CVR Partners Posts $211M EBITDA as Ammonia Prices Surge 32%
CVR Partners posted full-year 2025 EBITDA of $211 million and paid $10.54 per unit in distributions while ammonia prices rose 32% YoY in Q4, boosting order books ahead of spring applications. Iran’s Strait of Hormuz disruptions have tightened supply, sending fertilizer prices higher and lifting UAN stock 30% this year.
1. 2025 Financial Results
CVR Partners reported full-year 2025 revenue of $606 million, EBITDA of $211 million, operating margin of $130 million and free cash flow near $100 million, supporting a $10.54 per unit distribution payout for the year.
2. Ammonia Price and Supply Dynamics
Ammonia prices climbed roughly 32% year-over-year in Q4 as over 30% of global fertilizer supply passes through the Strait of Hormuz, where recent disruptions have tightened shipments and elevated U.S. pricing.
3. Spring 2026 Order Book Outlook
CEO Mark Pytosh noted pre-buying volumes surged in January and February, creating a larger-than-typical order book heading into Q1 and enabling early Midwest ammonia applications ahead of the spring season.
4. European Energy Market Impacts
European natural gas costs above $13 per MMBtu have suppressed regional fertilizer production, boosting export opportunities for U.S. Gulf Coast producers such as CVR Partners.