CVIMEDIUM SIGNALFINANCIAL10-K

CVI shows mixed financial performance with significantly improved profitability but concerning cash flow deterioration and balance sheet contraction.

The company achieved strong operational improvements with operating income rising 214% and net income up 286%, suggesting better underlying business performance. However, the 64% decline in operating cash flow combined with a 48% drop in cash reserves raises questions about cash generation sustainability and liquidity management.

Comparing 2026-02-18 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

CVI delivered impressive profitability gains with operating income surging 214% to $182M and net income rising 286% to $27M, while interest expense increased dramatically by 299% to $110M. However, these improvements were offset by concerning cash flow trends, with operating cash flow declining 64% to $144M and cash reserves falling 48% to $511M. The overall balance sheet contracted significantly with total assets down 13% to $3.7B and current assets declining 31%, though debt reduction of 11% and lower current liabilities suggest some deleveraging efforts.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+298.9%
$27.6M→$110.1M

Interest expense surged 298.9% — significant debt increase or rising rates materially impacting earnings.

Net Income
P&L
+285.7%
$7.0M→$27.0M

Net income grew 285.7% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+213.8%
$58.0M→$182.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
-64.4%
$404.0M→$144.0M

Operating cash flow fell 64.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-48.2%
$987.0M→$511.0M

Cash declined 48.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
-35.7%
$1.1B→$706.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
-30.5%
$1.8B→$1.3B

Current assets declined 30.5% — monitor working capital adequacy and short-term liquidity.

Accounts Receivable
Balance Sheet
-20.3%
$295.0M→$235.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Assets
Balance Sheet
-13.1%
$4.3B→$3.7B

Total assets contracted 13.1% — asset sales, write-downs, or balance sheet optimization underway.

Total Debt
Balance Sheet
-10.5%
$1.9B→$1.7B

Debt reduced 10.5% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-19
ADDED
As of February 13, 2026, there were 100,530,599 shares of the registrant s common stock outsta nding.
Directors, Executive Officers and Corporate Governance 118 Item 1A.
Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.
Renewable Volume Obligation ( RVO ) A requirement set by the United States Environmental Protection Agency that determines how much renewable fuel a refiner must blend in a given year.
Vegetable oil An oil extracted from plants, such as canola, corn, and soybean, that can be processed into renewable fuels, including diesel, jet, naphtha, and other fuels.
+7 more — sign up free →
REMOVED
As of February 14, 2025, there were 100,530,599 shares of the registrant s common stock outsta nding.
Directors, Executive Officers and Corporate Governance 127 Item 1A.
Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.
Utilization Measurement of the annual production of UAN and ammonia expressed as a percentage of each facilities nameplate production capacity.
All statements other than statements of historical fact, including without limitation, statements regarding future operations, financial position, estimated revenues and losses, growth, capital projects, stock or unit repurchases, impacts of legal proceedings, projected costs, prospects, plans and objectives of management are forward-looking statements.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →