Logo

CF

CF Industries Holdings, Inc.

CF

CF Industries Holdings, Inc. • NYSE
$78.70 ▲ 0.37% (+0.29)
Market Cap $13.09 B
52w High $104.45
52w Low $67.34
Dividend Yield 2.00%
P/E 9.52
Volume 994.72K
Outstanding Shares 166.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.659B ▼ $52M ▼ $353M ▼ 21.278% ▲ $2.19 ▼ $823M ▼
Q2-2025 $1.89B ▲ $101M ▲ $386M ▲ 20.423% ▲ $2.37 ▲ $903M ▲
Q1-2025 $1.663B ▲ $84M ▲ $312M ▼ 18.761% ▼ $1.85 ▼ $695M ▼
Q4-2024 $1.524B ▲ $78M $328M ▲ 21.522% ▲ $1.89 ▲ $701M ▲
Q3-2024 $1.37B $78M $276M 20.146% $1.55 $629M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.838B ▲ $14.203B ▲ $6.508B ▲ $4.849B ▼
Q2-2025 $1.686B ▲ $13.75B ▲ $5.929B ▼ $4.963B ▲
Q1-2025 $1.406B ▼ $13.308B ▼ $6.011B ▲ $4.78B ▼
Q4-2024 $1.614B ▼ $13.466B ▼ $5.874B ▼ $4.985B ▼
Q3-2024 $1.877B $13.843B $6.106B $5.194B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $460M ▼ $1.064B ▲ $-339M ▼ $-562M ▼ $152M ▼ $717M ▲
Q2-2025 $492M ▲ $563M ▼ $-242M ▼ $-62M ▲ $280M ▲ $318M ▼
Q1-2025 $351M ▼ $586M ▲ $-126M ▲ $-671M ▼ $-208M ▲ $454M ▲
Q4-2024 $392M ▲ $420M ▼ $-196M ▼ $-462M ▲ $-263M ▼ $223M ▼
Q3-2024 $341M $931M $-139M $-745M $58M $792M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Ammonia
Ammonia
 $570.00M ▲$520.00M ▼$490.00M ▼$460.00M ▼
AN
AN
 $100.00M ▲$100.00M ▲$120.00M ▲$120.00M ▲
UAN
UAN
 $370.00M ▲$470.00M ▲$610.00M ▲$520.00M ▼
Urea
Urea
 $350.00M ▲$440.00M ▲$550.00M ▲$420.00M ▼
Other Products
Other Products
 $0 ▲$130.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement CF’s earnings profile clearly reflects a cyclical fertilizer business. Revenue and profits surged to unusually high levels in the early 2020s when fertilizer prices spiked, then dropped back as prices normalized. Even after this pullback, profitability remains meaningfully stronger than it was before the run-up, suggesting the core business is still healthy. Margins are relatively robust, indicating good cost control and operating efficiency, but investors should remember that both sales and earnings can swing widely with nitrogen prices, natural gas costs, and global agricultural conditions.

Balance Sheet

Balance Sheet The balance sheet looks solid and has improved over time. Debt has gradually come down from earlier levels, while shareholder equity has built up, which means the company is less financially stretched than it used to be. Cash levels are healthy relative to the size of the business, giving CF flexibility to fund projects, handle downturns, and manage its capital returns. Overall, the company appears to be operating from a position of financial strength rather than relying heavily on borrowing.

Cash Flow

Cash Flow CF generates strong, recurring cash flow from its operations, even in more normal pricing environments. Free cash flow has been positive for several years in a row, after funding capital spending. Investment in plants and equipment has been steady but not excessive, suggesting a disciplined approach: enough to maintain and upgrade facilities, plus support new low-carbon initiatives, without overwhelming the cash-generating base. This cash profile provides room to support growth projects, balance sheet health, and shareholder returns, while still leaving a buffer for cyclicality.

Competitive Edge

Competitive Edge CF holds a powerful position in nitrogen fertilizers, anchored by its status as one of the largest ammonia producers globally and a leading operator in North America. The company’s main edge is cost: access to relatively cheap North American natural gas and very efficient plants makes it a low-cost producer versus many international rivals. Large, strategically located complexes and a broad logistics network help it reliably serve key agricultural regions, which is hard for new entrants to replicate. That said, CF still operates in a highly commodity-driven market with exposure to foreign competitors, trade flows, and government policies, so its strong position does not eliminate earnings volatility.

Innovation and R&D

Innovation and R&D Innovation at CF is focused less on traditional lab R&D and more on large-scale industrial upgrades aimed at cleaner production. The company is investing heavily in “blue” and “green” ammonia—capturing carbon from existing plants and adding electrolysis capacity to make low-carbon products. Flagship projects at sites like Donaldsonville and joint ventures with major partners aim to position CF as an early leader in low-carbon ammonia for agriculture, shipping fuel, and power generation. The opportunity is significant, but success will depend on technology execution, regulatory support, customer adoption, and the economics of carbon capture and renewable power over time.

Summary

CF Industries combines a strong, low-cost core fertilizer business with a balance sheet and cash flows that can support both shareholder returns and sizable decarbonization projects. The last few years show how dramatically earnings can rise and fall with the fertilizer cycle, but also how much stronger the business is compared with the pre-boom period. Strategically, CF is trying to turn its scale and cost advantages into a long-term lead in low-carbon ammonia, which could open new markets beyond traditional agriculture. The key watchpoints are commodity price swings, natural gas costs, project execution on clean-energy initiatives, and how quickly demand for low-carbon ammonia actually materializes.

NEWS

November 5, 2025 · 4:30 PM UTC

CF Industries Holdings, Inc. Reports First Nine Months 2025 Net Earnings of $1.05 Billion, Adjusted EBITDA of $2.07 Billion

Read more

October 2, 2025 · 4:30 PM UTC

CF Industries, Trafigura and Envalior Announce Shipment of Certified Low-Carbon Ammonia

Read more

October 1, 2025 · 4:39 PM UTC

CF Industries Holdings, Inc. Declares Quarterly Dividend and Confirms Dates for Third Quarter 2025 Results and Conference Call

Read more

September 8, 2025 · 8:30 AM UTC

CF Industries' W. Anthony Will to Retire as President and Chief Executive Officer January 4, 2026; Christopher D.

Read more