CVR Energy, Inc. reported a first‑quarter 2026 net loss of $192 million, or $1.91 per diluted share, and an adjusted loss of $1.24 per share. Revenue rose to $1.98 billion, up 20.3% from $1.646 billion in the same period last year, while adjusted EBITDA increased to $37 million from $24 million in Q1 2025. Crude utilization reached 97 percent and ammonia plant utilization was 103 percent, indicating strong operational throughput across the refining and fertilizer businesses.
The petroleum segment posted a net loss of $193 million, whereas the nitrogen‑fertilizer segment generated $58 million in operating income, translating to $50 million in net income. The contrast highlights the continued profitability of the fertilizer arm against the refining side’s ongoing losses.
Headwinds included a $158 million unrealized derivative loss and a $32 million loss on extinguishment of debt from a recent refinancing. The reversion of the renewable‑diesel unit at the Wynnewood refinery back to hydrocarbon processing also contributed to the operating loss, underscoring the impact of one‑time charges and strategic realignment on the bottom line.
Tailwinds were driven by high utilization rates and a $447 million locked‑in value from NYMEX crack‑spread swaps expected to be realized through 2027. These factors provide a cushion against margin compression and support the company’s long‑term value creation strategy.
The company declared a quarterly cash dividend of 10 cents per share, payable on May 18, 2026 to shareholders of record as of May 11, 2026. Investors reacted negatively to the earnings miss, with the share price declining in after‑hours trading.
Analysts had expected a loss of $0.39 per share; the actual adjusted loss of $1.24 per share widened the miss by $0.85. Revenue beat the consensus estimate of $1.712 billion, but the significant earnings miss and margin compression dominated the market’s response.
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