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Oil & gas refining & marketing · Energy · Fiscal year ends Dec 31
CVR Energy reported revenue of $7.2B in the fiscal year ended Dec 2025, down 5.9% from the year before. Operating income was $182M, an operating margin of 2.5%, and net income was $27M. Operating cash flow of $144M less capital expenditure of $185M left free cash flow of −$41M. Net debt was $1.2B.
Ranks among the 10 oil & gas refining & marketing companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,242 | 10,896 | 9,247 | 7,610 | 7,162 |
| Cost of revenue | 7,024 | 9,766 | 7,974 | 7,405 | 6,816 |
| Gross profit | 218 | 1,130 | 1,273 | 205 | 346 |
| Selling, general & admin | 119 | 149 | 141 | 139 | 148 |
| Operating income | 87.0 | 963 | 1,123 | 58.0 | 182 |
| Net interest incomeBanks | −117 | −85.0 | −52.0 | – | – |
| Interest expense | – | 93.0 | 90.0 | 115 | 139 |
| Pre-tax income | 66.0 | 801 | 1,085 | 19.0 | 80.0 |
| Income tax | −8.0 | 157 | 207 | −26.0 | −10.0 |
| Net income | 25.0 | 463 | 769 | 7.0 | 27.0 |
| Diluted EPS | 0.25 | 4.60 | 7.65 | 0.06 | 0.27 |
| Diluted shares | 101 | 101 | 101 | 101 | 101 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 510 | 510 | 581 | 987 | 511 |
| Receivables | 299 | 358 | 286 | 295 | 235 |
| Inventory | 484 | 624 | 604 | 502 | 472 |
| Current assets | 1,369 | 1,593 | 2,179 | 1,824 | 1,267 |
| Net PP&E | 2,273 | 2,247 | 2,221 | 2,176 | 2,050 |
| Goodwill | 0.0 | 0.0 | – | – | – |
| Total assets | 3,906 | 4,119 | 4,707 | 4,263 | 3,706 |
| Payables | 409 | 497 | 530 | 538 | 415 |
| Deferred revenue | 87.0 | 48.0 | 16.0 | 51.0 | 23.0 |
| Current liabilities | 1,156 | 1,439 | 1,682 | 1,098 | 706 |
| Long-term debt | 1,654 | 1,500 | 2,100 | 1,900 | 1,700 |
| Total liabilities | 3,136 | 3,328 | 3,669 | 3,375 | 2,808 |
| Shareholders' equity | 553 | 531 | 847 | 703 | 730 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 396 | 967 | 948 | 404 | 144 |
| Capital expenditure | 224 | 191 | 205 | 179 | 185 |
| Free cash flow | 172 | 776 | 743 | 225 | −41.0 |
| Depreciation & amortisation | 279 | 288 | 298 | 298 | 403 |
| Stock-based compensation | 46.0 | 71.0 | 34.0 | 15.0 | 42.0 |
| Share buybacks | 1.0 | 12.0 | 0.0 | 0.0 | – |
| Dividends paid | 241 | 483 | 453 | 151 | 0.0 |
| Dividend per share | 4.89 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 50.5% | −15.1% | −17.7% | −5.9% |
| Operating income growth (YoY) | – | 1006.9% | 16.6% | −94.8% | 213.8% |
| EPS growth (YoY) | – | 1740.0% | 66.3% | −99.2% | 350.0% |
| Gross margin | 3.0% | 10.4% | 13.8% | 2.7% | 4.8% |
| Operating margin | 1.2% | 8.8% | 12.1% | 0.8% | 2.5% |
| Net margin | 0.3% | 4.2% | 8.3% | 0.1% | 0.4% |
| Return on equityBlank when equity is negative | 4.5% | 87.2% | 90.8% | 1.0% | 3.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.2% | 35.9% | 37.1% | 1.8% | 6.1% |
| Free cash flow margin | 2.4% | 7.1% | 8.0% | 3.0% | −0.6% |
| Cash conversion (CFO ÷ net income) | 15.8x | 2.09x | 1.23x | 57.7x | 5.33x |
| Receivable days | 15 | 12 | 11 | 14 | 12 |
| Inventory days | 25 | 23 | 28 | 25 | 25 |
| Payable days | 21 | 19 | 24 | 27 | 22 |
| Interest cover | – | 10.4x | 12.5x | 0.50x | 1.31x |
| Debt ÷ equity | 2.99x | 2.82x | 2.48x | 2.70x | 2.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,144 | 990 | 1,519 | 913 | 1,189 |
| Current ratio | 1.18x | 1.11x | 1.30x | 1.66x | 1.79x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.