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Business Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segments | (13) Business Segments CVR Energy’s revenues are primarily derived from the three reportable segments: Petroleum, Renewables, and Nitrogen Fertilizer, which were determined based on the management approach, reflecting the internal reporting used by the Chief Operating Decision Maker (“CODM”), the Company’s Chief Executive Officer, to evaluate performance and make strategic decisions. •Petroleum includes the refining and marketing of high value transportation fuels which consist of gasoline, diesel, jet fuel, and distillates. The Petroleum Segment also includes activities related to crude gathering and logistics that support the refinery operations. •Renewables includes the refining of renewable feedstocks, such as soybean oil, corn oil, and other renewable feedstocks, into renewable diesel and marketing of renewables products. •Nitrogen Fertilizer includes the production and sales of nitrogen fertilizer products, primarily in the form of ammonia and UAN, for the farming industry. The CODM evaluates the performance of each reportable segment and decides how to allocate resources, as applicable, based on segment operating income (loss) which includes the revenue and expenses that are directly attributable to each segment, as well as the total assets per segment. The CODM uses operating income (loss) and total assets by segment to assess the results generated by each reportable segment and to decide, as applicable, whether to recommend that the Board reinvest profits into the reportable segments, if at all, or pay dividends. Operating income (loss) by segment is also used to analyze performance against the budget and the Company’s competitors. The other amounts reflect intercompany transactions, corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments. During the third quarter of 2025, the Company resolved to revert the RDU at the Wynnewood Refinery back to hydrocarbon processing service at the next scheduled catalyst change in December 2025, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. While the Company expects to maintain the option to switch back to renewable diesel service if incentivized to do so, this decision is expected to result in changes to the Company’s reportable segments, subject to completion of the operational transition and related financial reporting assessments. As of September 30, 2025, no changes have been made to the Company’s reportable segments, and there were no impacts on the segment results presented as of and for the three and nine months ended September 30, 2025. Refer to Note 4 (“Long-Term Assets”) for further discussion. The following tables present the operating results and capital expenditures information by segment, the reconciliations to the consolidated net profit (loss), and other required disclosures:
| Three Months Ended September 30, 2025
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 1,736 |  |  | $ | 44 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 1,944 |
Inter-segment fees and sales | 3 |  |  | 55 |  |  | — |  |  | (58) |  |  | — |
Net sales | 1,739 |  |  | 99 |  |  | 164 |  |  | (58) |  |  | 1,944 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 1,031 |  |  | 99 |  |  | 25 |  |  | (59) |  |  | 1,096 |
Direct operating expenses (exclusive of depreciation and amortization) | 113 |  |  | 9 |  |  | 58 |  |  | (1) |  |  | 179 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 24 |  |  | 4 |  |  | 9 |  |  | 5 |  |  | 42 |
Depreciation and amortization | 52 |  |  | 36 |  |  | 20 |  |  | 3 |  |  | 111 |
Loss on asset disposals | 1 |  |  | 2 |  |  | 1 |  |  | — |  |  | 4 |
Operating income (loss) | $ | 518 |  |  | $ | (51) |  |  | $ | 51 |  |  | $ | (6) |  |  | $ | 512 |
Reconciliation of Operating income (loss) to Net income: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (25) |
Other income, net |  |  |  |  |  |  |  |  | 2 |
Income tax expense |  |  |  |  |  |  |  |  | (88) |
Net income |  |  |  |  |  |  |  |  | $ | 401 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 4 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 7 |
Interest expense | (4) |  |  | — |  |  | (9) |  |  | (19) |  |  | (32) |
Capital expenditures (1) | 25 |  |  | 1 |  |  | 14 |  |  | — |  |  | 40 |
| Three Months Ended September 30, 2024
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 1,645 |  |  | $ | 64 |  |  | $ | 124 |  |  | $ | — |  |  | $ | 1,833 |
Inter-segment fees and sales | 3 |  |  | 35 |  |  | 1 |  |  | (39) |  |  | — |
Net sales | 1,648 |  |  | 99 |  |  | 125 |  |  | (39) |  |  | 1,833 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 1,604 |  |  | 78 |  |  | 26 |  |  | (42) |  |  | 1,666 |
Direct operating expenses (exclusive of depreciation and amortization) | 100 |  |  | 9 |  |  | 56 |  |  | — |  |  | 165 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 23 |  |  | 3 |  |  | 7 |  |  | 7 |  |  | 40 |
Depreciation and amortization | 40 |  |  | 6 |  |  | 25 |  |  | 4 |  |  | 75 |
Operating (loss) income | $ | (119) |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | (8) |  |  | $ | (113) |
Reconciliation of Operating (loss) income to Net loss: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (18) |
Other income, net |  |  |  |  |  |  |  |  | 3 |
Income tax benefit |  |  |  |  |  |  |  |  | 6 |
Net loss |  |  |  |  |  |  |  |  | $ | (122) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 5 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 9 |
Interest expense | — |  |  | — |  |  | (8) |  |  | (19) |  |  | (27) |
Capital expenditures (1) | 28 |  |  | — |  |  | 10 |  |  | 1 |  |  | 39 |
| Nine Months Ended September 30, 2025
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 4,769 |  |  | $ | 109 |  |  | $ | 474 |  |  | $ | — |  |  | $ | 5,352 |
Inter-segment fees and sales | 8 |  |  | 131 |  |  | 1 |  |  | (140) |  |  | — |
Net sales | 4,777 |  |  | 240 |  |  | 475 |  |  | (140) |  |  | 5,352 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 4,039 |  |  | 219 |  |  | 86 |  |  | (149) |  |  | 4,195 |
Direct operating expenses (exclusive of depreciation and amortization) | 306 |  |  | 23 |  |  | 173 |  |  | 1 |  |  | 503 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 65 |  |  | 9 |  |  | 24 |  |  | 17 |  |  | 115 |
Depreciation and amortization | 142 |  |  | 50 |  |  | 59 |  |  | 7 |  |  | 258 |
Loss on asset disposals | 1 |  |  | 2 |  |  | 1 |  |  | — |  |  | 4 |
Operating income (loss) | $ | 224 |  |  | $ | (63) |  |  | $ | 132 |  |  | $ | (16) |  |  | $ | 277 |
Reconciliation of Operating income (loss) to Net income: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (79) |
Other income, net |  |  |  |  |  |  |  |  | 5 |
Income tax benefit |  |  |  |  |  |  |  |  | 3 |
Net income |  |  |  |  |  |  |  |  | $ | 206 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 14 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | 24 |
Interest expense | (19) |  |  | — |  |  | (27) |  |  | (57) |  |  | (103) |
Capital expenditures (1) | 98 |  |  | 3 |  |  | 30 |  |  | 1 |  |  | 132 |
| Nine Months Ended September 30, 2024
(in millions) | Petroleum Segment |  | Renewables Segment |  | Nitrogen Fertilizer Segment |  | Other / Eliminations |  | Consolidated
Third-party sales | $ | 5,155 |  |  | $ | 123 |  |  | $ | 385 |  |  | $ | — |  |  | $ | 5,663 |
Inter-segment fees and sales | 10 |  |  | 73 |  |  | 1 |  |  | (84) |  |  | — |
Net sales | 5,165 |  |  | 196 |  |  | 386 |  |  | (84) |  |  | 5,663 |
Less: |  |  |  |  |  |  |  |  |
Cost of materials and other | 4,645 |  |  | 165 |  |  | 78 |  |  | (92) |  |  | 4,796 |
Direct operating expenses (exclusive of depreciation and amortization) | 320 |  |  | 24 |  |  | 158 |  |  | — |  |  | 502 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 57 |  |  | 7 |  |  | 21 |  |  | 18 |  |  | 103 |
Depreciation and amortization | 133 |  |  | 18 |  |  | 64 |  |  | 9 |  |  | 224 |
Loss on asset disposals | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Operating income (loss) | $ | 9 |  |  | $ | (18) |  |  | $ | 65 |  |  | $ | (19) |  |  | $ | 37 |
Reconciliation of Operating income (loss) to Net income: |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  | $ | (56) |
Other income, net |  |  |  |  |  |  |  |  | 10 |
Income tax benefit |  |  |  |  |  |  |  |  | 14 |
Net income |  |  |  |  |  |  |  |  | $ | 5 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Interest income | $ | 17 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 10 |  |  | $ | 30 |
Interest expense | (1) |  |  | — |  |  | (25) |  |  | (60) |  |  | (86) |
Capital expenditures (1) | 97 |  |  | 10 |  |  | 19 |  |  | 4 |  |  | 130 |
The following table summarizes the reconciliation of total assets by segment to consolidated total assets:
(in millions) | September 30, 2025 |  | December 31, 2024
Petroleum | $ | 3,001 |  |  | $ | 3,288 |
Renewables | 393 |  |  | 420 |
Nitrogen Fertilizer | 1,037 |  |  | 1,019 |
Other, including inter-segment eliminations | (439) |  |  | (464) |
Total assets | $ | 3,992 |  |  | $ | 4,263 |
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.

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- Definition The entire disclosure for reporting segments including data and tables. 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