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CF Industries (CF) stock

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NYSE: CF NYSE Fertilizers & Agricultural Chemicals Next results ~November 4, 2026

A Fundamentals grade

CF Industries manufactures nitrogen products, with anhydrous ammonia—made by combining atmospheric nitrogen with hydrogen from natural gas through the Haber-Bosch process—as its core output. It either sells ammonia directly or upgrades it into granular urea, UAN (urea ammonium nitrate solution) and ammonium nitrate (AN), alongside industrial products such as diesel exhaust fluid, urea liquor, nitric acid and aqua ammonia. Most volumes are applied as crop fertilisers, while AN also supplies the commercial explosives industry.

Its customers include cooperatives, retailers, independent fertiliser distributors, traders, wholesalers and industrial users, who generally buy on the basis of delivered price for these globally traded commodities. Sales are reported across segments covering Ammonia, Granular Urea, UAN, AN and an Other category.

The group operates manufacturing complexes in the United States, Canada and the United Kingdom, supported by a storage, transportation and distribution network concentrated in North America. It describes its ammonia production network as the world's largest, with its Donaldsonville, Louisiana, site the largest such complex globally. The shares trade on the New York Stock Exchange.

Based on CF Industries's 10-K filed February 25, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

CF Industries valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter CF Industries files

Where CF Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.74bn, up 20.0% on a year earlier, slower than 20.9% a quarter earlier. That growth ranks 179 of 931 among all the companies we cover. Free-cash-flow margin fell to 24.7% from 27.7% a year earlier. Operating margin widened to 41.1% from 29.6%. The diluted share count is down 8.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 4 of our 6 financial-health checks. At that price, our model says the market is pricing in cash flow shrinking about 7.3% a year for five years, slower than the 3.4% a year revenue growth it has delivered.

Our model value for CF Industries is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

CF Industries's trailing-twelve-month revenue grew 20.0% year on year, with a free-cash-flow margin of 24.7%. Where it stands out: revenue growth of 20.0% ranks 1 of 11 fertilizers & agricultural chemicals companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 6.9% while net income grew 61.2%: a 54pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.0% over the last 12 months, against a median of 3.7% for fertilizers & agricultural chemicals companies we cover.
  • High operating margin. 41.1% of revenue is left as operating profit, against a median of 8.1% for fertilizers & agricultural chemicals companies we cover.
  • Margins widening. Operating margin is up 11.5 points on a year ago.
  • Strong cash generation. 24.7% of revenue turned into free cash flow, against a median of 7.4% for fertilizers & agricultural chemicals companies we cover.
  • Shrinking share count. Diluted shares fell 8.6% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Insiders selling. 8 insiders sold $72M of stock over the past 365 days and none bought (3% under pre-set trading plans).
  • Earnings expected to fall. The consensus expects earnings per share to fall 26% next year.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$4.73 against an average estimate of $5.57: missed by 15.1%
Revenue
$2.22bn, up 17.6% on a year earlier
Share reaction
-1.2% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
gross ammonia production 9.5 (full year 2026); capital expenditures $1.3bn (full year 2026)
Next report
November 4, 2026; average EPS estimate $2.98

CF Industries' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.4%
  • 1 week-0.4%
  • 1 month+4.6%
  • This year+57.9%
  • 1 year+47.5%
  • 5 years+130.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.7B
Operating margin
41.1%
Net margin
27.1%
EPS (TTM, diluted)
$13.43

Growth

Revenue growth
+20.0%
Change in growth rate
−0.8 pts
Share count change
−8.6%

Cash

Free cash flow (TTM)
$1.9B
FCF margin
24.7%
Stock pay % of revenue
0.6%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Results
  4. Results
  5. Guidance
  6. Dividend

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CF Industries valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value CF Industries as an operating company, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.49 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$120–$160 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$420 ~$280–$640 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$320 ~$260–$430 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CF Industries with Fertilizers & Agricultural Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$30.26$24.44$34.27$36.03$40.61$34.21$64.04$78.31$74.59$82.11$76.22$120.33
Market value$7.1bn$5.7bn$8.0bn$8.4bn$9.0bn$7.4bn$13.8bn$16.0bn$14.5bn$14.8bn$12.4bn$18.8bn
+ Net debt (− = net cash)$5.3bn$4.7bn$3.9bn$4.1bn$3.7bn$3.3bn$1.9bn$677m$968m$1.4bn$1.3bn$770m
Enterprise value$12.4bn$10.4bn$11.9bn$12.5bn$12.7bn$10.7bn$15.7bn$16.7bn$15.4bn$16.2bn$13.6bn$19.6bn
Multiples
Price / sales 1.7x1.5x1.9x1.9x2.0x1.8x2.1x1.4x2.2x2.5x1.7x2.4x
Price / earnings 10.2x—22.4x29.0x18.3x23.2x15.1x4.8x9.5x12.2x8.5x9.0x
Price / free cash flow ——6.9x7.8x8.2x8.0x5.9x4.7x6.4x8.5x6.9x9.8x
EV / EBITDA 7.4x12.7x10.7x7.6x6.8x7.0x6.0x2.7x5.0x6.1x4.3x4.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard CF Industries's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 6.1% of total assets over 10 years.

  • Pricing power 3 / 20

    Gross margin has been a median 28.8%, moving by 12.7 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Operating margin has been a median 24.1%; its worst year was -0.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 25.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 27.5% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.8bn and EPS of $2.98 (range $1.80 to $3.75) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $15.37 +71% $8.3bn +17%
Next $11.42 −26% $7.4bn −11%

Next year's EPS estimate has moved +5.8% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −11.4% on 90 days ago. In the last 30 days, 0 analysts raised CF Industries's forecast and 0 cut it.

Consensus EPS forecast CF Industries, last 90 days
$10.00 $12.00 $14.00 $16.00 $18.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.35 Current fiscal year, 60 days ago: $15.06 Current fiscal year, 30 days ago: $15.06 Current fiscal year, 7 days ago: $15.20 Current fiscal year, Now: $15.37 $15.37 Next fiscal year, 90 days ago: $10.80 Next fiscal year, 60 days ago: $10.66 Next fiscal year, 30 days ago: $10.87 Next fiscal year, 7 days ago: $11.21 Next fiscal year, Now: $11.42 $11.42

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.35$10.80
60 days ago $15.06$10.66
30 days ago $15.06$10.87
7 days ago $15.20$11.21
Now $15.37$11.42

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $5.57 $4.73 −15.1%
Mar 2026 $2.73 $3.98 +45.7%
Dec 2025 $2.35 $2.59 +10.4%
Sept 2025 $2.07 $2.19 +5.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • gross ammonia production full year 2026 about 9.5m
    “The Company expects gross ammonia production for the full year 2026 to be approximately 9.5 million tons, which includes the impact of the ongoing outage at the Yazoo City, Mississippi, Complex as a result of an incident that occurred in November 2025.” source
  • capital expenditures full year 2026 about $1.3bn
    “Reflecting the consolidation of the Blue Point One joint venture into CF Industries' financial statements, management projects capital expenditures for full year 2026 will be approximately $1.3 billion, of which approximately $550 million is related to activities within the Company's existing network and approximately $600 million is related to total estimated capital expenditures in 2026 of the Blue Point One joint venture, which will be funded by each joint venture partner according to their ownership percentage.” source
  • capital expenditures · existing network full year 2026 about $550m
    “Reflecting the consolidation of the Blue Point One joint venture into CF Industries' financial statements, management projects capital expenditures for full year 2026 will be approximately $1.3 billion, of which approximately $550 million is related to activities within the Company's existing network and approximately $600 million is related to total estimated capital expenditures in 2026 of the Blue Point One joint venture, which will be funded by each joint venture partner according to their ownership percentage.” source
  • capital expenditures · Blue Point One joint venture full year 2026 about $600m
    “Reflecting the consolidation of the Blue Point One joint venture into CF Industries' financial statements, management projects capital expenditures for full year 2026 will be approximately $1.3 billion, of which approximately $550 million is related to activities within the Company's existing network and approximately $600 million is related to total estimated capital expenditures in 2026 of the Blue Point One joint venture, which will be funded by each joint venture partner according to their ownership percentage.” source
  • capital expenditures · Blue Point common facilities 2026 about $150m
    “The Company expects to have approximately $150 million in capital expenditures in 2026 related to its wholly owned Blue Point common facilities.” source
  • capital expenditures (excluding JERA/Mitsui-funded portion) · CF Industries, excluding JERA and Mitsui funded portion full year about $950m
    “For the full year, management projects capital expenditures for CF Industries, excluding the portion of capital expenditures funded by JERA and Mitsui, to be approximately $950 million.” source
Show 1 more item
  • capitalized interest recorded as capital expenditures 2026 about $40m
    “Additionally, the Company expects to record approximately $40 million of capitalized interest as capital expenditures.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

22 analysts, Oct 2026
Buy627%
Hold1359%
Sell314%

Monthly trend

  1. Oct 20263313222
  2. Sep 20263313222
  3. Aug 20262214221
  4. Jul 20262313221

Counts of recommendations published by analysts covering CF Industries, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.0%
of tradable shares
Days to cover
3.3
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
2,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +47.5%

$81.60 on October 31, 2025 to $120.33

ThenNowEffect
Revenue (last 12 months) $6.4bn $7.7bn +20.0%
Net margin 20.2% 27.1% +34.3%
P/E multiple 10.7x 9.0x −16.4%
Share count 171m 156m +9.4%

Biggest factor: net margin.

Last 3 years +58.1%

$76.13 on November 3, 2023 to $120.33

ThenNowEffect
Revenue (last 12 months) $8.7bn $7.7bn −11.2%
Net margin 27.4% 27.1% −0.9%
P/E multiple 6.3x 9.0x +42.2%
Share count 197m 156m +26.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CF+87%+22%−5%+10%−7%+58%
Industry peers (median)+24%+16%−17%−8%+1%+12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CF75%58%42%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CF−22%−28%−33%−19%−29%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from October 4, 2018 to March 18, 2020. Getting back needed a 155% gain, reached on May 6, 2021, 414 days after the low.

Price behaviour

52-week range
$74.99 – $139.27
From 52-week high
−13.6%
vs 50-day average
−2.4%
vs 200-day average
+3.9%
Volatility (1 year)
43%
Beta vs S&P 500
-1.11

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.2%
After a week
8 up, 4 down
typical move ±4.0%
After a month
7 up, 5 down
typical move ±11.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −1.2% −0.4% +1.6% +17.3%
May 6, 2026 −7.3% +1.1% −2.0% −11.0%
February 18, 2026 +6.0% +0.2% +2.5% +33.9%
November 5, 2025 −3.7% −0.7% +0.2% −7.3%
August 6, 2025 −10.6% +0.7% −6.8% −8.3%
May 7, 2025 −0.8% +1.1% +4.9% +13.1%
February 19, 2025 −3.6% −0.2% −6.5% −7.6%
October 30, 2024 +1.1% −2.3% +2.1% +10.8%
August 7, 2024 +8.4% +1.6% +9.7% +7.7%
May 1, 2024 −6.5% +0.6% −7.2% +1.6%
February 14, 2024 +0.4% +1.6% +4.2% +9.0%
November 1, 2023 +0.7% +3.0% +0.2% −3.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

CF Industries in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CF Industries
$5.5B $6B $6.5B $7B $7.5B $8B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $7.7B Revenue (TTM), FY23 Q4: $6.6B Revenue (TTM), FY24 Q1: $6.1B Revenue (TTM), FY24 Q2: $5.9B Revenue (TTM), FY24 Q3: $6B Revenue (TTM), FY24 Q4: $5.9B Revenue (TTM), FY25 Q1: $6.1B Revenue (TTM), FY25 Q2: $6.4B Revenue (TTM), FY25 Q3: $6.7B Revenue (TTM), FY25 Q4: $7.1B Revenue (TTM), FY26 Q1: $7.4B Revenue (TTM), FY26 Q2: $7.7B $7.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $7.7B
FY23 Q4 $6.6B
FY24 Q1 $6.1B
FY24 Q2 $5.9B
FY24 Q3 $6B
FY24 Q4 $5.9B
FY25 Q1 $6.1B
FY25 Q2 $6.4B
FY25 Q3 $6.7B
FY25 Q4 $7.1B
FY26 Q1 $7.4B
FY26 Q2 $7.7B
Revenue growth, TTM YoY CF Industries
-60% -40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -31.0% Revenue growth, TTM YoY, FY23 Q4: -40.7% Revenue growth, TTM YoY, FY24 Q1: -41.1% Revenue growth, TTM YoY, FY24 Q2: -32.5% Revenue growth, TTM YoY, FY24 Q3: -22.0% Revenue growth, TTM YoY, FY24 Q4: -10.5% Revenue growth, TTM YoY, FY25 Q1: 0.7% Revenue growth, TTM YoY, FY25 Q2: 9.5% Revenue growth, TTM YoY, FY25 Q3: 12.6% Revenue growth, TTM YoY, FY25 Q4: 19.3% Revenue growth, TTM YoY, FY26 Q1: 20.9% Revenue growth, TTM YoY, FY26 Q2: 20.0% 20.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -31.0%
FY23 Q4 -40.7%
FY24 Q1 -41.1%
FY24 Q2 -32.5%
FY24 Q3 -22.0%
FY24 Q4 -10.5%
FY25 Q1 0.7%
FY25 Q2 9.5%
FY25 Q3 12.6%
FY25 Q4 19.3%
FY26 Q1 20.9%
FY26 Q2 20.0%
Operating margin (TTM) CF Industries
25% 30% 35% 40% 45% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 39.3% Operating margin (TTM), FY23 Q4: 33.6% Operating margin (TTM), FY24 Q1: 28.0% Operating margin (TTM), FY24 Q2: 27.4% Operating margin (TTM), FY24 Q3: 28.9% Operating margin (TTM), FY24 Q4: 29.4% Operating margin (TTM), FY25 Q1: 31.0% Operating margin (TTM), FY25 Q2: 29.6% Operating margin (TTM), FY25 Q3: 31.5% Operating margin (TTM), FY25 Q4: 32.5% Operating margin (TTM), FY26 Q1: 36.6% Operating margin (TTM), FY26 Q2: 41.1% 41.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 39.3%
FY23 Q4 33.6%
FY24 Q1 28.0%
FY24 Q2 27.4%
FY24 Q3 28.9%
FY24 Q4 29.4%
FY25 Q1 31.0%
FY25 Q2 29.6%
FY25 Q3 31.5%
FY25 Q4 32.5%
FY26 Q1 36.6%
FY26 Q2 41.1%
FCF margin (TTM) CF Industries
20% 25% 30% 35% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 31.5% FCF margin (TTM), FY23 Q4: 34.1% FCF margin (TTM), FY24 Q1: 28.4% FCF margin (TTM), FY24 Q2: 25.5% FCF margin (TTM), FY24 Q3: 30.5% FCF margin (TTM), FY24 Q4: 29.5% FCF margin (TTM), FY25 Q1: 30.3% FCF margin (TTM), FY25 Q2: 27.7% FCF margin (TTM), FY25 Q3: 25.4% FCF margin (TTM), FY25 Q4: 25.4% FCF margin (TTM), FY26 Q1: 21.9% FCF margin (TTM), FY26 Q2: 24.7% 24.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 31.5%
FY23 Q4 34.1%
FY24 Q1 28.4%
FY24 Q2 25.5%
FY24 Q3 30.5%
FY24 Q4 29.5%
FY25 Q1 30.3%
FY25 Q2 27.7%
FY25 Q3 25.4%
FY25 Q4 25.4%
FY26 Q1 21.9%
FY26 Q2 24.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar CF Industries took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.1B
  2. Cost of revenue $4.4B · 61.5%
  3. Gross profit $2.7B · 38.5%
  4. Selling, general and admin $364M · 5.1%
  5. Other operating costs $60M · 0.8%
  6. Operating income $2.3B · 32.5%
  7. Income tax $441M · 6.2%
  8. Interest and other $404M · 5.7%
  9. Net income $1.5B · 20.5%

Shares of revenue. Source: CF Industries's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2.6 4.0 6.1 6.1 5.5 4.7 4.3 3.7 4.1 4.4 4.6 4.1 6.5 11.2 6.6 5.9 7.1 7.7
Gross profit 0.8 1.2 2.9 3.1 2.5 1.8 1.5 0.8 0.4 0.9 1.2 0.8 2.4 5.9 2.5 2.1 2.7 3.3
EBITDA 0.8 1.3 3.2 3.4 2.8 2.8 1.7 0.8 1.1 1.7 1.9 1.5 2.6 6.2 3.1 2.7 3.2 4.1
Operating income 0.7 0.9 2.8 3.0 2.4 2.4 1.2 0.1 0.2 0.8 1.0 0.6 1.7 5.4 2.2 1.7 2.3 3.2
Net income 0.4 0.3 1.5 1.8 1.5 1.4 0.7 −0.3 0.4 0.3 0.5 0.3 0.9 3.3 1.5 1.2 1.5 2.1
Diluted EPS $1.48 $1.07 $4.40 $5.72 $4.95 $5.42 $2.96 −$1.19 $1.53 $1.24 $2.23 $1.47 $4.24 $16.38 $7.87 $6.74 $8.97 $13.43
Growth (year on year)
Revenue −33.5% +52.0% +53.8% +0.1% −10.3% −13.4% −9.2% −14.5% +12.1% +7.2% +3.6% −10.2% +58.5% +71.1% −40.7% −10.5% +19.3% +20.0%
EBITDA −37.6% +65.3% +148.5% +5.4% −16.5% −2.2% −39.4% −51.2% +36.9% +48.1% +13.5% −19.3% +72.7% +138.7% −50.4% −13.8% +19.7% +44.8%
Operating income −40.9% +31.8% +211.5% +6.1% −18.5% −1.9% −49.6% −88.4% +69.6% +227.4% +30.9% −37.9% +177.5% +212.1% −58.7% −21.7% +31.7% +66.7%
Net income −46.6% −4.5% +340.8% +20.1% −20.8% −5.1% −49.6% −139.6% — −19.0% +70.0% −35.7% +189.3% +264.9% −54.4% −20.1% +19.5% +61.2%
Diluted EPS −38.8% −28.0% +311.6% +30.1% −13.4% +9.5% −45.4% −140.2% — −19.0% +79.8% −34.1% +188.4% +286.3% −52.0% −14.4% +33.1% +76.3%
Margins
Gross margin 32.2% 29.7% 47.5% 51.0% 46.0% 37.5% 35.9% 22.9% 10.5% 20.7% 25.6% 19.4% 36.5% 52.4% 38.4% 34.6% 38.5% 42.5%
EBITDA margin 29.9% 32.5% 52.6% 55.4% 51.6% 58.2% 38.8% 22.1% 27.0% 37.3% 40.9% 36.7% 40.0% 55.8% 46.7% 45.0% 45.1% 52.6%
Operating margin 26.1% 22.6% 45.8% 48.5% 44.1% 49.9% 27.7% 3.7% 5.7% 17.3% 21.9% 15.1% 26.4% 48.2% 33.6% 29.4% 32.5% 41.1%
Net margin 14.0% 8.8% 25.2% 30.3% 26.8% 29.3% 16.2% −7.5% 8.7% 6.5% 10.7% 7.7% 14.0% 29.9% 23.0% 20.5% 20.5% 27.1%
Free-cash-flow margin 17.1% 23.6% 30.0% 30.3% 11.7% −8.2% −29.3% −43.3% 28.0% 24.3% 24.0% 22.4% 36.1% 30.4% 34.1% 29.5% 25.4% 24.7%
Cash flow
Cash from operations 0.7 1.2 2.1 2.4 1.5 1.4 1.2 0.6 1.6 1.5 1.5 1.2 2.9 3.9 2.8 2.3 2.8 3.0
Capital spending 0.2 0.3 0.2 0.5 0.8 1.8 2.5 2.2 0.5 0.4 0.4 0.3 0.5 0.5 0.5 0.5 1.0 1.1
Free cash flow 0.4 0.9 1.8 1.9 0.6 −0.4 −1.3 −1.6 1.2 1.1 1.1 0.9 2.4 3.4 2.3 1.8 1.8 1.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.4 0.9 1.8 1.8 0.6 −0.4 −1.3 −1.6 1.1 1.1 1.1 0.9 2.3 3.4 2.2 1.7 1.8 1.9
Balance sheet
Cash 0.7 0.8 1.2 2.3 1.7 2.0 0.3 1.2 0.8 0.7 0.3 0.7 1.6 2.3 2.0 1.6 2.0 2.5
Total debt 0.0 2.0 1.6 1.6 3.1 4.6 5.6 5.9 4.8 4.8 4.0 4.0 3.5 3.0 3.0 3.0 3.3 3.3
Net debt (negative = net cash) −0.7 1.2 0.4 −0.7 1.4 2.6 5.3 4.7 3.9 4.1 3.7 3.3 1.9 0.7 1.0 1.4 1.3 0.8
Diluted shares 246m 327m 350m 324m 296m 257m 236m 233m 234m 234m 222m 215m 216m 204m 194m 181m 162m 156m
Returned to shareholders
Dividends 0.0 0.0 0.1 0.1 0.1 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.3
Buybacks — — 1.0 0.5 1.4 1.9 0.6 0.0 0.0 0.5 0.4 0.1 0.5 1.3 0.6 1.5 1.4 1.0
Total returned 0.0 0.0 1.1 0.6 1.5 2.2 0.8 0.3 0.3 0.7 0.6 0.4 0.8 1.7 0.9 1.9 1.7 1.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $15.1bn
Short-term assets $3.8bnLonger-term assets $11.3bn
What it owes, and who funded it · $6.5bn
Short-term liabilities $772mShareholders' equity $5.7bn
  • Short-term assets cover short-term liabilities $3.8bn of assets due within a year against $772m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $2.5bn of cash against $3.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 56% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 108% to 56% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $3.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.2bn against $171m of interest.

From CF Industries's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$958M
Dividends (TTM)
$314M
Returned to shareholders
67%
of free cash flow
Buybacks, last 3 fiscal years
$3.5B
Diluted share count
−8.6%
year over year
Total shareholder yield
6.9%
dividends 1.7% + buybacks 5.2% of market value
Dividend payout ratio
15%
of net income paid out
Sales & admin spending
4.8%
of revenue
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in fertilizers & agricultural chemicals
Last 12 months unless stated CF ICL MOS SMG CTVA FMC Median
Revenue, last 12 months $7.7bn $7.2bn $12.2bn $3.5bn $17.8bn $2.8bn $3.5bn
Revenue growth, last 12 months 20.0% 4.6% 8.8% 4.6% 3.7% −22.0% 3.7%
Revenue growth, 3-year average −3.9% — −10.0% −1.7% 0.5% −17.2% −4.2%
Revenue growth, latest quarter 17.6% — −6.0% 1.1% −1.2% −80.5% −1.2%
Gross margin 42.5% 30.6% 11.0% 31.8% 49.5% 22.0% 31.0%
Operating margin 41.1% 8.1% −1.4% 11.0% — −97.0% 3.4%
Operating margin, 3-year average 32.7% 12.4% 4.2% 6.8% — −29.8% 6.8%
Net margin 27.1% 3.2% −5.2% 2.1% 5.7% −151.2% 2.1%
Cash from operations / revenue 38.5% 14.8% 3.6% 10.6% 6.8% 15.1% 14.8%
Free-cash-flow margin 24.7% 4.6% −7.7% 7.6% 3.5% 13.1% 7.4%
Free-cash-flow margin, 3-year average 26.0% 7.0% −1.3% 14.4% 9.2% 5.8% 9.1%
Stock pay / revenue 0.6% 0.2% 0.3% 1.4% 0.5% 0.9% 0.6%
Change in share count −8.6% 0.1% −0.1% 3.2% −1.9% 1.5% 0.1%

Median of all 11 companies we cover in fertilizers & agricultural chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 fertilizers & agricultural chemicals companies
Measure Company Peer median Rank
Revenue growth Growth 20.0% 3.7% 1 of 11
Change in growth rate Growth -0.8pp -0.8pp 6 of 11
Gross margin Profitability 42.5% 31.0% 2 of 11
Operating margin Profitability 41.1% 8.1% 1 of 9
Net margin Profitability 27.1% 2.1% 1 of 11
Free-cash-flow margin Cash generation 24.7% 7.4% 2 of 11
Stock pay as % of revenue Cash generation 0.6% 0.6% 4 of 9
Long-term debt as % of assets Balance sheet 21.3% 21.3% 6 of 11
Change in share count Balance sheet -8.6% 0.1% 1 of 11
Days sales outstanding Balance sheet 34 days 75 days 2 of 7

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Ammonia $2.2B ▲ 25.3%
UAN $2.2B ▲ 28.8%
Urea $1.8B ▲ 11.3%
All Other Segments $545M ▲ 8.3%
Other Products $545M ▲ 8.3%
Ammonium Nitrate $421M ▲ 0.5%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
North America $6B ▲ 19.3%
United States $5.3B ▲ 20.8%
Outside the US $1.7B ▲ 15.1%
Europe and Other $1.1B ▲ 19.6%
All Regions Outside of US and Canada $712M ▲ 21.9%
Canada $598M ▲ 12.0%
United Kingdom $378M ▲ 15.6%
North Americaexcluding United States and Canada $58M ▼ 19.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From CF Industries's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$17.2B
Institutions reporting
955
Shares held vs prior quarter
▲ 5.2%
Positions opened / closed
150 / 111

Top buyers and sellers, Q2 2026: 526 institutions bought and 418 sold ; the biggest buyer was Capital World Investors (+1.2M shares) and the biggest seller FMR LLC (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 13.0M 8.2% ▲ 6.9%
Vanguard Capital Management LLC $1.1B 10.0M 6.3% ▼ 0.1%
Vanguard Portfolio Management LLC $924M 8.5M 5.4% ▲ 10.2%
State Street Corp $924M 8.5M 5.4% ▲ 8.2%
Price T Rowe Associates Inc $917M 8.5M 5.3% ▲ 12.6%
Geode Capital Management, LLC $630M 5.4M 3.7% ▲ 4.0%
Dimensional Fund Advisors LP $393M 3.6M 2.3% ▼ 18.5%
Capital World Investors $360M 3.3M 2.1% ▲ 53.0%
Invesco Ltd. $340M 3.1M 2.0% ▲ 5.1%
Northern Trust Corp $334M 3.1M 1.9% ▼ 0.8%
Allianz Asset Management Gmbh $328M 2.6M 1.9% ▼ 0.1%
Norges Bank $325M 3.0M 1.9% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CF Industries's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $72.2M 36 trades by 8 insiders · 3% under pre-set plans
Net ▼ $72.2M net selling
Insider Date Trade Shares Price Value
Frost Bert A EVP, Chief Commercial Officer March 17, 2026 Sell 6,000 $126.00 $756,000
Hoker Richard A VP and Corporate Controller March 17, 2026 Sell 3,499 $125.38 $438,705
Mayer Erik M. VP, Clean Energy & BusDevelop March 17, 2026 Sell 1,500 $124.69 $187,035
Will W Anthony Director March 13, 2026 Sell 20,368 $131.17 $2.7M
Will W Anthony Director March 13, 2026 Sell 32,658 $130.62 $4.3M
Frost Bert A EVP, Chief Commercial Officer March 12, 2026 Sell 6,250 $136.69 $854,316
Menzel Susan L EVP and Chief Admin. Officer March 12, 2026 Sell 18,041 $136.06 $2.5M
Will W Anthony Director March 11, 2026 Sell 28,625 $118.64 $3.4M
Frost Bert A EVP, Chief Commercial Officer March 9, 2026 Sell pre-set plan 5,534 $116.21 $643,106
Frost Bert A EVP, Chief Commercial Officer March 6, 2026 Sell pre-set plan 10,000 $119.01 $1.2M
Mayer Erik M. VP, Clean Energy & BusDevelop March 6, 2026 Sell 2,200 $116.25 $255,749
Mcgrane Michael Patrick SVP, Gen. Counsel & Secretary March 6, 2026 Sell 3,666 $116.50 $427,089

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 20 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of CF Industries shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded August 8, 2025, filed January 13, 2026
  • Val T. Hoyle(D-OR 4):Purchase, $1,001 - $15,000, traded October 29, 2024, filed September 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 18, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on CF Industries was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CF Industries in brief

What does CF Industries do?
CF Industries is a US-listed company in the fertilizers & agricultural chemicals industry. Its financial year ends in December.
What is CF Industries's stock ticker?
CF Industries trades under the ticker CF on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CF Industries's revenue, and how fast is it growing?
Over its most recent trailing twelve months, CF Industries reported revenue of $7.7B, 20.0% higher than a year earlier, according to its SEC filings.
What is CF Industries's free cash flow?
CF Industries's free-cash-flow margin is 24.7% of revenue over the trailing twelve months, ranking 2 of the 11 fertilizers & agricultural chemicals companies we cover.
Who are CF Industries's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is CF Industries buying back stock, and does it pay a dividend?
CF Industries spent $958M on share repurchases over the trailing twelve months, and its diluted share count fell 8.6% over the year.
What is CF Industries's market cap?
On November 2, 2026, CF Industries's market capitalisation was about $18.8B, with a price-to-earnings ratio of 9.0 and net debt of $770M. Market figures come from third-party market data and may be delayed.
Does CF Industries pay a dividend?
Yes: CF Industries paid $314M in dividends over the trailing twelve months, a dividend yield of 1.70% and a payout ratio of 15.0%.
How much debt does CF Industries have?
CF Industries's debt-to-equity ratio is 55.9%, from its latest balance sheet (108.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are CF Industries's competitors?
In our Fertilizers & Agricultural Chemicals peer group, the companies closest to CF Industries are ICL Group Ltd., The Mosaic Company, Scotts Miracle-gro Co, Corteva, Inc. and FMC Corp. The side-by-side comparison below sets their revenue, margins and growth against CF Industries's.
Are insiders buying or selling CF Industries stock?
Over the last 12 months, CF Industries's directors and officers reported 0 open-market purchases and 36 sales on Form 4. The insider trading page charts every trade.
When is CF Industries's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CF Industries announces its own schedule.