Skip to content
AnalystLens

CF Industries HoldingsCF

Legal name
CF Industries Holdings, Inc.
Sector
Other
Industry
Agricultural Chemicals
Exchange
NYSE

Stock Price $CF

Latest filings

You are here#23 of 26 in Materials by market cap

Filing record · 2016–202610-K1110-Q328-K157

CF filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 157 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · May ’19May ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $7.08B
YoY changeLargest recent move+71.1%in FY22Latest +19.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All CF Financial Metrics62 metrics

Income Statement15

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

CF Industries Holdings Financial Overview 2021–2025

Updated Nov 4, 2026

CF Industries earned $16.38 per diluted share in FY2022, then fell to $8.97a in FY2025, yet the share count shrank so fast that the business now produces more per share than it did in FY2021. That is the core thesis: this is a cyclical nitrogen producer that turns price swings into earnings, then shrinks its share count with the cash.

The long-term arc shows the cycle clearly. Net sales grew from $6.54 billion in FY2021 to $7.08 billionb in FY2025, with a spike to $11.19 billion in FY2022 when average selling prices hit $610 per ton. By FY2024, prices had sunk to $313 per ton and gross margin to $2.06 billion. In FY2025, prices recovered to $372 per ton, gross margin reached $2.72 billion (38.5%), and net earnings hit $1.46 billion. Natural gas costs, at $3.31 per MMBtu in FY2025, remain the main swing factor.

Capital returns are the second engine. CF repurchased $1.37 billionc of stock in FY2025 and $1.51 billion in FY2024, cutting diluted shares 10% in FY2025. Year-end cash was $1.98 billion against $3.25 billion of senior notes. Risks are real: Yazoo City is idled until at least Q4 2026, and the Blue Point project will cost about $3.7 billion. The market was pricing in caution. At the close of FY2025, shares traded at $77.34, or 8.6x earnings, for a market cap of $11.9 billion.

Recent Developments (Q1 and Q2 2026)

Pricing drove a sharp earnings step-up. Diluted EPS rose to $3.98d in Q1 2026 and $4.73 in Q2 2026, versus $1.85 and $2.37 a year earlier. Average selling prices climbed 39% to $523 per ton in Q2 2026, lifting gross margin to 51.5% from 39.9%. Volume fell 15% to 4.3 million tons. Tight supply tied to the Iran conflict drove prices, though they eased late in Q2 2026. Q1 2026 included a $170 million litigation gain. The board raised the quarterly dividend 20% to $0.60. Blue Point received permits in July 2026, and construction starts in August 2026. The chief accounting officer will retire effective March 2027.

Bull case: margins are expanding, cash reached $2.48 billione, and about $1.5 billion of buyback capacity remains. Bear case: prices are softening, volume is shrinking, Yazoo City stays down until the first half of 2027, and antitrust class actions are unquantified. At $116.73, shares traded at 13.0x FY2025 earnings as of August 5, 2026, not today.

What to watch: Nitrogen price direction after the late-Q2 2026 decline; Blue Point construction progress and the antitrust suits

03—Filings

Recent SEC Filings

  1. 8-KCF Industries Holdings 8-K Report, Executive Changes (Sep 3, 2026)CF Industries Holdings, Inc. filed a Current Report on Form 8-K dated September 3, 2026, under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers). The filing reports that on August 31, 2026, Richard A. Hoker, Vice President and Corporate Controller and Chief Accounting Officer, informed the Company that he intends to retire from employment effective March 3, 2027. The filing is limited to this personnel disclosure. It does not include financial results, operating metrics, guidance, or any compensation or succession arrangements. It also does not name a successor for the Chief Accounting Officer role. For investors, the event is a planned, advance-notice retirement of a senior finance officer roughly six months before its effective date, which gives the Company time to arrange a transition. The filing is signed by Michael P. McGrane, Senior Vice President, General Counsel and Secretary.
  2. 8-KCF Industries Holdings 8-K Report, Financial Results (Aug 5, 2026)CF Industries Holdings, Inc. reported first-half 2026 net earnings attributable to common stockholders of $1.34 billion, or $8.71 per diluted share, with EBITDA of $2.17 billion and adjusted EBITDA of $2.18 billion. First-half results include a gain of approximately $170 million from a litigation settlement. Net sales rose to $4.21 billion from $3.55 billion, driven by higher average selling prices that management attributes to a tight global nitrogen supply-demand balance, further tightened by supply disruptions related to the conflict with Iran. Sales volumes fell 11% in the first half, due primarily to the extended outage at the Yazoo City, Mississippi, Complex following a November 2025 incident. For the second quarter, net earnings were $727 million, or $4.73 per diluted share, versus $386 million, or $2.37 per diluted share, a year earlier. The company generated trailing twelve-month net cash from operating activities of $2.98 billion and free cash flow of $1.82 billion, which includes cash flows associated with the Blue Point One joint venture. It repurchased 2.0 million shares for $230 million in the second quarter, and about $1.48 billion remains under its share repurchase program, which expires in December 2029. The Board declared a quarterly dividend of $0.60 per share, a 20% increase over the prior quarterly dividend. Management expects full-year 2026 capital expenditures of approximately $1.3 billion, including roughly $600 million for the Blue Point One joint venture, which is funded by its partners according to ownership percentages. Operationally, year-to-date utilization of available ammonia capacity was 98%, and full-year 2026 gross ammonia production is expected to be approximately 9.5 million tons. Management expects the Yazoo City Complex to resume production in the first half of 2027 and expects a substantial portion of restoration costs to be covered by insurance. Management also expects nitrogen supply to remain constrained and demand to remain constructive through the end of 2026 and into 2027, while noting that Middle East supply remains below pre-conflict levels and that geopolitical risks persist.
  3. 8-KCF Industries Holdings 8-K Report, Financial Results (Aug 5, 2026)CF Industries Holdings, Inc. filed this Form 8-K on August 5, 2026 to furnish its presentation (Exhibit 99.1) for its 2026 first half and second quarter financial results, with a conference call scheduled for August 6, 2026. In Q2 2026, the company reported net sales of $2.22 billion (up from $1.89 billion in Q2 2025), net earnings attributable to common stockholders of $727 million ($4.73 per diluted share, versus $386 million or $2.37 in Q2 2025), and adjusted EBITDA of $1.19 billion (versus $761 million). For the first half of 2026, net sales were $4.21 billion, net earnings attributable to common stockholders were $1.34 billion ($8.71 per diluted share), and adjusted EBITDA was $2.18 billion, which includes a $170 million gain from a litigation settlement. Management cited strong pricing as the main driver of earnings growth, partially offset by lower volumes. Capital allocation and cash generation were highlighted. Last-twelve-month free cash flow was $1.82 billion, representing a 50% free cash flow to adjusted EBITDA conversion, and the company returned $1.3 billion to shareholders over the same period. In Q2 2026 the company repurchased about 2 million shares for $225 million and declared a quarterly dividend of $0.60 per share, a 20% increase over the prior quarterly dividend. Approximately $1.5 billion remained under the $2 billion share repurchase authorization as of June 30, 2026. Management also noted that the Blue Point One joint venture with JERA and Mitsui received permits in July, with construction expected to begin in August 2026. Management's outlook points to constructive supply-demand fundamentals persisting into 2027 and 2026 gross ammonia production of about 9.5 million tons, including the impact of the ongoing Yazoo City Complex outage stemming from a November 2025 incident. The Yazoo City Complex is expected to resume production during the first half of 2027. CF-funded capital expenditures are expected to be about $950 million, of which about $400 million relates to Blue Point. The presentation also sets a 2030 mid-cycle EBITDA target of about $3.3 billion, based on current mid-cycle EBITDA of over $2.0 billion plus Blue Point One, margin enhancement, and strategic initiatives.
  4. 8-KCF Industries Holdings 8-K Report, Financial Results (May 6, 2026)CF Industries Holdings, Inc. reported first quarter 2026 net earnings attributable to common stockholders of $615 million, or $3.98 per diluted share, compared with $312 million, or $1.85 per diluted share, in the first quarter of 2025. EBITDA was $1.01 billion and adjusted EBITDA was $983 million, versus $617 million and $644 million a year earlier. Results include a gain of approximately $170 million from a litigation settlement. Net sales rose to $1.99 billion from $1.66 billion, driven by higher average selling prices across all segments, while sales volumes declined, mainly in UAN and AN. Cost of sales increased on higher maintenance costs, including the extended Yazoo City Complex outage, and higher realized natural gas costs. Management expects full-year 2026 gross ammonia production of approximately 9.5 million tons, as Yazoo City is not expected to resume production until late fourth quarter 2026 at the earliest. Management attributes the stronger pricing to a tight global nitrogen supply-demand balance further constrained by the conflict with Iran, which the filing says has curtailed Middle East nitrogen capacity and restricted shipments through the Strait of Hormuz. Management believes the balance will remain tighter than expected in the near and medium term. Capital expenditures for full-year 2026 are projected at approximately $1.3 billion, including Blue Point joint venture spending, and the company's own projected spending, excluding amounts funded by JERA and Mitsui, is about $950 million. The company ended the quarter with $2.04 billion in cash and cash equivalents, repurchased about 155,000 shares for $15 million, and declared a quarterly dividend of $0.50 per share payable May 29, 2026. The filing is a Form 8-K furnishing the earnings press release as Exhibit 99.1. A conference call to discuss the results is scheduled for 11:00 a.m. ET on May 7, 2026.
  5. 8-KCF Industries Holdings 8-K Report, Financial Results (May 6, 2026)CF Industries Holdings, Inc. filed an 8-K dated May 6, 2026, furnishing a first-quarter 2026 results presentation (Exhibit 99.1) ahead of a conference call on May 7, 2026. The company reported net sales of $1,986 million for Q1 2026, up from $1,663 million in Q1 2025, and gross margin of 37.6% of net sales versus 34.4% a year earlier. Net earnings attributable to common stockholders were $615 million, or $3.98 per diluted share, compared with $312 million, or $1.85 per diluted share, in the prior-year quarter. Adjusted EBITDA was $983 million versus $644 million. Management states that Q1 2026 net earnings and adjusted EBITDA include a gain of about $170 million from a litigation settlement. The presentation attributes the stronger results to a tight global nitrogen supply-demand balance, with supply disruptions from Russia and Iran conflicts and constraints on Chinese urea exports cited. Management highlights 99% Q1 2026 available ammonia capacity utilization and a 12-month rolling average recordable incident rate of 0.16 per 200,000 work hours. The company notes the Yazoo City Complex is not expected to resume operations until late fourth quarter 2026 at the earliest. Trailing twelve-month free cash flow was $1.65 billion, with a 51% free cash flow to adjusted EBITDA conversion, and $1.7 billion was returned to shareholders over the same period. About $1.8 billion remained under a $2 billion share repurchase authorization running through 2029. The presentation also describes the Blue Point joint venture, where JERA and Mitsui contributed $408 million, offsetting $223 million of capex funded by them in Q1 2026, and sets out management's view of mid-cycle EBITDA of $2,000+ million currently and $2,500+ million expected around 2030. Cash and cash equivalents were $2,042 million at March 31, 2026. The 8-K is signed by Richard A. Hoker, Vice President and Corporate Controller and Interim Chief Financial Officer.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.