CVR Energy (CVI)
Market Price (9/8/2026): $44.51 | Market Cap: $4.5 BilSector: Energy | Industry: Oil & Gas Refining & Marketing
CVR Energy (CVI)
Market Price (9/8/2026): $44.51Market Cap: $4.5 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 7.7% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Advanced Materials. Themes include Renewable Fuel Production, and Specialty Chemicals for Performance. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -18% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 65x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% Key risksCVI key risks include [1] significant financial pressures from costly Renewable Fuel Standard (RFS) obligations and [2] reduced throughput and negative margins resulting from unplanned refinery downtime. |
| Attractive yieldFCF Yield is 7.7% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Advanced Materials. Themes include Renewable Fuel Production, and Specialty Chemicals for Performance. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -18% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 65x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% |
| Key risksCVI key risks include [1] significant financial pressures from costly Renewable Fuel Standard (RFS) obligations and [2] reduced throughput and negative margins resulting from unplanned refinery downtime. |
Qualitative Assessment
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Updated on 9/1/2026
CVR Energy (CVI) stock has gained about 35% since 5/31/2026 because of the following key factors:
1. CVR Energy reported strong financial results for fiscal Q2 2026, exceeding analyst expectations. The company posted an adjusted EPS of $0.34 for fiscal Q2 2026, significantly surpassing the consensus estimate of $0.26. Additionally, quarterly revenue surged by 55.5% year-over-year to $2.74 billion, outperforming analysts' expectations of $2.22 billion. The company also transitioned from a consolidated net loss in fiscal Q2 2025 to a consolidated net income of $46 million in fiscal Q2 2026.
2. Improved operating performance across both its Petroleum and Nitrogen Fertilizer segments drove the robust results. The Petroleum segment generated a net income of $12 million and an adjusted EBITDA of $106 million, with an adjusted refining margin of $12.43 per throughput barrel for fiscal Q2 2026. Concurrently, the Nitrogen Fertilizer segment achieved a net income of $78 million and an EBITDA of $107 million, supported by a 99% ammonia utilization rate and increased realized prices for ammonia and UAN. This led to a substantial increase in consolidated adjusted EBITDA to $209 million from $99 million in the prior year.
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CVR Energy (CVI) stock has gained about 35% since 5/31/2026 because of the following key factors:
1. CVR Energy reported strong financial results for fiscal Q2 2026, exceeding analyst expectations. The company posted an adjusted EPS of $0.34 for fiscal Q2 2026, significantly surpassing the consensus estimate of $0.26. Additionally, quarterly revenue surged by 55.5% year-over-year to $2.74 billion, outperforming analysts' expectations of $2.22 billion. The company also transitioned from a consolidated net loss in fiscal Q2 2025 to a consolidated net income of $46 million in fiscal Q2 2026.
2. Improved operating performance across both its Petroleum and Nitrogen Fertilizer segments drove the robust results. The Petroleum segment generated a net income of $12 million and an adjusted EBITDA of $106 million, with an adjusted refining margin of $12.43 per throughput barrel for fiscal Q2 2026. Concurrently, the Nitrogen Fertilizer segment achieved a net income of $78 million and an EBITDA of $107 million, supported by a 99% ammonia utilization rate and increased realized prices for ammonia and UAN. This led to a substantial increase in consolidated adjusted EBITDA to $209 million from $99 million in the prior year.
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Updated on 9/1/2026
CVR Energy (CVI) stock has gained about 35% since 5/31/2026 because of the following key factors:
1. CVR Energy reported strong financial results for fiscal Q2 2026, exceeding analyst expectations. The company posted an adjusted EPS of $0.34 for fiscal Q2 2026, significantly surpassing the consensus estimate of $0.26. Additionally, quarterly revenue surged by 55.5% year-over-year to $2.74 billion, outperforming analysts' expectations of $2.22 billion. The company also transitioned from a consolidated net loss in fiscal Q2 2025 to a consolidated net income of $46 million in fiscal Q2 2026.
2. Improved operating performance across both its Petroleum and Nitrogen Fertilizer segments drove the robust results. The Petroleum segment generated a net income of $12 million and an adjusted EBITDA of $106 million, with an adjusted refining margin of $12.43 per throughput barrel for fiscal Q2 2026. Concurrently, the Nitrogen Fertilizer segment achieved a net income of $78 million and an EBITDA of $107 million, supported by a 99% ammonia utilization rate and increased realized prices for ammonia and UAN. This led to a substantial increase in consolidated adjusted EBITDA to $209 million from $99 million in the prior year.
3. A positive future outlook and expected earnings growth fueled investor confidence. CVR Energy's earnings are projected to grow by 206.33% in the next fiscal year, from $0.79 to $2.42 per share. Following the strong fiscal Q2 2026 performance, some analyst consensus estimates for fiscal year 2026 EPS increased by 53%, from approximately US$0.857 to US$1.31 per share. The company also announced a planned brownfield ammonia expansion expected to boost production capacity by roughly 5%.
4. Favorable macroeconomic and industry conditions supported the company's core businesses. CVR Energy's financial success during the period was bolstered by strong refining margins, high utilization rates, and global supply disruptions impacting crack spreads. The company is primarily engaged in petroleum refining and nitrogen fertilizer manufacturing, with both segments benefiting from favorable market dynamics.
Show less
CVR Energy (CVI) stock has gained about 35% since 5/31/2026 because of the following key factors:
1. CVR Energy reported strong financial results for fiscal Q2 2026, exceeding analyst expectations. The company posted an adjusted EPS of $0.34 for fiscal Q2 2026, significantly surpassing the consensus estimate of $0.26. Additionally, quarterly revenue surged by 55.5% year-over-year to $2.74 billion, outperforming analysts' expectations of $2.22 billion. The company also transitioned from a consolidated net loss in fiscal Q2 2025 to a consolidated net income of $46 million in fiscal Q2 2026.
2. Improved operating performance across both its Petroleum and Nitrogen Fertilizer segments drove the robust results. The Petroleum segment generated a net income of $12 million and an adjusted EBITDA of $106 million, with an adjusted refining margin of $12.43 per throughput barrel for fiscal Q2 2026. Concurrently, the Nitrogen Fertilizer segment achieved a net income of $78 million and an EBITDA of $107 million, supported by a 99% ammonia utilization rate and increased realized prices for ammonia and UAN. This led to a substantial increase in consolidated adjusted EBITDA to $209 million from $99 million in the prior year.
3. A positive future outlook and expected earnings growth fueled investor confidence. CVR Energy's earnings are projected to grow by 206.33% in the next fiscal year, from $0.79 to $2.42 per share. Following the strong fiscal Q2 2026 performance, some analyst consensus estimates for fiscal year 2026 EPS increased by 53%, from approximately US$0.857 to US$1.31 per share. The company also announced a planned brownfield ammonia expansion expected to boost production capacity by roughly 5%.
4. Favorable macroeconomic and industry conditions supported the company's core businesses. CVR Energy's financial success during the period was bolstered by strong refining margins, high utilization rates, and global supply disruptions impacting crack spreads. The company is primarily engaged in petroleum refining and nitrogen fertilizer manufacturing, with both segments benefiting from favorable market dynamics.
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Stock Movement Drivers
Fundamental Drivers
The 34.4% change in CVI stock from 5/31/2026 to 9/7/2026 was primarily driven by a 18.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.11 | 44.50 | 34.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,495 | 8,472 | 13.0% |
| P/S Multiple | 0.4 | 0.5 | 18.9% |
| Shares Outstanding (Mil) | 100 | 100 | 0.0% |
| Cumulative Contribution | 34.4% |
Market Drivers
5/31/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| CVI | 34.4% | |
| Market (SPY) | 1.8% | -0.7% |
| Sector (XLE) | 13.8% | 44.2% |
Fundamental Drivers
The 85.3% change in CVI stock from 2/28/2026 to 9/7/2026 was primarily driven by a 116.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.01 | 44.50 | 85.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,161 | 8,472 | 18.3% |
| Net Income Margin (%) | 0.4% | 0.8% | 116.0% |
| P/E Multiple | 89.4 | 64.8 | -27.5% |
| Shares Outstanding (Mil) | 100 | 100 | 0.0% |
| Cumulative Contribution | 85.3% |
Market Drivers
2/28/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| CVI | 85.3% | |
| Market (SPY) | 12.6% | -22.7% |
| Sector (XLE) | 15.3% | 49.8% |
Fundamental Drivers
The 46.9% change in CVI stock from 8/31/2025 to 9/7/2026 was primarily driven by a 24.6% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.30 | 44.50 | 46.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,187 | 8,472 | 17.9% |
| P/S Multiple | 0.4 | 0.5 | 24.6% |
| Shares Outstanding (Mil) | 100 | 100 | 0.0% |
| Cumulative Contribution | 46.9% |
Market Drivers
8/31/2025 to 9/7/2026| Return | Correlation | |
|---|---|---|
| CVI | 46.9% | |
| Market (SPY) | 20.4% | -5.3% |
| Sector (XLE) | 45.1% | 49.0% |
Fundamental Drivers
The 53.9% change in CVI stock from 8/31/2023 to 9/7/2026 was primarily driven by a 1082.2% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.91 | 44.50 | 53.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,901 | 8,472 | -14.4% |
| Net Income Margin (%) | 5.4% | 0.8% | -84.8% |
| P/E Multiple | 5.5 | 64.8 | 1082.2% |
| Shares Outstanding (Mil) | 100 | 100 | 0.0% |
| Cumulative Contribution | 53.9% |
Market Drivers
8/31/2023 to 9/7/2026| Return | Correlation | |
|---|---|---|
| CVI | 53.9% | |
| Market (SPY) | 77.1% | 17.8% |
| Sector (XLE) | 57.5% | 52.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVI Return | 26% | 141% | 11% | -35% | 36% | 72% | 417% |
| Peers Return | 44% | 98% | 18% | -18% | 24% | 138% | 713% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CVI Win Rate | 58% | 58% | 50% | 33% | 50% | 67% | |
| Peers Win Rate | 58% | 75% | 53% | 38% | 67% | 82% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| CVI Max Drawdown | -51% | -35% | -34% | -56% | -37% | -25% | |
| Peers Max Drawdown | -34% | -32% | -28% | -42% | -33% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VLO, MPC, PSX, DINO, PBF. See CVI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | CVI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.1% | -18.8% |
| % Gain to Breakeven | 23.7% | 23.1% |
| Time to Breakeven | 28 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.9% | -6.7% |
| % Gain to Breakeven | 42.7% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.1% | -33.7% |
| % Gain to Breakeven | 132.8% | 50.9% |
| Time to Breakeven | 760 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.5% | -19.2% |
| % Gain to Breakeven | 34.2% | 23.8% |
| Time to Breakeven | 44 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.3% | -12.2% |
| % Gain to Breakeven | 86.1% | 13.9% |
| Time to Breakeven | 656 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -44.4% | -6.8% |
| % Gain to Breakeven | 79.8% | 7.3% |
| Time to Breakeven | 694 days | 15 days |
In The Past
CVR Energy's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.7% gain to breakeven.
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Asset Allocation
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| Event | CVI | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.9% | -6.7% |
| % Gain to Breakeven | 42.7% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.1% | -33.7% |
| % Gain to Breakeven | 132.8% | 50.9% |
| Time to Breakeven | 760 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.5% | -19.2% |
| % Gain to Breakeven | 34.2% | 23.8% |
| Time to Breakeven | 44 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.3% | -12.2% |
| % Gain to Breakeven | 86.1% | 13.9% |
| Time to Breakeven | 656 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -44.4% | -6.8% |
| % Gain to Breakeven | 79.8% | 7.3% |
| Time to Breakeven | 694 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.0% | -17.9% |
| % Gain to Breakeven | 38.9% | 21.8% |
| Time to Breakeven | 15 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.6% | -15.4% |
| % Gain to Breakeven | 27.6% | 18.2% |
| Time to Breakeven | 94 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -91.1% | -53.4% |
| % Gain to Breakeven | 1025.8% | 114.4% |
| Time to Breakeven | 979 days | 1085 days |
In The Past
CVR Energy's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CVR Energy (CVI)
CVR Energy (CVI) is an American company engaged in two primary businesses: petroleum refining and nitrogen fertilizer manufacturing. This dual operational focus allows it to produce essential fuels and agricultural products for various industries and consumers across the United States.
In its Petroleum segment, CVR Energy refines crude oil into various fuels and related products. Its main offerings include gasoline, diesel fuel, and other refined petroleum products, which are produced at its two crude oil refineries located in southeast Kansas and Wynnewood, Oklahoma. The company primarily serves a diverse customer base, including retailers, railroads, farm co-operatives, and other refiners and marketers.
The Nitrogen Fertilizer segment focuses on manufacturing critical nitrogen-based fertilizers. Operating facilities in North America, including one that utilizes a pet coke gasification process, and another in East Dubuque, Illinois, CVR Energy produces key agricultural inputs such as ammonia and urea ammonium nitrate (UAN). UAN products are predominantly marketed to agricultural customers, while ammonia serves both agricultural and industrial clients.
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A company that’s part Valero (oil refining) and part CF Industries (nitrogen fertilizer).
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- Gasoline: A refined petroleum product used primarily as fuel for internal combustion engines.
- Diesel Fuel: A refined petroleum product primarily used as fuel for diesel engines.
- Other Refined Petroleum Products: Various other products derived from crude oil refining processes.
- Ammonia: A nitrogen fertilizer and industrial chemical marketed to agricultural and industrial customers.
- Urea Ammonium Nitrate (UAN): A liquid nitrogen fertilizer solution primarily marketed to agricultural customers.
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CVR Energy (symbol: CVI) primarily sells its products to other companies rather than individuals. The provided background information does not list specific customer company names or their symbols. However, it describes the following major categories of business customers:
- Retailers (for gasoline, diesel fuel, and other refined products)
- Railroads (for refined products)
- Farm Co-operatives (for refined products)
- Other Refiners/Marketers (for refined products)
- Agricultural Customers (for nitrogen fertilizer products like UAN and ammonia)
- Industrial Customers (for ammonia products)
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Mark A. Pytosh, President and Chief Executive Officer
Mark A. Pytosh assumed the role of President and Chief Executive Officer of CVR Energy, Inc. on January 1, 2026. He previously served as the company's Executive Vice President – Corporate Services starting in January 2018. Additionally, he has been the President and Chief Executive Officer of the general partner of CVR Partners, LP (NYSE: UAN) since 2014, and a director since 2011. Mr. Pytosh brings over three decades of experience from senior executive roles across the fertilizer, petroleum refining, environmental, power, solid waste, and investment banking industries. His past experience includes serving as Chief Financial Officer for Tervita Corp., Covanta Energy Corp., and Waste Services, Inc.
Dane J. Neumann, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary
Dane J. Neumann has served as Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary for CVR Energy, Inc. and the general partner of its affiliate, CVR Partners, LP, since October 2021 and February 2022, respectively. Prior to these roles, he was the Interim Chief Financial Officer from August to October 2021 and Vice President – Finance & Treasurer from June 2020 to October 2021. Mr. Neumann has held various other positions within CVR Energy's finance organization since June 2018.
Michael H. Wright, Executive Vice President and Chief Operating Officer
Michael H. Wright has been the Executive Vice President & Chief Operating Officer of CVR Energy, Inc. since January 2022, and of the general partner of CVR Partners, LP, since January 2026. He possesses nearly thirty-five years of experience in the refining and petrochemical industry, encompassing refinery operations, capital project management, crude supply/logistics, and refining industry consulting. Mr. Wright joined CVR Energy as a Project Manager in July 2019 and previously served as Vice President – Capital Projects from December 2019 to January 2022. Before joining CVR Energy, he held several senior roles at HollyFrontier Corporation, including Vice President – Crude Supply and Vice President Refinery Manager Woods Cross.
Melissa M. Buhrig, Executive Vice President, General Counsel and Secretary
Melissa M. Buhrig has served as Executive Vice President, General Counsel, and Secretary for CVR Energy, Inc. and the general partner of CVR Partners, LP, since July 2018. She has over twenty-five years of legal and energy industry experience, including expertise in mergers and acquisitions, corporate governance, securities, compliance, litigation, regulatory matters, and human resources. Prior to CVR Energy, Ms. Buhrig held general counsel and other senior executive positions for several public and former publicly traded companies, such as Delek US Holdings, Inc., Western Refining, Inc., and Northern Tier Energy LP.
J. Travis Capps, Jr., Executive Vice President & Chief Commercial Officer
J. Travis Capps, Jr. became Executive Vice President & Chief Commercial Officer of CVR Energy, Inc. in January 2026. Prior to joining the company, Mr. Capps held increasingly responsible senior leadership roles at Motiva Enterprises, LLC, including executive vice president commercial, executive vice president strategy & optimization, and executive vice president strategy & corporate services. His career in the energy sector also includes various roles with Valero Energy Corporation and ExxonMobil Corporation.
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The key risks for CVR Energy (CVI) are primarily centered around the volatility of commodity prices, the impact of environmental regulations and climate change policies, and the sensitivity to economic downturns and demand fluctuations.
- Commodity Price Volatility: CVR Energy's profitability is highly susceptible to fluctuations in commodity prices. The Petroleum segment's margins are directly influenced by "crack spreads," which is the difference between the price of crude oil (input) and refined products like gasoline and diesel (output). Similarly, the Nitrogen Fertilizer segment's financial performance is affected by the volatile prices of inputs such as natural gas (for energy and potentially as a feedstock) and pet coke, as well as the market prices for its ammonia and urea ammonium nitrate (UAN) products. Significant adverse movements in these prices can directly impact the company's revenues and profitability.
- Environmental Regulations and Climate Change Policies: Both the petroleum refining and nitrogen fertilizer manufacturing industries are subject to extensive and evolving environmental regulations. Stricter governmental regulations concerning emissions, fuel standards, and carbon pricing, or the imposition of carbon taxes, could significantly increase CVR Energy's operating costs, necessitate substantial capital expenditures for compliance, or potentially limit operational flexibility. The broader global trend towards decarbonization and the transition to cleaner energy sources also poses a long-term risk to the demand for refined petroleum products.
- Economic Downturns and Demand Fluctuations: The demand for CVR Energy's products is closely tied to overall economic health and specific industry conditions. For the Petroleum segment, demand for gasoline and diesel fuels is linked to general economic activity, transportation levels, and industrial output. An economic recession or a sustained period of reduced economic activity could lead to decreased demand for refined products. In the Nitrogen Fertilizer segment, demand is influenced by agricultural economics, including crop prices and farmers' planting decisions, making it vulnerable to downturns in the agricultural sector.
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Clear Emerging Threats for CVR Energy (CVI):
- Electrification of Transportation: The rapid and accelerating global shift towards electric vehicles (EVs) directly threatens the demand for gasoline and diesel fuel, which are primary products of CVR Energy's Petroleum segment. As EV adoption increases, the market for refined petroleum products for transportation is expected to contract, challenging the core business model of traditional refineries.
- Emergence of Biological Nitrogen Fixation and Advanced Fertilizer Alternatives: In its Nitrogen Fertilizer segment, CVR Energy faces a potential threat from advancements in agricultural biotechnology and sustainable farming practices. Research and development in areas such as microbial inoculants that enhance natural nitrogen fixation in soil, or genetically modified crops with improved nitrogen utilization efficiency, could reduce agriculture's reliance on synthetic nitrogen fertilizers like ammonia and urea ammonium nitrate (UAN).
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CVR Energy operates in the petroleum refining and nitrogen fertilizer manufacturing sectors in the United States, producing gasoline, diesel fuel, and other refined products, as well as ammonia and urea ammonium nitrate (UAN).
Addressable Markets for CVR Energy's Main Products and Services
Petroleum Refining Products (United States)
- The U.S. petroleum refining market size was valued at USD 793.3 billion in 2024 and is projected to reach USD 1,168.3 billion by 2032, with a compound annual growth rate (CAGR) of 5.1% during the forecast period of 2025–2032. In 2025, the market size for Petroleum Refining in the US was approximately USD 798.3 billion.
Gasoline (United States)
- In 2022, Americans consumed approximately 135.73 billion gallons of gasoline, which included 134.55 billion gallons of finished motor gasoline. The US motor gasoline consumption is projected to average 8.84 million barrels per day in 2026. North America held the largest share of the global gasoline market in 2024.
Diesel Fuel (United States)
- The U.S. Diesel Fuel market size is estimated to reach USD 60 billion by 2031, growing at a CAGR of 2.5% during the forecast period of 2025-2031. In 2023, U.S. diesel consumption averaged about 3.8 million barrels per day. The U.S. diesel fuel industry accounted for the largest market revenue share in North America in 2025.
Nitrogen Fertilizer Products (North America/United States)
Ammonia (United States)
- The United States ammonia market was valued at USD 13,514.7 million in 2024 and is forecast to reach USD 28,633.36 million by 2033, growing at a CAGR of 8.7% from 2025–2033. Other estimates place the U.S. ammonia market at USD 18.85 billion in 2024, projected to reach around USD 31.65 billion by 2034. The U.S. nitrogenous fertilizer market, where ammonia was the largest revenue-generating product in 2022, is expected to reach USD 15,151.7 million by 2030.
Urea Ammonium Nitrate (UAN) (North America)
- North America's nitrogenous fertilizer market had a consumption of 43 million tons in 2024, with the United States accounting for 80% of this volume. The North America nitrogenous fertilizer market size was valued at USD 23 billion in 2025 and is expected to reach approximately USD 39.56 billion by 2035. Specifically for UAN, consumption in North America is expected to exceed 10 million metric tons annually. Globally, the urea ammonium nitrate (UAN) market is anticipated to be worth USD 5,649.07 million in 2024 and is projected to reach USD 8,540.77 million by 2033, with North America leading with a 35% share of the global market.
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Expected Drivers of Future Revenue Growth for CVR Energy (CVI)
- Sustained Favorable Refining Market Conditions: CVR Energy anticipates continued beneficial conditions in the refining industry, driven by expected steady increases in global demand for refined products and fewer new supply additions. This outlook is supported by recent performance showing higher crack spreads and increased throughput volumes contributing to improved EBITDA in the petroleum segment.
- Enhanced Operational Efficiency and Throughput in Petroleum Refining: The company aims to maximize production and capture margins through efficient operations. With no planned turnarounds scheduled for the Petroleum segment in 2026, CVR Energy expects to maintain high crude utilization and increased throughput volumes, which are critical for driving revenue growth.
- Robust Demand and Pricing in Nitrogen Fertilizer Market: CVR Energy expects the nitrogen fertilizer segment to benefit from supportive market conditions, characterized by tight global supply balances, continued strong demand for nitrogen fertilizers, and robust pricing. This includes strong demand for ammonia for fall application and higher sales volumes and prices for urea ammonium nitrate (UAN) and ammonia.
- Improved Reliability and Production Capacity in Nitrogen Fertilizer Operations: The company is investing in its nitrogen fertilizer facilities to enhance reliability and optimize feedstocks. Planned growth capital expenditures in 2026 are specifically allocated to reliability and debottlenecking projects, including an ammonia expansion and feedstock diversification project at its Coffeyville facility, which are expected to increase production and utilization rates.
- Strategic Asset Expansion and Commercial Optimization: CVR Energy's strategy includes a proactive approach to expanding its asset footprint and reevaluating commercial optimization opportunities within the petroleum segment. This encompasses optimizing crude and feedstock slates and refining product marketing to achieve higher netbacks, potentially leading to revenue growth through strategic acquisitions and improved commercial performance.
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Capital Expenditures
- CVR Energy's preliminary consolidated capital expenditure estimates for 2026 are projected to be between $200 million and $240 million.
- The 2026 capital plan allocates $130 million to $145 million to the petroleum segment, primarily for maintenance and growth initiatives aimed at supporting safe and reliable operations.
- For the nitrogen fertilizer segment, $60 million to $75 million is budgeted for 2026 capital expenditures, with a focus on margin improvement, debottlenecking, and feedstock diversification projects, including an ammonia expansion at the Coffeyville facility.
Peer Outperformance in Oil & Gas Refining & Marketing
CVI has outperformed 50% of its 10 Oil & Gas Refining & Marketing peers over 5Y. Among the peers that beat it are PBF, MPC and VLO. Oil & Gas Refining & Marketing ranks 1st of 7 industries in Energy by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Oil & Gas Refining & Marketing constituents that CVI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
30%
of 10 industry peers · 42.5% return
3Y
10%
of 10 industry peers · 36.2% return
5Y
50%
of 10 industry peers · 424.4% return
Oil & Gas Refining & Marketing peers with revenue growth within 4pp of CVI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CVI | CVR Energy | -3.9% | 64.8x | 42.5% | 36.2% | 424.4% | — |
| PBF | PBF Energy | -5.5% | 6.5x | 167.5% | 51.1% | 779.2% | +355pp |
| MPC | Marathon Petroleum | -0.1% | 13.1x | 119.3% | 165.7% | 661.2% | +237pp |
| VLO | Valero Energy | -3.3% | 15.1x | 141.5% | 183.4% | 579.4% | +155pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Refining & Marketing is CVI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing ← | 11 | 113.0% | 109.9% | 424.4% | PBF 779% · MPC 661% · VLO 579% |
| Integrated Oil & Gas | 7 | 50.3% | 52.2% | 251.6% | IMO 446% · SU 358% · CVE 338% |
| Oil & Gas Storage & Transportation | 18 | 33.9% | 125.9% | 227.1% | INSW 870% · LPG 839% · TRGP 628% |
| Oil & Gas Equipment & Services | 34 | 63.3% | 22.8% | 125.4% | FTI 1196% · SEI 808% · TDW 759% |
| Oil & Gas Exploration & Production | 51 | 31.1% | 5.4% | 118.0% | KGEI 8100% · OBE 7152% · EP 3033% |
| Coal & Consumable Fuels | 14 | 28.8% | 61.6% | 107.4% | EU 1144% · LEU 450% · CCJ 347% |
| Oil & Gas Drilling | 7 | 69.7% | 4.4% | 95.6% | VAL 178% · PDS 175% · HP 101% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 180.25 |
| Mkt Cap | 60.6 |
| Rev LTM | 86,885 |
| Op Inc LTM | 4,806 |
| FCF LTM | 4,317 |
| FCF 3Y Avg | 2,834 |
| CFO LTM | 5,854 |
| CFO 3Y Avg | 4,174 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.7% |
| Rev Chg 3Y Avg | -3.1% |
| Rev Chg Q | 53.5% |
| QoQ Delta Rev Chg LTM | 13.1% |
| Op Inc Chg LTM | 293.8% |
| Op Inc Chg 3Y Avg | 56.6% |
| Op Mgn LTM | 5.9% |
| Op Mgn 3Y Avg | 3.7% |
| QoQ Delta Op Mgn LTM | 2.4% |
| CFO/Rev LTM | 7.1% |
| CFO/Rev 3Y Avg | 5.4% |
| FCF/Rev LTM | 5.7% |
| FCF/Rev 3Y Avg | 3.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 60.6 |
| P/S | 0.6 |
| P/Op Inc | 10.3 |
| P/EBIT | 9.0 |
| P/E | 13.8 |
| P/CFO | 7.6 |
| Total Yield | 8.8% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 9.5% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 28.0% |
| 3M Rtn | 45.3% |
| 6M Rtn | 79.5% |
| 12M Rtn | 116.2% |
| 3Y Rtn | 112.7% |
| 1M Excs Rtn | 26.2% |
| 3M Excs Rtn | 42.5% |
| 6M Excs Rtn | 55.8% |
| 12M Excs Rtn | 97.3% |
| 3Y Excs Rtn | 59.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Petroleum Segment | 6,426 | 6,920 | 8,287 | 9,919 | 6,721 |
| Nitrogen Fertilizer Segment | 606 | 525 | 681 | 836 | 533 |
| Renewables Segment | 312 | 289 | 559 | 338 | |
| Inter-segment sales | -182 | -124 | -280 | -197 | -12 |
| Total | 7,162 | 7,610 | 9,247 | 10,896 | 7,242 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Petroleum Segment | 211 | 12 | 982 | 719 | -27 |
| Nitrogen Fertilizer Segment | 129 | 90 | 201 | 320 | 134 |
| Inter-segment sales | -21 | -22 | -23 | -29 | -20 |
| Renewables Segment | -137 | -22 | -37 | -47 | |
| Total | 182 | 58 | 1,123 | 963 | 87 |
| $ Mil | 2025 | 2024 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Petroleum Segment | 2,987 | 3,288 | 4,354 | 3,368 | 2,991 |
| Nitrogen Fertilizer Segment | 969 | 1,019 | 1,100 | 1,127 | 1,033 |
| Renewables Segment | 294 | 420 | |||
| Elimination of inter-segment loss | -544 | -464 | |||
| Inter-segment sales | -1,335 | -589 | -46 | ||
| Total | 3,706 | 4,263 | 4,119 | 3,906 | 3,978 |
Price Behavior
Price Behavior
| Market Price | $44.50 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 10/23/2007 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $34.69 | $30.51 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 28.3% | 45.8% |
| 3M | 1YR | |
| Volatility | 58.3% | 54.5% |
| Downside Capture | -100.88 | -69.37 |
| Upside Capture | 53.93 | -13.17 |
| Correlation (SPY) | -2.7% | -4.8% |
CVI Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.73 | -0.32 | 0.02 | -0.97 | -0.24 | 0.57 |
| Up Beta | -3.96 | 0.19 | -0.91 | -1.93 | -0.62 | 0.55 |
| Down Beta | 2.58 | -1.09 | 0.78 | -0.13 | 0.63 | 1.03 |
| Up Capture | 184% | 119% | 57% | -11% | -11% | 12% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 24 | 32 | 70 | 123 | 386 |
| Down Capture | -141% | -273% | -64% | -284% | -125% | 53% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 18 | 32 | 57 | 128 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVI | |
|---|---|---|---|---|
| CVI | 44.8% | 54.3% | 0.87 | - |
| Sector ETF (XLE) | 47.5% | 21.7% | 1.70 | 48.8% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | -5.1% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | -9.2% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | 42.0% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | -15.7% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 9.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVI | |
|---|---|---|---|---|
| CVI | 37.6% | 52.7% | 0.80 | - |
| Sector ETF (XLE) | 25.4% | 25.7% | 0.86 | 63.1% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 23.8% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 2.5% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 41.8% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 17.0% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 9.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVI | |
|---|---|---|---|---|
| CVI | 23.1% | 56.4% | 0.60 | - |
| Sector ETF (XLE) | 10.6% | 29.6% | 0.39 | 63.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 35.8% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | -2.8% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 38.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 29.2% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 9.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 10.0% | -9.9% | 15.2% |
| 4/29/2026 | -2.9% | -3.9% | -2.4% |
| 2/18/2026 | -3.4% | 3.4% | 43.7% |
| 10/29/2025 | -5.3% | -7.6% | -10.5% |
| 7/30/2025 | -5.3% | -5.5% | 4.9% |
| 4/28/2025 | 4.1% | 8.0% | 23.1% |
| 2/18/2025 | 7.4% | 11.1% | 18.1% |
| 10/28/2024 | -24.2% | -31.0% | -19.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 14 |
| # Negative | 17 | 17 | 11 |
| Median Positive | 5.8% | 5.9% | 10.5% |
| Median Negative | -3.0% | -7.5% | -10.6% |
| Max Positive | 17.1% | 21.9% | 56.0% |
| Max Negative | -24.2% | -31.0% | -21.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 10.0% | -9.9% | 15.2% |
| 4/29/2026 | -2.9% | -3.9% | -2.4% |
| 2/18/2026 | -3.4% | 3.4% | 43.7% |
| 10/29/2025 | -5.3% | -7.6% | -10.5% |
| 7/30/2025 | -5.3% | -5.5% | 4.9% |
| 4/28/2025 | 4.1% | 8.0% | 23.1% |
| 2/18/2025 | 7.4% | 11.1% | 18.1% |
| 10/28/2024 | -24.2% | -31.0% | -19.6% |
| 7/29/2024 | 6.7% | -7.8% | -7.7% |
| 4/29/2024 | -8.3% | -10.6% | -13.0% |
| 2/20/2024 | -3.0% | -2.6% | 8.3% |
| 10/30/2023 | 4.2% | 3.7% | 7.8% |
| 7/31/2023 | -1.7% | 0.6% | -8.1% |
| 5/1/2023 | -1.9% | -7.5% | -10.6% |
| 2/21/2023 | -2.8% | -1.6% | -2.4% |
| 11/1/2022 | -1.8% | 3.8% | 5.5% |
| 8/1/2022 | 5.0% | -3.8% | 10.6% |
| 5/2/2022 | 17.1% | 14.0% | 56.0% |
| 2/22/2022 | -6.5% | -15.3% | 10.5% |
| 11/1/2021 | -13.3% | -10.9% | -21.6% |
| 8/2/2021 | 3.5% | -7.1% | 6.4% |
| 5/3/2021 | -1.8% | -2.7% | 0.8% |
| 2/22/2021 | -1.0% | -10.1% | -17.9% |
| 11/2/2020 | -0.4% | 21.9% | 36.0% |
| 8/3/2020 | -6.8% | -4.4% | -14.0% |
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 14 |
| # Negative | 17 | 17 | 11 |
| Median Positive | 5.8% | 5.9% | 10.5% |
| Median Negative | -3.0% | -7.5% | -10.6% |
| Max Positive | 17.1% | 21.9% | 56.0% |
| Max Negative | -24.2% | -31.0% | -21.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total throughput | Reported | 0.20 Mil | 0.21 Mil | 0.22 Mil | 2.4% | Higher New | Actual: 0.21 Mil for Q2 2026 | |
| Q3 2026 Crude utilization | Reported | 0.95 | 0.97 | 1 | 2.0% | Higher New | Actual: 0.95 for Q2 2026 | |
| Q3 2026 Ammonia utilization rate | Reported | 0.75 | 0.78 | 0.8 | -20.0% | Lower New | Actual: 0.97 for Q2 2026 | |
| Q3 2026 Petroleum Segment Direct operating expenses | Reported | 110.00 Mil | 115.00 Mil | 120.00 Mil | 0.0% | Same New | Actual: 115.00 Mil for Q2 2026 | |
| Q3 2026 Nitrogen Fertilizer Segment Direct operating expenses | Reported | 57.00 Mil | 59.50 Mil | 62.00 Mil | 0.0% | Same New | Actual: 59.50 Mil for Q2 2026 | |
| Q3 2026 Total capital expenditures | Reported | 85.00 Mil | 95.00 Mil | 105.00 Mil | 33.8% | Higher New | Actual: 71.00 Mil for Q2 2026 | |
| 2026 Ammonia production capacity growth | Reported | 5.0% | ||||||
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total throughput | Reported | 0.20 Mil | 0.21 Mil | 0.21 Mil | 0 | Affirmed | Guidance: 0.21 Mil for Q1 2026 | |
| Q2 2026 Crude utilization | Reported | 0.92 | 0.95 | 0.99 | 1.0% | Raised | Guidance: 0.94 for Q1 2026 | |
| Q2 2026 Ammonia utilization rate | Reported | 0.95 | 0.97 | 1 | 0 | Affirmed | Guidance: 0.97 for Q1 2026 | |
| Q2 2026 Petroleum Segment Direct operating expenses | Reported | 110.00 Mil | 115.00 Mil | 120.00 Mil | 0 | Affirmed | Guidance: 115.00 Mil for Q1 2026 | |
| Q2 2026 Nitrogen Fertilizer Segment Direct operating expenses | Reported | 57.00 Mil | 59.50 Mil | 62.00 Mil | 0 | Affirmed | Guidance: 59.50 Mil for Q1 2026 | |
| Q2 2026 Total capital expenditures | Reported | 65.00 Mil | 71.00 Mil | 77.00 Mil | 14.5% | Raised | Guidance: 62.00 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total throughput | Reported | 0.20 Mil | 0.21 Mil | 0.21 Mil | 0 | Affirmed | Guidance: 0.21 Mil for Q4 2025 | |
| Q1 2026 Crude Utilization | Reported | 0.92 | 0.94 | 0.97 | 0 | Affirmed | Guidance: 0.94 for Q4 2025 | |
| Q1 2026 Ammonia utilization rate | Reported | 0.95 | 0.97 | 1 | 15.0% | Raised | Guidance: 0.82 for Q4 2025 | |
| Q1 2026 Petroleum Segment Direct operating expenses | Reported | 110.00 Mil | 115.00 Mil | 120.00 Mil | 4.5% | Raised | Guidance: 110.00 Mil for Q4 2025 | |
| Q1 2026 Nitrogen Fertilizer Segment Direct operating expenses | Reported | 57.00 Mil | 59.50 Mil | 62.00 Mil | -1.7% | Lowered | Guidance: 60.50 Mil for Q4 2025 | |
| Q1 2026 Total capital expenditures | Reported | 56.00 Mil | 62.00 Mil | 68.00 Mil | 3.3% | Raised | Guidance: 60.00 Mil for Q4 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Petroleum Total Throughput | Reported | 0.20 Mil | 0.21 Mil | 0.21 Mil | 0 | Affirmed | Guidance: 0.21 Mil for Q3 2025 | |
| Q4 2025 Petroleum Crude Utilization | Reported | 0.92 | 0.94 | 0.97 | 0 | Affirmed | Guidance: 0.94 for Q3 2025 | |
| Q4 2025 Renewables Total Throughput | Reported | 10.00 Mil | 12.50 Mil | 15.00 Mil | -30.6% | Lowered | Guidance: 18.00 Mil for Q3 2025 | |
| Q4 2025 Renewables Renewable Utilization | Reported | 0.45 | 0.55 | 0.65 | -22.5% | Lowered | Guidance: 0.78 for Q3 2025 | |
| Q4 2025 Nitrogen Fertilizer Ammonia Utilization Rate | Reported | 0.8 | 0.82 | 0.85 | -13.0% | Lowered | Guidance: 0.95 for Q3 2025 | |
| Q4 2025 Petroleum Direct Operating Expenses | Reported | 105.00 Mil | 110.00 Mil | 115.00 Mil | 0 | Affirmed | Guidance: 110.00 Mil for Q3 2025 | |
| Q4 2025 Renewables Direct Operating Expenses | Reported | 8.00 Mil | 9.00 Mil | 10.00 Mil | 0 | Affirmed | Guidance: 9.00 Mil for Q3 2025 | |
| Q4 2025 Nitrogen Fertilizer Direct Operating Expenses | Reported | 58.00 Mil | 60.50 Mil | 63.00 Mil | -3.2% | Lowered | Guidance: 62.50 Mil for Q3 2025 | |
| Q4 2025 Total Capital Expenditures | Reported | 53.00 Mil | 60.00 Mil | 67.00 Mil | 12.1% | Raised | Guidance: 53.50 Mil for Q3 2025 | |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Icahn, Carl C | Please see footnotes | Buy | 5012025 | 18.21 | 7,907 | 143,986 | 1,282,320,357 | Form | |
| 2 | Icahn, Carl C | Please see footnotes | Buy | 4282025 | 18.16 | 41,130 | 746,921 | 1,278,655,842 | Form | |
| 3 | Icahn, Carl C | Please see footnotes | Buy | 4282025 | 18.20 | 30,183 | 549,331 | 1,280,723,699 | Form | |
| 4 | Icahn, Carl C | Please see footnotes | Buy | 4232025 | 17.84 | 98,875 | 1,763,930 | 1,254,852,238 | Form | |
| 5 | Icahn, Carl C | Please see footnotes | Buy | 4232025 | 18.21 | 29,972 | 545,790 | 1,279,077,247 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Icahn, Carl C | Please see footnotes | Buy | 5012025 | 18.21 | 7,907 | 143,986 | 1,282,320,357 | Form | |
| 2 | Icahn, Carl C | Please see footnotes | Buy | 4282025 | 18.16 | 41,130 | 746,921 | 1,278,655,842 | Form | |
| 3 | Icahn, Carl C | Please see footnotes | Buy | 4282025 | 18.20 | 30,183 | 549,331 | 1,280,723,699 | Form | |
| 4 | Icahn, Carl C | Please see footnotes | Buy | 4232025 | 17.84 | 98,875 | 1,763,930 | 1,254,852,238 | Form | |
| 5 | Icahn, Carl C | Please see footnotes | Buy | 4232025 | 18.21 | 29,972 | 545,790 | 1,279,077,247 | Form | |
| 6 | Icahn, Carl C | Please see footnotes | Buy | 4182025 | 18.18 | 14,591 | 265,264 | 1,276,425,145 | Form | |
| 7 | Icahn, Carl C | Please see footnotes | Buy | 4182025 | 18.03 | 70,331 | 1,268,068 | 1,265,630,508 | Form | |
| 8 | Icahn, Carl C | Please see footnotes | Buy | 4152025 | 17.85 | 82,328 | 1,469,555 | 1,251,739,854 | Form | |
| 9 | Icahn, Carl C | Please see footnotes | Buy | 4152025 | 17.90 | 77,851 | 1,393,533 | 1,253,772,457 | Form | |
| 10 | Icahn, Carl C | Please see footnotes | Buy | 4152025 | 17.31 | 192,676 | 3,335,222 | 1,211,099,395 | Form | |
| 11 | Icahn, Carl C | Please see footnotes | Buy | 4102025 | 16.78 | 217,867 | 3,655,808 | 1,170,784,681 | Form | |
| 12 | Icahn, Carl C | Please see footnotes | Buy | 4102025 | 16.62 | 203,382 | 3,380,209 | 1,156,000,111 | Form | |
| 13 | Icahn, Carl C | Please see footnotes | Buy | 4102025 | 16.76 | 244,200 | 4,092,792 | 1,162,329,095 | Form | |
| 14 | Icahn, Carl C | Please see footnotes | Buy | 4072025 | 16.11 | 244,200 | 3,934,062 | 1,113,316,638 | Form | |
| 15 | Icahn, Carl C | Please see footnotes | Buy | 4072025 | 16.55 | 267,600 | 4,428,780 | 1,139,682,286 | Form | |
| 16 | Icahn, Carl C | Please see footnotes | Buy | 4072025 | 18.12 | 61,108 | 1,107,277 | 1,242,948,249 | Form |
Investor Activity (13F)
Updated Sep 8, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/7/2026