Cash flow generation is highly inconsistent, highlighted by an OCF/NI ratio that swung to a negative 0.33 in 2026Q1, reflecting an inability to reliably convert earnings into liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 403M | 144M | 404M | 948M | 967M | 396M | 90M | 747M | 620M | 166.9M | 267.5M | 536.8M | 640.3M | 440.1M | 762.6M | 278.56M | 225.43M | 85.27M | 83.2M | 145.92M | 186.59M | 82.53M |
| Operating CF Margin % | - | 2.01% | 5.31% | 10.25% | 8.87% | 5.47% | 2.29% | 11.74% | 8.7% | 2.79% | 5.59% | 9.88% | 7.03% | 4.9% | 8.9% | 5.54% | 5.53% | 2.72% | 1.66% | 4.92% | 6.14% | 5.68% |
| Operating CF Growth % | 389.69% | -64.36% | -57.38% | -1.96% | 144.19% | 340% | -87.95% | 20.48% | 271.48% | -37.61% | -50.17% | -16.16% | 45.49% | -42.29% | 173.77% | 23.57% | 164.36% | 2.49% | -42.98% | -21.8% | 126.08% | - |
| Net Income | -42M | 27M | 45M | 878M | 644M | 74M | -320M | 362M | 411M | 216.9M | 8.9M | 297.8M | 309.4M | 522M | 412.59M | 378.56M | 14.29M | 69.35M | 163.94M | -56.82M | 191.57M | -119.16M |
| Depreciation & Amortization | 414M | 403M | 298M | 298M | 288M | 279M | 278M | 287M | 213M | 214M | 193.1M | 164.1M | 154.4M | 142.8M | 130M | 90.32M | 86.76M | 86.81M | 84.17M | 71.18M | 54.34M | 25.71M |
| Stock-Based Compensation | 43M | 0 | 15M | 34M | 71M | 46M | 4M | 17M | 16M | 18.8M | 9.3M | 12.8M | 12.3M | 18.4M | 39.1M | 27.17M | 37.24M | 7.93M | -42.52B | 44.08B | 0 | 0 |
| Deferred Taxes | 12M | -8M | -50M | 67M | -17M | -98M | -30M | 24M | 59M | -216.5M | -84.4M | -10.4M | 19.2M | -93.3M | -17.25M | 62.69M | -770K | 55.85M | 55.85M | -56.9M | 86.77M | 0 |
| Other Non-Cash Items | 219M | 131M | 10M | -24M | 19M | -82M | 83M | 2M | 9M | 60.3M | 61M | -12.9M | -60.6M | -28.7M | 192.82M | -76.51M | 22.71M | -53.06M | 42.57B | -44.04B | 6.63M | 1.27M |
| Working Capital Changes | -326M | -409M | 86M | -305M | -38M | 177M | 75M | 55M | -88M | -126.6M | 79.6M | 85.4M | 205.6M | -121.1M | 5.34M | -203.68M | 65.2M | -81.61M | -267.78M | 142.04M | -177.27M | 174.71M |
| Change in Receivables | -10M | 60M | -9M | 51M | -78M | -91M | 31M | -40M | 56M | -27.3M | -47.5M | 41M | 105.7M | -30.2M | -28.13M | 55.44M | -34.03M | -13.06M | 49.49B | -16.97B | 0 | 0 |
| Change in Inventory | 17M | 8M | 96M | 15M | -140M | -182M | 9M | -10M | -9M | -37.6M | -7.3M | 39.7M | 197.3M | 1.5M | 108.02M | -175.54M | 27.67M | -126.41M | 97.99M | -79.57M | -7.16M | 1.9M |
| Change in Payables | 41M | -143M | 2M | 37M | 78M | 122M | -121M | 94M | -23M | 88.1M | -10.4M | -14.3M | -91.8M | -38.7M | -54.45M | 5.8M | 47.94M | 5.65M | -59.39B | 36.03B | 0 | 0 |
| Cash from Investing | -323M | -362M | -121M | -239M | -271M | -238M | -423M | -121M | -100M | -195M | -201.4M | -150.6M | -296.6M | -250.3M | -210.7M | -674.41M | -31.26M | -48.29M | -86.46M | -268.59M | -240.23M | -730.3M |
| Capital Expenditures | -287M | -185M | -179M | -205M | -274M | -20M | -283M | -159M | -102M | -118.6M | -132.7M | -218.7M | -218.4M | -256.5M | -212.19M | -91.22M | -32.41M | -48.77M | -86.46M | -268.59M | -240.23M | -45.17M |
| CapEx % of Revenue | 3.83% | 2.58% | 2.35% | 2.22% | 2.51% | 0.28% | 7.2% | 2.5% | 1.43% | 1.98% | 2.77% | 4.03% | 2.4% | 2.85% | 2.48% | 1.81% | 0.79% | 1.56% | 1.72% | 9.05% | 7.91% | 3.11% |
| Acquisitions | 4M | 10M | 0 | 22M | 3M | 0 | 1M | 37M | 1M | -76.5M | -69.4M | 100K | 0 | 0 | 0 | -585.99M | 0 | 0 | 0 | 0 | 0 | -685.13M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -40M | -187M | -34M | -56M | 0 | -221M | -160M | 1M | 2M | 100K | -4M | 100K | 100K | 100K | 1.49M | 2.8M | 1.15M | 481K | 0 | 0 | 0 | 0 |
| Cash from Financing | -263M | -258M | -482M | -40M | -696M | -315M | 355M | -642M | -334M | -225.9M | -95.4M | -374.8M | -432.1M | -243.7M | -44.3M | 584.13M | -31.03M | -9M | -18.33M | 111.27M | 30.85M | 712.47M |
| Debt Issued (Net) | -157M | -168M | -275M | 600M | -65M | -32M | 500M | 0 | 0 | -1.8M | 133M | -1.3M | -1.2M | -244.6M | 20.3M | 323.3M | -21.5M | -8.9M | 447.39M | -285.8M | 270.21M | 499.44M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -12M | -1M | -7M | -301M | 0 | 0 | 0 | 0 | 188.3M | 1.4B | -300K | 321.2M | -215K | -100K | -2.43M | 388.96M | -230M | 237.66M |
| Dividends Paid | 0 | 0 | -151M | -453M | -483M | -241M | -121M | -306M | -238M | -173.7M | -173.6M | -173.7M | -434.2M | -1.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -12M | -1M | -7M | -301M | 0 | 0 | 0 | 0 | 0 | -500K | -300K | -3.7M | -215K | -100K | -2.43M | -10.6M | -250M | 0 |
| Other Financing | -106M | -90M | -56M | -187M | -136M | -41M | -17M | -35M | -96M | -50.2M | -54.8M | -199.8M | -185M | -164.7M | -64.2M | -60.37M | -9.31M | 0 | -463.29M | 8.11M | -9.36M | -77.07M |
| Net Change in Cash | -183M | -476M | -199M | 669M | 0 | -157M | 22M | -16M | 186M | -254M | -29.3M | 11.4M | -88.4M | -53.9M | 507.64M | 188.28M | 163.14M | 27.98M | -21.59M | -11.41M | -22.78M | 712.47M |
| Free Cash Flow | 69M | -41M | 172M | 686M | 693M | 147M | -193M | 588M | 518M | 48.3M | 134.8M | 318.1M | 421.9M | 183.6M | 550.41M | 187.33M | 193.02M | 36.5M | -3.25M | -122.68M | -53.63M | 37.36M |
| FCF Margin % | 0.92% | -0.57% | 2.26% | 7.42% | 6.36% | 2.03% | -4.91% | 9.24% | 7.27% | 0.81% | 2.82% | 5.86% | 4.63% | 2.04% | 6.42% | 3.72% | 4.73% | 1.16% | -0.06% | -4.13% | -1.77% | 2.57% |
| FCF Growth % | 143.13% | -123.84% | -74.93% | -1.01% | 371.43% | 176.17% | -132.82% | 13.51% | 972.46% | -64.17% | -57.62% | -24.6% | 129.79% | -66.64% | 193.81% | -2.95% | 428.8% | 1221.73% | 97.35% | -128.73% | -243.56% | - |
| FCF per Share | 0.69 | -0.41 | 1.71 | 6.83 | 6.90 | 1.46 | -1.92 | 5.85 | 5.60 | 0.56 | 1.55 | 3.66 | 4.86 | 2.12 | 6.30 | 2.13 | 2.22 | 0.42 | -0.04 | -1.42 | -0.63 | 0.44 |
| FCF Conversion (FCF/Net Income) | -1.64x | 5.33x | 57.71x | 1.23x | 2.09x | 15.84x | -0.35x | 1.97x | 2.39x | 0.63x | 10.70x | 3.17x | 3.68x | 1.19x | 2.01x | 0.81x | 15.78x | 1.23x | 0.51x | -2.57x | 0.97x | -0.69x |
| Interest Paid | 69M | 0 | 112M | 95M | 96M | 114M | 0 | 104M | 103M | 106M | 76.8M | 45.4M | 37.2M | 54.9M | 73.9M | 45.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 60M | 93M | 170M | 72M | 0 | 69M | 31M | 15M | 45.5M | 57.9M | 123.5M | 274.5M | 228.4M | 182.6M | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity Spread Margin Compression
According to the provided financial data, CVI's OCF/NI ratio has exhibited extreme volatility, swinging from a 3.38 multiple in 2024Q4 to a negative 0.33 in 2026Q1, which suggests that reported net income is an unreliable proxy for the company's actual ability to generate cash.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are masking the underlying cash-generating capacity of the refining assets. Investors should monitor this disconnect, as it implies that accounting profitability may not translate into the liquidity required to service debt or fund capital expenditures.
As reported in recent financial statements, CVI's FCF margin has fluctuated wildly from a peak of 6.3% in 2024Q1 to a negative 14.9% in 2025Q1, reflecting a business model highly susceptible to the cyclical nature of crack spreads and fertilizer market pricing.
The inability to maintain positive free cash flow across consecutive quarters suggests that the company's capital intensity is poorly matched with its volatile revenue streams. This trend warrants further investigation into whether the current asset base can sustain operations without recurring external financing or further balance sheet degradation.
Based on the reported figures, CVI's CapEx/Revenue ratio reached a high of 10.7% in 2025Q2, indicating that the company is forced to commit significant capital to maintain its aging refining infrastructure even during periods of compressed margins.
The persistent need for capital investment, regardless of the prevailing commodity environment, appears to be a structural drag on cash flow. This suggests that the company may struggle to achieve meaningful deleveraging if maintenance requirements continue to consume a disproportionate share of operating cash flow.
Data from the last ten quarters reveals that working capital changes, such as the $481 million outflow in 2025Q3, have frequently overwhelmed operating cash flow, suggesting that inventory management and seasonal fertilizer demand cycles create significant, unpredictable swings in the company's available cash position.
The erratic nature of these working capital movements may indicate that the company is highly sensitive to the timing of feedstock purchases and product sales. This volatility complicates cash flow forecasting and may force the company to rely on credit facilities to bridge liquidity gaps during seasonal troughs.
Quick answers to the most common questions about buying CVI stock.
CVR Energy, Inc. (CVI) generated $144.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CVR Energy, Inc. (CVI) reported negative free cash flow of $41.0M in 2025, indicating capital requirements exceeded cash from operations.
CVR Energy, Inc. (CVI) spent $185.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.