Free cash flow turned sharply positive to $50.9M in Q2 2026 (25.2% margin), reversing a -$45.2M deficit in Q4 2025, though working capital swings and periodic turnaround capex (18.0% of revenue in Q4 2025) create volatility.
CVR Partners, LP (UAN) cash flow statement — 18-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 211.82M | 149.64M | 150.54M | 243.53M | 301.46M | 188.72M | 19.74M | 39.16M | 32.23M | 10.4M | 44.97M | 78.42M | 118.88M | 129.01M | 133.5M | 139.85M | 75.94M | 85.53M | 123.47M |
| Operating CF Margin % | - | 24.69% | 28.66% | 35.73% | 36.08% | 35.44% | 5.64% | 9.69% | 9.18% | 3.14% | 12.62% | 27.12% | 39.8% | 39.86% | 44.16% | 46.18% | 42.08% | 41.05% | 46.95% |
| Operating CF Growth % | -52.85% | -0.6% | -38.18% | -19.22% | 59.74% | 856.05% | -49.59% | 21.48% | 209.94% | -76.87% | -42.66% | -34.03% | -7.85% | -3.36% | -4.54% | 84.15% | -11.21% | -30.72% | - |
| Net Income | 160.22M | 98.66M | 60.9M | 172.43M | 286.8M | 78.16M | -98.18M | -34.97M | -50.03M | -72.79M | -26.94M | 62.04M | 76.15M | 118.62M | 112.22M | 132.45M | 33.31M | 57.88M | 118.93M |
| Depreciation & Amortization | 85.15M | 81.87M | 88.1M | 79.72M | 82.14M | 73.48M | 76.08M | 79.84M | 71.58M | 73.99M | 58.25M | 28.45M | 27.25M | 25.58M | 20.72M | 18.87M | 18.46M | 18.68M | 17.99M |
| Stock-Based Compensation | 8.86M | 9.8M | 4.9M | 8.23M | 25.26M | 23.07M | 1.03M | 3.44M | 3.02M | 3.02M | 2.79M | 2.35M | 1.78M | 2.83M | 6.84M | 7.3M | 9.01M | 3.2M | -10.62M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 41.55M | 0 | 390K | 52K | 5.03M | 31K | 202K | -67K | 295K | 0 | 0 | 16K | 0 |
| Other Non-Cash Items | 459K | 1.78M | 872K | 2.51M | 1.6M | 12.35M | 5.01M | 7.06M | 5.02M | 3.05M | 3M | 964K | 964K | 964K | 964K | 1.51M | 1.86M | 20K | 6.4M |
| Working Capital Changes | -42.87M | -42.48M | -4.22M | -19.37M | -94.34M | 1.67M | -5.75M | -16.22M | 2.26M | 3.08M | 2.85M | -15.41M | 12.53M | -18.91M | -7.54M | -20.27M | 13.3M | 5.74M | -9.24M |
| Change in Receivables | -31.23M | 6.26M | -23.32M | 27.5M | -21.14M | -21.88M | 2.89M | 936K | -6.7M | 4.09M | 2.19M | -44K | 429K | -710K | 2.52M | -4.32M | -2.22M | 3.19M | -3.22M |
| Change in Inventory | -20.3M | -7.8M | -5.68M | 6.7M | -24.81M | -7.51M | 538K | 9.91M | -8.67M | 2.5M | 31.43M | -1.92M | -2.55M | -4.12M | -5.82M | -3.42M | 2.11M | 5.7M | -11.48M |
| Change in Payables | 2.44M | 5.74M | -5.6M | -23.83M | -6.58M | 11.37M | -1.64M | -8.08M | 5.21M | -2.31M | 5.79M | -1.61M | -4.97M | -549K | 9.4M | -5.87M | 9.39M | -9.22M | 10.13M |
| Cash from Investing | -60.29M | -44.09M | -31.89M | -2.72M | -44.62M | -20.34M | -18.55M | -18.53M | -19.63M | -14.56M | -87.1M | -16.95M | -20.97M | -43.72M | -81.1M | -16.4M | -8.97M | -13.37M | -23.52M |
| Capital Expenditures | -67.23M | -50.8M | -37.07M | -24.2M | -44.67M | -20.59M | -18.6M | -18.66M | -19.81M | -14.56M | -23.23M | -17.02M | -21.08M | -43.75M | -82.2M | -19.14M | -10.08M | -13.39M | -23.52M |
| CapEx % of Revenue | 9.93% | 8.38% | 7.06% | 3.55% | 5.35% | 3.87% | 5.31% | 4.62% | 5.64% | 4.4% | 6.52% | 5.89% | 7.06% | 13.52% | 27.19% | 6.32% | 5.59% | 6.43% | 8.94% |
| Acquisitions | 1.77M | 0 | 4K | 21.47M | 45K | 0 | 48K | 0 | 0 | 0 | -63.87M | 78K | 0 | 0 | 0 | 2.75M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.16M | 6.71M | 5.18M | 0 | 45K | 252K | 48K | 127K | 175K | 0 | 0 | 78K | 110K | 33K | 1.1M | 2.75B | 1.11M | 18K | 0 |
| Cash from Financing | -128.47M | -127.17M | -73.07M | -281.86M | -283.02M | -86.43M | -7.63M | -45.41M | 0 | -2.27M | 47.76M | -91.42M | -103.14M | -127.99M | -161.5M | 70.78M | -29.67M | -75.8M | -105.34M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -65M | -32.24M | 0 | 0 | 0 | 0 | 132.53M | 0 | 0 | 0 | 0 | 125M | 0 | -75.8M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -12.4M | -529K | -7.08M | 0 | 0 | 0 | 0 | -19K | -50K | -485K | -305K | 324.76M | 0 | 0 | 0 |
| Dividends Paid | -129.79M | -125.99M | -70.71M | -281.36M | -204.79M | -49.67M | 0 | -45.31M | 0 | -2.27M | -69.59M | -91.4M | -103.09M | -127.51M | -161.19M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -12.4M | -529K | -7.08M | 0 | 0 | 0 | 0 | -19K | -50K | -485K | -305K | -121K | 0 | 0 | 0 |
| Other Financing | 1.32M | -1.17M | -2.36M | -500K | -830K | -3.99M | -549K | -97K | 0 | 0 | -15.18M | 0 | 0 | 0 | 0 | -30.82M | -29.67M | 0 | -105.34M |
| Net Change in Cash | 23.06M | -21.61M | 45.58M | -41.06M | -26.18M | 81.96M | -6.43M | -24.78M | 12.6M | -6.42M | 5.63M | -29.95M | -5.23M | -42.71M | -109.1M | 194.23M | 37.3M | -3.63M | -5.4M |
| Free Cash Flow | 144.59M | 98.84M | 113.47M | 219.33M | 256.8M | 168.13M | 1.14M | 20.5M | 12.43M | -4.16M | 21.74M | 61.4M | 97.8M | 85.25M | 51.3M | 120.71M | 65.86M | 72.15M | 99.95M |
| FCF Margin % | 21.36% | 16.31% | 21.6% | 32.18% | 30.73% | 31.57% | 0.33% | 5.07% | 3.54% | -1.26% | 6.1% | 21.23% | 32.75% | 26.34% | 16.97% | 39.86% | 36.5% | 34.62% | 38.01% |
| FCF Growth % | 2.86% | -12.89% | -48.27% | -14.59% | 52.74% | 14622.5% | -94.43% | 64.96% | 399.04% | -119.12% | -64.59% | -37.22% | 14.72% | 66.19% | -57.5% | 83.27% | -8.71% | -27.82% | - |
| FCF per Share | 13.68 | 9.35 | 10.73 | 20.75 | 24.24 | 15.74 | 0.10 | 1.81 | 1.10 | -0.37 | 2.10 | 8.40 | 13.37 | 11.64 | 7.01 | 16.52 | 9.02 | 9.88 | 13.69 |
| FCF Conversion (FCF/Net Income) | 0.90x | 1.52x | 2.47x | 1.41x | 1.05x | 2.41x | -0.20x | -1.12x | -0.64x | -0.14x | -1.67x | 1.26x | 1.56x | 1.09x | 1.19x | 1.06x | 2.28x | 1.48x | 1.04x |
| Interest Paid | 0 | 0 | 0 | 34.08M | 35.16M | 51.37M | 0 | 0 | 0 | 0 | 53.11M | 5.92M | 5.82M | 5.37M | 3.17M | 2.43M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 281K | 110K | 27K | 0 | 0 | 0 | 0 | 14K | 35K | 55K | 71K | 28K | 15K | 35K | 0 | 0 |
Quick answers to the most common questions about buying UAN stock.
CVR Partners, LP (UAN) generated $149.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CVR Partners, LP (UAN) generated $98.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CVR Partners, LP (UAN) spent $50.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CVR Partners, LP (UAN) returned $126.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Elevated leverage and aging assets
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Commodity Sensitivity
UAN's operating cash flow to net income ratio swung from 0.85 in Q2 2026 to 22.78 in Q3 2024, reflecting commodity-driven working capital swings, per reported quarterly data.
The wide oscillation in OCF/NI, from 0.33 in Q2 2024 to 22.78 in Q3 2024, indicates that net income is a poor proxy for cash generation in any single quarter. The Q2 2026 ratio of 0.85, despite a $77.5M net income, suggests that working capital outflows absorbed a significant portion of earnings, likely due to inventory builds ahead of the fall season. Investors should focus on trailing twelve-month cash conversion rather than quarterly figures, as the seasonal nature of nitrogen sales distorts interim comparisons.
Free Cash Flow Inflection Points to Sustained Strength
Free cash flow turned sharply positive in Q2 2026 at $50.9M, reversing a -$45.2M deficit in Q4 2025, with FCF margin expanding to 25.2%, based on reported cash flow data.
The trajectory shows a clear inflection: after a negative FCF quarter in Q4 2025, the last two quarters generated $109.6M in cumulative FCF, driven by robust operating cash flow and moderate capex. This aligns with the income statement's margin expansion and 99% utilization, suggesting that the company is converting strong earnings into cash. However, the sustainability depends on nitrogen pricing; if prices retreat, the high fixed-cost structure could quickly erode FCF, as seen in Q4 2025.
Capital Spending Discipline Masks Maintenance Needs
Capex averaged 8.8% of revenue over the last four quarters, but Q4 2025's 18.0% ratio highlights periodic turnaround spending, per quarterly cash flow statements.
While capex intensity appears moderate, the spike in Q4 2025 to $23.6M (18% of revenue) underscores the lumpy nature of maintenance and turnaround expenditures at aging facilities. The company's high utilization rate (99%) may accelerate wear and tear, suggesting that maintenance capex could rise above the recent average. Investors should monitor whether capex trends toward the higher end of the range, as that would directly reduce distributable cash flow, a key metric for MLP unitholders.
Working Capital Swings Drive Quarterly Cash Flow Noise
Working capital changes ranged from -$38.8M in Q2 2025 to +$57.3M in Q3 2024, reflecting seasonal inventory and receivable cycles, as per reported cash flow data.
The extreme volatility in working capital changes is characteristic of a commodity business with seasonal demand. The large negative swings in Q2 2025 and Q2 2026 suggest inventory builds ahead of the fall application season, while the positive swing in Q3 2024 indicates a release of cash from receivables and inventory. This pattern implies that operating cash flow is heavily influenced by timing, and investors should evaluate cash generation on a trailing twelve-month basis to smooth out these seasonal distortions.
Distributions Outpace Free Cash Flow in Some Quarters
Dividends paid totaled $42.3M in Q2 2026 against FCF of $50.9M, but Q4 2025 saw $42.5M in distributions against negative FCF, based on reported cash flow data.
The distribution policy appears to be variable, with payouts fluctuating between $3.9M and $42.5M per quarter. In Q4 2025, the company paid out $42.5M despite generating -$45.2M in FCF, indicating that distributions were funded by cash reserves or debt. In contrast, Q2 2026's distribution of $42.3M was well covered by FCF. This suggests that management is committed to returning cash to unitholders, but the sustainability of such payouts depends on the durability of the current pricing environment.
Cumulative Earnings Outpace Cash Generation
Over the last ten quarters, cumulative net income of $286.0M exceeds cumulative operating cash flow of $441.2M, but the gap narrows when excluding working capital swings, per reported data.
The cumulative OCF of $441.2M versus net income of $286.0M shows that cash generation has been stronger than earnings, largely due to non-cash charges like D&A. However, the divergence is not consistent; in quarters like Q2 2026, OCF lagged net income due to working capital outflows. This suggests that while the business is cash-generative, the timing of cash flows is unpredictable, and investors should not extrapolate quarterly earnings into cash distributions without adjusting for working capital.
What the Cash Flow Statement Obscures
The cash flow statement may understate true cash generation by excluding capitalized turnaround costs and potential petcoke transfer pricing adjustments, based on reported figures and company structure.
The reported capex figures may not fully capture the periodic turnaround expenses that are essential for maintaining plant reliability, as these can be capitalized and amortized over time, smoothing their impact on cash flow. Additionally, the petcoke feedstock from the CVR Energy refinery is subject to internal transfer pricing that may not reflect market rates, potentially distorting operating cash flow. Investors should scrutinize the sustainability of the current cash flow strength, as these factors could lead to higher future cash outflows or adjustments.