CVR ENERGY INC
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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Consolidated Statements of Cash Flows for the Years Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income | $90 | $45 | $878 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 403 | 298 | 298 |
| Loss on lower of cost or net realizable value adjustments | 12 | 5 | 4 |
| Deferred income taxes and unrecognized tax benefits | (8) | (50) | 67 |
| Loss (gain) asset write-downs and asset disposals | 7 | (24) | 2 |
| Unrealized (gain) loss on derivatives, net | (4) | 22 | (32) |
| Share-based compensation | 42 | 15 | 34 |
| Income from equity method investments | (4) | (13) | (12) |
| Return from equity method investment earnings | 5 | 13 | 12 |
| Other items | 10 | 7 | 2 |
| Changes in working capital: | |||
| Accounts receivable | 60 | (9) | 51 |
| Inventories | 8 | 96 | 15 |
| Prepaid expenses and other current assets | (11) | (21) | 2 |
| Accounts payable | (143) | 2 | 37 |
| Deferred revenue | (34) | 29 | (24) |
| Other current liabilities | (289) | (11) | (386) |
| Net cash provided by operating activities | 144 | 404 | 948 |
| Cash flows from investing activities: | |||
| Capital expenditures | (185) | (179) | (205) |
| Turnaround expenditures | (197) | (53) | (57) |
| Insurance proceeds related to asset damages | 3 | 10 | — |
| Proceeds from sale of investments and assets | 10 | 92 | 1 |
| Return of equity method investment | 7 | 9 | 22 |
| Net cash used in investing activities | (362) | (121) | (239) |
| Cash flows from financing activities: | |||
| Principal payments on Term Loan | (168) | — | — |
| Proceeds from issuance of long-term debt | — | 325 | 600 |
| Principal payments on senior secured notes | — | (600) | — |
| Dividends to CVR Energy’s stockholders | — | (151) | (453) |
| Distributions to CVR Partners’ noncontrolling interest holders | (80) | (44) | (178) |
| Other financing activities | (10) | (12) | (9) |
| Net cash used in financing activities | (258) | (482) | (40) |
| Net (decrease) increase in cash, cash equivalents, reserved funds and restricted cash | (476) | (199) | 669 |
| Cash, cash equivalents, reserved funds, and restricted cash, beginning of period (1) | 987 | 1,186 | 517 |
| Cash, cash equivalents, reserved funds and restricted cash, end of period | $511 | $987 | $1,186 |
(1)As of December 31, 2023, consisted of $581 million of cash and cash equivalents, $598 million of reserved funds, and $7 million of restricted cash. The reserved funds and restricted cash were released in the first quarter of 2024. As of December 31, 2022, consisted of $510 million of cash and cash equivalents and $7 million of restricted cash.
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