CVR Energy
Refines Mid-Continent transportation fuels and produces nitrogen fertilizer through CVR Partners.
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Profile
Refines and markets transportation fuels from two Mid-Continent refineries, supported by regional crude gathering and logistics. Also produces ammonia and urea ammonium nitrate through CVR Partners; results depend on commodity margins, plant reliability, environmental rules, and renewable-fuel compliance.
Refines and markets gasoline, diesel, jet fuel, and other distillates from the Coffeyville, Kansas, and Wynnewood, Oklahoma, refineries. Regional crude gathering, pipelines, storage, and trucking link both plants to Mid-Continent feedstocks and customers, supporting flexible crude sourcing and transportation-cost advantages.
Produces ammonia and urea ammonium nitrate through CVR Partners, whose general partner it controls. The fertilizer business combines a petroleum-coke gasifier beside the Coffeyville refinery with a natural-gas-fed plant in East Dubuque, Illinois, serving agricultural and industrial customers.
The former Wynnewood renewable diesel unit now processes hydrocarbons, though it can be converted again. Results depend on plant uptime, crude and product spreads, fertilizer and feedstock prices, logistics access, environmental permits, and renewable-fuel compliance; Icahn Enterprises and affiliates control most outstanding shares.
Company facts
Key statistics
Year to date +65.7% · Average volume (30d) 951.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 7, 2026 | Mizuho Securities | Target | $35 | $28 | ||
| Jun 29, 2026 | UBS | Reiterate | Neutral | $37 | $35 | |
| May 27, 2026 | Mizuho Securities | Target | $29 | $35 | ||
| Apr 10, 2026 | Goldman Sachs | Target | $25 | $30 | ||
| Mar 25, 2026 | Raymond James | Upgrade | Underperform | Market Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.26 | $0.34 | +31.7% | $2.22B | $2.74B | +23.1% | +9.99% |
| Apr 29, 2026Q1 FY26 | −$0.54 | −$1.24 | −129.6% | $1.73B | $1.98B | +14.3% | −2.90% |
| Feb 18, 2026Q4 FY25 | −$0.84 | −$0.80 | +4.8% | $1.70B | $1.81B | +6.7% | −3.44% |
| Oct 29, 2025Q3 FY25 | $0.20 | $0.40 | +100.0% | $1.72B | $1.94B | +12.8% | −5.31% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.65B | $1.76B | $1.94B | $1.81B | $1.98B | $2.74B | |
| Gross profit | −$78.0M | −$64.0M | $558.0M | −$100.0M | −$287.0M | $117.0M | |
| Operating income | −$115.0M | −$100.0M | $516.0M | −$133.0M | −$326.0M | $78.0M | |
| Net income | −$123.0M | −$114.0M | $374.0M | −$110.0M | −$192.0M | −$3.0M | |
| Diluted EPS | −$1.22 | −$1.13 | $3.72 | −$1.09 | −$1.91 | −$0.03 | |
| Gross margin | -4.7% | -3.6% | 28.7% | -5.5% | -14.5% | 4.3% | |
| Operating margin | -7.0% | -5.7% | 26.5% | -7.3% | -16.5% | 2.8% |
Fiscal years (4-quarter sums)FY21 $7.24B · FY22 $10.90B · FY23 $9.25B · FY24 $7.61B · FY25 $7.16B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $737.0M · Total debt $1.80B · Total assets $4.08B · Shareholders' equity $525.0M
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 10, 2026 | Aug 10 | Aug 17 | $0.10 | |
| May 11, 2026 | May 11 | May 18 | $0.10 | cut from $0.37 |
| Mar 2, 2026 | Mar 2 | Mar 9 | $0.37 | cut from $0.50 |
| Aug 12, 2024 | Aug 12 | Aug 19 | $0.50 | |
| May 10, 2024 | May 13 | May 20 | $0.50 | |
| Mar 1, 2024 | Mar 4 | Mar 11 | $0.50 | |
| Nov 10, 2023 | Nov 13 | Nov 20 | $2.00 | special dividend |
| Aug 11, 2023 | Aug 14 | Aug 21 | $1.50 | special dividend |
Ownership
Shares outstanding 100.53M · Float 29.32M · 29.2% free float
Insiders — no current Form 4 position.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Icahn Carl C | 71.20M | 70.83% | 13F | Aug 14, 2026 |
| Icahn Enterprises Holdings L.P. | 71.20M | 70.80% | 13D | Feb 24, 2026 |
| BlackRock, Inc. | 5.20M | 5.17% | 13F | Aug 7, 2026 |
| State Street Corp | 2.15M | 2.14% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.08M | 2.07% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 20, 2026 | Carl C. Icahn | 10 percent owner | +263,452 | $20.78 |
| Feb 23, 2026 | Carl C. Icahn | 10 percent owner | +244,940 | $20.75 |
| Feb 24, 2026 | Carl C. Icahn | 10 percent owner | +275,012 | $21.41 |
Peers
- HF Sinclair
Direct inland refining peer with renewable diesel and logistics overlap
- Delek US
Inland refining and logistics peer with overlapping fuel markets
- PBF Energy
Independent refiner competing in fuels and renewable diesel exposure
- Marathon Petroleum
Scale leader in U.S. refining, fuels marketing, and logistics
- CF Industries
Scale nitrogen producer competing in ammonia and UAN
- Valero Energy
Major refiner with large renewable diesel and ethanol platforms
- Par Pacific
Smaller refining, logistics, and retail fuels peer
- LSB Industries
Nitrogen producer overlapping in ammonia, UAN, and AN
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CVR Energy | $41.90 | +0.38% | $4.20B | 60.5 | 16.8 | 0.5 | +55.5% |
| HF Sinclair | $100.35 | +0.64% | $17.73B | 9.5 | 7.3 | 0.6 | +53.2% |
| Delek US | $72.40 | +0.15% | $4.43B | 20.3 | 6.7 | 0.4 | +47.8% |
| PBF Energy | $71.90 | +0.93% | $8.45B | 6.3 | 3.8 | 0.2 | +56.2% |
| Marathon Petroleum | $369.35 | +0.10% | $107.68B | 12.7 | 7.5 | 0.7 | +54.9% |
| CF Industries | $125.55 | −0.16% | $19.32B | 9.3 | 9.6 | 2.5 | +17.6% |
| Valero Energy | $352.97 | +0.19% | $101.45B | 14.6 | 8.3 | 0.8 | +48.8% |
| Par Pacific | $79.00 | +0.22% | $3.95B | 4.6 | 5.1 | 0.5 | +56.8% |
| LSB Industries | $10.39 | +0.10% | $747.4M | 20.8 | 9.7 | 1.1 | +11.1% |
| Median | 11.1 | 7.4 | 0.6 | +51.0% |