$CVI

CVR ENERGY INC

CIK:0001376139|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 2,738	$ 1,761	$ 4,718	$ 3,407
Operating costs and expenses:
Cost of materials and other	2,370	1,582	4,195	3,099
Direct operating expenses (exclusive of depreciation and amortization)	174	169	355	324
Depreciation and amortization	77	76	155	142
Cost of sales	2,621	1,827	4,705	3,565
Selling, general and administrative expenses (exclusive of depreciation and amortization)	34	36	73	73
Depreciation and amortization	3	2	4	4
Other operating expenses (income), net	2	(1)	3	0
Operating income (loss)	78	(103)	(67)	(235)
Other (expense) income:
Interest income (expense), net	(25)	(30)	(83)	(55)
Other income, net	3	1	17	4
Income (loss) before income taxes	56	(132)	(133)	(286)
Income tax expense (benefit)	10	(42)	(19)	(91)
Net income (loss)	46	(90)	(114)	(195)
Less: Net income attributable to noncontrolling interest	49	24	81	42
Net loss attributable to CVR Energy stockholders	$ (3)	$ (114)	$ (195)	$ (237)
Basic loss per share (in dollars per share)	$ (0.03)	$ (1.14)	$ (1.94)	$ (2.36)
Diluted loss per share (in dollars per share)	$ (0.03)	$ (1.14)	$ (1.94)	$ (2.36)
Weighted-average common shares outstanding:
Basic (in shares)	100.5	100.5	100.5	100.5
Diluted (in shares)	100.5	100.5	100.5	100.5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (114)	$ (195)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	159	146
Deferred income taxes and unrecognized tax benefits	(19)	(91)
Loss on extinguishment of debt	32	0
Share-based compensation	11	18
Unrealized loss (gain) on derivatives, net	151	(1)
Other items	7	8
Changes in working capital:
Accounts receivables	(92)	50
Inventories	(132)	(10)
Prepaid expenses and other current assets	(4)	(7)
Accounts payable	78	(91)
Deferred revenue	6	(45)
Other current liabilities	288	199
Net cash provided by (used in) operating activities	371	(19)
Cash flows from investing activities:
Capital expenditures	(90)	(92)
Turnaround expenditures	(1)	(191)
Return of equity method investment	5	5
Other investing activities	0	11
Net cash used in investing activities	(86)	(267)
Cash flows from financing activities:
Proceeds from issuance of Senior Notes	1,000	0
Principal payments of Term Loan	(157)	(72)
Principal payments of senior secured notes	(817)	0
Call premium on extinguishment of debt	(25)	0
Payment of deferred financing costs	(15)	0
Dividends to CVR Energy stockholders	(10)	0
Distributions to CVR Partners noncontrolling interest holders	(30)	(27)
Other financing activities	(5)	(6)
Net cash used in financing activities	(59)	(105)
Net increase (decrease) in cash and cash equivalents	226	(391)
Cash and cash equivalents, beginning of period	511	987
Cash and cash equivalents, end of period	$ 737	$ 596

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (including $137 and $69, respectively, of consolidated variable interest entity (“VIE”))	$ 737	$ 511
Accounts receivable, net (including $82 and $59, respectively, of VIE)	327	235
Inventories (including $94 and $83, respectively, of VIE)	603	472
Prepaid expenses (including $1 and $1, respectively, of VIE)	23	29
Other current assets (including $0 and $1, respectively, of VIE)	27	20
Total current assets	1,717	1,267
Property, plant, and equipment, net (including $699 and $712, respectively, of VIE)	2,021	2,050
Other long-term assets (including $44 and $44, respectively, of VIE)	341	389
Total assets	4,079	3,706
Current liabilities:
Accounts payable (including $45 and $48, respectively, of VIE)	494	415
Other current liabilities (including $56 and $48, respectively, of VIE)	717	291
Total current liabilities	1,211	706
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion (including $569 and $569, respectively, of VIE)	1,771	1,751
Deferred income taxes	251	269
Other long-term liabilities (including $37 and $38, respectively, of VIE)	102	82
Total long-term liabilities	2,124	2,102
Commitments and contingencies (See Note 12)
CVR Energy stockholders’ equity:
Preferred stock, $0.01 par value per share; 50,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value per share; 350,000,000 shares authorized; 100,629,209 and 100,629,209 shares issued as of June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in-capital	1,508	1,508
Accumulated deficit	(982)	(777)
Treasury stock, 98,610 shares at cost	(2)	(2)
Total CVR stockholders’ equity	525	730
Noncontrolling interest	219	168
Total equity	744	898
Total liabilities and equity	$ 4,079	$ 3,706