CVR Partners LP
cvrpartners.comWhat Do They Do?
Produces and sells nitrogen fertilizers, including UAN and ammonia, to agricultural retailers and distributors and industrial customers.
10-K for FY2025, filed Feb 18, 2026CVR Partners, LP (“CVR Partners” or the “Partnership”) is a Delaware limited partnership formed in 2011 by CVR Energy, Inc. (together with…View ↗
We primarily market UAN products to agricultural customers and ammonia products to agricultural and industrial customers. UAN and ammonia…View ↗
Retailers and distributors are the main customers for UAN and, more broadly, the industrial and agricultural sectors are the primary…View ↗
How Do They Make Money?
Customers buy fertilizer wholesale under contracts or purchase orders at fixed or market-linked prices; they generally pay after delivery.
10-K for FY2025, filed Feb 18, 2026Retailers and distributors are the main customers for UAN and, more broadly, the industrial and agricultural sectors are the primary…View ↗
The Partnership’s revenue is generated from contracts with customers and is recognized at a point in time when performance obligations are…View ↗
The transaction prices of the Partnership’s contracts are either fixed or based on market indices, and any uncertainty related to the…View ↗
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10-K for FY2025, filed Feb 18, 2026
FY2025 revenue by product or service ↗
$606M
-
10-K for FY2025, filed Feb 18, 2026
$606M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Ammonia
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
24%
FY2022: 24%
|
Ammonia, FY2025
$143.1M Sources
|
Sold outright |
|
UAN
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
62%
FY2022: 67%
|
UAN, FY2025
$374.3M Sources
|
Sold outright |
|
Urea products
Sold outright
|
6.2%
FY2022: 4.0%
|
Urea products, FY2025
$37.4M Sources
|
Sold outright |
|
Other revenue
|
8.5%
FY2022: 5.5%
|
Other revenue, FY2025
$51.2M Sources
|
Who Are Their Customers?
Retailers and distributors are the main buyers of UAN; agricultural and industrial customers buy ammonia. Sales are wholesale, under contracts or purchase orders.
10-K for FY2025, filed Feb 18, 2026
10-K for FY2025, filed Feb 18, 2026
CVR Partners had two customers that comprised 10% or more of net sales at approximately 15% and 13% for the year ended December 31, 2025…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 16 cents of every revenue dollar as net income in FY2025 and turned 16 cents into free cash flow.
10-K for FY2025, filed Feb 18, 2026
$128.7MView ↗
10-K for FY2025, filed Feb 18, 2026
$98.7MView ↗
10-K for FY2025, filed Feb 18, 2026
$98.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
$77.5MView ↗
- ▲ +100%
- vs $38.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Jun 23, 2026
CEO Mark Pytosh departed; Dane Neumann became CEO
Mark Pytosh stepped down as CEO of CVR Energy and the Partnership’s general partner; Dane Neumann was appointed to both CEO roles and became the Partnership’s principal executive officer.
Sources
8-K, filed Jun 23, 2026
Effective as of June 18, 2026, Mark A. Pytosh entered into a Separation Agreement (the “Separation Agreement”) with CVR Energy, Inc. (“CVR…View ↗
Growing. Revenue grew 14% in 4 years, from $532.6M in FY2021 to $606M in FY2025, about 3% a year.
Who Do They Compete With?
Competes with CF Industries Holdings, Nutrien, Koch Fertilizer, and LSB Industries
10-K for FY2025, filed Feb 18, 2026Subject to location and other considerations, our major domestic competitors in the nitrogen fertilizer business generally includes CF…View ↗
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