The earnings call highlighted significant challenges, including a substantial net loss and increased costs due to higher RIN prices and adverse mark-to-market impacts. However, there were positives such as the completion of the turnaround, improved refining market conditions, and strong demand in the Fertilizer segment. Despite these positives, the overall sentiment leans towards the negative due to the financial losses and cost challenges faced.

Company Guidance

During the CVR Energy Second Quarter 2025 Earnings Conference Call, the company reported a consolidated net loss of $90 million, equating to a loss per share of $1.14, and an EBITDA loss of $24 million. The results were influenced by an unfavorable mark-to-market impact of $89 million on their Renewable Fuel Standard (RFS) obligation and an additional $32 million of unfavorable inventory valuation impact. The Petroleum segment's throughput was approximately 172,000 barrels per day, with a significant light product yield of 99% on crude oil processed. The Group 3 2-1-1 benchmark crack spreads averaged $24.02 per barrel, while average RIN prices rose sharply to $1.11 per RVO weighted basis. The Fertilizer segment showed resilience with an ammonia utilization rate of 91% and increased nitrogen fertilizer prices. Looking ahead, the company estimates third-quarter throughput for the Petroleum segment to be between 200,000 to 215,000 barrels per day, with direct operating expenses projected between $105 million and $115 million. Total consolidated capital spending for 2025 is expected to range from $165 million to $200 million, with turnaround spending estimated at $190 million.

Completion of Turnaround and Resumption of Full Operations

The planned turnaround at Coffeyville was completed in April, and full operating rates resumed in July, with no additional turnarounds planned for the Refining segment for the remainder of 2025 and 2026.

Increase in Group 3 2-1-1 Benchmark Cracks

Group 3 2-1-1 benchmark cracks averaged $24.02 per barrel for the second quarter, compared to $18.83 per barrel for the same period last year.

Strong Demand and Higher Prices in Fertilizer Segment

Nitrogen fertilizer prices were higher for both UAN and ammonia compared to the second quarter of 2024, with strong demand through the spring planting season.

Positive Outlook for Refining Segment

Refining market conditions improved with refined product inventories, particularly diesel, nearly 15% below 2021 to '24 averages, and demand remained steady.

CVR Energy (CVI) Earnings, Revenues Date & History

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CVI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 03, 2025	2025 (Q3)	0.18 / -	-0.5	―	―	―
Jul 30, 2025	2025 (Q2)	-0.13 / -0.23	0.09	-355.56% (-0.32)	―
Apr 28, 2025	2025 (Q1)	-0.89 / -0.58	0.04	-1550.00% (-0.62)	―
Feb 18, 2025	2024 (Q4)	-0.63 / -0.13	0.65	-120.00% (-0.78)	―
Oct 28, 2024	2024 (Q3)	-0.09 / -0.50	1.89	-126.46% (-2.39)	―
Jul 29, 2024	2024 (Q2)	-0.21 / 0.09	1.64	-94.51% (-1.55)	―
Apr 29, 2024	2024 (Q1)	0.17 / 0.04	1.44	-97.22% (-1.40)	―
Feb 20, 2024	2023 (Q4)	0.36 / 0.65	1.68	-61.31% (-1.03)	―
Oct 30, 2023	2023 (Q3)	1.93 / 1.89	1.9	-0.53% (-0.01)	―
Jul 31, 2023	2023 (Q2)	1.13 / 1.64	2.45	-33.06% (-0.81)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CVI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$28.27	$26.78	-5.27%
Apr 28, 2025	$18.71	$19.48	+4.12%
Feb 18, 2025	$18.49	$19.86	+7.41%
Oct 28, 2024	$23.82	$18.06	-24.18%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.