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Business Segments
 9 Months Ended
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 SegmentRenewables SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Third-party sales$1,736 $44 $164 $— $1,944 
Inter-segment fees and sales3 55 — (58)— 
Net sales1,739 99 164 (58)1,944 
Less:
Cost of materials and other1,031 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 amortization52 36 20 3 111 
Loss on asset disposals1 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, net2 
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 SegmentRenewables SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Third-party sales$1,645 $64 $124 $— $1,833 
Inter-segment fees and sales3 35 1 (39)— 
Net sales1,648 99 125 (39)1,833 
Less:
Cost of materials and other1,604 78 26 (42)1,666 
Direct operating expenses (exclusive of depreciation and amortization)100 9 56 — 165 
Selling, general and administrative expenses (exclusive of depreciation and amortization)23 3 7 7 40 
Depreciation and amortization40 6 25 4 75 
Operating (loss) income$(119)$3 $11 $(8)$(113)
Reconciliation of Operating (loss) income to Net loss:
Interest expense, net$(18)
Other income, net3 
Income tax benefit6 
Net loss$(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 SegmentRenewables SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Third-party sales$4,769 $109 $474 $— $5,352 
Inter-segment fees and sales8 131 1 (140)— 
Net sales4,777 240 475 (140)5,352 
Less:
Cost of materials and other4,039 219 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 amortization142 50 59 7 258 
Loss on asset disposals1 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, net5 
Income tax benefit3 
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 SegmentRenewables SegmentNitrogen Fertilizer SegmentOther / EliminationsConsolidated
Third-party sales$5,155 $123 $385 $— $5,663 
Inter-segment fees and sales10 73 1 (84)— 
Net sales5,165 196 386 (84)5,663 
Less:
Cost of materials and other4,645 165 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 amortization133 18 64 9 224 
Loss on asset disposals1 — — — 1 
Operating income (loss)$9 $(18)$65 $(19)$37 
Reconciliation of Operating income (loss) to Net income:
Interest expense, net$(56)
Other income, net10 
Income tax benefit14 
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, 2025December 31, 2024
Petroleum$3,001 $3,288 
Renewables393 420 
Nitrogen Fertilizer1,037 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.