The earnings call presented a mixed outlook for CVR Energy. While there were improvements in crack spreads and a strong performance in the Fertilizer segment, the company faced significant challenges with a consolidated net loss, high RIN prices, and reduced throughput due to planned turnarounds. The call's sentiment is balanced with positive developments and ongoing challenges.

Company Guidance -

Q3 2025

During the CVR Energy Second Quarter 2025 Earnings Conference Call, the company reported a consolidated net loss of $90 million and a loss per share of $1.14, with an EBITDA loss of $24 million. Despite an increase in crack spreads, results were negatively impacted by an $89 million unfavorable RFS obligation mark-to-market impact, a $32 million unfavorable inventory valuation, and unrealized derivative losses of $2 million. Adjusted EBITDA stood at $99 million, while adjusted loss per share was $0.23. The Petroleum segment's adjusted EBITDA was $38 million, with a realized margin of $9.95 per barrel, capturing 41% of the Group 3 2-1-1 benchmark. Direct operating expenses in this segment were $6.45 per barrel. The Renewable segment reported a $4 million adjusted EBITDA loss, while the Fertilizer segment saw adjusted EBITDA of $67 million, driven by higher UAN and ammonia prices. For the third quarter, the company projects total throughputs of 200,000 to 215,000 barrels per day in the Petroleum segment, with direct operating expenses projected between $105 million and $115 million. Total capital spending for 2025 is estimated to be $165 million to $200 million, with turnaround spending around $190 million.

Increase in Crack Spreads

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, indicating an improvement in refining market conditions.

Completion of Planned Turnaround at Coffeyville

The planned turnaround at Coffeyville was completed in April, and operations resumed at full rates in July, which is expected to improve throughput in the upcoming quarters.

Strong Performance in Fertilizer Segment

Adjusted EBITDA in the Fertilizer segment was $67 million for the second quarter, driven by higher UAN and ammonia sales pricing and volumes.

Debt Reduction

The company made significant progress in its deleveraging strategy by paying down $90 million on the term loan between the second and third quarters, representing a 28% reduction.

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)	0.23 / -	-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.