CVR ENERGY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CVR ENERGY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,782	5,988	7,124	6,364	3,930	7,242	10,896	9,247	7,610	7,162
Cost of revenue	4,592	5,716	6,463	5,662	4,119	7,024	9,766	7,974	7,405	6,816
Gross profit	190	272	661	702	-189	218	1,130	1,273	205	346
Selling, general and administrative	110	113	112	117	86	119	149	141	139	148
Operating income	70	145	532	580	-333	87	963	1,123	58	182
Interest expense	83.9	110					93	90	115	139
Interest income	0.7	1.1					8	38	38	31
Other non-operating income	-102	-178	15	13	7	15	-77	14	38	6
Pre-tax income	-11	38	445	491	-415	66	801	1,085	19	80
Income tax	-20	-220	79	129	-95	-8	157	207	-26	-10
Net income to minority interests	-16	-5	107	-18	-64	49	181	109	38	63
Net income	25	263	259	380	-256	25	463	769	7	27
EBITDA	263	403	806	867	-55	366	1,251	1,421	356	585
EPS, basic	0.28	3.03	2.80	3.78	-2.54	0.25	4.60	7.65	0.06	0.27
EPS, diluted	0.28	3.03	2.80	3.78	-2.54	0.25	4.60	7.65	0.06	0.27
Shares, basic (weighted)	86.8	86.8	92.5	101	101	101	101	101	101	101
Shares, diluted (weighted)	0	0	0	101	101	101	101	101	101	101
Dividend per share	2.00	2.00	2.50	3.05	1.20	4.89

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	736	482	668	652	667	510	510	581	987	511
Receivables	152	179	169	182	178	299	358	286	295	235
Inventory	349	369	380	373	298	484	624	604	502	472
Other current assets	68.4	48	76	67	259	76	101	51	24	20
Total current assets	1,316	1,078	1,293	1,274	1,402	1,369	1,593	2,179	1,824	1,267
Property, plant and equipment	2,672	2,588	2,430	2,336	2,240	2,273	2,247	2,221	2,176	2,050
Goodwill	41	41			0	0	0
Intangible assets	0.2	0.2
Other non-current assets	15.8	141	277	295	336	264	279	307	263	389
Total assets	4,050	3,807	4,000	3,905	3,978	3,906	4,119	4,707	4,263	3,706
Accounts payable	251	334	320	412	282	409	497	530	538	415
Accrued liabilities	45.7	55.9	40	47	23	46	47	51	54	58
Deferred revenue	12.6	34.2	69	28	31	87	48	16	51	23
Short-term debt	0	2.1		5	8	6	6	606	12	14
Total current liabilities	566	544	496	596	659	1,156	1,439	1,682	1,098	706
Long-term debt	1,163	1,164	1,167	1,190	1,683	1,654	1,585	1,579	1,907	1,751
Other non-current liabilities	32	9	14	55	49	58	55	81	93	82
Total liabilities	2,262	1,984	2,057	2,237	2,759	3,136	3,328	3,669	3,375	2,808
Total debt	0	1,166	1,167	1,195	1,691	1,660	1,500	2,100	1,900	1,700
Paid-in capital	1,198	1,197	1,474	1,507	1,510	1,510	1,508	1,508	1,508	1,508
Retained earnings	-338	-277	-187	-113	-490	-956	-976	-660	-804	-777
Treasury stock	-2.3	-2	-2	-2	-2	-2	-2	-2	-2	-2
Other comprehensive income	0	0
Shareholders' equity	858	919	1,286	1,393	1,019	553	531	847	703	730
Minority interests	852	785	657	275	200	217	260	191	185	168
Total equity	1,788	1,823	1,943	1,668	1,219	770	791	1,038	888	898
Total liabilities and equity	4,050	3,807	4,000	3,905	3,978	3,906	4,119	4,707	4,263	3,706
Shares outstanding	86.8	86.8	101

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9	258	366	362	-320	74	644	878	45	90
Depreciation and amortization	193	258	274	287	278	279	288	298	298	403
Stock-based compensation	9	19	16	17	4	46	71	34	15	42
Deferred income tax	-80	-197	55	28	-27	-99	-13	80	-49	-8
Change in receivables	-48	-27	56	-40	31	-91	-78	51	-9	60
Change in inventory	-9	-40	-9	-10	9	-182	-140	15	96	8
Change in payables	-10	87	-23
Cash from operations	267	248	628	747	90	396	967	948	404	144
Capital expenditures	-133	-120	-102	-121	-124	-224	-191	-205	-179	-185
Acquisitions	-64	0	0	0	0	-20	0	0
Purchases of investments	-4.2	0	0	0	-140
Sales and maturities of investments						3	0	0
Cash from investing	-201	-276	-108	-121	-423	-238	-271	-239	-121	-362
Debt issued	629	0	0	0	1,000	550	0	600	325	0
Debt repaid			0	0	-500	-582	-65	0	-600	0
Share buybacks			0	0	-7	-1	-12	0	0
Dividends paid	-174	-174	-238	-306	-121	-241	-483	-453	-151	0
Cash from financing	-95	-226	-334	-642	355	-315	-696	-40	-482	-258
Net change in cash		-254	186	-16	22	-157	0	669	-199	-476
Free cash flow	134	128	526	626	-34	172	776	743	225	-41
Interest paid	76.8	106	103	104	107	114	96	95	112	142
Income taxes paid	45.5	15	31	69	-2	72	170	93	60	-11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $51.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	6.1%	Gross profit / revenue.
Operating margin	4.1%	Operating income / revenue.
EBITDA margin	8.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.7%	Pre-tax income / revenue.
Net margin	0.8%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.3%	Cash from operations / revenue.
Effective tax rate	26.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.
Return on invested capital (ROIC)	17.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	1.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	68.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-32.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	213.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-42.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	64.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	285.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-61.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	350.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-61.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-64.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-47.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-118.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	3.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-13.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.42x	Current assets / current liabilities.
Quick ratio	0.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	41.7%	Total debt / total assets.
Liabilities / assets	81.8%	Total liabilities / total assets.
Net debt	$963.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.40x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$506.0M	Current assets - current liabilities.
Tangible book value	$525.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.08x	Revenue / average total assets.
Fixed asset turnover	4.19x	Revenue / average property, plant and equipment.
Inventory turnover	13.2x	Cost of revenue / average inventory.
Days inventory	28 days	365 x average inventory / cost of revenue.
Receivables turnover	25.9x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
Days payables	23 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	19 days	Days inventory + days sales outstanding - days payables.
FCF conversion	508.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$84.31	Revenue / diluted weighted shares.
FCF per share	$3.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.31	Cash from operations / diluted weighted shares.
Book value per share	$5.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.22	Tangible book value / shares outstanding.
Cash per share	$7.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.18B	Share price x shares outstanding.
Enterprise value	$6.14B	Market cap + total debt - cash - short-term investments.
P/E	75.1x	Market cap / net income. Only when net income is positive.
P/S	0.61x	Market cap / revenue.
P/B	9.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.87x	Market cap / tangible book value, when positive.
P/FCF	14.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.70x	Market cap / cash from operations, when positive.
EV/Sales	0.72x	Enterprise value / revenue.
EV/EBIT	17.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.94x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).

What was CVR ENERGY INC's revenue in fiscal 2025?

CVR ENERGY INC reported revenue of $7.16B for fiscal 2025, 5.9% lower than the year before.

Was CVR ENERGY INC profitable in fiscal 2025?

Yes. Net income was $27.0M, a net margin of 0.4%.

How much free cash flow did CVR ENERGY INC generate in fiscal 2025?

Cash from operations of $144.0M minus capital expenditures of $185.0M left free cash flow of -$41.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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