The transformative acquisition of Marathon's refineries, combined with record earnings and a strong balance sheet, positions CVR for significant scale expansion. Watch for closing details and integration updates, as well as Q4 guidance on throughput and crack spread realization.
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Executive Summary
CVR Energy reported Q3 2026 net income attributable to stockholders of $570 million ($5.67 GAAP EPS, $4.00 adjusted EPS), compared to $374 million ($3.72 GAAP EPS, $0.40 adjusted EPS) in Q3 2025. Adjusted EBITDA surged to $582 million from $180 million a year ago, driven by record crack spreads, strong refinery utilization (104.9% crude utilization), and a $253 million liability removal from an EPA RFS waiver. Separately, the company announced a definitive agreement to acquire Marathon Petroleum's St. Paul Park and Mandan refineries and related marketing assets, expected to close by year-end. The combination of record earnings and a transformative acquisition is a clear positive for the stock.
Key Financial Metrics
Key Facts
- Q3 2026 net income attributable to CVR Energy stockholders of $570 million, or $5.67 per diluted share, versus $374 million, or $3.72 per diluted share, in Q3 2025
- Adjusted earnings per diluted share of $4.00 versus $0.40 in Q3 2025
- Adjusted EBITDA of $582 million versus $180 million in Q3 2025
- Consolidated net sales of $3.281 billion versus $1.944 billion in Q3 2025
- Petroleum segment net income of $746 million versus $520 million in Q3 2025
- Refining margin of $45.56 per throughput barrel versus $35.65 in Q3 2025
- Crude utilization of 104.9% versus 96.6% in Q3 2025
- $253 million liability removed from balance sheet due to EPA full RFS waiver for Wynnewood Refining for the 2025 compliance period
- Consolidated cash and cash equivalents of $1.278 billion at September 30, 2026, up from $511 million at December 31, 2025
- Free cash flow of $593 million versus $121 million in Q3 2025
- Definitive agreement to acquire Marathon Petroleum's St. Paul Park and Mandan refineries and related marketing business, expected to close by year-end
- Declared quarterly cash dividend of $0.10 per share
Financial Impact
Record quarterly results with net income up 52% YoY to $570 million; adjusted EBITDA up 223% to $582 million; free cash flow of $593 million; cash balance more than doubled to $1.278 billion
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Petroleum | $3.1B | +80.5% |
| Nitrogen Fertilizer | $146.0M | -11.0% |
Risk Factors
- Acquisition integration risk and potential regulatory hurdles for the Marathon refinery deal
- Cyclicality of refining margins and crack spreads could reverse from current elevated levels
- Nitrogen Fertilizer segment posted a net loss of $11 million due to planned turnaround at East Dubuque facility
- Dividend remains at $0.10 per share despite strong cash generation, suggesting capital allocation priority on the acquisition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-444434 |
| Document: d897437d8k.htm | 0001193125-26-444434 |
| Document: 0001193125-26-444434-index-headers.html | 0001193125-26-444434 |
| Document: 0001193125-26-444434-index.html | 0001193125-26-444434 |
| Document: 0001193125-26-444434.txt | 0001193125-26-444434 |
| 8-K Data (Synthetic) | 0001193125-26-444434 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 3, 2026 today | SC 13D/A | $51.06 | awaiting T+60 | awaiting T+60 | $42.47 (−16.82%) |
Nov 3, 2026 1d ago | 424B5 | $57.21 | awaiting T+60 | awaiting T+60 | $42.47 (+25.76%) |
Nov 3, 2026 1d ago | 8-K | $57.21 | awaiting T+60 | awaiting T+60 | $42.47 (−25.76%) |
Nov 3, 2026 1d ago | 8-K | $57.21 | awaiting T+60 | awaiting T+60 | $42.47 (−25.76%) |
Nov 3, 2026 1d ago | 8-K | $57.21 | awaiting T+60 | awaiting T+60 | $42.47 (−25.76%) |
Aug 12, 2026 12w ago | Institutional Cluster | $35.04 | awaiting T+60 | awaiting T+60 | $42.47 (+21.20%) |
Apr 21, 2026 28w ago | DEFA14A | $31.21 $35.13 | ▲ +12.57% | ▲ +7.79% | $42.47 (+36.09%) |
Feb 28, 2026 35w ago | Institutional Cluster | $24.86 $31.67 | ▲ +27.42% | ▲ +18.09% | $42.47 (+70.87%) |
Feb 24, 2026 36w ago | 8-K | $23.04 $33.48 | ▲ +45.31% | ▲ +38.35% | $42.47 (+84.32%) |
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