Friday 6 November 2026 Export CF’s income statement to Excel — free account

CF Industries Holdings, Inc.

CF Industries Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.1 billion, up 19.3% from fiscal 2024.

Revenue: +12.1%
EPS: +31.5%
Free cash flow: +23.9%
Total debt: +8.17%

Quarter to September 2026, against a year earlier

118.41 6.73 +6.03%

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Market cap: $17.9B
P/E: 8.3×
Fwd P/E: 8.0×
Dividend yield: 1.77%
F-score: 8/9
Altman Z: 2.80
Beneish M: −2.67
Dividend safety: 82/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

CF Industries Holdings, Inc. (CF) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Ammonia	2,176	30.72%
UAN	2,161	30.51%
Granular Urea	1,781	25.14%
Other	545	7.69%
Other	545	7.69%
AN	421	5.94%
Gross margin		38.45%
Operating margin		32.47%
Pre-tax margin		31.61%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2010	FY2009
Ammonia	2,176 30.72%	1,736 29.25%	1,679 25.32%	3,090 27.62%	1,787 27.33%	1,020 24.73%	1,113 24.25%	1,028 23.21%	1,209 29.27%	981 26.62%	1,523 35.35%	1,576 33.23%	1,438 26.26%	1,678 27.48%	1,129 28.48%	557 21.37%
UAN	2,161 30.51%	1,678 28.27%	2,068 31.19%	3,572 31.93%	1,788 27.35%	1,063 25.78%	1,270 27.67%	1,234 27.86%	1,134 27.46%	1,196 32.46%	1,480 34.35%	1,670 35.21%	1,935 35.35%	1,886 30.90%	994 25.08%	490 18.77%
Granular Urea	1,781 25.14%	1,600 26.95%	1,823 27.49%	2,892 25.85%	1,880 28.75%	1,248 30.26%	1,342 29.24%	1,322 29.85%	971 23.51%	831 22.55%	788 18.29%	915 19.29%	925 16.89%	1,143 18.73%	778 19.61%	787 30.18%
Other	545 7.69%	503 8.47%	564 8.51%	787 7.04%	573 8.76%	338 8.20%	359 7.82%	385 8.69%	—	—	—	—	—	—	—	—
Other	545 7.69%	503 8.47%	564 8.51%	787 7.04%	573 8.76%	338 8.20%	359 7.82%	385 8.69%	319 7.72%	266 7.22%	223 5.18%	171 3.61%	165 3.02%	389 6.38%	121 3.06%	5 0.20%
AN	421 5.94%	419 7.06%	497 7.50%	845 7.55%	510 7.80%	455 11.03%	506 11.02%	460 10.39%	497 12.03%	411 11.15%	294 6.82%	243 5.12%	215 3.93%	—	165 4.15%	—
Phosphate	—	—	—	—	—	—	—	—	—	—	—	168 3.54%	797 14.56%	1,007 16.50%	778 19.61%	769 29.49%
Eliminations	(545) (7.69%)	(503) (8.47%)	(564) (8.51%)	(787) (7.04%)	(573) (8.76%)	(338) (8.20%)	(359) (7.82%)	(385) (8.69%)	—	—	—	—	—	—	—	—
Nitrogen	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3,188	1,839
Revenue	7,084	5,936	6,631	11,186	6,538	4,124	4,590	4,429	4,130	3,685	4,308	4,743	5,475	6,104	3,965	2,608

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2010	FY2009
Ammonia	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
UAN	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Granular Urea	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
AN	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
North America	5,994 84.61%	5,025 84.65%	5,539 83.53%	9,210 82.34%	5,734 87.70%	3,487 84.55%	3,849 83.86%	3,620 81.73%	—	—	—	—	—	—	—	—	—
Europe and Other	1,090 15.39%	911 15.35%	1,092 16.47%	1,976 17.66%	804 12.30%	637 15.45%	741 16.14%	809 18.27%	—	—	—	—	—	—	—	—	—
Also reported: a second breakdown of the same revenue
United States	5,338 75.35%	4,419 74.44%	4,856 73.23%	8,212 73.41%	5,086 77.79%	3,036 73.62%	3,387 73.79%	3,160 71.35%	2,851 69.03%	2,728 74.03%	3,485 80.90%	3,994 84.21%	4,498 82.16%	5,261 86.19%	5,176 84.88%	3,368 84.95%	2,030 77.81%
Other foreign	712 10.05%	584 9.84%	747 11.27%	1,334 11.93%	341 5.22%	305 7.40%	327 7.12%	384 8.67%	450 10.90%	190 5.16%	180 4.18%	205 4.32%	468 8.56%	397 6.50%	430 7.05%	287 7.24%	317 12.15%
Canada	598 8.44%	534 9.00%	607 9.15%	849 7.59%	568 8.69%	397 9.63%	410 8.93%	379 8.56%	352 8.52%	349 9.47%	490 11.37%	544 11.47%	509 9.29%	446 7.31%	492 8.07%	310 7.81%	262 10.04%
United Kingdom	378 5.34%	327 5.51%	346 5.22%	642 5.74%	464 7.10%	332 8.05%	413 9.00%	425 9.60%	427 10.34%	394 10.69%	153 3.55%	—	—	—	—	—	—
North America excluding United States and Canada	58 0.82%	72 1.21%	75 1.13%	149 1.33%	79 1.21%	54 1.31%	53 1.15%	81 1.83%	50 1.21%	24 0.65%	—	—	—	—	—	—	—
Total Foreign	1,746	1,517	1,775	2,974	1,452	1,088	1,203	1,269	1,279	957	823	749	977	—	—	—	—
Revenue	7,084	5,936	6,631	11,186	6,538	4,124	4,590	4,429	4,130	3,685	4,308	4,743	5,475	6,104	6,098	3,965	2,608

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
12-month rolling average recordable incident rate	Q3 FY2026	0.1×	0.4×	−72.97%
Ammonia average selling price per nutrient ton	Q3 FY2026	$649.00	$511.00	+27.01%
Ammonia average selling price per product ton	Q3 FY2026	$532.00	$418.00	+27.27%
Ammonia production volume	Q3 FY2026	2.4M	2.4M	−2.99%
Ammonia sales volume by nutrient tons	Q3 FY2026	823.0K	895.0K	−8.04%
Ammonia sales volume by product tons	Q3 FY2026	1.0M	1.1M	−8.15%
Ammonium nitrate production volume	Q3 FY2026	146.0K	360.0K	−59.44%
AN sales volume by product tons	Q2 FY2026	129.0K	378.0K	−65.87%
Capacity utilization	Q2 FY2026	96.0%	—	—
Granular urea average selling price per nutrient ton	Q3 FY2026	$919.00	$981.00	−6.32%
Granular urea average selling price per product ton	Q3 FY2026	$423.00	$450.00	−6.00%
Granular urea production volume	Q3 FY2026	1.1M	1.0M	+5.84%
Granular urea sales volume by nutrient tons	Q3 FY2026	496.0K	431.0K	+15.08%
Granular urea sales volume by product tons	Q3 FY2026	1.1M	939.0K	+14.91%
Remaining performance obligations	Q3 FY2026	$1.3B	$2.3B	−43.48%
Sales volume by product tons	Q3 FY2026	4.8M	4.5M	+6.55%
UAN average selling price per nutrient ton	Q3 FY2026	$1,019.00	$1,044.00	−2.39%
UAN average selling price per product ton	Q3 FY2026	$322.00	$331.00	−2.72%
UAN sales volume by nutrient tons	Q3 FY2026	627.0K	495.0K	+26.67%
UAN sales volume by product tons	Q3 FY2026	2.0M	1.6M	+27.05%
Urea ammonium nitrate solution (UAN) (32%) production volume	Q3 FY2026	1.6M	1.7M	−1.09%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018
12-month rolling average recordable incident rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ammonia average selling price per nutrient ton	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ammonia average selling price per product ton	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ammonia production volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ammonia sales volume by nutrient tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ammonia sales volume by product tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ammonium nitrate production volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
AN sales volume by product tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Capacity utilization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Granular urea average selling price per nutrient ton	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Granular urea average selling price per product ton	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Granular urea production volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Granular urea sales volume by nutrient tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Granular urea sales volume by product tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sales volume by product tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
UAN average selling price per nutrient ton	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
UAN average selling price per product ton	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
UAN sales volume by nutrient tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
UAN sales volume by product tons	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Urea ammonium nitrate solution (UAN) (32%) production volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.