CF Industries Holdings, Inc. (CF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$5.57	$4.73	-15.1%	—	$2.2B	—
Q1 26	$2.66	$2.89	+8.6%	—	$2B	—
Q4 25	$2.47	$3.06	+23.9%	—	$1.9B	—
Q3 25	$2.07	$2.19	+5.8%	—	$1.7B	—
Q2 25	$2.47	$2.39	-3.2%	—	$1.9B	—
Q1 25	$1.5	$1.98	+32.0%	—	$1.7B	—
Q4 24	$1.51	$1.79	+18.5%	—	$1.5B	—
Q3 24	$1.16	$1.55	+33.6%	—	$1.4B	—
Q2 24	$1.91	$2.3	+20.4%	—	$1.6B	—
Q1 24	$1.62	$1.03	-36.4%	—	$1.5B	—
Q4 23	$1.56	$1.58	+1.3%	—	$1.6B	—
Q3 23	$1.03	$1.14	+10.7%	—	$1.3B	—
Q2 23	$2.25	$2.71	+20.4%	—	$1.8B	—
Q1 23	$2.52	$2.9	+15.1%	—	$2B	—
Q4 22	$4.3	$4.28	-0.5%	—	$2.6B	—
Q3 22	$3.33	$2.27	-31.8%	—	$2.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.98	—	—	$7.1B	—
FY24	—	$6.75	—	—	$5.9B	—
FY23	—	$7.89	—	—	$6.6B	—
FY22	—	$16.4	—	—	$11.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.7B	$4.1B	$4.4B	$4.6B	$4.1B	$6.5B	$11.2B	$6.6B	$5.9B	$7.1B
YoY change	-14.5%	+12.1%	+7.24%	+3.64%	-10.2%	+58.5%	+71.1%	-40.7%	-10.5%	+19.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.7B	4.1B	4.4B	4.6B	4.1B	6.5B	11.2B	6.6B	5.9B	7.1B
Cost of revenue	2.8B	3.7B	3.5B	3.4B	3.3B	4.2B	5.3B	4.1B	3.9B	4.4B
Gross profit	843M	434M	917M	1.2B	801M	2.4B	5.9B	2.5B	2.1B	2.7B
Gross margin	22.9%	10.5%	20.7%	25.6%	19.4%	36.5%	52.4%	38.4%	34.6%	38.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	173M	191M	214M	239M	206M	223M	290M	289M	320M	364M
Operating expenses	255M	200M	195M	240M	203M	203M	290M	293M	345M	391M
Operating income	588M	234M	722M	934M	598M	2.2B	5.6B	2.3B	1.7B	2.4B
Operating margin	16%	5.67%	16.3%	20.3%	14.5%	33.4%	49.8%	34%	28.8%	33.5%
Non-operating income, net	-619M	-56M	53M	55M	26M	-458M	-197M	-12M	49M	-62M
Pretax income	-226M	-125M	547M	772M	463M	1.5B	5.1B	2.2B	1.8B	2.2B
Income tax	-68M	-575M	119M	126M	31M	283M	1.2B	410M	285M	441M
Net income	-158M	450M	428M	646M	432M	1.3B	3.9B	1.8B	1.5B	1.8B
Net margin	-4.29%	10.9%	9.66%	14.1%	10.5%	19.3%	35.2%	27.7%	24.9%	25.4%
EBITDA	1.1B	1.1B	1.7B	1.8B	1.5B	3.1B	6.6B	3.3B	2.8B	3.4B
EPS	-1.19	1.53	1.25	2.24	1.48	4.27	16.4	7.89	6.75	8.98
Diluted EPS	-1.19	1.53	1.24	2.23	1.47	4.24	16.4	7.87	6.74	8.97

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.3B	1.6B	1.5B	1.6B	1.4B	1.5B	1.7B	1.9B	1.7B	1.9B	2B	2.2B
Cost of revenue	896M	1.1B	1.1B	893M	926M	1B	1.1B	1.1B	1B	1.1B	1.2B	1.1B
Gross profit	377M	501M	409M	679M	444M	524M	572M	755M	632M	765M	746M	1.1B
Gross margin	29.6%	31.9%	27.8%	43.2%	32.4%	34.4%	34.4%	39.9%	38.1%	40.9%	37.6%	51.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	68M	76M	88M	76M	78M	78M	84M	101M	88M	91M	103M	89M
Operating expenses	81M	99M	105M	37M	82M	121M	98M	109M	58M	126M	59M	61M
Operating income	296M	402M	304M	642M	362M	403M	474M	646M	574M	681M	687M	1.1B
Operating margin	23.3%	25.6%	20.7%	40.8%	26.4%	26.4%	28.5%	34.2%	34.6%	36.4%	34.6%	49.6%
Non-operating income, net	-49M	26M	3M	-4M	6M	44M	-17M	8M	9M	—	176M	14M
Pretax income	253M	436M	300M	629M	400M	433M	437M	635M	565M	602M	844M	1.1B
Income tax	23M	84M	62M	123M	59M	41M	86M	143M	105M	107M	168M	224M
Net income	230M	352M	238M	506M	341M	392M	351M	492M	460M	495M	676M	869M
Net margin	18.1%	22.4%	16.2%	32.2%	24.9%	25.7%	21.1%	26%	27.7%	26.4%	34%	39.1%
EBITDA	519M	680M	591M	887M	663M	654M	716M	901M	819M	941M	939M	1.3B
EPS	0.85	1.44	1.03	2.3	1.55	1.89	1.85	2.37	2.19	2.6	3.99	4.74
Diluted EPS	0.85	1.44	1.03	2.3	1.55	1.89	1.85	2.37	2.19	2.59	3.98	4.73

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.3B	9.9B	10.1B	10.5B	8.3B	15.2B	17.3B	15.4B	15.4B	—	17.5B
Enterprise value	12B	13.8B	14.1B	14.5B	11.9B	17.3B	18.2B	16.6B	17B	—	21.7B
Shares outstanding	233.1M	233.5M	232.6M	220.2M	214.9M	215M	203.3M	193.3M	180.4M	162.1M	162.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	22.1	23.6	16.3	19.3	12.1	4.4	8.36	10.4	—	8.57
P/S	1.99	2.41	2.29	2.29	2.02	2.33	1.55	2.32	2.59	—	2.26
P/B	1.13	1.49	1.77	1.86	1.48	2.52	2.21	1.84	2.03	—	3.05
EV/EBITDA	11.2	12.3	8.54	7.96	7.77	5.53	2.78	5.06	6.09	—	5.59
EV/Sales	3.24	3.34	3.19	3.15	2.88	2.65	1.63	2.5	2.87	—	2.8
Earnings yield	—	4.53%	4.23%	6.15%	5.19%	8.28%	22.7%	12%	9.6%	—	11.7%
FCF yield	-21.7%	11.7%	10.6%	10.5%	11.1%	15.4%	19.6%	14.7%	11.4%	—	7.3%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.9%	10.5%	20.7%	25.6%	19.4%	36.5%	52.4%	38.4%	34.6%	38.5%	51.5%
Operating margin	16%	5.67%	16.3%	20.3%	14.5%	33.4%	49.8%	34%	28.8%	33.5%	49.3%
Net margin	-4.29%	10.9%	9.66%	14.1%	10.5%	19.3%	35.2%	27.7%	24.9%	25.4%	27.1%
ROE	-2.43%	6.73%	7.47%	11.5%	7.71%	20.9%	50.1%	22%	19.5%	23.1%	29.9%
ROA	-1.04%	3.34%	3.38%	5.31%	3.59%	10.2%	29.6%	12.8%	11%	12.8%	12.9%
ROIC	5.29%	2.22%	5.8%	8.15%	6.1%	22%	49.2%	19.2%	15.5%	20.2%	24.4%
Return on tangible assets	-1.55%	5.32%	5.54%	8.94%	6.11%	15.5%	43.2%	22.1%	19.8%	22%	27.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.87	2.53	1.81	1.46	1.51	1.81	3.69	3.81	3.08	3.37	4.86
Quick ratio	3.38	2.05	1.37	0.94	1.19	1.53	3.22	3.44	2.7	2.93	4.32
Debt / equity	0.89	0.7	0.82	0.75	0.75	0.62	0.41	0.39	0.43	0.47	0.41
Debt / assets	0.38	0.35	0.37	0.35	0.35	0.3	0.24	0.22	0.24	0.26	0.24
Net debt / EBITDA	4.33	3.45	2.43	2.17	2.32	0.67	0.14	0.37	0.58	0.49	0.28
Interest coverage	-0.6	0.58	3.4	4.45	3.5	9.82	16.2	16.6	13.7	16.4	20.3
Effective tax rate	0%	0%	21.8%	16.3%	6.7%	18.3%	22.7%	18.2%	16.2%	19.7%	19.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.8	17.7	19	20.8	19.2	30.4	55	34.3	32.9	43.7	49.6
EPS (basic)	-1.19	1.53	1.25	2.24	1.48	4.27	16.4	7.89	6.75	8.98	8.98
EPS (diluted)	-1.19	1.53	1.24	2.23	1.47	4.24	16.4	7.87	6.74	8.97	13.5
Book value per share	27.9	28.6	24.6	25.6	26.1	28.1	38.6	43.3	42.1	48	37.9
FCF per share	-6.84	4.96	4.62	5	4.29	10.9	16.7	11.7	9.7	11.1	12.4
Cash per share	4.99	3.58	2.93	1.3	3.18	7.57	11.4	10.5	8.95	12.2	16.4
Capex per share	9.43	1.94	1.7	1.52	1.43	2.39	2.22	2.58	2.84	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	59.6%	11%	8.94%	7.28%	7.44%	7.85%	4.04%	7.51%	8.64%	—	—
Capex / operating cash flow	181.6%	63.6%	26.3%	22.2%	24.9%	23.1%	12.7%	17.3%	22.3%	—	—
Payout ratio	-177.2%	62.2%	65.4%	41%	59.7%	20.6%	7.77%	16.9%	24.6%	18.1%	14.8%
Dividend yield	3.82%	2.82%	2.77%	2.52%	3.1%	1.71%	1.77%	2.02%	2.36%	—	2.08%

Yield

2.08%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.60

ex-dividend Aug 14, 2026

Payout ratio

15%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$0.60
May 15, 2026	$0.50
Feb 13, 2026	$0.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.3B	$1.6B	$1.5B	$1.6B	$1.4B	$1.5B	$1.7B	$1.9B	$1.7B	$1.9B	$2B	$2.2B
YoY change	-45.2%	-39.8%	-26.9%	-11.4%	+7.62%	-2.99%	+13.1%	+20.2%	+21.1%	+22.8%	+19.4%	+17.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.2B	835M	682M	287M	683M	1.6B	2.3B	2B	1.6B	2B
Receivables	227M	297M	226M	229M	256M	464M	542M	459M	378M	444M
Inventory	339M	275M	309M	351M	287M	408M	474M	299M	314M	383M
Total current assets	2.7B	1.5B	1.3B	974M	1.4B	2.6B	3.7B	3B	2.5B	3B
Property, plant & equipment	8.8B	8.3B	7.7B	7.6B	7B	6.4B	5.8B	6.4B	6B	6.1B
Goodwill & intangibles	4.9B	5B	4.9B	5B	5B	4.3B	4.2B	6.1B	6B	5.9B
Total assets	15.1B	13.5B	12.7B	12.2B	12B	12.4B	13.3B	14.4B	13.5B	14.1B
Accounts payable	81M	99M	101M	78M	85M	110M	63M	114M	125M	148M
Short-term debt	—	—	—	90M	337M	89M	93M	96M	86M	110M
Total current liabilities	686M	580M	705M	665M	906M	1.4B	995M	800M	818M	887M
Long-term debt	5.8B	4.7B	4.7B	4.2B	3.9B	3.6B	3.1B	3.1B	3.2B	3.5B
Total liabilities	8.6B	6.8B	6.9B	6.5B	6.4B	6.3B	5.5B	6B	5.9B	6.3B
Shareholders' equity	6.5B	6.7B	5.7B	5.6B	5.6B	6B	7.9B	8.4B	7.6B	7.8B
Total debt	5.8B	4.7B	4.7B	4.2B	4.2B	3.7B	3.2B	3.2B	3.2B	3.6B
Net debt	4.6B	3.9B	4B	4B	3.5B	2.1B	902M	1.2B	1.6B	1.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.8B	2B	2B	2.5B
Receivables	—	—	—	—	—	—	—	—	602M	444M	726M	718M
Inventory	—	—	—	—	—	—	—	—	367M	383M	371M	415M
Total current assets	—	—	—	—	—	—	—	—	3B	3B	3.4B	3.8B
Property, plant & equipment	—	—	—	—	—	—	—	—	6.2B	6.1B	6.1B	6.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	5.9B	5.9B	5.9B	5.9B
Total assets	—	—	—	—	—	—	—	—	14.2B	14.1B	14.6B	15.1B
Accounts payable	—	—	—	—	—	—	—	—	716M	148M	613M	642M
Short-term debt	—	—	—	—	—	—	—	—	108M	110M	107M	104M
Total current liabilities	—	—	—	—	—	—	—	—	1.3B	887M	958M	772M
Long-term debt	—	—	—	—	—	—	—	—	3.3B	3.5B	3.5B	3.5B
Total liabilities	—	—	—	—	—	—	—	—	6.5B	6.3B	6.4B	6.2B
Shareholders' equity	—	—	—	—	—	—	—	—	7.7B	7.8B	8.3B	8.9B
Total debt	—	—	—	—	—	—	—	—	3.4B	3.6B	3.6B	3.6B
Net debt	—	—	—	—	—	—	—	—	1.6B	1.7B	1.6B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-158M	450M	428M	646M	432M	1.3B	3.9B	1.8B	1.5B	1.8B
Depreciation & amortization	678M	883M	888M	875M	892M	888M	850M	869M	925M	898M
Stock-based compensation	19M	17M	22M	28M	25M	30M	41M	37M	36M	45M
Change in working capital	-127M	30M	127M	-112M	27M	306M	-901M	108M	39M	-189M
Operating cash flow	1.2B	712M	1.5B	1.5B	1.2B	2.2B	3.6B	2.9B	2.3B	2.8B
Capital expenditure	-2.2B	-453M	-396M	-334M	-307M	-513M	-452M	-498M	-513M	—
Investing cash flow	-2.2B	-427M	-385M	-319M	-305M	-515M	-452M	-1.7B	-513M	4M
Dividends paid	-280M	-280M	-280M	-265M	-258M	-260M	-306M	-311M	-364M	-326M
Share repurchases	0	0	-467M	-374M	-110M	-539M	-1.3B	-580M	-1.5B	-1.4B
Financing cash flow	2.3B	-1.6B	-1.3B	-1.6B	-1B	-1.5B	-2.8B	-1.4B	-2.2B	-1.5B
Net change in cash	1.3B	-1.3B	-161M	-417M	-117M	175M	310M	-217M	-421M	1.3B
Free cash flow	-1.6B	1.2B	1.1B	1.1B	922M	2.3B	3.4B	2.3B	1.8B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	230M	352M	238M	506M	341M	392M	351M	492M	460M	495M	676M	869M
Depreciation & amortization	213M	229M	253M	222M	229M	221M	221M	232M	217M	228M	228M	215M
Stock-based compensation	10M	8M	13M	6M	7M	10M	10M	12M	13M	10M	11M	9M
Change in working capital	121M	-297M	6M	-116M	344M	-195M	-8M	36M	-85M	83M	-237M	-312M
Operating cash flow	548M	421M	498M	522M	914M	365M	548M	563M	1.1B	539M	496M	878M
Capital expenditure	-147M	-188M	-98M	-84M	-137M	-194M	-130M	—	—	—	—	—
Investing cash flow	-147M	-188M	-98M	-84M	-137M	-193M	-126M	0	0	0	0	0
Dividends paid	-77M	-76M	-97M	-91M	-90M	-86M	-86M	-81M	-81M	-78M	-78M	-77M
Share repurchases	-150M	-225M	-339M	-305M	-492M	-376M	-457M	-216M	-361M	-345M	-38M	-225M
Financing cash flow	-431M	-303M	-603M	-396M	-746M	-462M	-672M	-62M	-562M	-434M	-200M	-186M
Net change in cash	-30M	-70M	-203M	42M	31M	-290M	-250M	501M	502M	105M	296M	692M
Free cash flow	471M	290M	345M	391M	792M	222M	454M	317M	717M	313M	271M	603M

CF Industries Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history