CVR Energy Inc. (CVI) Stock Price & How to Invest
Short answer
CVI is CVR Energy, a Carl Icahn-controlled (around 71 percent owned) independent oil refiner and nitrogen fertilizer producer whose earnings swing hard with crack spreads and renewable-fuel policy. It behaves as a small-cap, cyclical, high-yield-when-margins-are-good energy play rather than a steady compounder.
CVI stock price
As of 2026-07-08, CVR Energy Inc. (CVI) last closed at $30.76, down 0.4% over the past year. Over the past 52 weeks it has traded between $20.72 and $40.01.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or CVR Energy Inc.'s investor relations page. Walnut is informational, not investment advice.
What does CVR Energy Inc. (CVI) do?
CVR Energy (NYSE: CVI) runs two very different businesses. Its Petroleum segment operates the Coffeyville, Kansas and Wynnewood, Oklahoma refineries in the mid-continent, together processing on the order of 200,000 barrels per day, while its Nitrogen Fertilizer segment (held through the CVR Partners units) makes ammonia and UAN at Coffeyville and East Dubuque, Illinois using pet coke and natural gas feedstocks. A former Renewables segment produced renewable diesel at Wynnewood, but management reverted that unit to conventional hydrocarbon service in December 2025 after the economics turned unfavorable, keeping the option to switch back if incentives improve. Carl Icahn's Icahn Enterprises controls roughly 71 percent of the shares, so CVI trades as much on Icahn strategy as on refining fundamentals.
The investment picture is cyclical and lumpy. Full-year 2025 produced only modest net income even as EBITDA improved year over year, and the first quarter of 2026 swung to a sizable loss on a large commodity-derivative hit, higher Renewable Fuel Standard compliance costs and rising interest expense. The nitrogen fertilizer business has been the steadier earner while refining whipsaws with crack spreads, RIN costs and Small Refinery Exemption outcomes. Management reinstated a quarterly cash dividend in early 2026 after suspending it during the 2025 downturn, signaling improved confidence, but debt of roughly 1.8 billion dollars and commodity exposure keep the profile volatile.
What's driving CVR Energy Inc. (CVI)?
1. Refining margin and crack-spread leverage
CVI's Petroleum segment earnings rise and fall with mid-continent crack spreads and crude differentials. When refining margins are wide, cash flow is strong and supports dividends and buybacks; when they compress, the segment can post operating losses, as it did in the first quarter of 2026. This makes CVI a high-beta way to express a view on refined-product margins.
2. Nitrogen fertilizer as a ballast
The Nitrogen Fertilizer segment, tied to ammonia and UAN pricing, has been the more consistent profit contributor, earning meaningful operating income even in quarters when refining struggled. Planned 2026 capital spending of roughly 60 to 75 million dollars targets margin improvement, debottlenecking and feedstock diversification, which could steady this cash stream against the refining cycle.
3. Renewable-fuel policy and Small Refinery Exemptions
RFS compliance costs (RIN prices) and the status of Small Refinery Exemptions materially move CVI's results. Management is actively pursuing SREs at Wynnewood, and it reverted the Wynnewood renewable diesel unit to hydrocarbon service while weighing a larger Coffeyville renewables and sustainable aviation fuel project. Policy outcomes here are a swing factor for margins.
4. Icahn control and capital returns
Icahn Enterprises owns roughly 71 percent of CVI, so capital-allocation decisions, dividend policy and any strategic moves reflect Icahn's priorities. The dividend was reinstated at 10 cents per quarter in early 2026 after a 2025 suspension, and management has signaled hope to raise it, tying the shareholder-return case to sustained margin recovery.
What are the risks to CVR Energy Inc. (CVI)?
CVI is highly cyclical and financially leveraged, with roughly 1.8 billion dollars of debt and a debt-to-equity ratio well above peers, so downturns hit both earnings and the balance sheet. Refining margins, RIN and RFS compliance costs, and derivative positions can produce large swings, including the sizable quarterly losses seen in early 2026. Icahn's roughly 71 percent stake means minority holders have limited influence and are exposed to controlling-shareholder decisions. The dividend was cut once in 2025 and could be reduced again if margins weaken. Refinery outages, turnarounds and commodity-price volatility add further operational and earnings uncertainty.
How is CVR Energy Inc. (CVI) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see CVR Energy Inc.'s investor relations page or your broker.
- Market cap: ~$3.0 billion
- Revenue (TTM): ~$7 billion
- FY2025 net income: ~$27 million (~$0.27 EPS)
- FY2025 EBITDA: ~$591 million
- Q1 2026 net loss: ~$192 million (~-$1.91 EPS)
- EV / EBITDA: ~7x
- Dividend (reinstated): ~$0.40 annual (~1.4% yield)
CVI carries around 100 million shares and roughly 1.8 billion dollars of total debt, so enterprise value is well above market cap and EV/EBITDA (around 7x) is a more meaningful gauge than the distorted P/E during loss quarters. Full-year 2025 was barely profitable while EBITDA improved, and the first quarter of 2026 swung to a large loss on derivative and compliance costs. Figures are approximate and refining earnings can change sharply quarter to quarter.
Who competes with CVR Energy Inc. (CVI)?
Independent US refiners
Larger merchant refiners such as Valero, Marathon Petroleum, Phillips 66, HF Sinclair, PBF Energy, Delek US and Par Pacific compete for crude feedstock and refined-product sales. CVI is a small-cap, mid-continent-focused operator that is more concentrated and higher-beta than these diversified peers.
Nitrogen fertilizer producers
Through its CVR Partners units, CVI's fertilizer segment competes with nitrogen makers like CF Industries, Nutrien, LSB Industries and Yara on ammonia and UAN pricing. This business diversifies CVI away from pure refining but is itself cyclical with crop and natural-gas prices.
Renewable and alternative fuels
In renewable diesel and potential sustainable aviation fuel, CVI competes with producers such as Neste, Diamond Green Diesel (Valero and Darling), and other refiners converting units. CVI has pulled back here, reverting Wynnewood to hydrocarbon service, so its exposure is smaller and policy-dependent.
How to invest in CVR Energy Inc. (CVI)
There are three common ways to get CVI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so CVI sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where CVI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on CVR Energy Inc. (CVI)
CVI is a leveraged, Icahn-controlled bet on refining margins and fertilizer prices that pays you to wait when cycles cooperate and burns cash when they do not.
More on CVR Energy Inc. (CVI)
Whether CVI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CVI a buy?, and where the stock could go from here in the CVI stock forecast.
For income investors, whether CVI pays a dividend and how the payout looks is covered in does CVI pay a dividend?
Build a basket around CVI with Walnut
Use CVR Energy Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does CVR Energy (CVI) actually do?
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CVR Energy is an independent refiner and nitrogen fertilizer producer. Its Petroleum segment runs the Coffeyville, Kansas and Wynnewood, Oklahoma refineries, and its Nitrogen Fertilizer segment makes ammonia and UAN for agriculture at Coffeyville and East Dubuque, Illinois.
Who controls CVR Energy?
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Carl Icahn, through Icahn Enterprises, beneficially owns roughly 71 percent of CVI's shares. That controlling stake means Icahn heavily influences strategy, capital allocation and dividend policy, and minority shareholders have limited voting influence.
Does CVI pay a dividend?
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CVI reinstated a quarterly cash dividend of about 10 cents per share in the first quarter of 2026, roughly 0.40 dollars annualized (around a 1.4 percent yield), after suspending it during the 2025 downturn. Management has said it hopes to raise the dividend if conditions improve.
Why did CVI report a large loss in early 2026?
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In the first quarter of 2026 CVI posted a net loss of about 192 million dollars, driven by a large commodity-derivative loss (around 182 million dollars), higher Renewable Fuel Standard compliance costs and increased interest expense, even though net sales rose to roughly 1.98 billion dollars.
How did CVR Energy perform in 2025?
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Full-year 2025 net income attributable to stockholders was about 27 million dollars (roughly 0.27 EPS), with EBITDA of about 591 million dollars. The Petroleum and Nitrogen Fertilizer segments were profitable while the Renewables segment posted a loss before it was reverted to hydrocarbon service.
What happened to CVI's renewable diesel business?
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CVI reverted its Wynnewood renewable diesel unit back to conventional hydrocarbon service in December 2025 because the economics were unfavorable, keeping the option to switch back if incentives improve. It has also weighed a larger renewables and sustainable aviation fuel project at Coffeyville.
Who are CVR Energy's main competitors?
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In refining it competes with independents like Valero, Marathon Petroleum, Phillips 66, HF Sinclair, PBF Energy, Delek US and Par Pacific. In fertilizer it competes with nitrogen producers such as CF Industries, Nutrien, LSB Industries and Yara.
What are the biggest risks with CVI?
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CVI is highly cyclical and leveraged, with about 1.8 billion dollars of debt and earnings that swing with refining margins, RIN and RFS compliance costs and derivative positions. Icahn's roughly 71 percent control limits minority influence, and the dividend has been cut before. Walnut is not an investment adviser.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with CVR Energy Inc.'s investor relations page or your broker before making investment decisions.