Revenue growth exhibited extreme volatility, swinging from a 43.6% contraction in 2024Q1 to a 26.0% expansion by 2026Q1, while gross margins fluctuated between 4.4% and 37.5% over 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 |
|---|
| Sales/Revenue | 643.22M | 606.04M | 525.32M | 681.48M | 835.58M | 532.58M | 349.95M | 404.18M | 351.08M | 330.8M | 356.28M | 289.19M | 298.67M | 323.67M | 302.3M | 302.87M | 180.47M | 208.37M | 262.95M |
| Revenue Growth % | 19% | 15.36% | -22.91% | -18.44% | 56.89% | 52.19% | -13.42% | 15.12% | 6.13% | -7.15% | 23.2% | -3.17% | -7.73% | 7.07% | -0.19% | 67.82% | -13.39% | -20.76% | - |
| Cost of Goods Sold | 480.22M | 442.67M | 406.46M | 449.01M | 483.22M | 370.54M | 325.11M | 347.57M | 319.36M | 314.39M | 300.31M | 199.7M | 198.16M | 177.75M | 162.4M | 129M | 121.01M | 126.61M | 118.69M |
| COGS % of Revenue | - | 73.04% | 77.37% | 65.89% | 57.83% | 69.57% | 92.9% | 85.99% | 90.96% | 95.04% | 84.29% | 69.05% | 66.35% | 54.92% | 53.72% | 42.59% | 67.05% | 60.76% | 45.14% |
| Gross Profit | 163M | 163.37M | 118.86M | 232.46M | 352.37M | 162.04M | 24.84M | 56.61M | 31.73M | 16.41M | 55.98M | 89.5M | 100.51M | 145.93M | 139.9M | 173.87M | 59.46M | 81.76M | 144.26M |
| Gross Margin % | 25.34% | 26.96% | 22.63% | 34.11% | 42.17% | 30.43% | 7.1% | 14.01% | 9.04% | 4.96% | 15.71% | 30.95% | 33.65% | 45.08% | 46.28% | 57.41% | 32.95% | 39.24% | 54.86% |
| Gross Profit Growth % | - | 37.44% | -48.87% | -34.03% | 117.45% | 552.26% | -56.11% | 78.42% | 93.32% | -70.68% | -37.45% | -10.95% | -31.13% | 4.31% | -19.54% | 192.4% | -27.27% | -43.32% | - |
| Operating Expenses | 11.12M | 33.59M | 28.41M | 31.06M | 32.45M | 27.56M | 59.73M | 29.23M | 25.02M | 25.63M | 29.28M | 20.77M | 17.7M | 21.08M | 24.1M | 41.03M | 39.1M | 32.9M | 27.45M |
| OpEx % of Revenue | - | 5.54% | 5.41% | 4.56% | 3.88% | 5.18% | 17.07% | 7.23% | 7.13% | 7.75% | 8.22% | 7.18% | 5.93% | 6.51% | 7.97% | 13.55% | 21.67% | 15.79% | 10.44% |
| Selling, General & Admin | 34.74M | 33.59M | 28.41M | 29.52M | 32.19M | 26.61M | 18.17M | 25.83M | 25.02M | 25.63M | 29.28M | 20.77M | 17.7M | 21.08M | 24.1M | 22.16M | 20.64M | 14.21M | 9.46M |
| SG&A % of Revenue | - | 5.54% | 5.41% | 4.33% | 3.85% | 5% | 5.19% | 6.39% | 7.13% | 7.75% | 8.22% | 7.18% | 5.93% | 6.51% | 7.97% | 7.32% | 11.44% | 6.82% | 3.6% |
| Research & Development | 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 | 59K | 0 | 0 | 1.53M | 263K | 948K | 41.55M | 3.4M | 0 | 0 | 103K | 164K | 71K | 93K | 100K | 18.87M | 18.46M | 18.68M | 17.99M |
| Operating Income | 151.88M | 129.78M | 90.35M | 201.41M | 319.91M | 134.48M | -34.88M | 27.38M | 6.31M | -9.22M | 26.7M | 68.73M | 82.8M | 124.85M | 115.8M | 136.2M | 20.36M | 48.86M | 116.81M |
| Operating Margin % | 23.61% | 21.41% | 17.2% | 29.55% | 38.29% | 25.25% | -9.97% | 6.77% | 1.8% | -2.79% | 7.49% | 23.77% | 27.72% | 38.57% | 38.31% | 44.97% | 11.28% | 23.45% | 44.42% |
| Operating Income Growth % | - | 43.64% | -55.14% | -37.04% | 137.89% | 485.53% | -227.4% | 333.64% | 168.5% | -134.52% | -61.15% | -17% | -33.68% | 7.82% | -14.98% | 569.08% | -58.34% | -58.17% | - |
| EBITDA | 235.67M | 211.64M | 178.45M | 281.13M | 402.05M | 207.96M | 41.2M | 107.22M | 77.89M | 64.77M | 84.95M | 97.18M | 110.05M | 150.43M | 136.52M | 155.07M | 38.82M | 67.55M | 134.79M |
| EBITDA Margin % | 36.64% | 34.92% | 33.97% | 41.25% | 48.12% | 39.05% | 11.77% | 26.53% | 22.19% | 19.58% | 23.84% | 33.6% | 36.85% | 46.48% | 45.16% | 51.2% | 21.51% | 32.42% | 51.26% |
| EBITDA Growth % | 22.92% | 18.6% | -36.52% | -30.08% | 93.33% | 404.82% | -61.58% | 37.66% | 20.26% | -23.75% | -12.59% | -11.7% | -26.84% | 10.19% | -11.96% | 299.46% | -42.53% | -49.89% | - |
| D&A (Non-Cash Add-back) | 83.79M | 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 |
| EBIT | 182.66M | 129.78M | 90.8M | 201.38M | 321.03M | 139.19M | -34.72M | 27.65M | 6.7M | -9.72M | 21.94M | 68.93M | 82.9M | 125.02M | 116.03M | 136.48M | 33.33M | 48.86M | 116.81M |
| Net Interest Income | -30.47M | -30.34M | -29.83M | -28.65M | -34.06M | -60.98M | -63.43M | -62.64M | -62.59M | -62.84M | -48.55M | -6.84M | -6.75M | -6.22M | -3.55M | -3.93M | 13.12M | 9M | 2.04M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50K | 6K | 40K | 30K | 74K | 208K | 79K | 13.12M | 9M | 2.04M |
| Interest Expense | 30.47M | 30.34M | 29.83M | 28.65M | 34.06M | 60.98M | 63.43M | 62.64M | 62.59M | 62.9M | 48.56M | 6.88M | 6.78M | 6.29M | 3.76M | 4.01M | 0 | 0 | 0 |
| Other Income/Expense | -30.41M | -31.14M | -29.37M | -28.69M | -32.95M | -56.27M | -63.27M | -62.37M | -56.39M | -62.29M | -51.17M | -6.68M | -6.68M | -6.13M | -3.48M | -363K | 12.98M | 9.03M | 2.15M |
| Pretax Income | 121.46M | 98.64M | 60.98M | 172.72M | 286.96M | 78.21M | -98.15M | -34.99M | -50.07M | -72.57M | -26.61M | 62.05M | 76.12M | 118.72M | 112.3M | 132.47M | 33.33M | 57.89M | 118.96M |
| Pretax Margin % | 18.88% | 16.28% | 11.61% | 25.35% | 34.34% | 14.69% | -28.05% | -8.66% | -14.26% | -21.94% | -7.47% | 21.46% | 25.49% | 36.68% | 37.15% | 43.74% | 18.47% | 27.78% | 45.24% |
| Income Tax | -23K | -23K | 77K | 289K | 160K | 57K | 30K | -18K | -46K | 220K | 329K | 11K | -28K | 108K | 100K | 28K | 26K | 15K | 25K |
| Effective Tax Rate % | -0.02% | -0.02% | 0.13% | 0.17% | 0.06% | 0.07% | -0.03% | 0.05% | 0.09% | -0.3% | -1.24% | 0.02% | -0.04% | 0.09% | 0.09% | 0.02% | 0.08% | 0.03% | 0.02% |
| Net Income | 121.49M | 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 | 112.2M | 132.45M | 33.31M | 57.88M | 118.93M |
| Net Margin % | 18.89% | 16.28% | 11.59% | 25.3% | 34.32% | 14.67% | -28.06% | -8.65% | -14.25% | -22% | -7.56% | 21.45% | 25.5% | 36.65% | 37.12% | 43.73% | 18.46% | 27.78% | 45.23% |
| Net Income Growth % | 61.1% | 62.01% | -64.68% | -39.88% | 266.96% | 179.6% | -180.77% | 30.1% | 31.27% | -170.21% | -143.42% | -18.53% | -35.8% | 5.72% | -15.29% | 297.67% | -42.45% | -51.34% | - |
| Net Income (Continuing) | 121.49M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.49 | 9.33 | 5.76 | 16.31 | 27.07 | 7.31 | -8.77 | -3.09 | -4.42 | -6.43 | -2.61 | 8.50 | 10.40 | 16.20 | 15.30 | 14.80 | 4.56 | 7.93 | 16.29 |
| EPS Growth % | 61.29% | 61.98% | -64.68% | -39.75% | 270.31% | 183.35% | -183.82% | 30.09% | 31.26% | -146.36% | -130.71% | -18.27% | -35.8% | 5.88% | 3.38% | 224.56% | -42.5% | -51.32% | - |
| EPS (Basic) | - | 9.33 | 5.76 | 16.31 | 27.07 | 7.31 | -8.77 | -3.09 | -4.42 | -6.43 | -2.61 | 8.50 | 10.40 | 16.20 | 15.40 | 14.80 | 4.56 | 7.93 | 16.29 |
| Diluted Shares Outstanding | 10.57M | 10.57M | 10.57M | 10.57M | 10.59M | 10.69M | 11.2M | 11.33M | 11.33M | 11.33M | 10.33M | 7.31M | 7.31M | 7.32M | 7.32M | 7.31M | 7.3M | 7.3M | 7.3M |
| Basic Shares Outstanding | 10.57M | 10.57M | 10.57M | 10.57M | 10.59M | 10.69M | 11.2M | 11.33M | 11.33M | 11.33M | 10.33M | 7.31M | 7.31M | 7.31M | 7.3M | 7.3M | 7.3M | 7.3M | 7.3M |
| Dividend Payout Ratio | - | 127.7% | 116.11% | 163.17% | 71.4% | 63.55% | - | - | - | - | - | 147.33% | 135.38% | 107.5% | 143.67% | 262.87% | - | - | - |
Commodity price volatility exposure
According to recent financial disclosures, UAN's revenue growth has exhibited significant volatility, swinging from a 43.6% contraction in 2024Q1 to a 26.0% expansion by 2026Q1, reflecting the inherent sensitivity of the nitrogen fertilizer market to seasonal agricultural demand cycles and fluctuating spot market pricing.
The erratic revenue trajectory suggests that the company remains highly susceptible to the timing of spring planting and fall harvest windows. Investors should monitor whether the recent growth acceleration is sustainable or merely a recovery from previous cyclical troughs in nitrogen pricing.
As reported in quarterly filings, UAN's gross margin experienced a sharp contraction to 4.4% in 2025Q4 before rebounding to 37.5% in 2026Q1, highlighting the extreme vulnerability of the firm's profitability to the spread between feedstock costs and finished fertilizer market prices.
This margin volatility indicates that the company's dual-feedstock strategy, while theoretically protective, does not fully insulate the bottom line from rapid commodity price shifts. The wide variance in gross margins suggests that operational efficiency is frequently overshadowed by external market forces beyond management's control.
Based on the provided income statements, UAN demonstrates significant operating leverage, as evidenced by the 2026Q1 operating margin of 32.0% which followed a period of negative operating income in 2025Q4, confirming that plant utilization rates remain the primary driver of profitability scaling.
The ability to swing from operating losses to high-margin performance suggests that fixed costs are substantial and require consistent, high-volume production to achieve efficiency. Analysts should investigate whether the recent improvement in operating income is a result of sustained production stability or temporary pricing tailwinds.
Data from recent income statements indicates that stock-based compensation has risen to $3.0M in 2026Q1, which may suggest an increasing non-cash expense burden that investors should carefully reconcile against the company's reported net income and distributable cash flow metrics.
While net income appears robust in recent quarters, the rising trend in stock-based compensation warrants further investigation into its impact on unit-holder dilution. The reliance on non-operating adjustments and inventory valuations makes GAAP net income a potentially noisy indicator of the firm's true underlying cash-generating capacity.
Quick answers to the most common questions about buying UAN stock.
For fiscal year 2025, CVR Partners, LP (UAN) reported total revenue of $606.0M. This represents a 130.5% increase compared to $262.9M in 2008.
CVR Partners, LP (UAN) is profitable, generating $98.7M in net income for the fiscal year ending 2025 with a net profit margin of 16.3%.
CVR Partners, LP (UAN) reported an operating income of $129.8M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
CVR Partners, LP (UAN) generated $163.4M in gross profit for the year, representing a gross profit margin of 27.0%. This demonstrates the company's core pricing power and production efficiency.