CVR Partners (UAN) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 reached $180 million, up 26% year-over-year, with net income of $50 million and EBITDA of $78 million, driven by higher ammonia and UAN prices and increased ammonia volumes.

• Declared a $4.00 per common unit distribution for Q1 2026, payable in May to holders of record as of May 11.

• Ammonia plant utilization was 103%, with increased sales volumes and prices for UAN and Ammonia.

• Operations benefited from tight nitrogen fertilizer markets, higher prices due to Middle East conflicts, and improved market conditions.

• Ammonia sales volumes grew 22% due to an early spring planting season, while UAN volumes declined 8% due to outages.

Financial highlights

• Operating income for Q1 2026 was $58 million, with net income of $50 million or $4.72 per common unit.

• Sold 310,000 tons of UAN at $343/ton and 73,000 tons of Ammonia at $687/ton; average realized prices for ammonia and UAN increased 24% and 34% year-over-year.

• EBITDA margin for Q1 2026 was approximately 43% (EBITDA of $77.7 million on $180 million net sales).

• Cash and cash equivalents increased to $128.1 million as of March 31, 2026, from $69.2 million at year-end 2025.

• Available cash for distribution was $42.2 million, compared to $23.9 million in Q1 2025.

Outlook and guidance

• Q2 2026 ammonia utilization rate expected between 95% and 100%.

• Q2 direct operating expenses projected at $57–62 million; capital expenditures at $28–32 million.

• Full-year 2026 capital spending estimated at $60–75 million, with $35–45 million for maintenance and a major turnaround at East Dubuque planned for August 2026.

• Management expects continued volatility in fertilizer prices due to geopolitical conflicts, supply chain disruptions, and regulatory changes.

• The company remains in compliance with all debt covenants.