Revenue accelerated 20% YoY to $202.2M in Q2 2026, with gross margin expanding to 46.1% from 32.4% a year earlier, driving EPS to $7.33 and net income to $77.5M.
CVR Partners, LP (UAN) annual income statement — 18-year revenue, gross profit & net income history
| 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 | 676.86M | 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 % | 17.47% | 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 | 475.27M | 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 | 201.58M | 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 % | 29.78% | 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 | 11.21M | 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 | 34.24M | 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 | 644K | 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 | 190.38M | 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 % | 28.13% | 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 | 275.52M | 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 % | 40.71% | 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 % | 34.2% | 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) | 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 |
| EBIT | 191.27M | 128.98M | 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 | -15.49M | -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 | 15.49M | 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 | -30.18M | -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 | 160.2M | 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 % | 23.67% | 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 % | -0.01% | -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 | 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 | 112.2M | 132.45M | 33.31M | 57.88M | 118.93M |
| Net Margin % | 23.67% | 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 % | 82.16% | 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) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 15.16 | 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 % | 82.21% | 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% | - | - | - |
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.
Key Metrics
Top Statement Risk
Elevated leverage and aging assets
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
Revenue surged 20% year-over-year to $202.2M in Q2 2026, marking the third consecutive quarter of accelerating growth, according to the latest income statement data.
The sequential acceleration from 26% growth in Q1 2026 to 20% in Q2 2026, though slightly decelerating sequentially, still represents a robust expansion from the negative growth seen in early 2024. This suggests a strong pricing environment and possibly higher volumes, as the company reported a 99% utilization rate. The durability of this growth hinges on sustained nitrogen fertilizer prices and corn acreage, which appear favorable but warrant monitoring.
Margin Expansion Driven by Feedstock Advantage
Gross margin expanded to 46.1% in Q2 2026, up from 32.4% a year earlier, reflecting the petcoke feedstock hedge and strong nitrogen pricing, as per the income statement.
The gross margin improvement of over 1,300 basis points year-over-year underscores the structural cost advantage from the Coffeyville plant's petcoke feedstock, which likely insulated UAN from natural gas price spikes. This margin level exceeds the peer average, with CF Industries at 38.5%, suggesting UAN is capturing superior pricing power. However, such margins are cyclical and could compress if nitrogen prices fall or natural gas prices decline, reducing the petcoke advantage.
Operating Leverage Amplifies Earnings
Operating income grew 83% year-over-year to $84.8M in Q2 2026, outpacing revenue growth of 20%, indicating significant operating leverage, based on reported figures.
The operating margin of 41.9% in Q2 2026 is nearly double the 27.5% from Q2 2025, driven by fixed cost absorption at high utilization rates. SG&A expenses remained relatively flat at $7.5M, demonstrating disciplined overhead control. This leverage is a key driver of the earnings beat, but investors should note that any downtime or margin compression would have an outsized negative impact given the high fixed cost base.
Earnings Quality Boosted by One-Time Gains?
Net income of $77.5M in Q2 2026 includes a $361K stock-based compensation charge, but the EPS of $7.33 far exceeded consensus, suggesting possible non-operating items, per the income statement.
The massive beat versus the -$3.42 estimate may indicate favorable inventory adjustments or other non-recurring gains, as the net margin of 38.3% is unusually high. While the company's operational performance is strong, the sustainability of this earnings level is questionable if fertilizer prices normalize. Investors should scrutinize the cash flow statement to distinguish between operating cash flow and one-time items.
Cost Structure Reflects High Utilization
COGS as a percentage of revenue fell to 53.9% in Q2 2026 from 67.6% a year earlier, driven by lower feedstock costs and efficient plant operations, as reported.
The decline in COGS relative to revenue highlights the benefit of the petcoke feedstock and high utilization rates, which spread fixed costs over more units. However, the company faces potential cost increases from maintenance capex at aging facilities, which could raise depreciation and turnaround expenses. Management's expense discipline is evident in stable SG&A, but investors should monitor for any uptick in maintenance costs.
Q2 2026 Marks a Turning Point
Q2 2026 stands out as the inflection quarter, with revenue, margins, and EPS reaching multi-year highs, driven by a favorable pricing environment and 99% utilization, per the income statement.
The quarter's results represent a clear departure from the weak performance in Q4 2025, where the company posted a net loss. The dramatic improvement suggests a cyclical upswing in nitrogen prices and successful execution of the feedstock strategy. The lasting impact is a stronger balance sheet and potential for sustained distributions, but the cyclicality of the industry means this inflection may not be permanent.
What Could Undermine the Rally
Despite strong Q2 2026 results, elevated leverage (D/E of 2.23) and aging facilities pose risks, as any downturn in nitrogen prices could strain cash flows, based on reported figures.
The company's high debt levels, despite the low D/E ratio reported, may be understated due to MLP accounting, and the need for maintenance capex could reduce distributable cash flow. If nitrogen prices revert to historical averages, margins could compress sharply, as seen in Q4 2025 when gross margin was only 4.4%. Short-sellers might argue that the current earnings are unsustainable and that the market is overvaluing a cyclical peak.