FirmAtlas
Company handbook · CF · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CF · CIK 1324404 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
CF INDUSTRIES HOLDINGS, INC.
$120.85
+1.08 (+0.90%)
Close, Oct 16, 2026 · 52-week $75–142
Last fiscal year
CF INDUSTRIES HOLDINGS, INC. reported revenue of $7.1B for the year ended Dec 31, 2025 (FY25), up 19.3% from FY24. Net income was $1.5B, operating cash flow $2.8B and free cash flow $1.8B. Source: 10-K filed Feb 25, 2026.
Market cap
$18.6B
P/E
8.8
EV/EBITDA
6.2x
P/B
3.2
Div yield
1.74%
ROIC
29.8%
Revenue 1Y
19.3%/yr
EPS 1Y
33.1%/yr
Shares 1Y
−10%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOChristopher D. Bohn
HQNorthbrook, IL
AuditorKPMG LLP
Employees2,900
Year endsDecember
Revenue by segment · FY25
Ammonia31%
UAN31%
Urea25%
Other Products8%
Ammonium Nitrate6%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
18.4%
15.4%
12.7%
45.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$5.0B deployed
Capex
$1.5B
29.2%
Dividends
$690M
13.7%
Buybacks
$2.9B
57.1%
Operating cash flow over the period: $5.0B. Total debt changed by +$244M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,936
7,084+19.3%
7,739
YoY
+19.3%
Gross profit
2,056
2,724+32.5%
3,288
Gross margin
34.6%
38.5%+3.8 pp
—
Operating income
1,746
2,300+31.7%
3,181
Operating margin
29.4%
32.5%+3.1 pp
—
EBITDA
2,671
3,198+19.7%
—
EBITDA margin
45.0%
45.1%+0.1 pp
—
Interest expense
121
155+28.1%
—
Interest coverage
22.07x
20.63x−1.44x
—
Net income
1,218
1,455+19.5%
2,099
YoY
+19.5%
Net margin
20.5%
20.5%+0.0 pp
—
EPS (diluted, $)
6.74
8.97+33.1%
13.53
YoY
+33.1%
Balance sheet
Total assets
13,466
14,088+4.6%
15,099
Cash & short-term investments
1,614
1,982+22.8%
—
Accounts receivable
404
488+20.8%
—
Inventory
314
383+22.0%
—
Net PP&E
6,735
6,715−0.3%
—
Other assets
4,399
4,520+2.8%
—
Total liabilities
8,481
9,250+9.1%
9,351
Accounts payable
125
148+18.4%
—
Total debt
2,971
3,215+8.2%
3,216
Other liabilities
5,385
5,887+9.3%
—
Shareholders’ equity
4,985
4,838−2.9%
5,748
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,271
2,752+21.2%
2,977
Net income
1,477
1,798+21.7%
—
Depreciation & amortization
925
898−2.9%
—
Stock-based compensation
36
45+25.0%
—
Working capital & other
(167)
11n/m
—
Cash from investing
(469)
(933)n/m
—
Capex
(518)
(950)n/m
—
PP&E sold
3
6+100.0%
—
Acquisitions
2
0−100.0%
—
Other investing
44
11−75.0%
—
Cash from financing
(2,205)
(1,484)n/m
—
Debt raised
0
999n/m
—
Debt repaid
0
—
—
Dividends
(364)
(326)n/m
—
Buybacks
(1,509)
(1,365)n/m
—
Shares issued
2
1−50.0%
—
Other financing
(334)
(793)n/m
—
Net change in cash
(418)
368n/m
—
Free cash flow (OCF − capex)
1,753
1,802+2.8%
1,910
Where the cash went
Operating cash flow
2,271
2,752+21.2%
2,977
Reinvested in the business
516
950+84.1%
—
% of operating cash flow
22.7%
34.5%
Capex
518
950+83.4%
1,067
Acquisitions
(2)
0n/m
—
Free cash flow
1,753
1,802+2.8%
1,910
YoY
+2.8%
Returned to shareholders
1,873
1,691−9.7%
—
% of free cash flow
106.8%
93.8%
Dividends
364
326−10.4%
—
Buybacks
1,509
1,365−9.5%
—
Change in total debt
—
244
—
Cash left over
—
355
—
FCF conversion (FCF ÷ net income)
143.9%
123.8%−20.1 pp
—
Owner earnings
—
1,273
—
Owner earnings margin
—
18.0%
—
Buyback yield
10.4%
11.5%+1.1 pp
—
Returns & ratios
ROIC (all capital)
23.1%
29.8%+6.7 pp
—
ROIC (operating)
20.0%
25.0%+5.0 pp
—
Net debt / EBITDA
0.51x
0.39x−0.12x
—
Debt / equity
0.60x
0.66x+0.07x
—
Cash conversion cycle (days)
43
45+2 d
—
ROE
24.4%
30.1%+5.6 pp
—
ROA
9.0%
10.3%+1.3 pp
—
ROCE
13.8%
17.4%+3.6 pp
—
NOPAT
1,464
1,847+26.2%
—
Invested capital (operating)
7,328
7,438+1.5%
—
Invested capital (all)
6,342
6,071−4.3%
—
Reinvestment rate
—
6.0%
—
Debtor days
25
25+0 d
—
Inventory days
30
32+3 d
—
Days payable
12
12+1 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,659
1,872
1,986
2,222
vs year-ago quarter
Gross profit
632
765
746
1,145
Gross margin
38.1%
40.9%
37.6%
51.5%
Operating income
580
617
863
1,121
Net income
353
404
615
727
vs year-ago quarter
Net margin
21.3%
21.6%
31.0%
32.7%
EPS (diluted, $)
2.19
2.63
3.98
4.73
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
14,203
14,088
14,608
15,099
Cash & equivalents
1,838
1,982
2,042
2,480
Total debt
2,974
3,215
3,216
3,216
Shareholders’ equity
4,849
4,838
5,342
5,748
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,064
539
496
878
Capex
347
226
223
271
Free cash flow
717
313
273
607
vs year-ago quarter