CVR Partners Q1 2026: net income nearly doubles to $50M as UAN prices surge 34% on tight nitrogen supply

CVR Partners reported net income of $50 million for Q1 2026, nearly double the $27 million posted in the same quarter a year earlier, as higher nitrogen fertilizer prices driven by geopolitical supply disruptions and low domestic inventories lifted both UAN and ammonia revenues.

Net sales rose to $180 million from $143 million in Q1 2025. EBITDA increased to $78 million from $53 million. The company’s combined ammonia plant utilization rate reached 103% for the quarter, with both the Coffeyville, Kansas, and East Dubuque, Illinois, facilities operating with minimal downtime.

Average realized gate prices for UAN (urea ammonium nitrate solution) rose 34% year-on-year to $343 per ton, while ammonia prices climbed 24% to $687 per ton. Ammonia sales volumes increased 22%, supported by an early start to the U.S. spring planting season. UAN volumes were slightly lower, down 8%, due to minor unplanned outages at the UAN upgrading units at East Dubuque.

“Nitrogen fertilizer market conditions have been favorable as domestic and global inventories have remained low to start the year, which has been further impacted by the recent geopolitical events in the Middle East and ongoing conflict between Russia and Ukraine,” said CEO Mark Pytosh.

CVR Partners declared a Q1 cash distribution of $4.00 per common unit, paid May 18. The company produces approximately 220,000 gross tons of ammonia per quarter, upgrading the majority of it to 335,000 tons of UAN for direct application across the U.S. Corn Belt. Full-year 2026 capex guidance is $60–75 million, with $35–45 million earmarked for maintenance. Corn planted area is estimated at 95 million acres in 2026, down roughly 4% from record 2025 levels, but still supporting strong nitrogen demand.