Revenue and margins have been highly cyclical, with gross margin moving from 46.1% in 2026Q2 to 5.8% in 2026Q3 and net income swinging from $77.5M to a loss of $10.7M over a single quarter.
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 | 659.46M | 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 % | 7.31% | 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 | 484.54M | 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 | 174.92M | 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 % | 26.52% | 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 | 38.82M | 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 | 36.67M | 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 | 2.15M | 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 | 136.1M | 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 % | 20.64% | 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 | 224.54M | 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 % | 34.05% | 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 % | -6.5% | 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) | 88.44M | 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 | 106.46M | 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 | 15.51M | -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 | -15.51M | 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 | -29.71M | -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 | 106.39M | 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 % | 16.13% | 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 | 106.41M | 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 % | 16.14% | 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 % | -16.36% | 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) | 106.41M | 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) | 10.07 | 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 % | -16.45% | 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
Commodity price and utilization volatility
Metrics are mathematically derived from official filings.
Volatile Quarterly Revenue Trajectory Persists
Based on reported quarterly figures, UAN's revenue moved from $132.9M in 2024Q2 to a peak of $202.2M in 2026Q2 before falling to $146.2M in 2026Q3, indicating sharp cyclical swings rather than a steady expansion trend.
The reported revenue path suggests a business whose top line tracks seasonal application windows and nitrogen pricing rather than structural volume gains. The 20.0% year-over-year growth in 2026Q2 and the -10.6% decline in 2026Q3 both point to pricing and timing effects dominating reported results. Investors should treat any single quarter as a poor proxy for run-rate growth until several seasons of data are available.
Gross Margin Swings Track Feedstock and Pricing
Reported gross margin ranged from 46.1% in 2026Q2 down to 5.8% in 2026Q3, with the 2026Q2 figure appearing to reflect an exceptionally favorable pricing environment relative to the company's 2024 and 2025 readings.
The width of this margin range suggests UAN's earnings are highly sensitive to the spread between nitrogen selling prices and feedstock costs, consistent with the natural gas and petcoke exposure described in the company profile. The 2026Q2 margin appears to be an outlier against the prior 2025 range of roughly 21% to 32%, which may indicate a temporary pricing spike rather than a durable reset. Analysts should assess whether the Q3 compression reflects normal seasonal drift or the start of a reversion.
Net Income Volatility Outpaces Operating Trend
As reported in financial statements, UAN's net income swung from $77.5M in 2026Q2 to a loss of $10.7M in 2026Q3, with EPS moving from $7.33 to -$1.02 over a single quarter.
Net income tracks operating income closely across the reported periods, which suggests limited non-operating distortion in the figures provided. The magnitude of quarterly EPS variance, however, implies the per-unit earnings base is highly exposed to timing of sales and inventory cost recognition. Investors should prioritize distributable cash flow over GAAP EPS when evaluating unitholder economics.
Peak Quarter May Not Be Repeatable
Based on reported figures, the 2026Q2 operating margin of 41.9% sits far above UAN's own 2024 and 2025 range and above the peer operating margins shown for NTR, MOS, and ANDE.
The bear case centers on whether the 2026Q2 result reflects unusual nitrogen price conditions that will not persist. The subsequent 2026Q3 operating loss of -2.5% illustrates how quickly profitability can reverse when pricing or utilization shifts. Investors should weigh the strength of recent quarters against the historical volatility before extrapolating current earnings power.