01—Abstract
Summary
Summary of the 8-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
CF Industries Holdings, Inc. reported full-year 2025 net earnings attributable to common stockholders of $1.46 billiona, or $8.97 per diluted share, compared with $1.22 billion, or $6.74 per diluted share, in 2024.
EBITDA was $2.78 billionb and adjusted EBITDA was $2.89 billion, versus $2.33 billion and $2.28 billion in 2024. Net sales rose to $7.08 billion from $5.94 billion, driven by higher average selling prices across all segments, while cost of sales increased mainly on higher realized natural gas costs ($3.31 per MMBtu versus $2.40 in 2024). Fourth-quarter 2025 net earnings were $404 million, or $2.59 per diluted share, with adjusted EBITDA of $821 million.
The company returned $1.7 billionc to shareholders in 2025, repurchasing 16.6 million shares for $1.34 billion. As of December 31, 2025, approximately $1.7 billion remained under a $2 billion share repurchase program expiring in December 2029. Cash and cash equivalents were $1.98 billion, of which $130 million was held by the Blue Point joint venture.
Full-year 2025 free cash flow was $1.79 billiond, and the company expects 2026 capital expenditures of approximately $1.3 billion, including Blue Point joint venture spending. Operationally, the November 5, 2025 incident at the Yazoo City, Mississippi, Complex led to an outage that management expects will reduce 2026 gross ammonia production to approximately 9.5 million tons, with production not expected to resume until the fourth quarter of 2026 at the earliest. Management described the global nitrogen supply-demand outlook as constructive, while noting that Europe has curtailed approximately 20% of its ammonia capacity and 25% of its urea capacity.
02—Key points
Key Highlights
- Full-year 2025 net earnings attributable to common stockholders of $1.46 billion ($8.97 per diluted share), up from $1.22 billion ($6.74 per diluted share) in 2024
- Full-year 2025 adjusted EBITDA of $2.89 billion, compared with $2.28 billion in 2024; fourth-quarter 2025 adjusted EBITDA of $821 million
- Repurchased 16.6 million shares for $1.34 billion in 2025; approximately $1.7 billion remains under the $2 billion program expiring December 2029
- Yazoo City Complex outage following a late-2025 incident expected to reduce 2026 gross ammonia production to about 9.5 million tons; production not expected to resume until Q4 2026 at the earliest
- Asset impairments of $76 million in Q4 2025, including $51 million for the Donaldsonville electrolyzer project and $25 million related to the Yazoo City incident
- 2026 capital expenditures projected at approximately $1.3 billion, including about $600 million for Blue Point joint venture activities
- Quarterly dividend of $0.50 per common share declared January 27, 2026, payable February 27, 2026
03—Questions
Frequently Asked Questions
How did CF Industries perform financially in 2025?
Net sales rose to $7.08 billion from $5.94 billion, and net earnings attributable to common stockholders increased to $1.46 billion from $1.22 billion. Higher average selling prices across all segments drove the improvement, partly offset by higher realized natural gas costs.
What is the impact of the Yazoo City incident on 2026 production?
The company expects 2026 gross ammonia production of approximately 9.5 million tons due to the ongoing Yazoo City outage. Management does not expect production there to resume until the fourth quarter of 2026 at the earliest.
What are the company's capital allocation priorities?
In 2025 the company repurchased 16.6 million shares for $1.34 billion and paid dividends, and it continues its $2 billion repurchase program. It also invests in accretive projects, including the Blue Point low-carbon ammonia joint venture, with 2026 capital expenditures projected at approximately $1.3 billion.
What is the status of the Blue Point joint venture?
Blue Point is a joint venture among CF Industries (40%), JERA (35%) and Mitsui (25%) to build an autothermal reforming ammonia facility with CO2 capture in Modeste, Louisiana. The project team is assembled, long-lead equipment procurement is largely complete, and civil construction is expected to start in 2026.
What is management's outlook for the nitrogen market?
Management expects the global nitrogen supply-demand balance to remain constructive, citing resilient demand, continued global supply constraints and challenging economics for European producers, about 20% of whose ammonia capacity and 25% of urea capacity was curtailed as of December 2025. It expects North American producers to keep strong margin opportunities from the energy cost differential.
04—Continue