01—Abstract
Summary
Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
CF Industries Holdings, Inc. reported first quarter 2026 net earnings attributable to common stockholders of $615 milliona, 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 billionb 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 billionc, 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.
02—Key points
Key Highlights
- Net earnings attributable to common stockholders of $615 million ($3.98 per diluted share), up from $312 million ($1.85 per diluted share) a year earlier, including a gain of approximately $170 million from a litigation settlement.
- Adjusted EBITDA of $983 million, compared with $644 million in the first quarter of 2025; EBITDA was $1.01 billion versus $617 million.
- Net sales of $1.99 billion, up from $1.66 billion, on higher average selling prices in all segments, while sales volumes decreased.
- Gross ammonia production of approximately 2.5 million tons, 99% utilization of available capacity; full-year 2026 production expected at about 9.5 million tons due to the Yazoo City outage, which is not expected to resume until late fourth quarter 2026 at the earliest.
- Full-year 2026 capital expenditures projected at approximately $1.3 billion, with about $950 million attributable to CF Industries excluding amounts funded by JERA and Mitsui.
- Cash and cash equivalents of $2.04 billion at March 31, 2026; trailing twelve-month free cash flow of $1.65 billion; $1.7 billion remaining under the $2 billion share repurchase program.
- Quarterly dividend of $0.50 per common share declared April 28, 2026, payable May 29, 2026 to holders of record as of May 15, 2026.
03—Questions
Frequently Asked Questions
What drove the increase in first quarter 2026 earnings?
Net earnings attributable to common stockholders rose to $615 million from $312 million. The filing attributes this mainly to higher average selling prices across all segments, driven by a tight global nitrogen supply-demand balance further tightened by the conflict with Iran. First quarter 2026 results also include a gain of approximately $170 million from a litigation settlement.
How will the Yazoo City outage affect 2026 production?
Management expects full-year 2026 gross ammonia production of approximately 9.5 million tons due to the ongoing outage at the Yazoo City, Mississippi, Complex, which resulted from an incident in late 2025. Production is not expected to resume until late fourth quarter 2026 at the earliest, based on the time required to fabricate and deliver certain equipment. The filing also notes higher maintenance costs tied to this outage in cost of sales.
What are the company's expected capital expenditures for 2026?
Management projects total 2026 capital expenditures of approximately $1.3 billion. This includes about $550 million for the existing network and about $600 million for total estimated Blue Point joint venture spending, which is funded by partners according to ownership. The company also expects about $150 million for its wholly owned Blue Point common facilities. Excluding JERA and Mitsui's share, CF Industries' projected capital expenditures are approximately $950 million.
How is the market outlook for nitrogen described in the filing?
The filing states that the Middle East accounts for approximately 25-30% of globally traded ammonia and 35-40% of globally traded urea, and that a large majority of shipments have been unable to transit the Strait of Hormuz. Management believes the global nitrogen supply-demand balance will remain tighter than expected in the near and medium term. It also expects India to import more urea in 2026 than in 2025, potentially reaching 10-12 million metric tons.
What shareholder returns were announced?
The company repurchased approximately 155,000 shares for $15 million in the first quarter of 2026 and has repurchased 3.6 million shares for approximately $293 million since October 2025 under its $2 billion program, with about $1.7 billion remaining through December 2029. The Board declared a quarterly dividend of $0.50 per common share on April 28, 2026, payable May 29, 2026.
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