Key Highlights

  • CVI closed the regular session down 12.23% at USD 49.08 on November 3, 2026.
  • Third-quarter Net Income attributable to stockholders was USD 570 million, or USD 5.67 per diluted share, against USD 374 million a year earlier.
  • Adjusted EBITDA reached USD 582 million versus USD 180 million in the third quarter of 2025.
  • Adjusted EPS was USD 4.00 compared with USD 0.40 a year earlier.
  • Cash stood at USD 1.28 billion at September 30, 2026, with a Dividend of USD 0.10 per share declared.

What Moved CVR Energy Today (down USD 6.84, 12.23%)

CVR Energy (NYSE:CVI) was down 12.23%, or USD 6.84, to USD 49.08 in regular trading on November 3, 2026. That implies a Monday November 2, 2026 close of about USD 55.92 (calculated). The screen showed Volume of 622.78K shares and a Market Capitalisation of about USD 4.93 billion.

The decline came on the day the company released third-quarter 2026 results. The figures were far above the prior year, and no statement in the release explained the selling pressure, so the reason for the drop is not identified here. Weaker fertiliser results and the one-off nature of part of the Earnings are possible factors.

The Third-Quarter Results in Detail

According to a company press release dated November 3, 2026, net sales were USD 3.28 billion, up from USD 1.94 billion in the third quarter of 2025. Consolidated net income was USD 563 million compared with USD 401 million. Diluted EPS was USD 5.67 against USD 3.72.

A key driver was the removal of a USD 253 million Renewable Fuel Standard Liability after the EPA granted the company's Wynnewood refinery a full Waiver for the 2025 compliance period. The gap between reported EPS of USD 5.67 and adjusted EPS of USD 4.00 points to non-recurring items. EBITDA was USD 804 million versus USD 625 million, while adjusted EBITDA was USD 582 million versus USD 180 million.

Segment Performance and Business Background

CVR Energy is a diversified Holding Company with petroleum refining and nitrogen fertiliser operations in the central United States.

The petroleum segment earned net income of USD 746 million versus USD 520 million, with adjusted EBITDA of USD 565 million versus USD 120 million. Throughput averaged 227,637 barrels per day compared with 215,968. The refining Margin was USD 45.56 per throughput barrel and the adjusted margin was USD 34.97, up from USD 12.87.

The nitrogen fertiliser segment moved the other way. It posted a net loss of USD 11 million against income of USD 43 million, and EBITDA fell to USD 20 million from USD 71 million. Ammonia utilisation dropped to 80% from 95%. Ammonia prices at the gate rose to USD 637 per ton from USD 531, while UAN prices fell to USD 309 per ton from USD 348.

Balance Sheet and Risks

Cash and equivalents were USD 1.28 billion at September 30, 2026, up from USD 511 million at December 31, 2025. Total Debt and finance Lease obligations were USD 1.78 billion, against USD 1.77 billion at year end.

The board declared a third-quarter dividend of USD 0.10 per share, payable on November 23, 2026 to holders of record on November 16, 2026. No dividend was declared for the third quarter of 2025.

Risks include volatile crack spreads, regulatory outcomes tied to renewable fuel compliance and weaker fertiliser operating rates, as reflected in the segment decline.

What to Watch Next

Fourth-quarter refining margin commentary, the sustainability of the adjusted margin, ammonia plant utilisation and any further renewable fuel rulings are the main items ahead, along with the dividend payment on November 23, 2026.