UAN earnings analysis
What we found in UAN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
CVR Partners reported a strong first quarter for 2026, achieving revenues of $180 million, a notable increase from $143 million in Q1 2025. The company’s net income also surged to $49.9 million, reflecting improving market dynamics in nitrogen fertilizers, driven by elevated demand amid tight inventory levels after geopolitical tensions disrupted global supply chains.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased to $180 million in Q1 2026, up 25.3% from $143 million in Q1 2025.
- Significant EPS Improvement
- Diluted EPS rose to $4.72 in Q1 2026, compared to $2.56 in Q1 2025.
- Increased Ammonia Sales Volume
- Ammonia sales volumes increased by 22%, reaching 73,000 tons compared to 60,000 tons in Q1 2025.
- UAN Pricing Surge
- UAN sales price improved to $343 per ton, up 34% from $256 per ton in Q1 2025.
- Operational Efficiency
- Ammonia utilization rate was 103%, an improvement from 101% in Q1 2025.
- Significant EBITDA Growth
- EBITDA increased to $77.7 million, up from $52.9 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Supply Risks
- The ongoing Iran war has disrupted fertilizer supply chains, contributing to market volatility.
- Rising Input Costs
- Higher natural gas prices have affected production costs, impacting overall profit margins.
- Regulatory Scrutiny
- The fertilizer industry faces increased regulatory scrutiny regarding pricing and competitive practices.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.72
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · February 18, 2026
- CVR Partners reported a stronger full year in 2025 versus 2024, with revenues rising from $526.0M (2024) to $607.0M (2025) and aggregate diluted EPS increasing from $5.76 (2024) to $9.33 (2025). Results were volatile:…
- 10-Q · October 30, 2025
- CVR Partners reported a materially stronger quarter: net sales of $163,549,000 (Q3 2025) versus $125,203,000 (Q3 2024) and operating income of $50,636,000 versus $10,996,000 a year ago, driving diluted EPS of $4.08…
- 10-Q · July 31, 2025
- CVR Partners reported a strong quarter: net sales of $168,559,000 and operating income of $46,318,000 for the three months ended June 30, 2025, driving diluted EPS of $3.67 (vs $2.48 in Q2 2024). Cash improved (cash and…
- 10-K · February 19, 2025
- CVR Partners emphasizes a differentiated feedstock moat at its Coffeyville Facility — the only North American nitrogen fertilizer plant using pet coke gasification — and dual‑site capacity to produce and upgrade ammonia…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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