Highlights

  • CVR Energy projects a significant net loss for the fourth quarter of 2025.
  • Refining throughput remained broadly stable year over year despite weaker earnings.
  • Fertilizer operations saw a sharp drop in ammonia utilization rates during the quarter.

CVR Energy (NYSE:CVI) released preliminary results for the fourth quarter and full year 2025 ahead of market open on Monday, outlining a wider-than-expected loss outlook. The early disclosure triggered a sharp market reaction, with the stock falling nearly 9.5% as investors assessed the projected net loss, stable refining throughput levels, and weaker fertilizer segment performance reflected in the initial figures.

The early release outlined estimated performance ranges rather than finalized figures, providing investors with an initial view of quarterly outcomes before the formal earnings report.

Fourth-Quarter Financial Snapshot
According to the preliminary data, CVR Energy expects a net loss attributable to shareholders in the range of USD 105 million to USD 125 million for the fourth quarter of 2025. This compares with a net profit attributable to shareholders of USD 28 million reported in the same quarter of 2024.

Total refining throughput for the recently completed quarter is estimated at approximately 210,000 to 220,000 barrels per day (bpd). In the corresponding period a year earlier, refining throughput stood at around 214,000 bpd, indicating relatively stable processing volumes despite the weaker bottom-line outcome.

Fertilizer Segment Under Pressure
The preliminary update also highlighted a notable decline in ammonia utilization rates within the fertilizer segment, which operates through the publicly traded subsidiary CVR Partners. For the fourth quarter of 2025, CVR estimates ammonia utilization at approximately 60% to 65%.

This represents a significant reduction from the 96% utilization rate recorded in the fourth quarter of 2024. Utilization levels are a key operational metric for fertilizer production, influencing output volumes and cost absorption.

Operational Challenges at Coffeyville
During 2025, CVR Energy faced operational challenges at its Coffeyville fertilizer plant, one of the company’s two facilities in this segment. The plant experienced delays and operational issues that led to a maintenance shutdown lasting several months.

These disruptions had a negative impact on production levels during the year and contributed to the lower utilization rates reported for the fourth quarter. The company indicated that the issues at Coffeyville have since been addressed, though the preliminary figures reflect the effects of these earlier challenges.

Broader Context
The preliminary results combine stable refining throughput with weaker profitability and reduced fertilizer utilization. The full financial impact and additional details are expected to be provided when CVR Energy releases its finalized quarterly and annual results.

Share performance
CVR closed at USD 22.21 on January 26, 2026, declining 9.49%.