CVR PARTNERS, LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CVR PARTNERS, LP 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	356	331	351	404	350	533	836	681	525	606
Cost of revenue	302	315	319	348	325	371	483	449	406	443
Gross profit	54.1	15.6	31.7	56.6	24.8	162	352	232	119	163
Selling, general and administrative	29.3	25.6	25	25.8	18.2	26.6	32.2	29.5	28.4	33.6
Operating income	24.6	-10.3	6.31	27.4	-34.9	134	320	201	90.4	129
Interest expense	48.6	62.9
Interest income	0.01	0.05					1.52	5.66	4.22	5.49
Other non-operating income	-53.3	-63.4	6.2	0.27	0.16	4.71	1.11	-0.03	0.45	0.33
Pre-tax income	-26.6	-72.6	-50.1	-35	-98.2	78.2	287	173	61	98.6
Income tax	0.33	0.22	-0.05	-0.02	0.03	0.06	0.16	0.29	0.08	-0.02
Net income	-26.9	-72.8	-50	-35	-98.2	78.2	287	172	60.9	98.7
EBITDA	82.8	63.7	77.9	107	41.2	208	402	281	178	211
EPS, basic	-0.26	-0.64	-4.42	-3.09	-8.77	7.31	27.07	16.31	5.76	9.33
EPS, diluted	-0.26	-0.64	-4.42	-3.09	-8.77	7.31	27.07	16.31	5.76	9.33
Shares, basic (weighted)	103	113	11.3	11.3	11.2	10.7	10.6	10.6	10.6	10.6
Shares, diluted (weighted)	103	113	11.3	11.3	11.2	10.7	10.6	10.6	10.6	10.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	55.6	49.2	61.8	37	30.6	113	86.3	45.3	90.9	69.2
Receivables	13.9	9.86	61.7	34.3	36.9	88.4	90.4	41.9	65.2	59
Inventory	58.2	53.2	63.6	48.3	42.3	52.3	77.5	69.2	75.6	82.7
Other current assets	6.85	5.79	6.99	5.41	8.41	9.11	11.4	1.14	0.63	1.49
Total current assets	135	118	194	125	118	262	266	166	234	214
Property, plant and equipment	1,130	1,070	1,015	952	898	850	811	761	736	712
Goodwill	41	41	41	41	0	0	0
Other non-current assets	6.6	4.86	4.2	20.1	16.8	14.4	23.7	48.4	49.6	43.8
Total assets	1,312	1,234	1,254	1,138	1,033	1,127	1,100	975	1,019	969
Accounts payable	28.8	21.3	26.8	21.1	19.5	41.5	45.5
Accrued liabilities	9.26	7.53	7.99	8.19	7.48	7.92	7.54	8.4	9.69	10.9
Deferred revenue	12.6	12.9	68.8	27.8	30.6	87.1	47.5	15.8	50.8	23
Short-term debt				0	2.24	0		0	0.88	0.78
Total current liabilities	63	56.1	123	75.5	76.3	162	126	75.5	111	96.8
Long-term debt	623	626	629	632	634	611	547	547	568	569
Other non-current liabilities	1.19	2.42	2.94	10.5	8.36	12.4	15.7	16.4	19.4	17.3
Total debt	623	626	629	632	636	611	547	547	569	570
Other comprehensive income	0
Total liabilities and equity	1,312	1,234	1,254	1,138	1,033	1,127	1,100	975	1,019	969

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26.9	-72.8	-50	-35	-98.2	78.2	287	172	60.9	98.7
Depreciation and amortization	58.2	74	71.6	79.8	76.1	73.5	82.1	79.7	88.1	81.9
Stock-based compensation	2.79	3.02	3.02	3.45	1.04	23.1	25.3	8.24	4.9	9.81
Change in receivables	2.19	4.09	-6.7	0.94	2.89	-21.9	-21.1	27.5	-23.3	6.26
Change in inventory	29.1	0.06	-8.67	9.91	0.54	-7.51	-24.8	6.7	-5.68	-7.8
Change in payables	5.8	-2.32	5.22	-8.08	-1.64	11.4	-6.58	-23.8	-5.6	5.74
Cash from operations	45	10.4	32.2	39.2	19.7	189	301	244	151	150
Capital expenditures	-23.2	-14.6	-19.8	-18.7	-18.6	-20.6	-44.7	-24.2	-37.1	-50.8
Acquisitions	-63.9	0	0
Cash from investing	-87.1	-14.6	-19.6	-18.5	-18.6	-20.3	-44.6	-2.72	-31.9	-44.1
Debt issued	300	0	0	0	0	550	0	0
Debt repaid				0	0	-582	-65	0	0
Share buybacks			0	0	-7.08	-0.53	-12.4	0	0
Cash from financing	47.8	-2.27	0	-45.4	-7.63	-86.4	-283	-282	-73.1	-127
Net change in cash		-6.42	12.6	-24.8	-6.44	82	-26.2	-41.1	45.6	-21.6
Free cash flow	21.7	-4.16	12.4	20.5	1.14	168	257	219	113	98.8
Interest paid	81.4	60.1	60.2	60.1	59.9	51.4	35.2	34.1	34.1	36.8
Income taxes paid	0.01	-0.2	0.03	0.04	0.07	0.03	0.11	0.28	0.08	0.04

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 $122.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.5%	Gross profit / revenue.
Operating margin	28.1%	Operating income / revenue.
EBITDA margin	40.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.7%	Pre-tax income / revenue.
Net margin	23.7%	Net income / revenue.
FCF margin	21.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.3%	Cash from operations / revenue.
Effective tax rate	-0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	15.2%	Net income / average total assets.
SG&A / revenue	5.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.9%	Capital expenditures / revenue.
D&A / revenue	12.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	37.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-22.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	45.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	42.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-26.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	18.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-19.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	38.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	62.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-29.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	62.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-29.9%	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	-0.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-20.8%	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	49.9%	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	-12.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-27.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	144.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.1%	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	-1.3%	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	-0.1%	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	-1.1%	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	3.01x	Current assets / current liabilities.
Quick ratio	2.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.31x	(Cash + short-term investments) / current liabilities.
Debt / assets	53.9%	Total debt / total assets.
Net debt	$432.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$210.4M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	0.97x	Revenue / average property, plant and equipment.
Inventory turnover	4.78x	Cost of revenue / average inventory.
Days inventory	76 days	365 x average inventory / cost of revenue.
Receivables turnover	8.28x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
FCF conversion	90.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.16	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	$64.04	Revenue / diluted weighted shares.
FCF per share	$13.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$20.04	Cash from operations / diluted weighted shares.
Cash per share	$13.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.30B	Share price x shares outstanding.
Enterprise value	$1.73B	Market cap + total debt - cash - short-term investments.
P/E	8.09x	Market cap / net income. Only when net income is positive.
P/S	1.92x	Market cap / revenue.
P/FCF	8.97x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.12x	Market cap / cash from operations, when positive.
EV/Sales	2.55x	Enterprise value / revenue.
EV/EBIT	9.09x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.28x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.1%	Free cash flow / market cap.
Earnings yield	12.4%	Net income / market cap (the inverse of P/E).

What was CVR PARTNERS, LP's revenue in fiscal 2025?

CVR PARTNERS, LP reported revenue of $606.0M for fiscal 2025, 15.4% higher than the year before.

Was CVR PARTNERS, LP profitable in fiscal 2025?

Yes. Net income was $98.7M, a net margin of 16.3%.

How much free cash flow did CVR PARTNERS, LP generate in fiscal 2025?

Cash from operations of $149.6M minus capital expenditures of $50.8M left free cash flow of $98.8M.

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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