CVR Partners 第二季淨收入翻倍至7750萬美元，受惠氨及UAN價格大幅上升

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period endedJune 30, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to               .

Commission file number: 001-35120 

CVR PARTNERS, LP 
(Exact name of registrant as specified in its charter)
Delaware
56-2677689
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

2277 Plaza Drive, Suite 500, Sugar Land, Texas 77479 
(Address of principal executive offices) (Zip Code)
(281) 207-3200 
(Registrant’s telephone number, including area code)
_____________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common units representing limited partner interestsUANThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑     No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑     No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☑Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐     No ☑

There were 10,569,637 common units representing limited partner interests of CVR Partners, LP (“common units”) outstanding at July 24, 2026.

Table of Contents 

 TABLE OF CONTENTS
CVR PARTNERS, LP - Quarterly Report on Form 10-Q
June 30, 2026 

PART I. Financial InformationPART II. Other Information

Item 1.
Financial Statements
5
Item 1.
Legal Proceedings
28

Condensed Consolidated Balance Sheets - June 30, 2026 and December 31, 2025 (unaudited)
5
Item 1A.
Risk Factors
28

Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2026 and 2025 (unaudited)
6
Item 5.
Other Information
28

Condensed Consolidated Statements of Partners’ Capital - Three and Six Months Ended June 30, 2026 and 2025 (unaudited)
7
Item 6.
Exhibits
28

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2026 and 2025 (unaudited)
8
Signatures
30

Notes to the Condensed Consolidated Financial Statements (unaudited)
9

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
16

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
27

Item 4.
Controls and Procedures
27

This Quarterly Report on Form 10-Q (including documents incorporated by reference herein) contains statements with respect to our expectations or beliefs as to future events. These types of statements are “forward-looking” and subject to uncertainties. See “Important Information Regarding Forward-Looking Statements” section of this filing.

June 30, 2026 | 2

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Important Information Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, but not limited to, those under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Report. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements other than statements of historical fact, including without limitation, statements regarding future operations, financial position, estimated revenues and losses, growth, capital projects, unit repurchases, impacts of legal proceedings, legislation, policies or regulations, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “should”, “continue”, “predict”, “potential”, “project”, and similar terms and phrases are intended to identify forward-looking statements.
Forward-looking statements include, but are not limited to, the following:
•our forecasts of our future financial condition, capital expenditures, results of operations, revenues and expenses; 
•our ability to meet certain carbon capture and sequestration milestones;
•our ability to successfully implement business strategies and the timing thereof, including significant capital programs or projects, turnarounds or other initiatives;
•the expected supply, availability and price levels of raw materials and feedstocks and the effects of inflation, geopolitical events and conflicts thereupon; 
•the expected availability of adequate cash and other sources of liquidity for the capital, operating and other needs of our business; 
•our ability to generate distributable cash or make cash distributions on our common units, including reserves and future uses of cash;
•expectations regarding global production levels, including our production levels; 
•expectations regarding the volatile, cyclical, and seasonal nature of our business;
•expectations of asset useful lives and impairments and impacts thereof and realizable inventory value;
•expectations of the cost and value of payouts under or in connection with our equity and non-equity incentive plans;
•expected competition in the nitrogen fertilizer business and foreign wheat and coarse grain production, including impacts thereof as a result of farm planting acreage, domestic and global supply and demand, and domestic or international duties, tariffs or other factors; and
•expectations regarding our ability to procure or recover under our insurance policies for damages or losses in full or at all.
 Although we believe our assumptions concerning future events are reasonable, a number of risks, uncertainties, and other factors could cause actual results and trends to differ materially from those projected or forward-looking. Differences between actual results or trends and any future results or trends expressed, suggested, or forecast in these forward-looking statements could result from a variety of factors, including the following:
•the potential impacts of geopolitical events and conflicts (including those relating to the Russia-Ukraine war and the tensions and conflicts in the Middle East), and any escalation, expansion, or resolution thereof, on commodity prices and other markets to which we provide products;
•risks related to our dependence on significant third-party suppliers and customers;
•the ability of our general partner, CVR GP, LLC (“General Partner”), to modify or revoke our distribution policy at any time;
•the impact of weather on our business, including our ability to produce, market, sell, transport or deliver fertilizer products profitably or at all;
•risks related to potential strategic transactions involving CVR Partners, LP ( “CVR Partners”), or interests therein, in which our affiliate, CVR Energy, Inc. (together with its subsidiaries, but excluding CVR Partners and its subsidiaries, “CVR Energy”), and its controlling shareholder or others may participate;
•the impacts of existing and future laws, regulations, rules, policies, or rulings, including changes, amendments, reinterpretation or amplification thereof and the actions of the current administration or future administrations relating thereto, including potential liabilities or capital requirements arising therefrom and the impacts thereof on macroeconomic factors, consumer activity or otherwise;
•the effects of alternative energy or fuel sources and impacts on corn prices (ethanol), and the end-use and application of fertilizers;
•impacts of rulings, judgments or settlements in litigation, tax or other legal or regulatory matters;

June 30, 2026 | 3

Table of Contents 

•risks related to our lack of asset diversification;
•risks related to product pricing, including spot and contracted sales, the timing thereof, and our ability to realize market prices, in full or at all;
•the effects of accidents or other unscheduled shutdowns or interruptions affecting our facilities, machinery, people, or equipment, or those of our suppliers or customers;
•risks related to potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; 
•the effects of the volatile nature of ammonia, potential liability for accidents involving ammonia including damage or injury to persons, property, the environment or human health and increased costs related to the transport or production of ammonia;
•the impact of potential runoff of water containing hazardous substances into waterways and regulatory or legal actions in response thereto;
•the effects of potential labor supply shortages, labor difficulties, labor disputes or strikes;
•risks related to operational interruptions or changes in laws that could impact the amount and receipt of tax credits (if any) under the Internal Revenue Code of 1986, as amended, or any similar law, rule, or regulation;
•risks related to our businesses’ ability to obtain, retain or renew environmental and other governmental permits, licenses or authorizations necessary for the operation of its business; 
•risks of terrorism, cybersecurity attacks, and the security of chemical manufacturing facilities and other matters beyond our control;
•risks related to our capital structure, including our ability to issue securities, the impacts of securities issuances on securities prices or dilution, instability and volatility in the capital and credit markets, restrictions in our debt agreements and our ability to refinance our debt on acceptable terms or at all;
•the effect of the potential loss of transportation cost advantage over our competitors;
•risks related to our reliance on CVR Energy’s management team and conflicts of interest they may face operating each of CVR Partners and CVR Energy;
•risks related to control of our General Partner by CVR Energy and control of CVR Energy by its controlling shareholder, which could result in competition, transactions, or conflicts with CVR Energy and its affiliates;
•the impact of potential changes in our treatment as a partnership for U.S. federal income or state tax purposes;
•risks related to the number of investors willing to hold or acquire our common units and impacts of any changes in ownership of our common units by CVR Energy, Mr. Carl C. Icahn, or their affiliates, or of CVR Energy’s common stock by Mr. Carl C. Icahn or his affiliates;
•the effects of operating hazards and interruptions at our facilities, including unscheduled maintenance or downtime and the availability of adequate insurance coverage;
•the risk of changes in tax and other laws, regulations and policies, including the One Big Beautiful Bill Act; and
•the factors described in greater detail under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the U.S. Securities and Exchange Commission (“SEC”).
All forward-looking statements contained in this Report only speak as of the date of this Report. We undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this Report, or to reflect the occurrence of unanticipated events, except to the extent required by law.
Information About Us
Investors should note that we make available, free of charge on our website at www.CVRPartners.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We also post announcements, updates, events, investor information and presentations on our website in addition to copies of all recent news releases. We may use the Investor Relations section of our website to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. Documents and information on our website are not incorporated by reference herein.
The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers, including us, that file electronically with the SEC.

June 30, 2026 | 4

Table of Contents 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CVR PARTNERS, LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

(in thousands, except unit data)June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$137,456 $69,243 
Accounts receivable, net81,723 58,956 
Inventories94,020 82,683 
Prepaid expenses1,454 1,498 
Other current assets332 1,487 
Total current assets314,985 213,867 
Property, plant, and equipment, net698,593 711,824 

Other long-term assets43,638 43,764 
Total assets$1,057,216 $969,455 

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable$44,539 $44,659 
Accounts payable to affiliates3,843 3,784 
Deferred revenue31,821 22,980 
Other current liabilities24,413 25,350 
Total current liabilities104,616 96,773 
Long-term liabilities:
Long-term debt and finance lease obligation, net of current portion568,955 569,068 
Long-term deferred revenue17,448 20,621 
Other long-term liabilities19,228 17,252 
Total long-term liabilities605,631 606,941 
Commitments and contingencies (See Note 9)

Partners’ capital:
Common unitholders, 10,569,637 and 10,569,637 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
346,968 265,740 
General partner interest1 1 
Total partners’ capital346,969 265,741 
Total liabilities and partners’ capital$1,057,216 $969,455 

The accompanying notes are an integral part of these condensed consolidated financial statements. 

June 30, 2026 | 5

CVR PARTNERS, LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
(in thousands, except per unit data)2026202520262025
Net sales
$202,194 $168,559 $382,242 $311,425 
Operating costs and expenses:

Cost of materials and other
28,078 32,547 57,504 60,448 
Direct operating expenses (exclusive of depreciation and amortization)
58,676 60,517 121,881 115,003 
Depreciation and amortization
22,220 20,861 42,183 38,902 
Cost of sales
108,974 113,925 221,568 214,353 
Selling, general and administrative expenses
7,536 8,034 16,565 15,922 
Loss on asset disposal and project write-offs868 282 1,645 242 

Operating income84,816 46,318 142,464 80,908 
Other (expense) income:

Interest expense, net
(7,397)(7,580)(15,245)(15,307)

Other income, net85 30 198 255 
Income before income taxes77,504 38,768 127,417 65,856 
Income taxes— — — — 
Net income$77,504 $38,768 $127,417 $65,856 

Basic and diluted earnings per common unit$7.33 $3.67 $12.06 $6.23 

Weighted-average common units outstanding:
Basic and Diluted
10,570 10,570 10,570 10,570 

The accompanying notes are an integral part of these condensed consolidated financial statements.

June 30, 2026 | 6

Table of Contents 

CVR PARTNERS, LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL 
(unaudited)
Common Units General
Partner
InterestTotal Partners’ Capital
(in thousands, except unit data)IssuedAmount
Balance at December 31, 202510,569,637 $265,740 $1 $265,741 
Net income— 49,913 — 49,913 

Cash distributions to common unitholders - Affiliates— (1,541)— (1,541)
Cash distributions to common unitholders - Non-affiliates— (2,370)— (2,370)

Balance at March 31, 202610,569,637 311,742 1 311,743 
Net income— 77,504 — 77,504 

Cash distributions to common unitholders - Affiliates— (16,657)— (16,657)
Cash distributions to common unitholders - Non-affiliates— (25,621)— (25,621)
Balance at June 30, 202610,569,637 $346,968 $1 $346,969 

Common Units General
Partner
InterestTotal Partners’ Capital
(in thousands, except unit data)IssuedAmount
Balance at December 31, 202410,569,637 $293,069 $1 $293,070 
Net income— 27,088 — 27,088 

Cash distributions to common unitholders - Affiliates— (7,116)— (7,116)
Cash distributions to common unitholders - Non-affiliates— (11,381)— (11,381)
Balance at March 31, 202510,569,637 301,660 1 301,661 
Net income— 38,768 — 38,768 

Cash distributions to common unitholders - Affiliates— (9,411)— (9,411)
Cash distributions to common unitholders - Non-affiliates— (14,477)— (14,477)
Balance at June 30, 202510,569,637 $316,540 $1 $316,541 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CVR PARTNERS, LP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(unaudited)
Six Months Ended June 30,
(in thousands)20262025
Cash flows from operating activities:
Net income$127,417 $65,856 
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization42,183 38,902 

Share-based compensation3,355 4,299 

Other adjustments2,800 611 
Changes in working capital:
Accounts receivable(22,766)14,727 

Inventories(10,801)1,698 
Prepaid expenses and other current assets425 (834)
Accounts payable(2,911)381 
Deferred revenue5,669 (44,863)
Other current liabilities(3,695)(1,284)

Net cash provided by operating activities141,676 79,493 
Cash flows from investing activities:
Capital expenditures (32,042)(15,618)
Return of equity method investment5,146 4,888 
Other investing activities— 40 
Net cash used in investing activities(26,896)(10,690)
Cash flows from financing activities:

Cash distributions to common unitholders - Affiliates(18,198)(16,527)
Cash distributions to common unitholders - Non-affiliates(27,991)(25,858)

Principal payments of finance leases(378)(2,875)
Net cash used in financing activities(46,567)(45,260)
Net increase in cash and cash equivalents68,213 23,543 
Cash and cash equivalents, beginning of period 69,243 90,857 
Cash and cash equivalents, end of period $137,456 $114,400 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CVR PARTNERS, LP AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(1) Organization and Nature of Business
CVR Partners, LP (“CVR Partners” or the “Partnership”) is a Delaware limited partnership formed in 2011 by CVR Energy, Inc. (together with its subsidiaries, but excluding the Partnership and its subsidiaries, “CVR Energy”) to own, operate, and grow its nitrogen fertilizer business. The Partnership produces and distributes nitrogen fertilizer products, which are used by farmers to improve the yield and quality of their crops, primarily corn and wheat. The Partnership produces these products at two manufacturing facilities, one located in Coffeyville, Kansas operated by our wholly owned subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC (“CRNF”) (the “Coffeyville Facility”) and one located in East Dubuque, Illinois operated by our wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (“EDNF”) (the “East Dubuque Facility”, and together with the Coffeyville Facility, the “Facilities”). Our principal products are ammonia and urea ammonium nitrate (“UAN”). All of our products are sold on a wholesale basis. As used in these financial statements, references to CVR Partners, the Partnership, “we”, “us”, and “our” may refer to consolidated subsidiaries of CVR Partners or one or both of the Facilities, as the context may require. Additionally, as the context may require, references to CVR Energy may refer to CVR Energy and its consolidated subsidiaries which include its petroleum refining, marketing, and logistics operations.
Interest Holders
CVR Partners’ common units are listed on the New York Stock Exchange (“NYSE”) under the symbol “UAN”. As of June 30, 2026, public common unitholders held approximately 60% of the Partnership’s outstanding limited partner interests; CVR Energy, through its subsidiaries, held approximately 37% of the Partnership’s outstanding limited partner interests and 100% of the Partnership’s general partner, CVR GP, LLC (“General Partner”) interest, while Icahn Enterprises L.P. and its other affiliates (“IEP”) held approximately 3% of the outstanding limited partner interests. As of June 30, 2026, IEP owned approximately 71% of the common stock of CVR Energy, and as a result, IEP beneficially owns approximately 40% of the Partnership’s outstanding limited partner interests.
Management and Operations
The Partnership, including its General Partner, is managed by a combination of the board of directors of our General Partner (the “Board”), the General Partner’s executive officers, UAN Services, LLC (as sole member of the General Partner), and certain officers of CVR Energy and its subsidiaries, pursuant to the partnership agreement, as well as a number of agreements among the Partnership, the General Partner, CVR Energy, and certain of their respective subsidiaries, including a service agreement. See Part II, Item 8 of CVR Partners’ Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) for further discussion. Common unitholders have limited voting rights on matters affecting the Partnership and have no right to elect the General Partner’s directors or officers, whether on an annual or continuing basis or otherwise.
Subsequent Events
The Partnership evaluated subsequent events, if any, that would require an adjustment to the Partnership’s condensed consolidated financial statements or require disclosure in the notes thereto through the date of issuance. Where applicable, the notes to these condensed consolidated financial statements have been updated to reflect all significant subsequent events which have occurred.

(2) Basis of Presentation
The accompanying condensed 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 CVR Partners and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain notes and other information have been condensed or omitted from these condensed consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the December 31, 2025 audited consolidated financial statements and notes thereto included in the 2025 Form 10-K.

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CVR PARTNERS, LP AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

In the opinion of the Partnership’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. 
The condensed 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. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results of operations and cash flows that will be realized for the year ending December 31, 2026 or any other interim or annual period.
Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented
In May 2026, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes authoritative guidance for the recognition, measurement, presentation, and disclosure for entities that generate, purchase, or transferable environmental credits, or that have a regulatory compliance obligation that may be settled with environmental credits. This standard is effective for the Partnership’s annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. The Partnership is currently evaluating the potential impact of adopting this new accounting guidance. 

(3) Inventories
Inventories consisted of the following:

(in thousands)June 30, 2026December 31, 2025
Finished goods$23,868 $15,841 
Raw materials2,231 1,058 
Parts, supplies and other67,921 65,784 
Total inventories$94,020 $82,683 

(4) Property, Plant, and Equipment 
Property, plant, and equipment, net consisted of the following:

(in thousands)June 30, 2026December 31, 2025
Machinery and equipment $1,448,255 $1,440,354 
ROU finance lease25,543 25,543 
Buildings and improvements 18,369 18,369 
Automotive equipment 16,279 16,279 
Land and improvements 15,825 15,266 

Construction in progress 65,082 48,370 
Other5,493 3,467 
1,594,846 1,567,648 
Less: Accumulated depreciation and amortization(896,253)(855,824)
Total property, plant, and equipment, net$698,593 $711,824 

For the three and six months ended June 30, 2026, depreciation and amortization expense related to property, plant, and equipment was $22.0 million and $41.7 million, respectively, compared to $20.5 million and $38.2 million for the three and six months ended June 30, 2025, respectively. For the three and six months ended June 30, 2026, capitalized interest was $0.6 million and $1.2 million, respectively, compared to $0.3 million and $0.6 million for the three and six months ended June 30, 2025, respectively. 

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CVR PARTNERS, LP AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(5) Other Current Liabilities
Other current liabilities consisted of the following:

(in thousands)June 30, 2026December 31, 2025
Personnel accruals$7,512 $10,948 
Current portion of operating lease liabilities4,923 4,261 
Share-based compensation3,938 2,248 
Sales incentives2,441 1,245 
Accrued interest1,476 1,481 
Accrued taxes other than income taxes1,367 1,948 

Current portion of finance lease obligation824 778 
Other accrued expenses and liabilities1,932 2,441 
Total other current liabilities$24,413 $25,350 

(6) Long-Term Debt and Finance Lease Obligation
Long-term debt and finance lease obligation consisted of the following:

(in thousands)June 30, 2026December 31, 2025
6.125% Senior Secured Notes, due June 2028 (1)
$550,000 $550,000 
Finance lease obligation, net of current portion20,230 20,645 
Unamortized debt issuance costs
(1,275)(1,577)
Total long-term debt and finance lease obligation, net of current portion
568,955 569,068 
Current portion of finance lease obligation824 778 
Total long-term debt and finance lease obligation, including current portion$569,779 $569,846 

(1)The 6.125% Senior Secured Notes, due June 2028 had an estimated fair value of $548.7 million and $551.4 million as of June 30, 2026 and December 31, 2025, respectively. The fair value estimate is a Level 2 measurement, as defined by FASB Accounting Standards Codification Topic 820, Fair Value Measurements, as it was determined by quotations obtained from a broker-dealer who makes a market in these and similar securities.
Credit Agreements

(in thousands)Total Available Borrowing CapacityAmount Borrowed as of June 30, 2026Outstanding Letters of CreditAvailable Capacity as of June 30, 2026Maturity Date
ABL Credit Facility$50,000 $— $— $50,000 September 26, 2028

Covenant Compliance
The Partnership and its subsidiaries were in compliance with all covenants under their respective debt instruments as of June 30, 2026.

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CVR PARTNERS, LP AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(7) Revenue
The following table presents the Partnership’s revenue, disaggregated by major products:

Three Months Ended
June 30,Six Months Ended
June 30,
(in thousands)2026202520262025
Ammonia$42,627 $34,064 $92,958 $67,242 
UAN 130,551 109,540 236,942 195,662 
Urea products13,273 10,248 22,646 19,561 

Other revenue (1)
15,743 14,707 29,696 28,960 
Total revenue$202,194 $168,559 $382,242 $311,425 

(1)Consists primarily of freight revenue and includes sales made in connection with the joint venture created to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (“45Q Transaction”), as well as the noncash consideration received, which is recognized as the performance obligation associated with a carbon oxide contract is satisfied over its term through April 2030.
Remaining Performance Obligations
The Partnership has spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). The Partnership does not disclose remaining performance obligations for contracts that had original terms of one year or less or for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation.
As of June 30, 2026, the Partnership had approximately $1.9 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Partnership expects to recognize $1.5 million of these performance obligations as revenue by the end of 2026, an additional $0.3 million in 2027, and the remaining balance during 2028.
Contract Balances
During the six months ended June 30, 2026 and 2025, the Partnership recognized revenue of $19.3 million and $47.3 million, respectively, that was included in the deferred revenue balances as of December 31, 2025 and December 31, 2024, respectively. Accounts receivable from contracts with customers was $81.1 million and $57.9 million as of June 30, 2026 and December 31, 2025, respectively, including amounts billed to customers for which the related revenue is currently deferred.

(8) Share-Based Compensation
The following table summarizes share-based compensation expense for the three and six months ended June 30, 2026 and 2025, including expense related to outstanding awards, forfeiture-related reversals, and unit price market fluctuation impacts:

Three Months Ended
June 30,Six Months Ended
June 30,
(in thousands)2026202520262025
Phantom Unit Awards$765 $1,586 $2,730 $2,462 
Other Awards (1)
(403)1,241 625 1,837 
Total share-based compensation expense$362 $2,827 $3,355 $4,299 

(1)Other awards include the allocations, pursuant to the Corporate Master Services Agreement effective January 1, 2020, as amended (the “Corporate MSA”) and the Partnership’s Second Amended and Restated Agreement of Limited Partnership, of compensation expense for certain employees of CVR Energy and its subsidiaries who perform services for the Partnership and participate in equity compensation plans of CVR Energy.

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CVR PARTNERS, LP AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(9) Commitments and Contingencies
In the ordinary course of business, the Partnership 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 Partnership accrues liabilities for these matters if the Partnership has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While there have been no material changes in the Partnership’s commitments and contingencies from those disclosed in the 2025 Form 10-K and in the Form 10-Q for the quarter ended March 31, 2026, recent developments are discussed below.
Litigation
CRNF Ammonia Release - Multiple lawsuits filed against CVR Energy, CVR Partners and certain of their subsidiaries (collectively, the “Ammonia Defendants”) alleging personal injury and related damages arising from an October 2025 ammonia release at the Coffeyville Facility have been consolidated in Texas state court in Fort Bend County, and discovery is ongoing. The Ammonia Defendants asserted counterclaims in the related declaratory judgment action filed in Kansas state court, in which an insurer seeks a determination that it has no duty to defend or indemnify the Ammonia Defendants in connection with certain of the underlying claims. As these matters are in their early stages, the Partnership cannot yet determine whether they will have a material adverse effect on the Partnership’s financial position, results of operations, or cash flows.
Kansas Environmental Claims - In July 2026, the U.S. District Court for the District of Kansas dismissed the medical monitoring claim asserted against CVR Energy, CVR Partners and certain of their affiliates (collectively, the “Kansas Defendants”) by three residents of Coffeyville, on behalf of themselves and a purported class of similarly situated persons; discovery is ongoing with respect to the remaining claims seeking compensatory and punitive damages arising from alleged emissions from operations at the Coffeyville Facility and CVR Energy’s adjacent refinery. While this matter is in its early stages, if ultimately concluded in a manner adverse to the Kansas Defendants, it could have a material adverse effect on the Partnership’s financial position, results of operations, or cash flows.
45Q Transaction
Under the agreements entered into in connection with the 45Q Transaction, the Partnership’s subsidiary, 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 $15.0 million per year (reduced pro rata for partial years) to the unaffiliated third-party investors, subject to an overall $45.0 million cap, if these minimum quantities are not delivered. The Partnership 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 CVR-CapturePoint Parent, LLC (“CVRP JV”), which include the aforementioned fees. This guarantee has no impacts on the accounting records of the Partnership unless the parties fail to comply with the terms of the 45Q Transaction contracts.

(10) Business Segments
CVR Partners has one operating and reportable segment: Nitrogen Fertilizer. The Partnership derives revenue by producing and marketing nitrogen fertilizer products within the United States, which are used by farmers to improve the yield and quality of their crops. The segment determination is based on the management approach, reflecting the internal reporting used by the Chief Operating Decision Maker (“CODM”), the Partnership’s Chief Executive Officer, to evaluate performance and make strategic decisions.
The CODM evaluates the performance of the Nitrogen Fertilizer Segment and decides how to allocate resources based on net income, which is reported in the condensed consolidated statements of operations. The CODM uses net income to assess the income generated by the Nitrogen Fertilizer Segment and to decide whether to recommend that the Board reinvest profits into the Partnership or pay distributions. Net income is also used to analyze performance against the budget and the Partnership’s competitors.
While segment assets are not reported to, or used by, the CODM to allocate resources or to assess performance of the segment, total assets are disclosed in the condensed consolidated balance sheets.

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CVR PARTNERS, LP AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The following table presents the operating results and capital expenditures information for the Nitrogen Fertilizer Segment:

Three Months Ended
June 30,Six Months Ended
June 30,
(in thousands)2026202520262025
Net sales$202,194 $168,559 $382,242 $311,425 
Less:
Feedstocks13,222 16,106 31,153 32,635 
Distribution costs15,261 14,870 27,933 28,098 
Other costs of materials (1)
(405)1,571 (1,582)(285)
Cost of materials and other28,078 32,547 57,504 60,448 
Less:
Direct operating expenses (exclusive of depreciation and amortization and turnaround expenses)57,566 59,625 119,800 113,733 
Turnaround expenses1,110 892 2,081 1,270 
Depreciation and amortization22,220 20,861 42,183 38,902 
Selling, general and administrative expenses7,536 8,034 16,565 15,922 
Interest expense8,736 9,004 17,540 17,951 
Interest income(1,339)(1,424)(2,295)(2,644)
Other segment items (2)
783 252 1,447 (13)
Net income$77,504 $38,768 $127,417 $65,856 

Capital expenditures$17,333 $10,747 $31,084 $16,679 

(1)Other costs of materials includes change in inventory adjustments and lease expense.
(2)Other segment items includes loss on asset disposal and other expense (income).

(11) Supplemental Cash Flow Information
Cash flows related to interest, income taxes, leases, and capital expenditures included in accounts payable are as follows:

Six Months Ended
June 30,
(in thousands)20262025
Supplemental disclosures:
Cash paid for interest$18,407 $18,268 
Cash paid for income taxes, net of refunds41 28 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases3,115 2,712 
Operating cash flows from finance leases1,196 988 
Financing cash flows from finance leases378 515 
Noncash investing and financing activities:
Change in capital expenditures included in accounts payable(958)1,061 

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CVR PARTNERS, LP AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(12) Related Party Transactions
Activity associated with the Partnership’s related party arrangements for the three and six months ended June 30, 2026 and 2025 is summarized below:

Three Months Ended
June 30,Six Months Ended
June 30,
(in thousands)2026202520262025
Sales to related parties: (1)

CVR Energy subsidiary$261 $623 $426 $1,054 
CVRP JV644 601 1,264 1,288 
Expenses from related parties: (2)

CVR Energy subsidiary4,109 2,779 9,529 5,890 
CVR Services, LLC6,104 7,337 13,748 14,142 

June 30, 2026December 31, 2025
Due to related parties (3)
$3,843 $3,784 

(1)Sales to related parties, included in Net sales in our condensed consolidated statements of operations, consist of (a) sales of feedstocks and services under the Master Service Agreement with CRNF (the “Coffeyville MSA”) and (b) carbon oxide sales to CVRP JV and its subsidiaries.
(2)Expenses from related parties, included in Cost of materials and other, Direct operating expenses (exclusive of depreciation and amortization), and Selling, general and administrative expenses in our condensed consolidated statements of operations, consist primarily of pet coke and hydrogen purchased under the Coffeyville MSA and management and other professional services under the Corporate MSA.
(3)Consists primarily of amounts payable to CVR Energy subsidiaries under the Coffeyville MSA and Corporate MSA, included in Accounts payable to affiliates.
Distributions to CVR Partners’ Unitholders
Distributions, if any—including the amount, timing, and the Board’s distribution policy—are subject to change at the discretion of the Board. This includes the definition of Available Cash for Distribution and any related reserves, which may be adjusted based on the Board’s judgment and prevailing business concerns.
The following table presents quarterly distributions paid by the Partnership to CVR Partners’ unitholders, including amounts paid to CVR Energy and IEP, during 2026 and 2025:

Three Months Ended
June 30,Six Months Ended
June 30,
(in thousands, except per unit data)2026202520262025
Public unitholders$25,621 $14,477 $27,991 $25,858 
IEP1,089 615 1,190 920 
CVR Energy15,568 8,796 17,008 15,607 
Total distributions paid$42,278 $23,888 $46,189 $42,385 

Distributions per common unit (1)
$4.00 $2.26 $4.37 $4.01 

(1)Amount represents the cumulative distributions, calculated quarterly, paid in the respective period.
For the second quarter of 2026, the Partnership, upon approval by the