EarningsQ2 2026 Earnings Report

CVR Energy (FL9) Q2 2026 Earnings Report

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Previous Report: Q1 2026

DE:FL9 Q2 2026 EPS Results

Actual EPS€0.30

Consensus EPS€0.23

Beat/MissBeat by +€0.07

One Year Ago EPS-€0.21

DE:FL9 Q2 2026 Revenue Results

Actual Revenue€2.44B

Expected Revenue€1.98B

Beat/MissBeat by +€458.05M

YoY Revenue Growth+55.48%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

DE:FL9 Upcoming Earnings

CVR Energy's next earnings date is estimated for November 2, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:FL9 Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call communicated strong operational execution, marked improvements in segment adjusted EBITDA, robust cash generation and ample liquidity, alongside proactive capital allocation and deleveraging targets. Material headwinds include sharply higher RIN/RFS costs and an unfavorable RFS liability, sizable realized hedging losses, and near-term fertilizer downtime and associated costs. Management expresses confidence in near-term market conditions and the company's ability to convert strong margins into deleveraging and shareholder value, but regulatory uncertainty (EPA decisions) and hedging impacts present meaningful risks to near-term GAAP earnings and margin capture.

Company Guidance

For Q3 the company guided Petroleum throughput of roughly 205,000–220,000 bpd with operating expenses of $110–$120 million and petroleum capital spending of $41–$50 million; for the Fertilizer segment it expects ammonia utilization of 75%–80% (impacted by a late‑August East Dubuque turnaround), direct operating expenses excluding inventory/turnaround of $57–$62 million, turnaround costs of $30–$35 million and fertilizer capex of $40–$49 million. Full‑year 2026 consolidated capex was estimated at $215–$240 million; liquidity at June 30 was about $1.1 billion (including roughly $600 million cash and $540 million ABL availability) with consolidated cash of $737 million and a gross leverage target of $1.0 billion (excluding CVR Partners). Hedge exposure for Q3 is ~2.7 million barrels (notional ≈ $102 million), total open crack‑spread positions ≈ 8.2 million barrels, ~4.6 million barrels of diesel and 0.4 million barrels of gasoline hedged for the remainder of 2026 and ~3.2 million barrels of diesel hedged in 2027. Management also reiterated ratable RIN purchasing (planning to buy 50% of Wynnewood’s obligation), noted an accrued RFS obligation of $408 million at June 30 and Q2 RIN pricing near $14/ bbl; quarter‑to‑date Group‑3 2‑1‑1 cracks averaged $58.70/ bbl and prompt fertilizer prices were $650–$700/ton for ammonia and $325–$350/ton for UAN.

High Refinery and Ammonia Utilization

Crude utilization of ~98% of nameplate capacity and ammonia plant utilization of 99% in Q2 2026, indicating strong operational reliability and throughput performance.

Strong Adjusted EBITDA and Segment Gains

Consolidated adjusted EBITDA of $209 million for Q2 2026. Petroleum adjusted EBITDA was $106 million (up from $38 million in Q2 2025, ~179% increase) and Fertilizer adjusted EBITDA was $107 million (up from $67 million in Q2 2025, ~60% increase).

Robust Throughput and Product Yields

Combined total throughput of ~213,000 barrels per day in Q2 with a light product yield of 92% on total throughput volumes.

Strong Cash Generation and Liquidity

Cash flow from operations of $307 million and free cash flow of $264 million in the quarter. Consolidated cash balance of $737 million and total liquidity (excluding CVR Partners) of ~ $1.1 billion (cash + ABL availability).

Dividend and Partner Distribution

Declared Q2 2026 dividend of $0.10 per share. CVR Partners GP declared $6.08 per common unit distribution; CVR Energy's ~37% ownership yields an expected ~$24 million cash distribution.

Improved Market Cracks and Margins

Group 3 2-1-1 benchmark averaged $44.91/bbl in Q2 2026 versus $24.02/bbl in Q2 2025 (≈87% increase). Realized margin (adjusted) was $12.43/bbl with a 28% capture rate; management expects capture improvement as backwardation narrows.

Fertilizer Demand and Pricing Strength

Strong spring planting season and summer/fall booking. Prompt pricing quarter-to-date: ammonia $650–$700/ton and UAN $325–$350/ton. Company secured a solid book for H2 2026.

Capital Allocation and Deleveraging Focus

Maintaining deleveraging priority with a gross leverage target of $1 billion (ex-CVR Partners). Full-year 2026 consolidated capex guidance of ~$215–$240 million and continued focus on returning capital while reducing debt.

DE:FL9 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 02, 2026	2026 (Q3)	2.04 / -	0.357	―
Jul 29, 2026	2026 (Q2)	0.23 / 0.30	-0.205	247.83% (+0.51)
Apr 29, 2026	2026 (Q1)	-0.51 / -1.11	-0.517	-113.79% (-0.59)
Feb 18, 2026	2025 (Q4)	-0.76 / -0.71	-0.116	-515.38% (-0.60)
Oct 29, 2025	2025 (Q3)	0.20 / 0.36	-0.446	180.00% (+0.80)
Jul 30, 2025	2025 (Q2)	-0.12 / -0.21	0.08	-355.56% (-0.29)
Apr 28, 2025	2025 (Q1)	-0.79 / -0.52	0.036	-1550.00% (-0.55)
Feb 18, 2025	2024 (Q4)	-0.56 / -0.12	0.58	-120.00% (-0.70)
Oct 28, 2024	2024 (Q3)	-0.08 / -0.45	1.686	-126.46% (-2.13)
Jul 29, 2024	2024 (Q2)	-0.19 / 0.08	1.463	-94.51% (-1.38)

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