CVR ENERGY INCCVI
CVR ENERGY INC Segments Disclosure
(15) Business Segments
CVR Energy has 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 based on segment operating income (loss) which includes the revenue and expenses that are directly attributable to management of each segment, as well as the total assets per segment. The CODM uses segment operating income (loss) and segment total assets to assess the income generated by each reportable segment and to decide which reportable segment to reinvest profits, if at all, or pay dividends. Segment operating income (loss) is also used to analyze performance against the budget and the Company’s competitors.
The other amounts reflect intercompany eliminations, corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments.
In December 2025, the Company reverted the RDU at the Wynnewood Refinery back to hydrocarbon processing service. This reversion is expected to result in changes to the Company’s reportable segments in 2026, subject to completion of financial reporting assessments. As of December 31, 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 year ended December 31, 2025.
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:
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| (in millions) | Petroleum Segment | Renewables Segment | Nitrogen Fertilizer Segment | Other / Eliminations | Consolidated | ||||||||||||||||||||||||
| Third-party sales | $ | 6,416 | $ | 141 | $ | 605 | $ | — | $ | 7,162 | |||||||||||||||||||
| Inter-segment fees and sales | 10 | 171 | 1 | (182) | — | ||||||||||||||||||||||||
| Net sales | 6,426 | 312 | 606 | (182) | 7,162 | ||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Cost of materials and other | 5,520 | 288 | 107 | (193) | 5,722 | ||||||||||||||||||||||||
| Direct operating expenses (exclusive of depreciation and amortization) | 415 | 30 | 254 | 1 | 700 | ||||||||||||||||||||||||
| Selling, general and administrative expenses (exclusive of depreciation and amortization) | 84 | 12 | 33 | 19 | 148 | ||||||||||||||||||||||||
| Depreciation and amortization | 194 | 115 | 82 | 12 | 403 | ||||||||||||||||||||||||
| Loss on asset disposals | 2 | 4 | 1 | — | 7 | ||||||||||||||||||||||||
| Segment operating income (loss) | $ | 211 | $ | (137) | $ | 129 | $ | (21) | $ | 182 | |||||||||||||||||||
| Reconciliation of Segment operating income (loss) to Net income: | |||||||||||||||||||||||||||||
| Interest expense, net | $ | (108) | |||||||||||||||||||||||||||
| Other income, net | 6 | ||||||||||||||||||||||||||||
| Income tax benefit | 10 | ||||||||||||||||||||||||||||
| Net income | $ | 90 | |||||||||||||||||||||||||||
| Other segment disclosures: | |||||||||||||||||||||||||||||
| Interest income | $ | 18 | $ | 1 | $ | 6 | $ | 6 | $ | 31 | |||||||||||||||||||
| Interest expense | (28) | (1) | (36) | (74) | (139) | ||||||||||||||||||||||||
Capital expenditures (1) | 135 | 4 | 57 | 1 | 197 | ||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| (in millions) | Petroleum Segment | Renewables Segment | Nitrogen Fertilizer Segment | Other / Eliminations | Consolidated | ||||||||||||||||||||||||
| Net sales | $ | 6,909 | $ | 177 | $ | 524 | $ | — | $ | 7,610 | |||||||||||||||||||
| Inter-segment fees and sales | 11 | 112 | 1 | (124) | — | ||||||||||||||||||||||||
| Total sales | 6,920 | 289 | 525 | (124) | 7,610 | ||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Cost of materials and other | 6,236 | 245 | 104 | (137) | 6,448 | ||||||||||||||||||||||||
| Direct operating expenses (exclusive of depreciation and amortization) | 421 | 31 | 214 | 1 | 667 | ||||||||||||||||||||||||
| Selling, general and administrative expenses (exclusive of depreciation and amortization) | 77 | 10 | 29 | 23 | 139 | ||||||||||||||||||||||||
| Depreciation and amortization | 174 | 25 | 88 | 11 | 298 | ||||||||||||||||||||||||
| Segment operating income (loss) | $ | 12 | $ | (22) | $ | 90 | $ | (22) | $ | 58 | |||||||||||||||||||
| Reconciliation of Segment operating income (loss) to Net income: | |||||||||||||||||||||||||||||
| Interest expense, net | $ | (77) | |||||||||||||||||||||||||||
| Other income, net | 38 | ||||||||||||||||||||||||||||
| Income tax benefit | 26 | ||||||||||||||||||||||||||||
| Net income | $ | 45 | |||||||||||||||||||||||||||
| Other segment disclosures: | |||||||||||||||||||||||||||||
| Interest income | $ | 22 | $ | 1 | $ | 4 | $ | 11 | $ | 38 | |||||||||||||||||||
| Interest expense | (1) | — | (34) | (80) | (115) | ||||||||||||||||||||||||
Capital expenditures (1) | 128 | 11 | 37 | 5 | 181 | ||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| (in millions) | Petroleum Segment | Renewables Segment | Nitrogen Fertilizer Segment | Other / Eliminations | Consolidated | ||||||||||||||||||||||||
| Net sales | $ | 8,267 | $ | 299 | $ | 681 | $ | — | $ | 9,247 | |||||||||||||||||||
| Inter-segment fees and sales | 20 | 260 | — | (280) | — | ||||||||||||||||||||||||
| Total sales | 8,287 | 559 | 681 | (280) | 9,247 | ||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||
| Cost of materials and other | 6,629 | 537 | 134 | (287) | 7,013 | ||||||||||||||||||||||||
| Direct operating expenses (exclusive of depreciation and amortization) | 406 | 28 | 235 | 1 | 670 | ||||||||||||||||||||||||
| Selling, general and administrative expenses (exclusive of depreciation and amortization) | 81 | 11 | 30 | 19 | 141 | ||||||||||||||||||||||||
| Depreciation and amortization | 189 | 20 | 80 | 9 | 298 | ||||||||||||||||||||||||
| Loss on asset disposals | — | — | 1 | 1 | 2 | ||||||||||||||||||||||||
| Segment operating income (loss) | $ | 982 | $ | (37) | $ | 201 | $ | (23) | $ | 1,123 | |||||||||||||||||||
| Reconciliation of Segment operating income (loss) to Net income: | |||||||||||||||||||||||||||||
| Interest expense, net | $ | (52) | |||||||||||||||||||||||||||
| Other income, net | 14 | ||||||||||||||||||||||||||||
| Income tax expense | (207) | ||||||||||||||||||||||||||||
| Net income | $ | 878 | |||||||||||||||||||||||||||
| Other segment disclosures: | |||||||||||||||||||||||||||||
| Interest income | $ | 75 | $ | 2 | $ | 6 | $ | (45) | $ | 38 | |||||||||||||||||||
| Interest expense | — | (1) | (35) | (54) | (90) | ||||||||||||||||||||||||
Capital expenditures (1) | 108 | 56 | 29 | 4 | 197 | ||||||||||||||||||||||||
The following table summarizes the reconciliation of total assets by segment to consolidated total assets:
| December 31, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
| Petroleum | $ | 2,987 | $ | 3,288 | |||||||
| Renewables | 294 | 420 | |||||||||
| Nitrogen Fertilizer | 969 | 1,019 | |||||||||
| Other, including inter-segment eliminations | (544) | (464) | |||||||||
| Total assets | $ | 3,706 | $ | 4,263 | |||||||
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.