CVR ENERGY INC 10-K

Item 8. Financial Statements and Supplementary Data CVR ENERGY, INC. AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248 ) 78 Consolidated Balance Sheets as of December 31, 2025 and 2024 80 Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 81 Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023 82 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 83 Notes to the Consolidated Financial Statements 84 December 31, 2025 | 77 Table of Contents Report of Independent Registered Public Accounting Firm The Board of Directors and Stockholders of CVR Energy, Inc. Opinion on the financial statements We have audited the accompanying consolidated balance sheets of CVR Energy, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 18, 2026, expressed an unqualified opinion. Basis for opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical audit matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. /s/ GRANT THORNTON LLP We have served as the Company’s auditor since 2013. Dallas, Texas February 18, 2026 December 31, 2025 | 78 Table of Contents Report of Independent Registered Public Accounting Firm The Board of Directors and Stockholders of CVR Energy, Inc. Opinion on internal control over financial reporting We have audited the internal control over financial reporting of CVR Energy, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2025, and our report dated February 18, 2026 expressed an unqualified opinion on those financial statements. Basis for opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ GRANT THORNTON LLP Dallas, Texas February 18, 2026 December 31, 2025 | 79 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, (in millions) 2025 2024 ASSETS Current assets: Cash and cash equivalents (including $ 69 and $ 91 , respectively, of consolidated variable interest entity (“VIE”)) $ 511 $ 987 Accounts receivable, net (including $ 59 and $ 65 , respectively, of VIE) 235 295 Inventories (including $ 83 and $ 76 , respectively, of VIE) 472 502 Prepaid expenses (including $ 1 and $ 1 , respectively, of VIE) 29 16 Other current assets (including $ 1 and $ 1 , respectively, of VIE) 20 24 Total current assets 1,267 1,824 Property, plant, and equipment, net (including $ 712 and $ 736 , respectively, of VIE) 2,050 2,176 Other long-term assets (including $ 44 and $ 50 , respectively, of VIE) 389 263 Total assets $ 3,706 $ 4,263 LIABILITIES AND EQUITY Current liabilities: Accounts payable (including $ 48 and $ 37 , respectively, of VIE) $ 415 $ 538 Other current liabilities (including $ 48 and $ 75 , respectively, of VIE) 291 560 Total current liabilities 706 1,098 Long-term liabilities: Long-term debt and finance lease obligations, net of current portion (including $ 569 and $ 568 , respectively, of VIE) 1,751 1,907 Deferred income taxes 269 277 Other long-term liabilities (including $ 38 and $ 46 , respectively, of VIE) 82 93 Total long-term liabilities 2,102 2,277 Commitments and contingencies (See Note 14) CVR Energy stockholders’ equity: Preferred stock, $ 0.01 par value per share; 50,000,000 shares authorized; none issued — — Common stock, $ 0.01 par value per share; 350,000,000 shares authorized; 100,629,209 and 100,629,209 shares issued as of December 31, 2025 and 2024, respectively 1 1 Additional paid-in-capital 1,508 1,508 Accumulated deficit ( 777 ) ( 804 ) Treasury stock, 98,610 shares at cost ( 2 ) ( 2 ) Total CVR stockholders’ equity 730 703 Noncontrolling interest 168 185 Total equity 898 888 Total liabilities and equity $ 3,706 $ 4,263 The accompanying notes are an integral part of these consolidated financial statements. December 31, 2025 | 80 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, (in millions, except per share data) 2025 2024 2023 Net sales $ 7,162 $ 7,610 $ 9,247 Operating costs and expenses: Cost of materials and other 5,722 6,448 7,013 Direct operating expenses (exclusive of depreciation and amortization) 700 667 670 Depreciation and amortization 394 290 291 Cost of sales 6,816 7,405 7,974 Selling, general and administrative expenses (exclusive of depreciation and amortization) 148 139 141 Depreciation and amortization 9 8 7 Other operating expenses, net 7 — 2 Operating income 182 58 1,123 Other (expense) income: Interest expense, net ( 108 ) ( 77 ) ( 52 ) Other income, net 6 38 14 Income before income taxes 80 19 1,085 Income tax (benefit) expense ( 10 ) ( 26 ) 207 Net income 90 45 878 Less: Net income attributable to noncontrolling interest 63 38 109 Net income attributable to CVR Energy stockholders $ 27 $ 7 $ 769 Basic and diluted earnings per share $ 0.27 $ 0.06 $ 7.65 Weighted-average common shares outstanding: Basic and diluted 100.5 100.5 100.5 The accompanying notes are an integral part of these consolidated financial statements. December 31, 2025 | 81 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Common Stockholders (in millions, except share data) Shares Issued $ 0.01 Par Value Common Stock Additional Paid-In Capital Accumulated Deficit Treasury Stock Total CVR Stockholders’ Equity Noncontrolling Interest Total Equity Balance at December 31, 2022 100,629,209 $ 1 $ 1,508 $ ( 976 ) $ ( 2 ) $ 531 $ 260 $ 791 Net income — — — 769 — 769 109 878 Dividends paid to CVR Energy stockholders — — — ( 453 ) — ( 453 ) — ( 453 ) Distributions from CVR Partners to public unitholders — — — — — — ( 178 ) ( 178 ) Balance at December 31, 2023 100,629,209 1 1,508 ( 660 ) ( 2 ) 847 191 1,038 Net income — — — 7 — 7 38 45 Dividends paid to CVR Energy stockholders — — — ( 151 ) — ( 151 ) — ( 151 ) Distributions from CVR Partners to public unitholders — — — — — — ( 44 ) ( 44 ) Balance at December 31, 2024 100,629,209 1 1,508 ( 804 ) ( 2 ) 703 185 888 Net income — — — 27 — 27 63 90 Distributions from CVR Partners to public unitholders and IEP — — — — — — ( 80 ) ( 80 ) Balance at December 31, 2025 100,629,209 $ 1 $ 1,508 $ ( 777 ) $ ( 2 ) $ 730 $ 168 $ 898 The accompanying notes are an integral part of these consolidated financial statements. December 31, 2025 | 82 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES 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. The accompanying notes are an integral part of these consolidated financial statements. December 31, 2025 | 83 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (1) Organization and Nature of Business Organization CVR Energy, Inc. (“CVR Energy”, “CVR” , “we” , “us” , “our” , or the “Company”) is a diversified holding company primarily engaged in the petroleum refining and marketing industry (the “Petroleum Segment”), the renewable fuels industry (the “Renewables Segment”), and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (the “Nitrogen Fertilizer Segment” or “CVR Partners”). The Petroleum Segment refines and markets high value transportation fuels which consist of gasoline, diesel, jet fuel, and distillates, as well as activities related to crude oil gathering and logistics that support refinery operations. The Renewables Segment refines renewable feedstocks, such as soybean oil, corn oil, and other renewable feedstocks, into renewable diesel and markets renewables products. CVR Partners produces and markets nitrogen fertilizer products primarily in the form of ammonia and urea ammonium nitrate (“UAN”) for the farming industry. CVR’s common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “CVI”. As of December 31, 2025, Icahn Enterprises L.P. and its affiliates, including Mr. Carl C. Icahn (“IEP”), owned approximately 70 % of the Company’s outstanding common stock. In December 2025, the Company reverted the renewable diesel unit (“RDU”) at the refinery located in Wynnewood, Oklahoma (the “Wynnewood Refinery”) back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. The Company maintains the option to switch back to renewable diesel service if incentivized to do so. Refer to Note 4 (“Long-Term Assets”) for further discussion. CVR Partners, LP As of December 31, 2025, public common unitholders held approximately 60 % of CVR Partners’ outstanding common units; CVR Energy, through its subsidiaries, held approximately 37 % of CVR Partners’ outstanding common units and 100 % of CVR Partners’ general partner interests, while IEP held approximately 3 % of CVR Partners’ outstanding common units. The noncontrolling interest reflected on the Consolidated Balance Sheets of CVR is only impacted by the results of and distributions from CVR Partners. Subsequent Events The Company evaluated subsequent events, if any, that would require an adjustment to the Company’s consolidated financial statements or require disclosure in the notes thereto through the date of issuance. Where applicable, the notes to these consolidated financial statements have been updated to reflect all significant subsequent events which have occurred. (2) Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. The ownership interests of noncontrolling investors in CVR Partners are recorded as noncontrolling interests. CVR Partners was determined to be a variable interest entity (“VIE”) and is consolidated by the Company. As the 100 % owner of the general partner of CVR Partners, the Company has the sole ability to direct the activities that most significantly impact the economic performance of CVR Partners and is considered the primary beneficiary. Use of Estimates The consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are reviewed on an December 31, 2025 | 84 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ongoing basis, based on currently available information. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those estimates. Cash, Reserved Funds and Cash Equivalents Cash, reserved funds and cash equivalents include cash on hand, demand deposits, and investments in highly liquid money market accounts with original maturities of three months or less. We maintain cash and cash equivalent balances with a few financial institutions, which may at times be in excess of federally insured levels. Restricted Cash Restricted cash consists of cash and claims to cash that are legally restricted, have been set aside for a specific purpose, and restricted as to usage or withdrawal and, therefore, not available for immediate or general purpose use. Accounts Receivable, net Accounts receivable, net primarily consists of customer accounts receivable recorded at the invoiced amounts and generally do not bear interest. Allowances for doubtful accounts are based on historical loss experience, expected credit losses from current economic conditions, and management’s expectations of future economic conditions. The allowance is recorded when the receivable is deemed uncollectible and is booked to bad debt expense. The largest concentration of credit for any one customer was approximately 8 % and 10 % of the Accounts receivable, net balance at December 31, 2025 and 2024, respectively. The balance in the allowance for doubtful accounts was less than $ 1 million as of December 31, 2025. There was no balance in the allowance for doubtful accounts as of December 31, 2024. Inventories Inventories consist primarily of domestic and foreign crude oil, blending stock and components, work-in-progress, and refined fuels and by-products for the Petroleum Segment, soybean and corn oil, blending stock and components, work-in-progress, and renewable diesel for the Renewables Segment, and fertilizer products and raw materials (primarily pet coke) for the Nitrogen Fertilizer Segment. All of these components are valued at the lower of GAAP First-In, First-Out (“FIFO”) cost or net realizable value. For each segment, we compare the estimated realizable value of inventories to their cost by product at each of our facilities. For our Petroleum and Renewables Segments, to determine the net realizable value of our inventories, we assume that crude oil and other feedstocks are converted into refined products, which requires us to make estimates regarding the refined products expected to be produced from those feedstocks and the costs required to convert those feedstocks into refined products. We also estimate the usual and customary transportation costs required to move the inventory from our facilities to the appropriate points of sale, if material. We then apply an estimated selling price to our inventories based primarily on actual prices observed subsequent to the end of the reporting period with any remaining volumes’ selling price estimated using indicative market pricing available as of the time the estimate is made. For our Nitrogen Fertilizer Segment, depending on inventory levels, the estimated per-ton net realizable value of fertilizer products is determined using observable selling prices based on, in order of priority, in-transit, open, and fixed-price orders that have not shipped. For any inventory volumes not supported by such orders, management estimates the net realizable value using market-based prices obtained from third-party sources that are closest to the date the inventory is expected to be sold. Estimated selling prices are reduced, as applicable, by unreimbursed freight costs and other predictable selling costs to arrive at net realizable value. Certain inventories in the Petroleum, Renewables and Nitrogen Fertilizer Segments, including other raw materials, spare parts, and supplies, are valued at the weighted moving-average cost, which approximates FIFO. The cost of inventories includes inbound freight costs. Property, Plant and Equipment, net Additions to property, plant and equipment, including certain costs allocable to construction and property purchases, are recorded at cost. Interest costs are capitalized in accordance with ASC 835-20. The interest capitalization rate is calculated for each individual segment by dividing the interest expense on senior secured notes by the senior notes balance of the previous year. The capitalization rate is applied to the carrying amount of expenditures to determine the amount of interest to be December 31, 2025 | 85 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS capitalized each month. Expenditures for improvements that increase economic benefit or returns and/or extend useful life are capitalized, while expenditures for routine maintenance and repair costs are expensed when incurred and are reported in Direct operating expenses (exclusive of depreciation and amortization) in the Company’s Consolidated Statements of Operations. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of depreciable assets. The lives used in computing depreciation for significant asset classes are as follows: Asset Range of Useful Lives, in Years Land improvements 10 to 30 Buildings and improvements 1 to 30 Machinery and equipment 1 to 30 Furniture and fixtures 3 to 10 Right-of-use (“ROU”) finance leases 2 to 18 Other 5 to 30 Leasehold improvements and assets held under finance leases are depreciated or amortized utilizing the straight-line method over the shorter of the related contractual lease term or the estimated useful life of the asset. Equity Method Investments The Company accounts for investments in which it has a noncontrolling interest, yet has significant influence over the entity, using the equity method of accounting, whereby the Company records its pro-rata share of earnings, contributions to, and distributions from, as adjustments to the investment balance in Other long-term assets on our Consolidated Balance Sheets. The pro-rata share of earnings is also recorded in Other income, net on our Consolidated Statements of Operations. On a quarterly basis, or when a triggering event has been identified, the Company assesses our equity method investments for other-than-temporary impairment. If it is determined that an other-than-temporary impairment has occurred, the Company records an impairment charge in Other income, net on the Consolidated Statements of Operations sufficient to reduce the investment’s carrying value to its fair value, resulting in a new cost basis on the Consolidated Balance Sheets. Leases At inception, the Company determines whether an arrangement is a lease and, if so, the appropriate lease classification. Operating leases are included as operating lease ROU assets within Other long-term assets and lease liabilities within Other current liabilities and Other long-term liabilities on our Consolidated Balance Sheets. Finance leases are included as ROU finance leases within Property, plant, and equipment, net, and finance lease liabilities within Current portion of long-term debt and finance lease obligations and Long-term debt and finance lease obligations, net of current portion on our Consolidated Balance Sheets. Leases with an initial expected term of 12 months or less are considered short-term and are not recorded on our Consolidated Balance Sheets. The Company recognizes operating lease expense on a straight-line basis over the lease term within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other and finance lease expense using the effective-interest method over the lease term within Depreciation and amortization and Interest expense, net. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term using an incremental borrowing rate with a maturity similar to the lease term. The lease term is modified to reflect options to extend or terminate the lease when it is reasonably certain we will exercise such option. The depreciable life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise, in which case the depreciation policy in the “Property, Plant and Equipment, net” section above is applicable. The periodic lease payments are treated as payments of the lease obligation. A lease modification is assessed to conclude whether it is a separate new contract or a modified contract. If it is a modified contract, the Company reconsiders the lease classification and remeasures the lease. December 31, 2025 | 86 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Deferred Financing Costs Lender and other third-party costs associated with debt issuances are deferred and amortized to interest expense and other financing costs using the effective-interest method over the term of the debt and, depending on maturity, are included within Current portion of long-term debt and finance lease obligations and Long-term debt and finance lease obligations, net of current portion. Deferred financing costs related to line-of-credit arrangements are amortized using the straight-line method through the maturity date of the facility and, depending on maturity, are included within Other current assets and Other long-term assets. Impairment of Long-Lived Assets Long-lived assets (excluding intangible assets with indefinite lives and deferred tax assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future net cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds their fair value. Assets to be disposed of are reported at the lower of their carrying value or fair value less cost to sell. Asset Retirement Obligations The Company records an asset retirement obligation (“ARO”) at fair value for the estimated cost to retire a tangible long-lived asset at the time the liability is incurred, which is generally when the asset is purchased, constructed, or leased. The liability is recorded when there is a legal or contractual obligation to incur costs to retire the asset and only when a reasonable estimate of the fair value can be made. Refining and other processing assets can be used for extended or indeterminate periods of time with proper maintenance and upgrades, which the Company intends, and has a historical practice of, to support functionality of these assets as technological advances are made available. As a result, since the dates to retire these assets cannot be reasonably estimated, the Company believes these assets have indeterminate lives for purposes of estimating AROs. A liability will be recognized at such time when sufficient information exists to estimate a date or range of potential settlement dates needed to employ a present value technique to estimate fair value. Renewable Fuel Standard Obligation The Company is subject to the EPA’s Renewable Fuel Standard (“RFS”), which, absent any exemption or waiver, requires obligated parties to blend specified amounts of renewable fuels, called a Renewable Volume Obligation (“RVO”), into its transportation fuels or purchase renewable fuel credits, known as renewable identification numbers (“RINs”), to satisfy its RVO. Because the Company is not able to blend the majority of its transportation fuels, it must purchase RINs from third parties. The Company measures its RINs position on a net basis at each reporting period. When RINs required to satisfy the RVO exceed the RINs held, the liability is recorded at fair value using broker‑quoted market prices and presented in Other current liabilities on our Consolidated Balance Sheets. When RINs held exceed the RVO, the excess is recorded at cost in Other current assets on our Consolidated Balance Sheets. Loss Contingencies In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss will be incurred and the loss can be reasonably estimated. Accrued amounts, if any, are reflected in Other current liabilities or Other long-term liabilities on our Consolidated Balance Sheets depending on when the Company expects to expend such amounts and are adjusted as additional information becomes available or upon a change in circumstance, as applicable. Insurance recoveries and recoveries related to loss contingencies are recognized as receivables in Other current assets only when an enforceable contract is in place covering the loss event and realization of the claim underlying the recovery is probable. The probable recovery asset is not netted against potential liabilities. December 31, 2025 | 87 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Environmental, Health & Safety (“EH&S”) Matters CVR Energy is subject to various federal, state, and local environmental, health, and safety rules and regulations. Liabilities related to future remediation costs of past environmental contamination of properties are recognized when the related costs are considered probable and can be reasonably estimated. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to periodic management review and revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures for capital assets are capitalized at the time of the expenditure when such costs provide future economic benefits. Accrued amounts are reflected in Other current liabilities or Other long-term liabilities depending on when the Company expects to expend such amounts. Revenue Recognition The Company’s revenue is generated from contracts with customers and is recognized at a point in time when performance obligations are satisfied by transferring control of the products or services to a customer. The transfer of control occurs upon shipment or delivery of the product, as the customer accepts the product, has title and significant risks and rewards of ownership of the product, physical possession of the product has been transferred, and we have the right to payment. The transaction prices of the Company’s contracts are either fixed or based on market indices, and any uncertainty related to the variable consideration when determining the transaction price is resolved on the pricing date or the date when the product is delivered. The payment terms depend on the product and type of contract, but generally require customers to pay within 30 days or less, and do not contain significant financing components. Any pass-through finished goods delivery costs reimbursed by customers are reported in Net sales, while an offsetting expense is included in Cost of materials and other. Non-monetary product exchanges and certain buy/sell transactions which are entered into in the normal course of business are included on a net cost basis in Cost of materials and other on our Consolidated Statements of Operations. Qualifying excise and other taxes collected from customers and remitted to governmental authorities are recorded as a reduction of the transaction price. Certain sales contracts of the Nitrogen Fertilizer Segment require customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Cost Classifications Cost of materials and other consists primarily of costs for crude oil, feedstock blendstocks, purchased refined products, purchased ammonia, purchased hydrogen, pet coke, RINs, derivative gains or losses, and freight and distribution. Direct operating expenses (exclusive of depreciation and amortization) consist primarily of energy and other utility costs, direct costs of labor, including applicable share-based compensation expense, property taxes, plant-related maintenance services, including turnaround expenses for the Nitrogen Fertilizer Segment, and environmental and safety compliance costs, as well as catalyst and chemical costs. Selling, general and administrative expenses (exclusive of depreciation and amortization) consist primarily of labor and other direct expenses associated with the Company’s corporate activities, including accounting, finance, information technology, human resources, legal, and other related administrative functions. For the Company’s Nitrogen Fertilizer Segment, Cost of materials and other and Direct operating expenses (exclusive of depreciation and amortization) are also impacted by changes in inventory balances, as these financial statement line items include inventory production costs. Derivatives On a regular basis, the Company enters into commodity contracts with counterparties for the purchases or sale of crude oil, blendstocks, various finished products, RINs, and natural gas. These contracts usually meet the definition of a derivative and qualify for the normal purchase normal sale exception following the accrual method of accounting. All other derivative instruments are recorded in Prepaid expenses and other current assets, Other long-term assets, Other current liabilities, and Other long-term liabilities on our Consolidated Balance Sheets depending on the derivative position and when it will be settled, December 31, 2025 | 88 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS and are measured at fair value with changes to the fair value recognized in Cost of materials and other in the Consolidated Statements of Operations. Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, operating and finance lease obligations, and long-term debt are carried at cost and approximate their estimated fair value, except for the long-term debt. The Company’s derivative instruments and RFS obligations are recognized at fair value. Turnaround Expenses Turnarounds represent major maintenance activities that require the shutdown of significant parts of a plant to perform necessary inspections, cleanings, repairs, and replacements of assets. Costs incurred for routine repairs and maintenance or unplanned outages at our facilities are expensed as incurred. Major planned turnaround activities for the Petroleum Segment vary in frequency dependent on refinery units, but generally occur every four to five years , with minor turnaround activities occurring more frequently, while the frequency of turnarounds in the Nitrogen Fertilizer Segment is generally every three years . Further details of each segment’s turnaround expensing method are discussed below. Petroleum Segment - Consistent with others in the refining industry, the Petroleum Segment follows the deferral method of accounting for turnaround activities. Under the deferral method, the costs of turnarounds are deferred and amortized on a straight-line basis over a determined cycle, which represents the estimated time until the next turnaround occurs. Turnaround costs and related accumulated amortization are included in Other long-term assets on our Consolidated Balance Sheets. The amortization expense related to turnaround costs is included in Depreciation and amortization on our Consolidated Statements of Operations. During the years ended December 31, 2025, 2024, and 2023, the Petroleum Segment capitalized $ 190 million, $ 58 million, and $ 60 million, respectively. Capitalized turnaround costs are subject to impairment reviews, as discussed above. Nitrogen Fertilizer Segment - The Nitrogen Fertilizer Segment follows the direct-expense method of accounting for turnaround activities. Costs associated with these turnaround activities are included in Direct operating expenses (exclusive of depreciation and amortization) on our Consolidated Statements of Operations. During the years ended December 31, 2025, 2024, and 2023, the Nitrogen Fertilizer Segment incurred turnaround expenses of $ 17 million, less than $ 1 million, and $ 2 million, respectively. Share-Based Compensation The Company accounts for share-based compensation in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation . Currently, all of the Company’s share-based compensation awards, including those issued by CVR Partners, are liability-classified and are measured at fair value at the end of each reporting period based on the applicable closing share or unit price. Compensation expense will fluctuate based on changes in the applicable share or unit prices and expense reversals resulting from employee terminations prior to award vesting. Additionally, the Company has issued certain performance unit awards whose fair value is recognized as compensation expense only if the attainment of the performance conditions is considered probable. Uncertainties involved in this estimate include continued employment requirements and whether or not the performance conditions will be attained. The performance objectives are set in accordance with approved levels of the business plan for the fiscal year during the performance cycle and, therefore, are considered reasonably possible of being achieved. If this assumption proves not to be true and the awards do not vest, compensation expense recognized during the performance cycle will be reversed. The Company recognizes forfeitures as they occur. Any previously recognized compensation expense is reversed in the period of forfeiture, and the corresponding liability is extinguished. Income Taxes Income taxes are accounted for utilizing the asset and liability approach. Under this method, deferred tax assets and liabilities are recognized for the anticipated future tax consequences attributable to differences between the amounts recorded in the accounting books and their respective tax basis. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of the deferred income tax assets, including net operating loss and state tax credit carryforwards, management December 31, 2025 | 89 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Further, the Company recognizes interest expense (income) and penalties on uncertain tax positions and income tax deficiencies (refunds) in Income tax (benefit) expense. Recently Adopted Accounting Pronouncement In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. Effective with this Report, the Company adopted this ASU, utilizing the retrospective application as permitted in the standard and has included all required disclosures. Refer to Note 13 (“Income Taxes”) for the income tax disclosures. Recently Issued Accounting Pronouncements But Not Yet Implemented In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires additional disclosures in the footnotes that disaggregate certain expenses presented on the face of the income statement. This standard is effective for the Company’s annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028. Retrospective application to comparative periods is optional, and early adoption is permitted. The Company continues to evaluate the impact of adopting this new accounting guidance but anticipates that the adoption will primarily affect disclosures and it will not have a material impact on the results of operations, financial condition or cash flows. In September 2025, the FASB issued ASU 2025-06, Intangibles (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40, including the elimination of accounting consideration of software project development stages and enhancement of the guidance around the ‘probable-to-complete’ threshold. This standard is effective for the Company’s annual and interim reporting periods beginning January 1, 2028. Retrospective application to comparative periods is optional, and early adoption is permitted. The Company is evaluating the effects of adopting this new accounting guidance. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) , which establishes the accounting for a government grant received by a business entity, including guidance for (1) a grant related to an asset and (2) a grant related to income. This standard is effective for the Company’s annual reporting period beginning January 1, 2029 and interim reporting periods beginning within that annual reporting period. Retrospective application to comparative periods is optional, and early adoption is permitted. The Company is evaluating the potential impacts of adopting this new accounting guidance . (3) Inventory Inventories consisted of the following: December 31, (in millions) 2025 2024 Finished goods $ 199 $ 221 Raw materials 115 146 In-process inventories 37 28 Parts, supplies and other 121 107 Total inventories $ 472 $ 502 December 31, 2025 | 90 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (4) Long-Term Assets Property, Plant, and Equipment Property, plant, and equipment, net consisted of the following: December 31, (in millions) 2025 2024 Machinery and equipment $ 4,480 $ 4,403 Buildings and improvements 153 148 ROU finance leases 123 106 Land and improvements 75 74 Furniture and fixtures 30 32 Construction in progress 215 171 Other 15 16 5,091 4,950 Less: Accumulated depreciation and amortization ( 3,041 ) ( 2,774 ) Total property, plant and equipment, net $ 2,050 $ 2,176 For the years ended December 31, 2025, 2024, and 2023, depreciation and amortization expenses related to property, plant, and equipment were $ 325 million, $ 238 million, and $ 221 million, respectively, and capitalized interest was $ 10 million, $ 7 million, and $ 8 million, respectively. The Company reverted the RDU at Wynnewood back to hydrocarbon processing service in December 2025, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. While the Company maintains the option to switch back to renewable diesel service if incentivized to do so, the following impacts were recorded in our Renewables Segment during 2025: • The Company assessed the Petroleum and Renewables asset group for impairment in accordance with ASC 360-10 and concluded the carrying value of the asset group was recoverable. However, the remaining useful lives of certain assets within the Renewables Segment were adjusted as a result of changes in their expected utilization beginning in September 2025. Approximately $ 93 million of the impacted property, plant and equipment’s carrying value was fully depreciated before the reversion of the Wynnewood Refinery RDU back to hydrocarbon processing commenced. • The Company performed a detailed assessment of the recoverability of remaining assets of the Renewables Segment, including capital projects. As a result, the Company recognized asset write-down charges of approximately $ 5 million in Other operating expenses, net. All other assets and projects under construction were determined to remain realizable for current or future operations. During the years ended December 31, 2025, 2024, and 2023, the Company had not identified the existence of an impairment indicator for our long-lived asset groups as outlined under the FASB ASC Topic 360, Property, Plant, and Equipment . Other Long-Term Assets As of December 31, 2025 and 2024, Other long-term assets included turnaround assets, net of accumulated amortization of $ 242 million and $ 124 million, respectively, and amortization expense related to turnaround assets was $ 72 million, $ 54 million and $ 72 million for the years ended December 31, 2025, 2024, and 2023, respectively. (5) Equity Method Investments We have variable interest in certain entities for which we have applied the VIE model under FASB ASC Topic 810, Consolidation and determined that these entities are variable interest entities. While we concluded we are not the primary beneficiary of these entities, we do have significant influence over their operating and financial policies and, therefore, applied December 31, 2025 | 91 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS the equity method of accounting for the respective investments. These investments are presented within Other long-term assets on our Consolidated Balance Sheets: • CVR-CapturePoint Parent LLC (“CVRP JV”) - As part of a series of agreements entered into by our subsidiaries with unaffiliated parties with the objective to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (“45Q Transaction”), we received a 50 % interest in CVRP JV in connection with a modification to a carbon oxide contract (“CO Contract”) with a customer. The Company has elected to record its share of the earnings or loss of CVRP JV one quarter in arrears. • Enable South Central Pipeline, LLC (“Enable JV”) - Through our subsidiaries, we own a 40 % interest in Enable JV, which operates a 12 -inch 26 -mile crude oil pipeline with a capacity of approximately 80,000 barrels per day that is connected to the Wynnewood Refinery. The remaining interest in Enable JV is owned by Energy Transfer LP. The Company has elected to record its share of the earnings or loss of Enable JV one month in arrears. • Midway Pipeline, LLC (“Midway JV”) - On December 23, 2024, the Company sold its interest in Midway JV to Plains Pipeline, L.P. (“Plains”) in exchange for cash consideration of approximately $ 90 million, resulting in a gain of $ 24 million included within Other income, net for the year ended December 31, 2024. (in millions) CVRP JV Enable JV Midway JV Total Balance at December 31, 2023 $ 25 $ 5 $ 70 $ 100 Cash distributions ( 6 ) ( 4 ) ( 13 ) ( 23 ) Equity income — 4 9 13 Midway JV disposition — — ( 66 ) ( 66 ) Balance at December 31, 2024 19 5 — 24 Cash distributions ( 7 ) ( 4 ) — ( 11 ) Equity income — 4 — 4 Balance at December 31, 2025 $ 12 $ 5 $ — $ 17 (6) Leases Lease Overview We lease certain pipelines, storage tanks, railcars, office space, land, and equipment across our refining, fertilizer, and corporate operations. Most of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Certain leases also include options to purchase the leased asset. Certain of our lease agreements include rental payments, which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. December 31, 2025 | 92 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Balance Sheet Summary as of December 31, 2025 and 2024 The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at December 31, 2025 and 2024: December 31, 2025 December 31, 2024 (in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets, net Equipment, real estate and other $ 28 $ 37 $ 33 $ 36 Pipeline and storage 26 22 25 14 Railcars 15 — 17 — Lease liability Equipment, real estate and other $ 25 $ 35 $ 30 $ 33 Pipelines and storage 25 31 25 25 Railcars 14 — 16 — Lease Expense Summary for the Year Ended December 31, 2025, 2024 and 2023 For the years ended December 31, 2025, 2024, and 2023, we recognized lease expense comprised of the following components: Year Ended December 31, (in millions) 2025 2024 2023 Operating lease expense $ 21 $ 19 $ 18 Finance lease expense: Amortization of ROU asset 7 5 6 Interest expense on lease liability 6 4 4 Short-term lease expense 13 12 11 Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities at December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 5.1 years 7.0 years 5.4 years 8.3 years Weighted-average discount rate 8.1 % 10.0 % 7.9 % 10.2 % December 31, 2025 | 93 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2025: (in millions) Operating Leases Finance Leases Year Ended December 31, 2026 $ 20 $ 16 2027 17 16 2028 12 13 2029 9 10 2030 8 16 Thereafter 13 26 Total lease payments 79 97 Less: Imputed interest ( 15 ) ( 31 ) Total lease liability $ 64 $ 66 (7) Other Current Liabilities Other current liabilities consisted of the following: December 31, (in millions) 2025 2024 Accrued RFS obligation $ 72 $ 323 Personnel accruals 58 54 Accrued taxes other than income taxes 50 45 Accrued interest 31 34 Deferred revenue 23 51 Operating lease liabilities 16 16 Share-based compensation 15 8 Current portion of long-term debt and finance lease obligations 14 12 Other accrued expenses and liabilities 12 17 Total other current liabilities $ 291 $ 560 December 31, 2025 | 94 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (8) Long-Term Debt and Finance Lease Obligations Long-term debt and finance lease obligations consisted of the following: December 31, (in millions) 2025 2024 CVR Energy: 8.500 % Senior Notes, due January 2029 $ 600 $ 600 5.750 % Senior Notes, due February 2028 400 400 Finance lease obligations, net of current portion 2 — Unamortized debt issuance costs ( 3 ) ( 4 ) Total CVR Energy debt and finance lease obligations, net of current portion 999 996 Petroleum Segment: Term Loan 154 322 Finance lease obligations, net of current portion 32 29 Unamortized debt discount and debt issuance costs ( 3 ) ( 8 ) Total Petroleum Segment debt and finance lease obligations, net of current portion 183 343 Nitrogen Fertilizer Segment: 6.125 % Senior Secured Notes, due June 2028 550 550 Finance lease obligations, net of current portion 21 20 Unamortized debt issuance costs ( 2 ) ( 2 ) Total Nitrogen Fertilizer Segment debt and finance lease obligations, net of current portion 569 568 Total long-term debt and finance lease obligations, net of current portion 1,751 1,907 Current portion of long-term debt and finance lease obligations 14 12 Total long-term debt and finance lease obligations, including current portion $ 1,765 $ 1,919 Credit Agreements (in millions) Total Available Borrowing Capacity Amount Borrowed as of December 31, 2025 Outstanding Letters of Credit Available Capacity as of December 31, 2025 Maturity Date Petroleum Segment: CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) (1) $ 258 $ — $ 10 $ 248 June 30, 2027 Nitrogen Fertilizer Segment: CVR Partners’ Credit Agreement (“CVR Partners ABL”) $ 48 $ — $ — $ 48 September 26, 2028 CVR Energy 2031 Notes and 2034 Notes - On February 12, 2026, CVR Energy completed the issuance of $ 1 billion aggregate principal amount of notes, consisting of $ 600 million of 7.500 % Senior Notes due February 2031 (the “2031 Notes”) and $ 400 million of 7.875 % Senior Notes due February 2034 (the “2034 Notes” and, together with the 2031 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2026. The 2031 Notes will mature on February 15, 2031, unless earlier redeemed or purchased. The 2034 Notes will mature on February 15, 2034, unless earlier redeemed or purchased. The Notes are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by all of the Company’s existing domestic subsidiaries (other than Wynnewood Insurance December 31, 2025 | 95 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Corporation, CVR Aviation, LLC, CVR GP, LLC, CVR Partners, LP, UAN Services, LLC and each of their respective subsidiaries and CHC GP, LLC, RHC GP, LLC and FHC GP, LLC) (the “Domestic Subsidiaries”). In connection with the issuance of the Notes, the Company received $ 993 million of net cash proceeds, net of underwriting fees and other third-party fees and expenses associated with the offering. The debt issuance costs of the Notes totaled approximately $ 13 million and are being amortized over the terms of the respective notes as interest expense using the effective-interest amortization method. On or after February 15, 2028 and February 15, 2029, we may on any one or more occasions, redeem all or part of the 2031 Notes and 2034 Notes, respectively, at the redemption prices set forth below expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. 2031 Notes 2034 Notes 12-month period beginning February 15, Percentage 12-month period beginning February 15, Percentage 2028 103.750 % 2029 103.938 % 2029 101.875 % 2030 101.969 % 2030 and thereafter 100.000 % 2031 and thereafter 100.000 % The indenture governing the Notes contains restrictive covenants limiting the ability of the Company and its restricted subsidiaries (as defined in the indenture) to, among other things: (i) incur additional indebtedness or issue certain disqualified equity; (ii) create liens on certain assets; (iii) pay dividends or make other equity distributions; (iv) purchase or redeem capital stock; (v) make certain investments; (vi) sell certain assets; (vii) agree to certain restrictions on the ability of restricted subsidiaries to make distributions, loans, or other asset transfers to the Company; (viii) consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets; or (ix) engage in transactions with affiliates. In addition, the indenture contains customary events of default. 2029 Notes - On December 21, 2023, CVR Energy completed the issuance of $ 600 million in aggregate principal amount of 8.500 % Senior Notes, due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 each year, commencing on February 15, 2024. The 2029 Notes mature on January 15, 2029, unless earlier redeemed or purchased. The 2029 Notes are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by all of the Company’s Domestic Subsidiaries. On or after January 15, 2026, we may on any one or more occasions, redeem all or part of the 2029 Notes at the redemption price set forth below expressed as a percentage of the principal amount of the respective note, plus accrued and unpaid interest to the applicable redemption date. 12-month period beginning January 15, Percentage 2026 104.250 % 2027 102.125 % 2028 100.000 % The indenture governing the 2029 Notes contains restrictive covenants limiting the Company’s ability and the ability of the Company’s restricted subsidiaries (as defined in the indenture) to: (i) incur additional indebtedness or issue certain shares of capital stock; (ii) grant or permit to exist liens on certain assets to secure debt; (iii) pay dividends or make other equity distributions; (iv) purchase or redeem capital stock; (v) make certain investments; (vi) sell assets; (vii) agree to certain restrictions on the ability of restricted subsidiaries to make distributions, loans or other asset transfers to the Company; (viii) consolidate, merge, sell or otherwise dispose of all or substantially all assets; or (ix) engage in transactions with affiliates. The indenture also contains customary events of default. On February 13, 2026, CVR Energy redeemed all of the outstanding 2029 Notes, at a redemption price equal to 104.250 % of the principal amount, and settled accrued and unpaid interest of approximately $ 25 million through the date of redemption. As a result of this transaction, the Company will recognize a $ 28 million loss on extinguishment of debt in the first quarter of 2026, which consists of the call premium and write-off of unamortized deferred financing costs. December 31, 2025 | 96 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2028 Notes - On January 27, 2020, CVR Energy completed a private offering of $ 400 million aggregate principal amount of 5.750 % Senior Unsecured Notes due 2028 (the “2028 Notes”). Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 each year, commencing on August 15, 2020. The 2028 Notes mature on February 15, 2028, unless earlier redeemed or repurchased by the issuers. The Notes are jointly and severally guaranteed on a senior unsecured basis by the wholly owned subsidiaries of CVR Energy with the exception of CVR Partners and its subsidiaries and certain immaterial wholly owned subsidiaries of CVR Energy. We may on any one or more occasions, redeem all or part of the 2028 Notes at the redemption prices set forth below expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. 12-month period beginning February 15, Percentage 2025 100.958 % 2026 and thereafter 100.000 % The indenture governing the 2028 Notes imposes covenants that will, among other things, limit our ability and the ability of our restricted subsidiaries to: (i) incur additional indebtedness or issue certain disqualified equity; (ii) create liens on certain assets to secure debt; (iii) pay dividends or make other equity distributions; (iv) purchase or redeem capital stock; (v) make certain investments; (vi) sell assets; (vii) agree to certain restrictions on the ability of restricted subsidiaries to make distributions, loans, or other asset transfers to us; (viii) consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets; (ix) engage in transactions with affiliates; and (x) designate our restricted subsidiaries as unrestricted subsidiaries. In addition, the indenture contains customary events of default, the occurrence of which would result in or permit the trustee or the holders of at least 25 % of the 2028 Notes to cause, amongst other available remedies, the acceleration of the respective notes. On February 17, 2026, CVR Energy redeemed $ 217 million of the outstanding 2028 Notes, at par, and settled accrued and unpaid interest of less than $ 1 million through the date of redemption. As a result of this transaction, the Company will recognize a less than $ 1 million loss on extinguishment of debt in the first quarter of 2026, which consists of the write-off of unamortized deferred financing costs. Petroleum Segment Term Loan - On December 19, 2024, certain of the Company’s subsidiaries (together, the “Term Loan Borrowers”) entered into a senior secured term loan facility in the amount of $ 325 million (the “Term Loan”), which was borrowed in full on the closing date, with net proceeds of $ 318 million after deducting the original issue discount, deferred financing costs, commitment and other fees. At the option of the Term Loan Borrowers, loans under the Term Loan bear interest at a variable rate based on SOFR plus 4.00 % per annum, or an alternate base rate, plus 3.00 %. The Term Loan Borrowers are required to make scheduled quarterly principal amortization payments in an amount equal to 0.25 % of the aggregate principal amount of the initial term loans, with a balance of the principal due on the scheduled maturity date of December 30, 2027. The Term Loan contains customary prepayment requirements, covenants and events of default. The obligations under the Term Loan are guaranteed by the Term Loan Borrowers’ direct and indirect, existing and future, wholly owned domestic subsidiaries. The obligations under the Term Loan and the related guarantees are secured by a second priority lien on the collateral under the CVR Energy ABL (defined below), and a first priority lien over substantially all of the Term Loan Borrowers’ and each guarantor’s other assets, including all of the equity interests of any subsidiary held by the Term Loan Borrowers or any guarantor and certain real property owned by the Term Loan Borrowers and the guarantors in each case subject to certain customary exceptions. On June 30, 2025, the Term Loan Borrowers prepaid $ 70 million in principal, in addition to required principal and interest payments as set forth in the Term Loan. On July 25, 2025 and December 31, 2025, the Term Loan Borrowers prepaid an additional $ 20 million and $ 75 million, respectively, in principal of the Term Loan, plus any accrued and unpaid interest to the respective repayment dates. As a result of these transactions, the Company recognized in Interest expense, net a loss on extinguishment of debt of approximately $ 3 million for the year ended December 31, 2025 related to the write-off of unamortized discount and deferred financing costs. December 31, 2025 | 97 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS On February 12, 2026, the Term Loan Borrowers repaid the aggregate principal balance of the Term Loan and settled accrued interest of approximately $ 1 million through the date of repayment. As a result of this transaction, the Company will recognize a $ 3 million loss on extinguishment of debt in the first quarter of 2026, which consists of the write-off of unamortized discount and deferred financing costs. CVR Energy ABL - Certain subsidiaries of the Company (the “Credit Parties”) are parties to that certain Amended and Restated ABL Credit Agreement, dated December 20, 2012, as heretofore amended (as amended, the “CVR Energy ABL”) with a group of lenders and Wells Fargo Bank, National Association, as administrative agent and collateral agent (the “Agent”). The CVR Energy ABL is a senior secured asset based revolving credit facility in an aggregate principal amount of up to $ 275 million with a $ 125 million incremental facility, which is subject to additional lender commitments and certain other conditions. The CVR Energy ABL provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of $ 30 million for swingline loans and $ 60 million (or $ 100 million if increased by the Agent) for letters of credit. The proceeds of the loans may be used for capital expenditures, working capital and general corporate purposes of the Credit Parties and their subsidiaries. The CVR Energy ABL is scheduled to mature on June 30, 2027. Loans under the CVR Energy ABL bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.50 % plus the Term SOFR or (b) 0.50 % plus a base rate, if the Credit Parties’ quarterly excess availability is greater than 50%, and (ii) (a) 1.75 % plus the Term SOFR or (b) 0.75 % plus a base rate, otherwise. All borrowings under the CVR Energy ABL are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. The Credit Parties must also pay a commitment fee on the unutilized commitments and pay customary letter of credit fees. The CVR Energy ABL contains customary covenants for a financing of this type and requires the Credit Parties in certain circumstances to comply with a minimum fixed charge coverage ratio test, and contains other customary restrictive covenants that limit the Credit Parties’ ability and the ability of their subsidiaries to, among other things, incur liens, engage in a consolidation, merger and purchase or sale of assets, pay dividends, incur indebtedness, make advances, investment and loans, enter into affiliate transactions, issue equity interests, or create subsidiaries and unrestricted subsidiaries. On September 26, 2023, the Credit Parties entered into Amendment No. 4 to the Amended and Restated ABL Credit Agreement, dated December 20, 2012, with Wells Fargo, as administrative agent and collateral agent, to make certain administrative updates thereto. On September 25, 2024, certain subsidiaries of the Company entered into an Incremental Commitment Agreement, as permitted under the CVR Energy ABL, for an amount of $ 70 million, which increased the total aggregate principal amount available under the CVR Energy ABL from $ 275 million to $ 345 million. On February 12, 2026, the Credit Parties entered into Amendment No. 5 to the Amended and Restated ABL Credit Agreement, dated December 20, 2012, with a group of lenders and the Agent, to, among other things, (i) increase the commitments under the facility from $ 345 million to $ 550 million, which commitments may be further increased up to $ 700 million in accordance with the Amended and Restated ABL Credit Agreement, (ii) extend the maturity date of the facility from June 30, 2027 to February 12, 2031, and (iii) make certain amendments to the borrowing base calculation and negative covenants. The foregoing description does not purport to be complete and is qualified in its entirety by its terms, which is furnished as an exhibit to this Report. Nitrogen Fertilizer Segment 2028 UAN Notes - On June 23, 2021, CVR Partners and CVR Nitrogen Finance Corporation (“Finance Co.” and collectively, the “Issuers”), completed a private offering of $ 550 million aggregate principal amount of 6.125 % Senior Secured Notes due 2028 (the “2028 UAN Notes”). Interest on the 2028 UAN Notes is payable semi-annually in arrears on June 15 and December 15 each year, commencing on December 15, 2021. The 2028 UAN Notes mature on June 15, 2028, unless earlier redeemed or repurchased by the Issuers. The 2028 UAN Notes are jointly and severally guaranteed on a senior secured basis by all the existing domestic subsidiaries of CVR Partners, excluding Finance Co. The Issuers may, at their option, at any time and from time to time prior to June 15, 2024, on any one or more occasions, redeem all or part of the 2028 UAN Notes, at a price equal to 100 % of the principal amount plus a “make whole” premium, plus accrued and unpaid interest. On or after June 15, 2024, the Issuers may, on any one or more occasions, redeem all or part of the 2028 UAN Notes at the redemption prices set forth below, expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. December 31, 2025 | 98 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 12-month period beginning June 15, Percentage 2025 101.531 % 2026 and thereafter 100.000 % The 2028 UAN Notes contain customary covenants for a financing of this type that, among other things, restricts CVR Partners’ ability and the ability of certain of its subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase CVR Partners’ units or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue disqualified stock; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from CVR Partners’ restricted subsidiaries to CVR Partners; (vii) consolidate, merge or transfer all or substantially all of CVR Partners’ assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. The 2028 UAN Notes contains a permitted investment activity carveout that allows for the transfer of certain carbon capture assets to a joint venture for the purpose of monetizing potential tax credits. In addition, the indenture contains customary events of default, the occurrence of which would result in or permit the trustee or the holders of at least 25 % of the 2028 UAN Notes to cause the acceleration of the 2028 UAN Notes, in addition to the pursuit of other available remedies. CVR Partners ABL - On September 26, 2023, CVR Partners and certain of its subsidiaries entered into Amendment No. 1 to the Credit Agreement (the “CVR Partners ABL Amendment”) with Wells Fargo Bank, National Association, a national banking association (“Wells Fargo”), as administrative agent, collateral agent and a lender. The CVR Partners ABL Amendment amended that certain Credit Agreement, dated as of September 30, 2021 (as amended, the “CVR Partners ABL”), by and among the credit parties thereto and Wells Fargo, as administrative agent, collateral agent and a lender, to, among other things, (i) increase the aggregate principal amount available under the credit facility by an additional $ 15 million to a total of $ 50 million in the aggregate, with an incremental facility of an additional $ 15 million in the aggregate subject to additional lender commitments and certain other conditions, and (ii) extend the maturity date by an additional four years to September 26, 2028. The CVR Partners ABL provides for loans and letters of credit, subject to meeting certain borrowing base conditions, with sub-limits of $ 4 million for swingline loans and $ 10 million for letters of credit. The proceeds of the loans may be used for general corporate purposes of CVR Partners and its subsidiaries. The foregoing description of the CVR Partners ABL Amendment does not purport to be complete and is qualified in its entirety by its terms, which is furnished as an exhibit to this Report. Loans under the CVR Partners ABL bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.615 % plus the daily simple Secured Overnight Financing Rate (“SOFR”) or (b) 0.615 % plus a base rate, if our quarterly excess availability is greater than or equal to 75%, (ii) (a) 1.865 % plus SOFR or (b) 0.865 % plus a base rate, if our quarterly excess availability is greater than or equal to 50% but less than 75%, or (iii) (a) 2.115 % plus SOFR or (b) 1.115 % plus a base rate, otherwise. The borrowers must also pay a commitment fee on the unutilized commitments and also pay customary letter of credit fees. The CVR Partners ABL contains customary covenants for a financing of this type and requires CVR Partners in certain circumstances to comply with a minimum fixed charge coverage ratio test and contains other restrictive covenants that limit the ability of CVR Partners and its subsidiaries ability to, among other things, incur liens, engage in a consolidation, merger, purchase or sale of assets, pay dividends, incur indebtedness, make advances, investments and loans, enter into affiliate transactions, issue certain equity interests, create subsidiaries and unrestricted subsidiaries, and create certain restrictions on the ability to make distributions, loans, and asset transfers among CVR Partners or its subsidiaries. Covenant Compliance The Company and its subsidiaries, as applicable, were in compliance with all covenants of their debt instruments as of December 31, 2025. December 31, 2025 | 99 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (9) Revenue The following tables provides a disaggregation of revenues from external customers for our principal products by reportable segment. Year Ended December 31, (in millions) 2025 2024 2023 Petroleum Segment: Gasoline $ 3,078 $ 3,596 $ 4,288 Distillates (1) 2,760 2,934 3,746 Other revenue 578 379 233 Total Petroleum Segment revenue 6,416 6,909 8,267 Renewables Segment: Renewable diesel 119 103 194 Renewable fuel credits 22 74 105 Total Renewables Segment revenue 141 177 299 Nitrogen Fertilizer Segment: Ammonia 143 130 161 UAN 374 312 431 Urea products 37 30 29 Other revenue (2) 51 52 60 Total Nitrogen Fertilizer Segment revenue 605 524 681 Total revenue $ 7,162 $ 7,610 $ 9,247 (1) Distillates consist primarily of diesel fuel, kerosene, and jet fuel. (2) Includes sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery. Remaining Performance Obligations We have spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). We do not disclose remaining performance obligations for contracts that have terms of one year or less and for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of December 31, 2025, the Nitrogen Fertilizer Segment had approximately $ 4 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $ 3 million of these performance obligations as revenue by the end of 2026 and the remainder in 2027. Contract Balances A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity is presented below (in millions) : Contract Balance Type Balance Sheet Location December 31, 2025 December 31, 2024 December 31, 2023 Accounts receivable Accounts receivable, net $ 233 $ 273 $ 265 Deferred revenue Other current liabilities 23 51 16 Long-term deferred revenue Other long-term liabilities 21 27 33 During the years ended December 31, 2025 and 2024, the Company recognized revenue of $ 50 million and $ 16 million, respectively, that was included in the deferred revenue balances of $ 78 million and $ 49 million as of December 31, 2024 and December 31, 2023, respectively. December 31, 2025 | 100 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Major Customers Petroleum Segment - The Petroleum Segment had one customer that accounted for 10% or more of the petroleum net sales at approximately 12 % and 13 % for the years ended December 31, 2025 and 2024, respectively, and two customers that accounted for 10% or more of the petroleum net sales at approximately 15 % and 12 % for the year ended December 31, 2023. Renewables Segment - The Renewables Segment had two customers that each account for approximately 50 % of the renewable net sales for the years ended December 31, 2025, 2024, and 2023. Nitrogen Fertilizer Segment - The Nitrogen Fertilizer Segment had two customers that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 15 % and 13 % for the year ended December 31, 2025 and 13 % and 12 % for the year ended December 31, 2023. The Nitrogen Fertilizer Segment had one customer that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 14 % for the year ended December 31, 2024. (10) Derivative Financial Instruments Derivative Financial Instruments Our segments are subject to fluctuations of commodity prices caused by supply and economic conditions, weather, interest rates, and other factors. To manage the impact of price fluctuations of crude oil and other commodities in our results of operations and certain inventories, and to fix margins on future sales and purchases, the Petroleum Segment uses various commodity derivative instruments, such as futures and swaps. The Company has not designated any of its derivative contracts as hedge accounting and records changes in fair value and cash settlements in the Consolidated Statements of Operations. The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of December 31, 2025 and 2024: December 31, (in thousands of barrels) Commodity 2025 2024 Forwards Crude 736 ( 11 ) Swaps NYMEX Diesel Cracks (1) ( 3,120 ) ( 63 ) Futures Crude ( 75 ) — Futures ULSD — ( 80 ) Futures Soybean — 79 (1) As of December 31, 2025 and 2024, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 1.0 million and 2.5 million barrels, respectively. The following outlines the balances of our commodity derivative instruments after the effects of contract netting and allocation of collateral and their classifications on our Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral): December 31, 2025 2024 (in millions) Assets Liabilities Assets Liabilities Other current assets $ 7 $ — $ 4 $ — The following table represents CVR Energy’s incurred realized and unrealized net gains from derivative activities, recorded in Cost of materials and other on the Consolidated Statements of Operations: Year Ended December 31, (in millions) 2025 2024 2023 Commodity derivative instruments $ 22 $ 13 $ 5 December 31, 2025 | 101 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CVR Energy has certain derivative instruments that contain credit risk-related contingent provisions associated with our credit ratings. If our credit rating were to be downgraded, it would allow the counterparty to require us to post collateral or to request immediate, full settlement of derivative instruments in liability positions. There were no derivative liabilities with credit risk-related contingent provisions as of December 31, 2025 and 2024 and no collateral has been posted. (11) Fair Value Measurements In accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (“Topic 820”), certain assets and liabilities of the Company are measured at fair value on a recurring and nonrecurring basis at December 31, 2025 and 2024. Topic 820 utilizes a fair value hierarchy considering the inputs and valuation techniques used to measure fair value into the following three broad levels: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included within Level 1 for the asset or liability either directly or indirectly, which include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. • Level 3 — Unobservable inputs that are significant to the fair value of the asset or liability, which include valuation techniques that involve significant unobservable inputs and Company’s own assumptions of market inputs/valuation. Assets and liabilities measured at fair value on a recurring basis The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of December 31, 2025 and 2024. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral. December 31, 2025 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value (in millions) Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ — $ 10 $ — $ 10 $ ( 3 ) $ — $ 7 Liabilities Commodity derivative instruments — 3 — 3 ( 3 ) — — RFS — 72 — 72 — — 72 December 31, 2024 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ — $ 17 $ — $ 17 $ ( 13 ) $ — $ 4 Liabilities Commodity derivative instruments — 13 — 13 ( 13 ) — — RFS — 323 — 323 — — 323 (1) At December 31, 2025 and 2024, the Company had $ 5 million and $ 3 million of collateral under master netting arrangements not offset against the derivatives within Prepaid expenses and other current assets on the Consolidated Balance Sheets, respectively, primarily related to initial margin requirements. The Company’s commodity derivative contracts consist of exchange traded futures, commodity price swaps, and sale and purchase forwards that are measured at fair value using a market approach based on available broker quoted market prices of identical or similar instruments. Similarly, RFS obligations are measured at fair value using a market approach based on available broker quoted market RIN prices for each specific or closest vintage year. December 31, 2025 | 102 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Company had no transfers of assets or liabilities between any of the above levels during the years ended December 31, 2025 and 2024. Assets and liabilities measured at fair value on a nonrecurring basis CVR Partners performed a nonrecurring fair value measurement of the equity interest received as part of the 45Q Transaction in the first quarter of 2023. Such valuation used a combination of the market approach and the discounted cash flow methodology with key inputs including the discount rate, contractual and expected future cash flows, and market multiples. CVR Partners determined the estimated fair value of the consideration received to be $ 46 million, which is a nonrecurring Level 3 measurement, as defined by Topic 820, based on the use of CVR Partners’ own assumptions described above. There are no other assets or liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2025 and 2024. Assets and liabilities not required to be measured at fair value CVR Energy holds cash equivalents which consist primarily of bank time deposits with maturities of 90 days or less. Cash and cash equivalents had carrying and fair values of $ 511 million and $ 987 million at December 31, 2025 and 2024, respectively, and are classified as Level 1 in the fair value hierarchy. Long-term debt of $ 1.7 billion and $ 1.9 billion at December 31, 2025 and 2024, respectively, had estimated fair values of $ 1.6 billion and $ 1.5 billion, respectively, and are classified as Level 2 in the fair value hierarchy. Other short-term financial assets and liabilities, which consist of reserved funds, restricted cash, accounts receivable, accounts payable, and operating and finance lease obligations, are carried at cost on the Consolidated Balance Sheets and approximate their estimated fair values. (12) Share-Based Compensation Overview CVR Energy has a Long-Term Incentive Plan (the “CVR Energy LTIP”) that permits the granting of restricted stock, restricted stock units, options, stock appreciation rights, dividend equivalent rights, performance awards, and share awards to the employees, officers, and directors of the Company and its subsidiaries. The Company had 7.5 million shares available for future grants under the CVR Energy LTIP at December 31, 2025. CVR Partners has a Long-Term Incentive Plan (“CVR Partners LTIP” and collectively with the CVR Energy LTIP, the “LTIPs”) which permits the granting of options, unit appreciation rights, distribution equivalent rights; restricted and phantom units, and other unit-based awards to the employees, officers, consultants and directors of CVR Partners and its subsidiaries. CVR Partners had 0.5 million units available for future grants under the CVR Partners LTIP at December 31, 2025. Incentive and Phantom Unit Awards The Company and CVR Partners have issued long-term incentive unit awards under the LTIPs, which represent the right to receive, upon vesting, at the election of the Compensation Committee of the Board or UAN GP Board, as applicable, (i) one share or unit of CVR Energy common stock or CVR Partners common units, as applicable, together with the per share or unit value of all dividends or distributions declared and paid on CVR Energy common stock or CVR Partners common units, as applicable, from the grant date through the vesting date, or (ii) a cash payment equal to the average fair market value of one share or unit of CVR Energy common stock or CVR Partners common units, as applicable, calculated in accordance with the award agreement, plus the per share or unit value of all dividends or distribution declared and paid on CVR Energy common stock or CVR Partners common units, as applicable, from the grant date through the vesting date, both subject to the terms of the applicable award agreement (“LTIP Awards”). The Company and CVR Partners have also issued long-term, cash incentive or phantom unit awards in connection with (but not under) the CVR Energy LTIP and CVR Partners LTIP, as applicable (collectively, the “Cash Share-Based Awards” and together with the LTIP Awards, “Share-Based Awards”). These Cash Share-Based Awards represent the right to receive, upon vesting, a cash payment equal to (i) the average fair market value of one share of CVR Energy common stock or CVR Partners December 31, 2025 | 103 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS common units, as applicable, calculated in accordance with the award agreement, plus (ii) the per share value of all dividends or distributions declared and paid on CVR Energy common stock or CVR Partners common units, as applicable, from the grant date through the vesting date, subject to the terms of the applicable award agreement. The Share-Based Awards are generally graded-vesting awards, which vest over three years with one-third of the award vesting each year provided the grantee remains employed by the Company or its subsidiaries on the applicable vesting date. Compensation expense is recognized ratably, based on service provided to the Company and its subsidiaries, with the amount recognized fluctuating as a result of the Share-Based Awards being remeasured to fair value at the end of each reporting period due to their liability-award classification. As of December 31, 2025, all outstanding Share-Based Awards were liability-classified under ASC 718 and, therefore, do not represent potentially dilutive securities. A summary of activity for the Company’s Share-Based Awards for the year ended December 31, 2025 is presented below: Shares or Units (1) Weighted-Average Grant-Date Fair Value (per share or unit) Aggregate Intrinsic Value (in millions) Non-vested at December 31, 2024 1,947,270 $ 26.25 $ 43 Granted (2) 750,602 35.71 Vested (3) ( 803,412 ) 28.01 Forfeited (3) ( 235,767 ) 25.99 Non-vested at December 31, 2025 1,658,693 $ 29.73 $ 50 (1) Includes all units outstanding under Share-Based Awards. (2) All units granted were issued under the LTIPs. (3) Includes 382,952 units vested and 178,068 units forfeited under the CVR Energy LTIP with a weighted-average grant-date fair value of $ 19.88 and $ 23.39 , respectively. The remainder of the outstanding and unvested units, as well as the vested and forfeited units, were issued as Cash Share-Based Awards in connection with (and not under) the CVR Energy LTIP and CVR Partners LTIP. Performance Unit Awards A performance award agreement effective November 1, 2017, as amended (the “CEO Performance Award”), represented our former Chief Executive Officer’s right to receive upon vesting, a cash payment equal to $ 10 million if the average closing price of CVR Energy’s common stock over the 30 -day trading period from January 6, 2025 through February 20, 2025 was equal to or greater than $ 60 per share (subject to any equitable adjustments required to account for splits, dividends, combinations, acquisitions, dispositions, recapitalizations, and the like). The Performance Cycle (as such term is defined in the CEO Performance Award) ended on December 31, 2024, and the measurement period thereunder expired on February 20, 2025. The condition under the CEO Performance Award was not achieved, and no amounts were paid thereunder. No compensation costs related to the CEO Performance Award were recognized for the years ended December 31, 2025, 2024, and 2023. Compensation Expense A summary of total share-based compensation expense and unrecognized compensation expense related to the Share-Based Awards during the years ended December 31, 2025, 2024, and 2023 is presented below: Expenses Unrecognized Expense For the year ended December 31, At December 31, 2025 (in millions) 2025 2024 2023 Amount Weighted-Average Remaining Years Incentive Units (1) $ 35 $ 10 $ 28 $ 32 1.8 CVR Partners - Phantom Units (2) 7 5 6 8 1.7 Total share-based compensation expense $ 42 $ 15 $ 34 $ 40 (1) Includes expense associated with incentive units granted as Cash Share-Based Awards and CVR Energy LTIP awards by CVR Energy. (2) Comprised of expense associated with the phantom units granted as Cash Share-Based Awards and CVR Partners LTIP awards by CVR Partners. December 31, 2025 | 104 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The total tax benefit recognized during the years ended December 31, 2025, 2024, and 2023 related to compensation expense was $ 10 million, $ 4 million, and $ 9 million, respectively. As of December 31, 2025 and 2024, the Company had a liability of $ 19 million and $ 10 million, respectively, for non-vested Share-Based Awards and associated dividend and distribution equivalent rights. For the years ended December 31, 2025, 2024, and 2023, the Company paid cash of $ 32 million, $ 21 million, and $ 54 million, respectively, to settle liability-classified awards upon vesting. Other Benefit Plans The Company sponsors and administers two defined-contribution 401(k) plans, the CVR Energy 401(k) Plan and the CVR Energy 401(k) Plan for Represented Employees (collectively, the “Plans”), in which the Company’s employees may participate. Participants in the Plans may elect to contribute a designated percentage of their eligible compensation in accordance with the Plans, subject to statutory limits. The Company provides a matching contribution of 100 % of the first 6 % of eligible compensation contributed by participants. Participants in the Plans are immediately vested in their individual contributions. The Plans provide for a three-year vesting schedule for the Company’s matching contributions and contain a provision to count service with predecessor organizations. The Company had contributions under the Plans of $ 13 million, $ 13 million, and $ 12 million for the years ended December 31, 2025, 2024, and 2023, respectively. (13) Income Taxes On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was enacted, introducing significant amendments to federal tax law and permanently extending several provisions of the 2017 Tax Cuts and Jobs Act (“TCJA”). The Company expects to benefit from the permanent extension of certain TCJA provisions, including 100% bonus depreciation and modifications to the business interest limitation. The Company does not anticipate any material impacts to its income tax balances as a result of the OBBB, but will continue to monitor legislative developments and evaluate any potential future impacts of the new law on its consolidated financial statements. As of December 31, 2025 and 2024, the Company had receivables of $ 2 million and $ 11 million, respectively, from the Internal Revenue Service (“IRS”) and certain state jurisdictions, which are presented within Other current assets in the Consolidated Balance Sheets. Income Tax (Benefit) Expense Income tax (benefit) expense is comprised of the following: Year Ended December 31, (in millions) 2025 2024 2023 Current: Federal $ ( 1 ) $ 23 $ 118 State ( 1 ) — 9 Total current ( 2 ) 23 127 Deferred: Federal 12 ( 33 ) 73 State ( 20 ) ( 16 ) 7 Total deferred ( 8 ) ( 49 ) 80 Total income tax (benefit) expense $ ( 10 ) $ ( 26 ) $ 207 December 31, 2025 | 105 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following is a reconciliation of total income tax (benefit) expense to income tax (benefit) expense computed by applying the statutory federal income tax rate to pretax income: Year Ended December 31, (in millions, except percentages) 2025 2024 2023 U.S. Federal Statutory Tax Rate $ 17 21.0 % $ 4 21.0 % $ 228 21.0 % State Income Taxes, Net of Federal Income Tax Effect (1) State income taxes, net of federal income tax effect ( 8 ) ( 10.0 ) ( 4 ) ( 21.1 ) 33 3.0 State tax incentives, net of federal income tax effect ( 9 ) ( 11.0 ) ( 9 ) ( 47.5 ) ( 11 ) ( 1.0 ) Tax Credits Renewable fuel incentives — — ( 10 ) ( 52.7 ) ( 15 ) ( 1.4 ) Nontaxable or Nondeductible Items Noncontrolling interest ( 13 ) ( 16.3 ) ( 8 ) ( 42.2 ) ( 23 ) ( 2.1 ) Executive compensation 3 3.8 1 5.3 4 0.4 Other — — — — 1 0.1 Changes in Unrecognized Tax Benefits — — — — ( 10 ) ( 0.9 ) Effective Tax Rate $ ( 10 ) ( 12.5 ) % $ ( 26 ) ( 137.2 ) % $ 207 19.1 % (1) State taxes in Kansas and Oklahoma represented the majority (greater than 50 percent) of the tax effect in this category. Income Taxes Paid (Net of Refunds Received) Income taxes paid (net of refunds received) is comprised of the following: Year Ended December 31, (in millions) 2025 2024 2023 Federal $ ( 7 ) $ 51 $ 78 State Arkansas ( 1 ) — — Kansas ( 3 ) 7 8 Other — 2 7 Total state ( 4 ) 9 15 Total income taxes paid (refunded) $ ( 11 ) $ 60 $ 93 December 31, 2025 | 106 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Deferred Tax Assets and Liabilities The income tax effect of temporary differences that give rise to the Deferred income tax assets and Deferred income tax liabilities at December 31, 2025 and 2024 are as follows: December 31, (in millions) 2025 2024 Deferred income tax assets: Personnel accruals $ 11 $ 10 Right of use lease liability 13 14 Contingent liabilities 15 56 State tax credit carryforward, net 26 17 Net operating loss carryforward 8 — Interest expense 12 2 Other 2 1 Total gross deferred income tax assets 87 100 Deferred income tax liabilities: Unrealized gains/losses ( 2 ) ( 1 ) Right of use lease asset ( 13 ) ( 14 ) Investment in CVR Partners ( 50 ) ( 55 ) Property, plant and equipment ( 229 ) ( 274 ) Turnaround costs ( 59 ) ( 31 ) Other ( 3 ) ( 2 ) Total gross deferred income tax liabilities ( 356 ) ( 377 ) Net deferred income tax liabilities $ ( 269 ) $ ( 277 ) Although realization is not assured, management believes that it is more likely than not that all of the deferred income tax assets will be realized, and therefore, no valuation allowance was recognized as of December 31, 2025 and 2024. As of December 31, 2025 , CVR Energy has a federal net operating loss carry forward of approximately $ 31 million which can be carried forward indefinitely subject to a limitation of 80% of taxable income for each tax year. As of December 31, 2025, CVR Energy has state tax credits of approximately $ 33 million , which are available to reduce future state income taxes. These credits, if not used, will begin expiring in 2040. Uncertain Tax Positions A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (in millions) 2025 2024 2023 Balance, beginning of year $ 1 $ 1 $ 11 Reductions related to expirations from statute of limitations — — ( 10 ) Balance, end of year $ 1 $ 1 $ 1 Included in the balance of unrecognized tax benefits as of December 31, 2025, 2024, and 2023 are $ 1 million , $ 1 million, and $ 1 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. No unrecognized tax benefits were netted with Deferred income tax asset carryforwards as of December 31, 2025 and 2024. The remaining unrecognized tax benefits are included in Other long-term liabilities in the Consolidated Balance Sheets. At December 31, 2025, the Company’s tax filings are open to examination in the United States for the tax years ended December 31, 2022 through December 31, 2024 and in various individual states for the tax years ended December 31, 2020 December 31, 2025 | 107 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS through December 31, 2024. The Company and its wholly owned partnership are under examination by the IRS for the tax years ended December 31, 2023, and December 31, 2022, respectively. These examinations are ongoing, and no proposed adjustments have been issued to date. (14) Commitments and Contingencies Unconditional Purchase Obligations The minimum required payments for unconditional purchase obligations, as defined in ASC 440, Commitments , primarily related to transportation agreements are as follows: (in millions) Unconditional Purchase Obligations Year Ended December 31, 2026 $ 82 2027 99 2028 98 2029 96 2030 91 Thereafter 577 $ 1,043 Expenses associated with these obligations are included in Direct operating expenses (exclusive of depreciation and amortization), and, for the years ended December 31, 2025, 2024, and 2023, totaled $ 71 million, $ 75 million, and $ 72 million, respectively. Crude Oil Supply Agreement The Petroleum Segment has a crude oil supply agreement with Gunvor USA LLC (“Gunvor”), which commenced on January 1, 2024 (as amended, the “Gunvor Crude Oil Supply Agreement”), pursuant to which Gunvor supplies the Petroleum Segment with certain crude oil and intermediation logistics helping to reduce the amount of inventory held at certain locations and mitigate crude oil pricing risk. Volumes contracted under these agreements, as a percentage of the total crude oil purchases (in barrels), were approximately 23 %, 21 %, and 26 % for the years ended December 31, 2025, 2024, and 2023, respectively. The Gunvor Crude Oil Supply Agreement, which currently extends through January 31, 2029, is subject to two successive automatic one-year renewals following the expiration of the amended terms in the absence of 180 days’ notice of termination. 45Q Transaction Under the agreements entered into in connection with the 45Q Transaction, the Company’s indirect subsidiary, Coffeyville Resources Nitrogen Fertilizer, LLC (“CRNF”), is obligated to meet certain minimum quantities of carbon oxide supply each year during the term of the agreement and is subject to fees of up to $ 15 million per year (reduced pro rata for partial years) to the unaffiliated third-party investors, subject to an overall $ 45 million cap, if these minimum quantities are not delivered. CVR Partners issued a guarantee to the unaffiliated third-party investors and certain of their affiliates involved in the 45Q Transaction of the payment and performance obligations of CRNF and CVRP JV, which include the aforementioned fees. This guarantee has no impacts on the accounting records of CVR Partners unless the parties fail to comply with the terms of the 45Q Transaction contracts. Renewable Fuel Standard Coffeyville Resources Refining & Marketing, LLC (“CRRM”) and WRC (together with CRRM, the “obligated-party subsidiaries”) are subject to the RFS implemented by the EPA, which, absent any exemption or waiver, requires obligated parties to blend a certain amount of renewable fuels, called a Renewable Volume Obligation (“RVO”), into their transportation fuels or purchase RINs, in lieu of blending. The Petroleum Segment’s obligated-party subsidiaries are not able to blend the majority of their transportation fuels with renewable fuels and, unless their RFS obligations are waived or exempted, must December 31, 2025 | 108 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS either purchase RINs from third parties, including their affiliate, or obtain waiver credits for cellulosic biofuels in order to comply with the RFS. As previously announced, on August 22, 2025, the EPA issued a decision document to the Company’s subsidiary, WRC, affirming the validity of its previous grant of WRC’s petitions for small refinery hardship relief under the RFS for WRC’s 2017 and 2018 compliance periods, granting 100 percent waivers for WRC’s 2019 and 2021 compliance periods, and granting 50 percent waivers for its 2020, 2022, 2023 and 2024 compliance periods (the “August 2025 SRE Decisions”). Based on this decision, WRC’s obligations for the 2020 through 2024 compliance periods were reduced by more than 424 million RINs, representing approximately $ 488 million. WRC timely complied with its RFS obligations for the 2023 and prior compliance periods by the October 1, 2025 deadline set forth in the August 2025 SRE Decisions. In July 2025, the EPA’s partial waiver of the 2024 cellulosic biofuel volume requirement was published in the Federal Register, making the RFS compliance reporting deadline for all obligated parties for the 2024 compliance period December 1, 2025. In September 2025, the EPA announced a supplemental proposed rule co-proposing additional RVOs representing reallocation of volumes the EPA waived in August 2025 through its grants of certain small refinery exemptions (“SRE”) for the 2023 and 2024 compliance periods, as well as SREs it is projected to grant for 2025, at both 100 % and 50 % of the waived volumes. The comment period for this supplemental proposed rule expired on October 31, 2025, though the EPA has yet to finalize the rule. Given that the compliance requirements for 2026 through 2027 remain under regulatory development, revisions to final RVO levels, RIN availability, or compliance mechanisms could materially impact the cost, timing, and feasibility of compliance for the obligated-party subsidiaries. Taking into account the August 2025 SRE Decisions, for the years ended December 31, 2025, 2024, and 2023, the Company’s obligated-party subsidiaries recognized, net of RIN sales, a benefit of $ 94 million, an expense of $ 46 million, and a benefit of $ 114 million, respectively, for their compliance with the RFS. The costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel are included within Cost of materials and other in the Consolidated Statements of Operations. At each reporting period, to the extent RINs purchased and generated through blending are less than the RFS obligation (excluding the impact of exemptions or waivers to which the Company may be entitled), the remaining position is valued using RIN market prices at period end for each specific or closest vintage year. As of December 31, 2025 and 2024, the Company’s obligated-party subsidiaries’ RFS positions were approximately $ 72 million and $ 323 million, respectively, and are recorded in Other current liabilities in the Consolidated Balance Sheets. Litigation Call Option Coverage Cases – The Company and certain of its affiliates (the “Call Defendants”) are engaged in two lawsuits with certain of the Company’s primary and excess insurers (the “Insurers”) relating to the August 2022 settlement (the “Settlement”) of the consolidated lawsuits filed by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders against the Call Defendants relating to the Company’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership, including a declaratory judgment action commenced in Texas by the Insurers seeking determination that the Insurers owe no indemnity coverage under policies with coverage limits of $ 50 million (the “Texas Suit”) and an action filed by the Call Defendants in Delaware against the Insurers seeking recovery of all amounts paid in connection with the Settlement (the “Delaware Suit”). The Company’s appeal of summary judgment entered by the court in the Texas Suit in favor of the Insurers has been fully briefed but has not yet been ruled on by the appellate court. The Delaware Suit has been effectively stayed by the Delaware court pending the outcome of the Texas Suit appeal. While both cases remain pending, the Company does not expect the outcome of these lawsuits to have a material adverse impact on the Company’s financial position, results of operations, or cash flows. Renewable Fuel Standard – CRRM and WRC have been parties to numerous lawsuits relating to the RFS, including lawsuits relating to petitions for SREs filed by WRC for the 2017 through 2024 compliance periods; these lawsuits were effectively mooted by the August 2025 SRE Decisions and were dismissed in January 2026. In October 2025, WRC filed in the United States Circuit Court of Appeals for the District of Columbia Circuit (the “DC Circuit”) a petition for review of the August 2025 SRE Decisions with respect to WRC’s SRE petitions for the 2020, 2022, 2023 and 2024 compliance periods, primarily intended to preserve WRC’s rights to challenge scoring and decisions relating to WRC’s future SRE petitions; similar petitions for review of the August 2025 SRE Decisions were filed by multiple other small December 31, 2025 | 109 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS refineries and other parties. Certain small refineries, including WRC, have been granted leave to intervene in the petitions for review filed by certain biofuels groups challenging the EPA’s grant of SREs in the August 2025 SRE Decisions. In July 2025, WRC submitted its SRE petition for the 2025 compliance period, which petition it supplemented in December 2025; the EPA has yet to rule on WRC’s pending petition. WRC is currently evaluating any actions WRC may take relating to its 2025 SRE petition should the EPA fail to rule, or adversely rule, on WRC’s 2025 SRE petition. As each of these matters are in their earliest stages, the Company cannot yet determine the impact of these matters on WRC’s past, current, and future obligations under the RFS or the Company’s financial position, results of operations, or cash flows, which could be material. Guaranty Dispute – Exxon Mobil Corporation (“XOM”) has demanded that Wynnewood Energy Company, LLC (“WEC”) defend and indemnify it against multiple lawsuits filed against XOM between 2018 and 2025 by property owners in Louisiana alleging property contamination from oil wells (collectively, the “LA Suits”) under an alleged guaranty claimed by XOM to have been issued in its favor in 1993 by WEC. In 2024, WEC filed action in the Superior Court of the State of Delaware disputing the validity of the alleged guaranty (the “Guaranty Dispute”). All deadlines in the Guaranty Dispute have been deferred until after mediation currently scheduled for March 2026. As these matters remain in their early stages, the Company cannot yet determine whether their outcome will have a material adverse impact on the Company’s financial position, results of operations, or cash flows. Wynnewood 2023 Fire Claim - In January 2025, the Company agreed to settlement of the lawsuit filed by three contractor employees alleging personal injuries arising from the 2023 fire at the Wynnewood Refinery, which settlement is in process and is not expected to have any financial impact on the Company. CRNF Ammonia Release - CVR Energy, CVR Partners and certain of their affiliates have been served with several lawsuits filed in state courts in Fort Bend County, Texas and/or received demand letters each alleging damages arising from an ammonia release that occurred at the fertilizer facility in Coffeyville, Kansas (the “Coffeyville Fertilizer Facility’) in October 2025, following which multiple individuals were transported to hospitals for evaluation and treatment. As these matters are in their earliest stages, the Company cannot yet determine whether these matters could have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Kansas Environmental Claims - In January 2026, a lawsuit was filed in the United States District Court for the District of Kansas against CVR Energy, CVR Partners and certain of their affiliates (collectively, the “Kansas Defendants”) by three residents of Coffeyville and a purported class of similarly situated persons seeking compensatory and punitive damages in excess of $ 5 million dollars for nuisance and other equitable relief arising from alleged environmental abuse from operations at the Coffeyville Refinery and the Coffeyville Fertilizer Facility. On February 3, 2026, the Kansas Defendants were served with the lawsuit. The Kansas Defendants dispute the claims and intend to vigorously defend themselves. As this matter is in its earliest stages, the Company cannot yet determine whether this lawsuit could have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Environmental, Health, and Safety (“EHS”) Matters Environmental Accruals - As of December 31, 2025 and 2024, environmental accruals which also include estimated costs for future remediation efforts at certain Petroleum Segment sites, totaled approximately $ 3 million and $ 3 million, respectively. These amounts are reflected in Other current liabilities and Other long-term liabilities depending on when the Company expects to expend such amounts. Additional remediation and compliance activities are in various stages of evaluation and discussion with regulatory agencies. As these activities progress and additional information becomes available, our environmental accruals may be revised to reflect updated estimates. (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. December 31, 2025 | 110 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS • 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. December 31, 2025 | 111 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 December 31, 2025 | 112 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 December 31, 2025 | 113 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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. December 31, 2025 | 114 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (16) Supplemental Cash Flow Information Cash flows related to interest, leases, and capital and turnaround expenditures included in accounts payable were as follows: Year Ended December 31, (in millions) 2025 2024 2023 Supplemental disclosures: Cash paid for interest $ 142 $ 112 $ 95 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 21 19 19 Operating cash flows from finance leases 6 4 4 Financing cash flows from finance leases 10 10 6 Noncash investing and financing activities: Change in capital expenditures included in accounts payable (1) 12 2 ( 8 ) Change in turnaround expenditures included in accounts payable ( 7 ) 5 3 ROU assets obtained in exchange for new or modified operating lease liabilities 5 37 21 ROU assets obtained in exchange for new or modified finance lease liabilities 14 26 2 (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures. (17) Related Party Transactions Activity associated with the Company’s related party arrangements for the years ended December 31, 2025, 2024, and 2023 is summarized below: Related Party Activity Year Ended December 31, (in millions) 2025 2024 2023 Sales to related parties: CVRP JV CO Contract (1) $ 2 $ 3 $ 4 Purchases from related parties: Enable Joint Venture Transportation Agreement 13 13 12 Midway Joint Venture Agreement (2) — 26 24 Payments: Dividends (3) — 100 311 (1) Sales to related parties, included in Net sales in our Consolidated Statements of Operations, consists of CO sales to a CVRP JV subsidiary. (2) Purchases from related parties, included in Cost of materials and other in our Consolidated Statements of Operations, represents reimbursements for crude oil transportation services incurred on Midway JV through Gunvor as the intermediary purchasing agent. On December 23, 2024, the Company sold the 50 % Membership Interests it owned in Midway JV. (3) See below for a summary of the dividends paid to IEP during the years ended December 31, 2025, 2024, and 2023. Enable Joint Venture Transportation and Terminalling Services Agreements We are party to a transportation agreement, effective September 19, 2016, with Enable JV for an initial term of 20 years under which Enable provides transportation services for crude oil purchased within a defined geographic area. Additionally, we entered into a terminalling services agreement, effective September 19, 2016, with Enable JV under which it December 31, 2025 | 115 Table of Contents CVR ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS receives access to Enable JV’s terminal in Lawrence, Oklahoma to unload and pump crude oil into Enable JV’s pipeline for an initial term of 20 years. Dividends to CVR Energy Stockholders Dividends, if any, including the payment, amount and timing thereof, are determined at the discretion of the Board. IEP, through its ownership of the Company’s common stock, is entitled to receive dividends that are declared and paid by the Company based on the number of shares held at each record date. The following table presents quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2025, 2024, and 2023 (amounts presented in table below may not add to totals presented due to rounding): Quarterly Dividends Special Dividends Paid Year Ended December 31, Year Ended December 31, (in millions, except per share data) 2025 2024 2023 2025 2024 2023 Public shareholders $ — $ 51 $ 61 $ — $ — $ 80 IEP — 100 140 — — 171 Total dividend paid $ — $ 151 $ 201 $ — $ — $ 251 Dividend per common share (1) $ — $ 1.50 $ 2.00 $ — $ — $ 2.50 (1) Amount represents the cumulative distributions, calculated quarterly, paid in the respective period. The Board did not declare a dividend for the fourth quarter of 2025. Distributions to CVR Partners ’ Unitholders Distributions, if any, including the payment, amount and timing thereof, and UAN GP Board’s distribution policy, including the definition of available cash, are subject to change at the discretion of the UAN GP Board. The following tables present quarterly distributions paid by CVR Partners to CVR Partners’ unitholders, including amounts received by the Company and IEP, during 2025, 2024, and 2023 (amounts presented in tables below may not add to totals presented due to rounding): Year Ended December 31, (in thousands, except per unit data) 2025 2024 2023 Public unitholders $ 76,524 $ 44,673 $ 177,759 IEP 3,074 — — CVR Energy 46,393 26,037 103,605 Total distributions paid $ 125,990 $ 70,710 $ 281,364 Distributions per common unit (1) $ 11.92 $ 6.69 $ 26.62 (1) Amount represents the cumulative distributions, calculated quarterly, paid in the respective period. For the fourth quarter of 2025, CVR Partners, upon approval by the UAN GP Board on February 18, 2026, declared a distribution of $ 0.37 per common unit, or $ 4 million, which is payable March 9, 2026 to unitholders of record as of March 2, 2026. Of this amount, CVR Energy and IEP will receive approximately $ 1 million and less than $ 1 million, with the remaining amount payable to public unitholders. December 31, 2025 | 116 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.