Revenue growth of 20.3% in 2026Q1 appears disconnected from operational reality, as the company reported a substantial gross loss of $287 million during the same period.
| 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 |
|---|
| Sales/Revenue | 7.5B | 7.16B | 7.61B | 9.25B | 10.9B | 7.24B | 3.93B | 6.36B | 7.12B | 5.99B | 4.78B | 5.43B | 9.11B | 8.99B | 8.57B | 5.03B | 4.08B | 3.14B | 5.02B | 2.97B | 3.04B | 1.45B |
| Revenue Growth % | 1.38% | -5.89% | -17.7% | -15.13% | 50.46% | 84.27% | -38.25% | -10.67% | 18.97% | 25.22% | -11.97% | -40.36% | 1.38% | 4.88% | 70.35% | 23.27% | 30.08% | -37.47% | 69.07% | -2.33% | 108.87% | - |
| Cost of Goods Sold | 7.39B | 6.85B | 7.41B | 7.98B | 9.77B | 7.03B | 4.13B | 5.67B | 6.47B | 5.73B | 4.6B | 4.94B | 8.74B | 8.16B | 7.35B | 4.37B | 3.89B | 2.77B | 4.7B | 2.57B | 2.64B | 1.25B |
| COGS % of Revenue | - | 95.6% | 97.41% | 86.31% | 89.69% | 97.11% | 105.06% | 89.11% | 90.88% | 95.64% | 96.21% | 90.92% | 95.89% | 90.83% | 85.78% | 86.85% | 95.46% | 88.46% | 93.68% | 86.53% | 86.99% | 86.19% |
| Gross Profit | 107M | 315M | 197M | 1.27B | 1.12B | 209M | -199M | 693M | 650M | 261M | 181M | 493.3M | 374M | 824M | 1.22B | 661.2M | 185.1M | 361.98M | 316.83M | 399.66M | 395.21M | 200.81M |
| Gross Margin % | 1.43% | 4.4% | 2.59% | 13.69% | 10.31% | 2.89% | -5.06% | 10.89% | 9.12% | 4.36% | 3.79% | 9.08% | 4.11% | 9.17% | 14.22% | 13.15% | 4.54% | 11.54% | 6.32% | 13.47% | 13.01% | 13.81% |
| Gross Profit Growth % | - | 59.9% | -84.44% | 12.73% | 437.32% | 205.03% | -128.72% | 6.62% | 149.04% | 44.2% | -63.31% | 31.9% | -54.61% | -32.36% | 84.26% | 257.22% | -48.86% | 14.25% | -20.73% | 1.12% | 96.81% | - |
| Operating Expenses | 150M | 148M | 139M | 143M | 160M | 122M | 134M | 113M | 118M | 116M | 111M | 71.7M | 109.7M | 113.5M | 183.4M | 94.6M | 92.03M | 153.79M | 168.09M | 195.42M | 113.6M | 42.27M |
| OpEx % of Revenue | - | 2.07% | 1.83% | 1.55% | 1.47% | 1.68% | 3.41% | 1.78% | 1.66% | 1.94% | 2.32% | 1.32% | 1.2% | 1.26% | 2.14% | 1.88% | 2.26% | 4.9% | 3.35% | 6.59% | 3.74% | 2.91% |
| Selling, General & Admin | 150M | 148M | 139M | 141M | 149M | 119M | 86M | 117M | 112M | 113M | 110M | 99M | 109.7M | 113.5M | 183.4M | 98M | 92.03M | 68.92M | 35.24M | 93.12M | 62.6M | 18.32M |
| SG&A % of Revenue | - | 2.07% | 1.83% | 1.52% | 1.37% | 1.64% | 2.19% | 1.84% | 1.57% | 1.89% | 2.3% | 1.82% | 1.2% | 1.26% | 2.14% | 1.95% | 2.26% | 2.2% | 0.7% | 3.14% | 2.06% | 1.26% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 2M | 11M | 3M | 48M | -4M | 6M | 3M | 1M | -27.3M | 0 | 0 | 0 | -3.4M | 0 | 84.87M | 132.85M | 102.3M | 51M | 23.95M |
| Operating Income | -43M | 167M | 58M | 1.12B | 963M | 87M | -333M | 580M | 532M | 145M | 70M | 421.6M | 264.3M | 710.5M | 1.03B | 566.6M | 93.06M | 208.19M | 148.74M | 204.23M | 281.61M | 158.54M |
| Operating Margin % | -0.57% | 2.33% | 0.76% | 12.14% | 8.84% | 1.2% | -8.47% | 9.11% | 7.47% | 2.42% | 1.46% | 7.76% | 2.9% | 7.91% | 12.08% | 11.27% | 2.28% | 6.64% | 2.97% | 6.88% | 9.27% | 10.9% |
| Operating Income Growth % | - | 187.93% | -94.84% | 16.61% | 1006.9% | 126.13% | -157.41% | 9.02% | 266.9% | 107.14% | -83.4% | 59.52% | -62.8% | -31.35% | 82.65% | 508.83% | -55.3% | 39.97% | -27.17% | -27.48% | 77.63% | - |
| EBITDA | 370M | 570M | 356M | 1.42B | 1.25B | 366M | -55M | 867M | 806M | 403M | 263M | 585.7M | 418.7M | 853.3M | 1.16B | 656.9M | 179.82M | 293.06M | 232.91M | 275.42M | 335.95M | 184.24M |
| EBITDA Margin % | 4.94% | 7.96% | 4.68% | 15.37% | 11.48% | 5.05% | -1.4% | 13.62% | 11.31% | 6.73% | 5.5% | 10.78% | 4.6% | 9.5% | 13.6% | 13.06% | 4.41% | 9.34% | 4.64% | 9.28% | 11.06% | 12.67% |
| EBITDA Growth % | 236.36% | 60.11% | -74.95% | 13.59% | 241.8% | 765.45% | -106.34% | 7.57% | 100% | 53.23% | -55.1% | 39.89% | -50.93% | -26.75% | 77.33% | 265.3% | -38.64% | 25.83% | -15.43% | -18.02% | 82.34% | - |
| D&A (Non-Cash Add-back) | 413M | 403M | 298M | 298M | 288M | 279M | 278M | 287M | 274M | 258M | 193M | 164.1M | 154.4M | 142.8M | 130M | 90.3M | 86.76M | 84.87M | 84.17M | 71.18M | 54.34M | 25.71M |
| EBIT | -43M | 167M | 96M | 1.14B | 886M | 183M | -285M | 593M | 547M | 147M | 72M | 430.7M | 447.1M | 756.2M | 713.6M | 643.9M | 78.34M | 142.83M | 268.16M | 204.23M | 281.61M | 158.54M |
| Net Interest Income | -105M | -105M | -77M | -52M | -85M | -117M | -130M | -102M | -102M | -109M | -83M | -47.4M | -39.1M | -49.3M | -74.5M | -55.3M | -48.06M | -42.52M | -37.62M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1M | 700K | 1M | 900K | 1.2M | 867K | 489K | 2.21M | 1.72M | 2.69M | 0 | 0 | 0 |
| Interest Expense | 105M | 105M | 77M | 52M | 85M | 117M | 130M | 102M | 102M | 110.1M | 83.9M | 48.4M | 40M | 50.5M | 75.4M | 55.8M | 50.3M | 44.24M | 40.31M | 0 | 0 | 0 |
| Other Income/Expense | 88M | -87M | -39M | -38M | -162M | -21M | -82M | -89M | -87M | -107M | -81M | -39.3M | 142.8M | -4.8M | -396.7M | 21.5M | -64.99M | -109.6M | 79.11M | -342.91M | 29.8M | -340.66M |
| Pretax Income | 45M | 80M | 19M | 1.08B | 801M | 66M | -415M | 491M | 445M | 38M | -11M | 382.3M | 407.1M | 705.7M | 638.2M | 588.1M | 28.07M | 98.59M | 227.85M | -138.67M | 311.41M | -182.13M |
| Pretax Margin % | 0.6% | 1.12% | 0.25% | 11.73% | 7.35% | 0.91% | -10.56% | 7.72% | 6.25% | 0.63% | -0.23% | 7.04% | 4.47% | 7.85% | 7.45% | 11.69% | 0.69% | 3.14% | 4.54% | -4.67% | 10.25% | -12.52% |
| Income Tax | 10M | -10M | -26M | 207M | 157M | -8M | -95M | 129M | 79M | -220M | -20M | 84.5M | 97.7M | 183.7M | 225.6M | 209.5M | 13.78M | 29.23M | 63.91M | -81.64M | 119.84M | -62.97M |
| Effective Tax Rate % | 22.22% | -12.5% | -136.84% | 19.08% | 19.6% | -12.12% | 22.89% | 26.27% | 17.75% | -578.95% | 181.82% | 22.1% | 24% | 26.03% | 35.35% | 35.62% | 49.1% | 29.65% | 28.05% | 58.87% | 38.48% | 34.57% |
| Net Income | -42M | 27M | 7M | 769M | 463M | 25M | -256M | 380M | 259M | 263M | 25M | 169.6M | 173.9M | 370.7M | 378.6M | 345.8M | 14.29M | 69.35M | 163.94M | -56.82M | 191.57M | -119.16M |
| Net Margin % | -0.56% | 0.38% | 0.09% | 8.32% | 4.25% | 0.35% | -6.51% | 5.97% | 3.64% | 4.39% | 0.52% | 3.12% | 1.91% | 4.13% | 4.42% | 6.88% | 0.35% | 2.21% | 3.27% | -1.92% | 6.31% | -8.19% |
| Net Income Growth % | 78.68% | 285.71% | -99.09% | 66.09% | 1752% | 109.77% | -167.37% | 46.72% | -1.52% | 952% | -85.26% | -2.47% | -53.09% | -2.09% | 9.49% | 2319.87% | -79.4% | -57.69% | 388.5% | -129.66% | 260.77% | - |
| Net Income (Continuing) | 35M | 90M | 45M | 878M | 644M | 74M | -320M | 362M | 366M | 258M | 9M | 297.8M | 309.4M | 522M | 412.6M | 378.6M | 14.29M | 69.35M | 163.94M | -56.82M | 191.57M | -119.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 197M | 168M | 185M | 191M | 260M | 217M | 200M | 275M | 622M | 785.2M | 851.5M | 616.4M | 687.2M | 646.8M | 134.98M | 148.09M | 10.6M | 10.6M | 10.6M | 10.6M | 4.33M | 0 |
| EPS (Diluted) | -0.42 | 0.27 | 0.07 | 7.65 | 4.60 | 0.25 | -2.55 | 3.78 | 3.12 | 2.70 | 0.28 | 1.95 | 2.00 | 4.27 | 4.33 | 3.94 | 0.16 | 0.80 | 1.90 | -0.66 | 2.26 | -1.41 |
| EPS Growth % | 78.97% | 287.37% | -99.09% | 66.3% | 1740% | 109.8% | -167.46% | 21.15% | 15.56% | 864.29% | -85.64% | -2.5% | -53.16% | -1.39% | 9.9% | 2362.5% | -80% | -57.89% | 387.88% | -129.2% | 260.28% | - |
| EPS (Basic) | - | 0.27 | 0.07 | 7.65 | 4.60 | 0.25 | -2.55 | 3.78 | 3.12 | 2.70 | 0.28 | 1.95 | 2.00 | 4.27 | 4.36 | 4.00 | 0.17 | 0.80 | 1.90 | -0.66 | 2.26 | -1.41 |
| Diluted Shares Outstanding | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 92.5M | 86.8M | 86.8M | 86.8M | 86.8M | 86.8M | 87.39M | 87.77M | 86.79M | 86.34M | 86.22M | 86.16M | 84.73M | 84.73M |
| Basic Shares Outstanding | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 100.5M | 92.5M | 86.8M | 86.8M | 86.8M | 86.8M | 86.8M | 86.82M | 86.49M | 86.34M | 86.25M | 86.15M | 86.14M | 84.72M | 84.72M |
| Dividend Payout Ratio | - | - | 2157.14% | 58.91% | 104.32% | 964% | - | 80.53% | 91.89% | 66.16% | 694.4% | 102.42% | 249.68% | 333.77% | - | - | - | - | - | - | 130.5% | - |
Extreme Margin Volatility
According to the latest quarterly financial data, CVI experienced a 20.3% revenue increase in 2026Q1, yet this top-line expansion appears disconnected from operational reality as the company simultaneously reported a significant gross loss of $287 million, highlighting the extreme sensitivity to commodity price fluctuations.
The recent revenue spike suggests that top-line growth is driven more by volatile commodity pricing rather than sustainable volume expansion. Investors should monitor whether this growth trajectory can be decoupled from the underlying input cost pressures that have recently pushed the company into negative territory.
As reported in recent income statements, CVI's gross margin plummeted to -14.5% in 2026Q1, a stark reversal from the 28.7% peak observed in 2025Q3, indicating that the company's refining and fertilizer segments are currently struggling to maintain profitability amidst unfavorable crack spreads and rising feedstock costs.
The dramatic swing in margins suggests that the company's integrated pet coke gasification advantage is insufficient to shield the bottom line during periods of severe market dislocation. This margin instability warrants further investigation into whether the current cost structure is fundamentally misaligned with prevailing energy market dynamics.
Based on the provided figures, CVI's operating income collapsed to a $326 million loss in 2026Q1, demonstrating that the company lacks the necessary operating leverage to absorb fixed costs when gross profits evaporate, a trend that has been exacerbated by consistent SG&A expenditures near $40 million.
The inability to scale operating expenses down in proportion to the gross profit decline suggests a rigid cost base that may be unsustainable during cyclical downturns. This negative operating leverage implies that the company's profitability is highly vulnerable to even minor contractions in the refining spread.
Data from the last ten quarters reveals that CVI's net income has swung from a $374 million profit in 2025Q3 to a $192 million loss in 2026Q1, suggesting that the company's reliance on volatile commodity spreads creates a high-risk profile for long-term capital preservation.
Short-sellers would likely focus on the recurring nature of these losses and the potential for further balance sheet degradation if the current margin environment persists. The company's historical reliance on special dividends may have limited its capacity to build the necessary liquidity buffers to navigate these recurring periods of operational distress.
Quick answers to the most common questions about buying CVI stock.
For fiscal year 2025, CVR Energy, Inc. (CVI) reported total revenue of $7.16B. This represents a 392.5% increase compared to $1.45B in 2005.
CVR Energy, Inc. (CVI) is profitable, generating $27.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
CVR Energy, Inc. (CVI) reported an operating income of $167.0M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
CVR Energy, Inc. (CVI) generated $315.0M in gross profit for the year, representing a gross profit margin of 4.4%. This demonstrates the company's core pricing power and production efficiency.