CVR Energy Inc

CVIPetroleum RefiningNYSE
Revenue (FY2025)$7.16B
Net margin0.4%
Revenue growth-5.9%
Dividend / shareNone
Held by ETFs64
1 week-6.0%
1 month+12.5%
3 months+69.7%
6 months+75.8%
YTD+129.0%
1 year+51.7%
3 years*+28.2%
5 years*+33.0%
10 years*+23.7%

Total returns with dividends reinvested; * a year. Prices as of Oct 28, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

CVR Energy Inc is worth $5.74B, about 211 times its fiscal 2025 earnings. Revenue fell 5.9% to $7.16B in fiscal 2025, with 0.4% kept as profit; over 5 years it has grown 12.8% a year. It pays no dividend; it spent $13.0M buying back its shares over FY2021–FY2025. The stock returned +51.7% over the past year with dividends reinvested and +33.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.3% in the 2020 crash (S&P 500: 33.7%) and 35.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 26 months and within a month after the lows.

The business in plain English

CVR Energy is a holding company built mainly around oil refining. Its two refineries, in Coffeyville, Kansas, and Wynnewood, Oklahoma, can process up to 132,000 and 74,500 barrels of crude oil per day, respectively. They turn crude into gasoline, diesel, jet fuel and other distillates. Its gathering network of pipelines and trucks supplied about 67% of Coffeyville's crude and 94% of Wynnewood's in fiscal 2025.

The company earns its money on the refining margin, the gap between what it pays for crude oil and what it receives for finished fuels. Its customers are mostly retailers, railroads, farm cooperatives and other refiners and marketers in the mid-continent region near the plants. The largest petroleum customer made up 12% of that segment's net sales in fiscal 2025.

Petroleum brought in $6.4 billion, or 89.6% of the $7.2 billion in revenue for fiscal 2025. Nitrogen Fertilizer added 8.4%. That business, run through CVR Partners (NYSE: UAN), a separately listed partnership the company controls, makes ammonia and UAN (urea ammonium nitrate, a liquid fertilizer) for farmers. Renewables, which turned soybean and corn oil into renewable diesel, supplied 2%. In December 2025 the company switched its Wynnewood renewable diesel unit back to petroleum processing, citing poor economics, and expects its segment reporting to change.

Price history

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CVI +51.7% over the year to Oct 28, 2026, total return with dividends reinvested.

Prices through Oct 28, 2026. Total return: the price with dividends reinvested.

How it makes money

By business segment

Petroleum Segment$6.42B89.6%
Nitrogen Fertilizer Segment$605.0M8.4%
Renewables Segment$141.0M2%
Fiscal year ended Dec 31, 2025, from the 10-K's XBRL data; shares of total revenue ($7.16B).

Latest results

  • In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.74B, up 55.5% from a year earlier, and net income was $-3.0M.
  • For fiscal 2025, revenue was $7.16B (-5.9% year over year; +12.8% a year from FY2020 to FY2025) with a 0.4% net margin.

Financial health check

Revenue growth a year (FY2020–FY2025)+12.8% good
Operating margin2.5% weak
Free cash flow margin-0.6% weak
Return on equity (FY2025)3.7% weak
Return on assets (FY2025)0.7% weak
Net cash (cash minus debt)$-963.0M weak
Fiscal yearRevenueNet incomeFree cash flow
FY2020$3.93B$-256.0M$-34.0M
FY2021$7.24B$25.0M$172.0M
FY2022$10.90B$463.0M$776.0M
FY2023$9.25B$769.0M$743.0M
FY2024$7.61B$7.0M$225.0M
FY2025$7.16B$27.0M$-41.0M

Cash returned to shareholders

  • Over FY2021–FY2025: $13.0M in buybacks and $1.33B in dividends.
  • The company pays no regular dividend.
  • Regular dividends per share grew +5.8% a year over 4 years (FY2020–FY2024).
  • Dividends took 0% of earnings in the latest fiscal year.
  • Shares outstanding changed 0.0% from Jul 30, 2021 to Jul 24, 2026.
$2.002016$2.002017$2.502018$3.052019$1.202020$4.892021$4.812022$4.512023$1.502024
$2.002016$2.002017$2.502018$3.052019$1.202020$4.892021$4.812022$4.512023$1.502024
Dividends per share by fiscal year, from the 10-K filings, adjusted for stock splits.
Show as a table
Fiscal yearPer shareChange
FY2024$1.50-66.7%
FY2023$4.51-6.2%
FY2022$4.81-1.7%
FY2021$4.89+307.5%
FY2020$1.20-60.7%
FY2019$3.05+22.0%
FY2018$2.50+25.0%
FY2017$2.000.0%
FY2016$2.00

Valuation snapshot

Market value$5.74B
P/E ratio211.4
Dividend yield1%
As of Oct 28, 2026.

Rank among 1514 US companies

Market value at each year end

End of 2016: $2.20B$2.2B2016End of 2017: $3.23B$3.2B2017End of 2018: $3.47B$3.5B2018End of 2019: $4.06B$4.1B2019End of 2020: $1.50B$1.5B2020End of 2021: $1.69B$1.7B2021End of 2022: $3.15B$3.2B2022End of 2023: $3.05B$3.0B2023End of 2024: $1.88B$1.9B2024End of 2025: $2.56B$2.6B2025Oct 28, 2026: $5.74B$5.7BNow
End of 2021: $1.69B$1.7B2021End of 2022: $3.15B$3.2B2022End of 2023: $3.05B$3.0B2023End of 2024: $1.88B$1.9B2024End of 2025: $2.56B$2.6B2025Oct 28, 2026: $5.74B$5.7BNow

CVR Energy’s market value went from $2.20B at the end of 2016 to $5.74B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 124%.

Show as a table
Year endMarket valueChange
Oct 28, 2026$5.74B+124.3%
2025$2.56B+35.8%
2024$1.88B-38.2%
2023$3.05B-3.3%
2022$3.15B+86.4%
2021$1.69B+12.8%
2020$1.50B-63.1%
2019$4.06B+17.3%
2018$3.47B+7.2%
2017$3.23B+46.7%
2016$2.20B
The year-end close times the shares outstanding on the latest 10-K or 10-Q cover before it. Changes in market value include new shares issued and shares bought back, so they differ from the stock’s return.

Price behavior

Volatility (1 year)55.4%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-48.2%3 years: -56.2% · all history: -92.4%
Beta vs S&P 500-0.30moves less than the market
Sharpe ratio (1 year)0.86return above cash per unit of risk
Since price data starts+12.2%a year over 19 years
Total over 5 years+316%10 years: +738%
52-week range$20.72 – $63.12
Last price $57.07 on Oct 28, 2026, 9.6% below the 52-week high · above its 200-day average ($35.25).
YTD1 yr3 yr5 yr10 yr
CVI price data to Oct 28, 2026+129.0%+51.7%+28.2%+33.0%+23.7%
Multi-year figures are annualized total returns with dividends reinvested, computed from daily prices.
-84%200872%2009121%201023%2011160%201214%2013-0.8%20147%2015-27%201660%2017-0.8%201825%2019-61%202013%2021115%202211%2023-35%202436%2025129%2026*
60%2017-0.8%201825%2019-61%202013%2021115%202211%2023-35%202436%2025129%2026*
Calendar-year total returns from price data, dividends reinvested. * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)+129.0%
2025+35.8%
2024-34.9%
2023+11.2%
2022+114.7%
2021+12.8%
2020-61.3%
2019+25.4%
2018-0.8%
2017+60.0%
2016-27.2%
2015+6.6%
2014-0.8%
2013+14.1%
2012+160.5%
2011+23.4%
2010+121.3%
2009+71.5%
2008-84.0%
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Before this security existed
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 50.5% over that stretch · deepest drop along the way 55.3%, back to its old high 26.4 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Gained 110.2% over that stretch · deepest drop along the way 35%, back to its old high 0.8 months after the low

Insider activity

Form 4 filings from 2025-10-29 to 2026-10-29 (9 read): 3 open-market purchases ($16.4M) and 0 sales ($0.00).

DateInsiderTypeValue
Feb 24, 2026Carl C Icahn 10% ownerbuy$5.9M
Feb 20, 2026Carl C Icahn 10% ownerbuy$5.5M
Feb 23, 2026Carl C Icahn 10% ownerbuy$5.1M

Who owns it

Large shareholders (13G filings)

BlackRock, Inc.4.9%Jun 30, 2025

ETFs with the most weight in CVI

NDIV Amplify Natural Resources Dividend Income ETF3.15%
PXE Invesco Energy Exploration & Production ETF2.77%
VRAI Virtus Real Asset Income ETF1.01%
MYLD Cambria Micro and SmallCap Shareholder Yield ETF0.93%
SYLD Cambria Shareholder Yield ETF0.6%
NIXT Research Affiliates Deletions ETF0.45%
SFLO VictoryShares Small Cap Free Cash Flow ETF0.41%
EBIT Harbor AlphaEdge Small Cap Earners ETF0.34%
Held by 64 ETFs in our database.

What could go wrong

  1. Carl Icahn controls about 70% of shares. Icahn Enterprises and its affiliates owned about 70% of the stock as of December 31, 2025. Their interests may differ from other holders', and as a controlled company CVR Energy skips some NYSE governance rules.
  2. Two refineries in one region. About 90% of revenue comes from the refining business, built around two plants in Kansas and Oklahoma serving mid-continent customers. A regional downturn, bad weather or a pipeline disruption could hit results with little offset elsewhere.
  3. Thin, swinging refining margins. Profits hinge on the gap between crude and fuel prices, and on obtaining crude below the U.S. benchmark price. Both can swing widely. Fiscal 2025 net income was $27 million on $7.2 billion of revenue.
  4. Debt and a holding-company structure. As of June 30, 2026, debt was $1.7 billion against $737 million of cash and $525 million of equity. As a holding company, CVR Energy relies on cash from subsidiaries, including partly public CVR Partners.
  5. Renewable fuel rules add costs. The federal Renewable Fuel Standard requires refiners to blend biofuels or obtain tradable credits instead. The company warns compliance could materially hurt results, and changing climate rules could raise costs or cut fuel demand.
  6. Plant accidents and unplanned shutdowns. Refineries and fertilizer plants handle hazardous materials such as ammonia. Fires, breakdowns, severe weather or unplanned shutdowns can cut output, cause injuries or environmental damage, and may not be fully covered by insurance.

Recent events

  • Investor presentation or announcement
  • Quarterly results released; Investor presentation or announcement
  • Executive or board change; Other company announcement
  • Shareholder vote results
  • Investor presentation or announcement
  • Quarterly results released; Investor presentation or announcement
  • Investor presentation or announcement
  • Quarterly results released; Investor presentation or announcement
  • Major agreement signed; New debt or financial obligation
  • Investor presentation or announcement

For income and retirement investors

CVR Energy's dividend has been large at times but unreliable. In October 2024 the board suspended it after weak refining conditions squeezed cash. The company paid nothing in fiscal 2025, when free cash flow (cash left after capital spending) was negative $41 million, so returns came only from the share price. Dividends were $4.89 per share in 2021 and $4.51 in 2023, then $1.50 in 2024. They sometimes exceeded profits: in 2021 the company paid $4.89 while earning $0.25 per share. Share repurchases totaled $13 million over fiscal 2021 to 2025, and the share count was unchanged from July 2021 to July 2026.

The shares also swing hard. In the 2020 COVID crash they fell 55.3% and took about 26 months to recover. In the 2022 bear market they rose 110.2% while the broader market fell, despite a 35% drop along the way. A single stock like this carries more risk than a diversified fund.

Questions investors ask

How does CVR Energy make money?

Mostly by refining crude oil into gasoline, diesel and jet fuel. Its Petroleum segment produced $6.4 billion, or 89.6%, of fiscal 2025 revenue of $7.2 billion, from refineries in Coffeyville, Kansas, and Wynnewood, Oklahoma. Profit comes from the gap between crude costs and fuel prices. Nitrogen fertilizer, made through CVR Partners, added 8.4%. Renewable diesel added 2% before the company switched that unit back to petroleum processing in December 2025.

Does CVR Energy pay a dividend?

CVR Energy paid no dividends in fiscal 2025, having suspended its cash dividend in October 2024, according to its annual report filed February 18, 2026. The company tied the decision to volatile prices and industry oversupply that hurt cash flow. Before the suspension, payouts were large: $4.89 per share in 2021, $4.81 in 2022 and $4.51 in 2023, then $1.50 in 2024. The company says its ability to pay dividends depends on market conditions and other factors.

Does Carl Icahn own CVR Energy?

Largely, yes. Icahn Enterprises and its affiliates, including Carl Icahn, owned about 70% of CVR Energy's common stock as of December 31, 2025. That makes it a controlled company under NYSE rules, which lets it skip some governance requirements, and it relies on those exemptions. Icahn added roughly $16.4 million of shares across three purchases between February 20 and 24, 2026. His interests may differ from other shareholders', and large share sales by him could weigh on the price.

How much of CVR Partners does CVR Energy own?

About 37% of the common units (partnership shares) as of December 31, 2025, plus the general partner, the entity that manages the partnership. Public investors held about 60% and Icahn Enterprises about 3%. CVR Partners (NYSE: UAN) makes ammonia and UAN fertilizer and appears in CVR Energy's results as the Nitrogen Fertilizer segment, 8.4% of fiscal 2025 revenue. The general partner owes a duty of good faith to public unitholders, so the business may be run differently than if CVR Energy owned it outright.

Why is CVR Energy's P/E ratio so high?

Because its fiscal 2025 profit was tiny compared with its share price. The price-to-earnings (P/E) ratio divides the share price by yearly earnings per share. It was 211.4 as of October 28, 2026, based on fiscal 2025 diluted earnings of $0.27 per share, after the stock rose 129% in 2026 through that date. Profits swing widely: CVR Energy earned $7.65 per share in 2023 and $0.06 in 2024. A P/E this high mostly reflects depressed earnings, and a rebound is not guaranteed.

Sources

  • SEC company facts (XBRL financial data), filed Jul 29, 2026 — SEC EDGAR
  • 10-K annual report, filed Feb 18, 2026 — SEC EDGAR
  • Prices: daily prices and dividends through Oct 28, 2026

For education only, not investment advice. Past performance does not predict future results.