CVR ENERGY INCCVI

CVR ENERGY INC Revenue Disclosure

10-KFiled Feb 18, 20263 min read
(9) Revenue
The following tables provides a disaggregation of revenues from external customers for our principal products by reportable segment.
Year Ended December 31,
(in millions)202520242023
Petroleum Segment:
Gasoline$3,078 $3,596 $4,288 
Distillates (1)
2,760 2,934 3,746 
Other revenue578 379 233 
Total Petroleum Segment revenue
6,416 6,909 8,267 
Renewables Segment:
Renewable diesel119 103 194 
Renewable fuel credits22 74 105 
Total Renewables Segment revenue
141 177 299 
Nitrogen Fertilizer Segment:
Ammonia143 130 161 
UAN374 312 431 
Urea products37 30 29 
Other revenue (2)
51 52 60 
Total Nitrogen Fertilizer Segment revenue
605 524 681 
Total revenue$7,162 $7,610 $9,247 
(1)Distillates consist primarily of diesel fuel, kerosene, and jet fuel.
(2)Includes sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery.
Remaining Performance Obligations
We have spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). We do not disclose remaining performance obligations for contracts that have terms of one year or less and for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation.
As of December 31, 2025, the Nitrogen Fertilizer Segment had approximately $4 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $3 million of these performance obligations as revenue by the end of 2026 and the remainder in 2027.
Contract Balances
A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity is presented below (in millions):
Contract Balance TypeBalance Sheet LocationDecember 31, 2025December 31, 2024December 31, 2023
Accounts receivableAccounts receivable, net$233 $273 $265 
Deferred revenueOther current liabilities23 51 16 
Long-term deferred revenueOther long-term liabilities21 27 33 
During the years ended December 31, 2025 and 2024, the Company recognized revenue of $50 million and $16 million, respectively, that was included in the deferred revenue balances of $78 million and $49 million as of December 31, 2024 and December 31, 2023, respectively.
Major Customers
Petroleum Segment - The Petroleum Segment had one customer that accounted for 10% or more of the petroleum net sales at approximately 12% and 13% for the years ended December 31, 2025 and 2024, respectively, and two customers that accounted for 10% or more of the petroleum net sales at approximately 15% and 12% for the year ended December 31, 2023.
Renewables Segment - The Renewables Segment had two customers that each account for approximately 50% of the renewable net sales for the years ended December 31, 2025, 2024, and 2023.
Nitrogen Fertilizer Segment - The Nitrogen Fertilizer Segment had two customers that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 15% and 13% for the year ended December 31, 2025 and 13% and 12% for the year ended December 31, 2023. The Nitrogen Fertilizer Segment had one customer that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 14% for the year ended December 31, 2024.

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 19, 2025
2023Feb 21, 2024
2022Feb 22, 2023
2021Feb 23, 2022
2020Feb 23, 2021
2019Feb 20, 2020
2018Feb 21, 2019
2017Feb 26, 2018

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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