining SIC breadcrumb: [Manufacturing](/division/D/) > [Petroleum Refining And Related Industries](/major-group/29/) > [SIC 2911 Petroleum Refining](/industry/2911/) Latest 10-K filed: 2026-02-18 SEC page: https://www.sec.gov/edgar/browse/?CIK=1376139 Filing source: https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0001376139-26-000014 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001376139.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 7,162,000,000 USD | 2025 | verified | | Net income | 27,000,000 USD | 2025 | verified | | Assets | 3,706,000,000 USD | 2025 | verified | | Free cash flow | -41,000,000 USD | 2025 | computed | | Net margin | 0.38% | 2025 | computed | | Operating margin | 2.54% | 2025 | computed | | Revenue YoY | -5.89% | 2025 | computed | | ROE | 3.70% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CVI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 0.4% | 2.5% | 33 | 10 | | Revenue growth | -5.9% | -5.7% | 44 | 10 | | FCF margin | -0.6% | 2.5% | 14 | 8 | | ROE | 3.7% | 9.9% | 25 | 9 | | ROA | 0.7% | 3.9% | 33 | 10 | | Liabilities / equity | 4.08 | 1.44 | 88 | 9 | | Current ratio | 1.79 | 1.24 | 100 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2911 Petroleum Refining, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 7162000000 | USD | 2025 | 2026-02-18 | | Net income | 27000000 | USD | 2025 | 2026-02-18 | | Assets | 3706000000 | USD | 2025 | 2026-02-18 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001376139.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 4,782,000,000 | 5,988,000,000 | 7,124,000,000 | 6,364,000,000 | 3,930,000,000 | 7,242,000,000 | 10,896,000,000 | 9,247,000,000 | 7,610,000,000 | 7,162,000,000 | | Net income | | | | | | 25,000,000 | 263,000,000 | 259,000,000 | 380,000,000 | -256,000,000 | 25,000,000 | 463,000,000 | 769,000,000 | 7,000,000 | 27,000,000 | | Operating income | | | | | | 70,000,000 | 145,000,000 | 532,000,000 | 580,000,000 | -333,000,000 | 87,000,000 | 963,000,000 | 1,123,000,000 | 58,000,000 | 182,000,000 | | Diluted EPS | | | | 2.00 | 1.95 | 0.28 | | | 3.78 | -2.54 | 0.25 | 4.60 | 7.65 | 0.06 | 0.27 | | Operating cash flow | | | | | | 267,000,000 | 248,000,000 | 628,000,000 | 747,000,000 | 90,000,000 | 396,000,000 | 967,000,000 | 948,000,000 | 404,000,000 | 144,000,000 | | Capital expenditures | | | | | | 133,000,000 | 120,000,000 | 102,000,000 | 121,000,000 | 124,000,000 | 224,000,000 | 191,000,000 | 205,000,000 | 179,000,000 | 185,000,000 | | Dividends paid | | | | | | 174,000,000 | 174,000,000 | 238,000,000 | 306,000,000 | 121,000,000 | 241,000,000 | 483,000,000 | 453,000,000 | 151,000,000 | 0.00 | | Share buybacks | 3,600,000 | 0.00 | 0.00 | | | | | 0.00 | 0.00 | 7,000,000 | 1,000,000 | 12,000,000 | 0.00 | 0.00 | | | Assets | | | | | | 4,050,000,000 | 3,807,000,000 | 4,079,000,000 | 3,905,000,000 | 3,978,000,000 | 3,906,000,000 | 4,119,000,000 | 4,707,000,000 | 4,263,000,000 | 3,706,000,000 | | Stockholders' equity | | | | | | 858,100,000 | 919,000,000 | 1,286,000,000 | 1,393,000,000 | 1,019,000,000 | 553,000,000 | 531,000,000 | 847,000,000 | 703,000,000 | 730,000,000 | | Cash and cash equivalents | | | | | | 736,000,000 | 482,000,000 | 668,000,000 | 652,000,000 | 667,000,000 | 510,000,000 | 510,000,000 | 581,000,000 | 987,000,000 | 511,000,000 | | Free cash flow | | | | | | 134,000,000 | 128,000,000 | 526,000,000 | 626,000,000 | -34,000,000 | 172,000,000 | 776,000,000 | 743,000,000 | 225,000,000 | -41,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | 0.52% | 4.39% | 3.64% | 5.97% | -6.51% | 0.35% | 4.25% | 8.32% | 0.09% | 0.38% | | Operating margin | | | | | | 1.46% | 2.42% | 7.47% | 9.11% | -8.47% | 1.20% | 8.84% | 12.14% | 0.76% | 2.54% | | Return on equity | | | | | | 2.91% | 28.62% | 20.14% | 27.28% | -25.12% | 4.52% | 87.19% | 90.79% | 1.00% | 3.70% | | Return on assets | | | | | | 0.62% | 6.91% | 6.35% | 9.73% | -6.44% | 0.64% | 11.24% | 16.34% | 0.16% | 0.73% | | Liabilities / equity | | | | | | 3.72 | 3.14 | | 1.80 | 2.90 | 6.06 | 6.76 | 4.56 | 5.06 | 4.08 | | Current ratio | | | | | | 2.32 | 1.98 | 2.52 | 2.14 | 2.13 | 1.18 | 1.11 | 1.30 | 1.66 | 1.79 | ## As-reported value updates 9 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/CVI/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001376139.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.92 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.94 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.29 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 2,522,000,000 | 353,000,000 | 3.51 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 2,202,000,000 | 91,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,863,000,000 | 82,000,000 | 0.81 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,967,000,000 | 21,000,000 | 0.21 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,833,000,000 | -124,000,000 | -1.24 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,947,000,000 | 29,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,646,000,000 | -123,000,000 | -1.22 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,761,000,000 | -114,000,000 | -1.14 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,944,000,000 | 374,000,000 | 3.72 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,810,000,000 | -110,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,980,000,000 | -192,000,000 | -1.91 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 2,738,000,000 | -3,000,000 | -0.03 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CVI's latest 10-K: [/company/CVI/business/](/company/CVI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CVI's latest 10-K: [/company/CVI/risk-factors/](/company/CVI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1376139/000137613926000039/cvi-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-29 Report date: 2026-06-30 Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition, results of operations, and cash flows should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 18, 2026 (the “2025 Form 10-K”). Results of operations for the three and six months ended June 30, 2026 and cash flows for the six months ended June 30, 2026 are not necessarily indicative of results of operations and cash flows to be attained for any other period. See “Important Information Regarding Forward-Looking Statements.” References to “CVR Energy”, the “Company”, “we”, “us”, and “our”, may refer to consolidated subsidiaries of CVR Energy, including CVR Refining, LP or CVR Partners, LP, as the context may require. Reflected in this discussion and analysis is how management views the Company’s current financial condition and results of operations, along with key external variables and management’s actions that may impact the Company. This discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this Report. Company Overview CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing industry (the “Petroleum Segment”) and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (the “Nitrogen Fertilizer Segment” or “CVR Partners”). The Petroleum Segment is an “independent petroleum refiner”, in that it does not have crude oil exploration or production operations, and is a marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels. CVR Partners produces and markets nitrogen fertilizers primarily in the form of urea ammonium nitrate (“UAN”) and ammonia. We operate under two reportable segments: petroleum and nitrogen fertilizer, which are referred to in this document as our “Petroleum Segment” and our “Nitrogen Fertilizer Segment”, respectively. Company Developments In December 2025, the Company reverted the renewable diesel unit (“RDU”) at the refinery located in Wynnewood, Oklahoma (the “Wynnewood Refinery”) back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. While the Company maintains the option to switch back to renewable diesel service if incentivized to do so, it no longer refines renewable feedstocks, such as soybean oil, corn oil, and other similar feedstocks, into renewable diesel nor does it currently market renewable diesel. Based on the Company’s revised reporting assessment performed during the first quarter of 2026, the renewables business no longer met the quantitative or qualitative requirements under ASC 280, Segment Reporting, to be disclosed as a separate reportable segment. Effective beginning with the Form 10-Q for the quarter ended March 31, 2026, all prior period Renewables activity has been consolidated within “Other” and disclosures have been retrospectively adjusted to reflect the current segment presentation. Refer to Part I, Item 1, Note 13 (“Business Segments”) for segment disclosures. Strategy and Initiatives Potential Strategic Transactions As previously disclosed, Icahn Enterprises L.P. and its affiliates (“IEP”) and the Company are considering potential strategic transactions available to the Company and our subsidiaries and affiliates, which may include the acquisition of additional entities, assets or businesses, including the acquisition of material amounts of refining assets through negotiated mergers and/or stock or asset purchase agreements by the Company or our subsidiaries, and/or strategic options involving CVR Partners. There is no assurance that any of the aforementioned or previously disclosed or other transactions will develop or materialize, or if they do, as to their timing. As of June 30, 2026, IEP owns approximately 71% of the Company’s total outstanding common stock and approximately 3% of the total outstanding common units of CVR Partners. As of June 30, 2026, CVR Energy, through its subsidiaries, held approximately 37% of CVR Partners’ outstanding common units and 100% of CVR Partners’ general partner interests. June 30, 2026 | 25 Table of Contents Company Initiatives Petroleum Segment •The Company has undertaken a project to replace the hydrofluoric acid catalyst alkylation unit at the Wynnewood Refinery with a fixed bed catalyst system. If successfully completed, this project should expand the alkylation unit by up to 2,500 bpd resulting in increased production of premium gasoline, through utilization of propylene which is currently sold as a product, and eliminate hydrofluoric acid inventory. The capital investment is estimated at $136 million, and the unit is currently expected to become operational in late 2027; however, timing could be impacted by various factors including but not limited to logistics constraints. •In connection with our settlement with the Environmental Protection Agency (“EPA”) on certain environmental issues at the refinery in Coffeyville, Kansas (the “Coffeyville Refinery”) entered into in 2023 and by the court in January 2024, the Company is in the process of installing a flare gas recovery system along with other improvements at a cost of approximately $53 million, which is expected to be operational in late 2026. •The Company has been assessing opportunities to improve margin capture at both refineries through optimizing crude and feedstock slates and refined product marketing, and has begun repurposing and utilizing rail assets following the reversion of the RDU to provide additional feedstock security and product shipment optionality. Nitrogen Fertilizer Segment •In 2025 and into 2026, CVR Partners progressed several projects focused on improving water and electrical reliability, expanding diesel exhaust fluid production, and increasing loadout capabilities, among other initiatives, using funds previously reserved by the board of directors of CVR Partners’ general partner (the “UAN GP Board”). •During the planned turnaround at the fertilizer facility in East Dubuque, Illinois operated by CVR Partners’ wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (“EDNF”) (the “East Dubuque Fertilizer Facility”), scheduled for August 2026, EDNF will continue to progress work on the upgrades to its water systems, in addition to completing the brownfield ammonia expansion that is expected to increase production capacity by approximately 5%. •Based on engineering studies completed in 2025, the fertilizer facility in Coffeyville, Kansas operated by CVR Partners’ wholly owned subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC (“CRNF”) (the “Coffeyville Fertilizer Facility” and together with the East Dubuque Fertilizer Facility, the “Facilities”) has the potential to utilize natural gas as an alternative feedstock in conjunction with pet coke in the production of nitrogen fertilizer. CVR Partners is in the final phases of completing detailed engineering and cost estimates, and following final approval by the UAN GP Board, expects to proceed with construction in 2026 and 2027. If completed, these initiatives would make the Coffeyville Fertilizer Facility the only nitrogen fertilizer facility in the United States with dual feedstock flexibility, providing management with the ability to choose the optimal mix of natural gas and third-party pet coke depending on prevailing prices. •In June 2026, the Coffeyville Fertilizer Facility received its Verified Ammonia Carbon Intensity certification from an independent third-party auditor under The Fertilizer Institute framework, which will enable the Coffeyville Fertilizer Facility to market ammonia it produces as “blue.” Industry Factors General Business Environment Geopolitical Matters •On February 28, 2026, a war began between the U.S., Israel and Iran (the “Iran War”), further increasing the conflicts and tensions in the Middle East, resulting in significant disruptions to oil, refined products, and fertilizer production facilities in the region, as well as to global energy and fertilizer supply chain production and availability. The Iran War has disrupted key trade routes, especially the Strait of Hormuz, tightened global supply of certain commodities, and increased energy costs, contributing to elevated and volatile crude oil, refined product, and fertilizer prices. Recent escalations in the Iran War have increased the uncertainty regarding the duration and severity of these disruptions and any further impacts on the global and energy markets. While certain global coordinated activities have been implemented with the intention to mitigate price volatility and provide near-term relief to market conditions, crude oil, refined product, and fertilizer prices remain elevated relative to prior periods. June 30, 2026 | 26 Table of Contents •In addition, the ongoing Russia-Ukraine war and related geopolitical developments have disrupted, and could further disrupt, the production and trade of petroleum products, fertilizer, grains, and other feedstocks through various means, such as trade restrictions, sanctions or transportation bottlenecks. •Changes, and proposed changes, to the U.S. global trade policy, together with related judicial, regulatory and administrative developments, as well as renewed trade tensions and related international retaliatory measures, have continued to influence global markets and impact short- and long-term economics in the U.S. and around the globe, including concerns over inflation, recession, and slowing growth. These factors, together with evolving diplomatic efforts and ongoing geopolitical developments in the affected regions, have contributed to, and may continue to contribute to, volatility in crude oil, refined product and fertilizer pricing and inventories, as well as disruptions in the production, transportation and trade of crude oil, refined products, fertilizer, grains, and feedstocks through various means, including trade restrictions and sanctions. The ultimate impacts of these geopolitical developments and economic policy changes, including any further escalation, de-escalation, or resolution thereof, and any associated market disruptions remain difficult to predict and may materially affect our business, operations, cash flows, and access to capital in unforeseen ways. Regulatory Environment Our businesses are subject to significant regulatory oversight and requirements and numerous rules, regulations, policies and legal proceedings relating to climate, energy and environmental matters enacted or introduced, as applicable, at federal, state, and international levels. These laws, rules, regulations and policies, and the implementation and enforcement thereof, are further subject to shifting priorities at the federal level, including various executive orders, regulatory guidance and new legislation, some of which have curtailed, delayed, modified or restructured certain climate-related regulatory initiatives advanced under the prior administration. Given these shifting priorities, we face an uncertain regulatory landscape at the federal, state, and international levels, such potential changes to reporting of greenhouse gas emissions and climate risk. Each of t [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1376139/000137613926000014/cvi-20251231.htm Complete FY 2025 MD&A: /company/CVI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-18 Report date: 2025-12-31 Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition, results of operations and cash flows should be read in conjunction with our consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as Part I, Item 1, “Business” and Part I, Item 1A, “Risk Factors” of this Report. References to “CVR Energy”, “CVR”, the “Company”, “we”, “us”, and “our” may refer to consolidated subsidiaries of CVR Energy, including CVR Partners, as the context may require. This discussion and analysis covers the years ended December 31, 2025 and 2024 and includes year-to-year comparisons between such periods. The discussions of the year ended December 31, 2023 and year-to-year comparisons between the years December 31, 2025 | 46 Table of Contents ended December 31, 2024 and 2023 are not included in this Report but can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 19, 2025, and such discussions are incorporated by reference into this Report. Reflected in this discussion and analysis is how management views the Company’s current financial condition and results of operations, along with key external variables and management’s actions that may impact the Company. This discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this Report. Company Overview CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing industry (the “Petroleum Segment”), the renewable fuels industry (the “Renewables Segment”), and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (the “Nitrogen Fertilizer Segment” or “CVR Partners”). The Petroleum Segment is an “independent petroleum refiner”, in that it does not have crude oil exploration or production operations and is a marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels. The Renewables Segment refines feedstocks, including soybean oil, corn oil, and other related renewable feedstocks, into renewable diesel. CVR Partners produces and markets nitrogen fertilizers primarily in the form of urea ammonium nitrate (“UAN”) and ammonia. During 2025, we operated under three reportable segments: petroleum, renewables, and nitrogen fertilizer, which are referred to in this document as our “Petroleum Segment”, our “Renewables Segment”, and our “Nitrogen Fertilizer Segment”, respectively. In December 2025, the Company reverted the renewable diesel unit (“RDU”) at the refinery located in Wynnewood, Oklahoma (the “Wynnewood Refinery”) back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. The Company maintains the option to switch back to renewable diesel service if incentivized to do so. Refer to Part II, Item 8, Note 4 (“Long-Term Assets”) of this Report for further discussion. Company Developments As previously announced, on August 22, 2025, the U.S. Environmental Protection Agency (the “EPA”) issued a decision document to the Company’s subsidiary, Wynnewood Refining Company, LLC (“WRC”), affirming the validity of its previous grant of WRC’s petitions for small refinery hardship relief under the RFS for WRC’s 2017 and 2018 compliance periods, granting 100 percent waivers for WRC’s 2019 and 2021 compliance periods, and granting 50 percent waivers for its 2020, 2022, 2023 and 2024 compliance periods (the “August 2025 SRE Decisions”). Based on this decision, WRC’s obligations for the 2020 through 2024 compliance periods were reduced by more than 424 million RINs, representing approximately $488 million. Refer to Part II, Item 8, Note 14 (“Commitments and Contingencies”) of this Report for further discussion. Strategy and Goals The Company has adopted Mission and Core Values, which articulate the Company’s expectations for how it and its employees do business each and every day. Mission and Core Values Our Mission is to be a top tier North American renewable fuels, petroleum refining, and nitrogen-based fertilizer company as measured by safe and reliable operations, superior performance and profitable growth. The foundation of how we operate is built on five core Values: •Safety - We always put safety first. The protection of our employees, contractors and communities is paramount. We have an unwavering commitment to safety above all else. If it’s not safe, then we don’t do it. December 31, 2025 | 47 Table of Contents •Environment - We care for our environment. Complying with all regulations and minimizing any environmental impact from our operations is essential. We understand our obligation to the environment and that it’s our duty to protect it. •Integrity - We require high business ethics. We comply with the law and practice sound corporate governance. We only conduct business one way—the right way with integrity. •Corporate Citizenship - We are proud members of the communities where we operate. We are good neighbors and know that it’s a privilege we can’t take for granted. We seek to make a positive economic and social impact through our financial donations and the contributions of time, knowledge and talent of our employees to the places where we live and work. •Continuous Improvement - We believe in both individual and team success. We foster accountability under a performance-driven culture that supports creative thinking, teamwork, diversity and personal development so that employees can realize their maximum potential. We use defined work practices for consistency, efficiency and to create value across the organization. Our core Values are driven by our people, inform the way we do business each and every day and enhance our ability to accomplish our mission and related strategic objectives. Strategic Objectives We have outlined the following strategic objectives to drive the accomplishment of our mission: •Environmental, Health & Safety (“EH&S”) - We aim to achieve continuous improvement in all EH&S areas through ensuring our people’s commitment to environmental, health and safety comes first, the refinement of existing policies, continuous training, and enhanced monitoring procedures. •Reliability - Our goal is to achieve industry-leading utilization rates at our facilities through safe and reliable operations. We are focusing on improvements in day-to-day plant operations, identifying alternative sources for plant inputs to reduce lost time due to third-party operational constraints, and optimizing our commercial and marketing functions to maintain plant operations at their highest level. •Market Capture - We continuously evaluate opportunities to improve the facilities’ netbacks and reduce variable costs incurred in production to maximize our capture of market opportunities. •Financial Discipline - We strive to be as efficient as possible by maintaining low operating costs and disciplined deployment of capital. Potential Strategic Transactions As previously disclosed, Icahn Enterprises L.P. and its affiliates (“IEP”) and the Company are considering potential strategic transactions available to the Company and our subsidiaries and affiliates, which may include the acquisition of additional entities, assets or businesses, including the acquisition of material amounts of refining assets through negotiated mergers and/or stock or asset purchase agreements by the Company or our subsidiaries, and/or strategic options involving CVR Partners. There is no assurance that any of the aforementioned or previously disclosed or other transactions will develop or materialize, or if they do, as to their timing. As of December 31, 2025, IEP owns approximately 70% of the Company’s total outstanding common stock and approximately 3% of the total outstanding common units of CVR Partners. As of December 31, 2025, CVR Energy, through its subsidiaries, held approximately 37% of CVR Partners’ outstanding common units and 100% of CVR Partners’ general partner interests. Company Initiatives Petroleum Segment •The Company has undertaken a project to replace the hydrofluoric acid catalyst alkylation unit at the Wynnewood Refinery with a fixed bed catalyst system, which project, if successfully completed, should expand the alkylation unit by approximately 2,500 bpd, increase product capture by reducing propylene production/sales and increase production of premium gasoline, and eliminate hydrofluoric acid inventory onsite. The capital investment is estimated at December 31, 2025 | 48 Table of Contents $136 million, and the unit is currently expected to become operational later in 2027; however, timing could be impacted by various factors including but not limited to logistics constraints. •In April 2024, the Board approved a distillate yield improvement project at the Wynnewood Refinery to modify one of the vacuum towers, which may increase distillate production at the refinery by up to approximately 2,400 bpd. With the decision to revert the RDU back to hydrocarbon processing services, we currently expect the capital requirement will be approximately $3 million. The Company has implemented the first phase of a similar project at the refinery in Coffeyville, Kansas (the “Coffeyville Refinery”) which could increase production of distillate up to 1,300 bpd. •In connection with our settlement with the EPA on certain environmental issues at the Coffeyville Refinery entered into in 2023 and by the court in January 2024, the Company is in the process of installing a flare gas recovery system along with other improvements at a cost of approximately $50 million, which is expected to be operational in late 2026. •The Company has been assessing opportunities to improve margin capture, including the RDU reversion in December 2025, which should expand the crude slate flexibility at the Wynnewood Refinery, as well as the repurposing of rail assets to provide additional feedstock security and product shipment optionality. At the Coffeyville Refinery, the Company has been optimizing crude and feedstock slates and refined product marketing. Nitrogen Fertilizer Segment Over the past two years, CVR Partners has reserved funds for a series of debottlenecking and reliability projects that are intended to enhance operational reliability and ultimately facilitate potential increases in production capacity at the facility in Coffeyville, Kansas operated by our wholly owned subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC (“CRNF”) (the “Coffeyville Fertilizer Facility”) and the facility in East Dubuque, Illinois operated by our wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (“EDNF”) (the “East Dubuque Fertilizer Facility” and together with the Coffeyville Fertilizer Facility, the “Facilities”): •In 2025, CVR Partners progressed several projects focused on improving water and electrical reliability, expanding diesel exhaust fluid production, and increasing loadout capabilities, among other initiatives. •During the planned turnaround at the Coffeyville Fertilizer Facility, which was completed as scheduled in early November 2025 (the “2025 Fertilizer Turnaround”), CVR Partners completed the installation of a nitrous oxide abatement unit. As a result, all four of its nitric acid plants are now equipped with nitrous oxi [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CVI/mda/fy2025/ All MD&A years: /company/CVI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CVI/mda/fy2024/): filed 2025-02-19; accession 0001376139-25-000008 (https://www.sec.gov/Archives/edgar/data/1376139/000137613925000008/cvi-20241231.htm) - [FY 2023 MD&A](/company/CVI/mda/fy2023/): filed 2024-02-21; accession 0001376139-24-000006 (https://www.sec.gov/Archives/edgar/data/1376139/000137613924000006/cvi-20231231.htm) - [FY 2022 MD&A](/company/CVI/mda/fy2022/): filed 2023-02-22; accession 0001376139-23-000009 (https://www.sec.gov/Archives/edgar/data/1376139/000137613923000009/cvi-20221231.htm) - [FY 2021 MD&A](/company/CVI/mda/fy2021/): filed 2022-02-23; accession 0001376139-22-000014 (https://www.sec.gov/Archives/edgar/data/1376139/000137613922000014/cvi-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2911 Petroleum Refining) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CVI.md · JSON record: /company/CVI.json · verified financials: /company/CVI/financials.json / /company/CVI/financials.csv · machine TOC for the whole site: /llms.txt