CF on NYSE

CF Industries

Logo: CF Industries, Public domain, via Wikimedia Commons⁵

American agrochemical manufacturer

CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products.³ From Wikipedia, CC BY-SA 4.0

$119.17 down 0.29 (0.25%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 16, 2026.

Overview

1946Founded¹

Compare with Icl Group Ltd, The Mosaic Company or The Scotts Miracle-Gro Company, or pick any stock.

TickerCF on NYSE¹
Industrychemical industry¹
HeadquartersDeerfield¹
Websitewww.cfindustries.com
Legal formDelaware corporation¹
Incorporated inDE⁶
Business address2375 Waterview Drive, Northbrook, Il 60062⁶
Filer categoryLarge accelerated filer⁶

See how the biggest companies compare on our leaderboards

CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products. The company is based in Northbrook, Illinois, a suburb of Chicago, and was founded in 1946 as the Central Farmers Fertilizer Company. For its first 56 years, it was a federation of regional agricultural supply cooperatives. CF then demutualized, and became a publicly traded company.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

38.5%Gross margin⁸

32.5%Operating margin⁸

25.4%Net margin⁸

19.3%Revenue growth, 2025⁸

37.2%Return on equity⁸

0.66×Debt to equity⁸

$1.8BFree cash flow⁸

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Ammonia brought in 29% of the revenue CF Industries broke down this way in fiscal 2025.

Ammonia$2.2B⁸29%up 25% from 2024
UAN$2.2B⁸28%up 29% from 2024
Urea$1.8B⁸23%up 11% from 2024
Other Operating$545.0M⁸7%up 8% from 2024
Other Products$545.0M⁸7%up 8% from 2024
Ammonium Nitrate$421.0M⁸6%up 0% from 2024

Business segments by year

Business segments	2023	2024	2025
Ammonia	$1.7B	$1.7B	$2.2B
UAN	$2.1B	$1.7B	$2.2B
Urea	$1.8B	$1.6B	$1.8B
Other Operating	$564.0M	$503.0M	$545.0M
Other Products	$564.0M	$503.0M	$545.0M
Ammonium Nitrate	$497.0M	$419.0M	$421.0M

Regions

United States brought in 75% of the revenue CF Industries broke down this way in fiscal 2025.

United States$5.3B⁸75%up 21% from 2024
All Regions Outside of US and Canada$712.0M⁸10%up 22% from 2024
Canada$598.0M⁸8%up 12% from 2024
United Kingdom$378.0M⁸5%up 16% from 2024
North America excluding United States and Canada$58.0M⁸1%down 19% from 2024

Regions by year

Regions	2023	2024	2025
United States	$4.9B	$4.4B	$5.3B
All Regions Outside of US and Canada	$747.0M	$584.0M	$712.0M
Canada	$607.0M	$534.0M	$598.0M
United Kingdom	$346.0M	$327.0M	$378.0M
North America excluding United States and Canada	$75.0M	$72.0M	$58.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueProfit

Cost of revenue61¢$4.4B
Selling, general and admin5¢$364.0M
Interest2¢$155.0M
Income tax6¢$441.0M
Profit25¢$1.8B

Out of $7.1B in revenue.⁸

Where each dollar of operating cash went, fiscal 2025

Capital spendingDividends paidShare buybacks

Capital spending35¢$950.0M
Dividends paid12¢$326.0M
Share buybacks50¢$1.4B
Kept or used elsewhere4¢$111.0M

Out of $2.8B of cash from operations.⁸

Financial statements

Revenue⁹¹⁰¹¹¹²⁸$7.1B in 2025+54% since 2019

Gross profit⁹¹⁰¹¹¹²⁸$2.7B in 2025+132% since 2019

Operating income⁹¹⁰¹¹¹²⁸$2.3B in 2025+129% since 2019

Net income⁹¹⁰¹¹¹²⁸$1.8B in 2025+178% since 2019

Every line of the income statement in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net sales	$7.1B	$5.9B	$6.6B
Cost of sales	$4.4B	$3.9B	$4.1B
Gross margin	$2.7B	$2.1B	$2.5B
Selling, general and administrative expenses	$364.0M	$320.0M	$289.0M
Asset impairment	$76.0M	$0	$0
U.K. operations restructuring	$23.0M	$0	$10.0M
Acquisition and integration costs	$0	$4.0M	$39.0M
Other operatingnet	-$25.0M	-$10.0M	-$31.0M
Total other operating costs and expenses	$438.0M	$314.0M	$307.0M
Equity in earnings (loss) of operating affiliate	$14.0M	$4.0M	-$8.0M
Operating earnings	$2.3B	$1.7B	$2.2B
Interest expense	$155.0M	$121.0M	$150.0M
Interest income	-$81.0M	-$123.0M	-$158.0M
Loss on debt extinguishment	$6.0M	$0	$0
Other non-operatingnet	-$19.0M	-$14.0M	-$10.0M
Earnings before income taxes	$2.2B	$1.8B	$2.2B
Income tax provision	$441.0M	$285.0M	$410.0M
Net earnings	$1.8B	$1.5B	$1.8B
Less: Net earnings attributable to noncontrolling interests	$343.0M	$259.0M	$313.0M
Net earnings attributable to common stockholders	$1.5B	$1.2B	$1.5B
Basic	$8.98	$6.75	$7.89
Diluted	$8.97	$6.74	$7.87
Basic	162.1M shares	180.4M shares	193.3M shares
Diluted	162.2M shares	180.7M shares	193.8M shares

Total assets¹⁵⁹¹⁰¹¹¹²⁸$14.1B in 2025+16% since 2019

Shareholders’ equity¹⁵⁹¹⁰¹¹¹²⁸$4.8B in 2025+67% since 2019

Cash¹⁶¹¹¹²⁸$2.0B in 2025+591% since 2019

Long-term debt¹⁵⁹¹⁰¹¹¹²⁸$3.2B in 2025−19% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents (amount related to variable interest entity (VIE)2025: $130)	$2.0B	$1.6B	$2.0B
Accounts receivablenet	$488.0M	$404.0M
Inventories	$383.0M	$314.0M
Prepaid income taxes	$105.0M	$145.0M
Other current assets (amount related to VIE2025: $1)	$27.0M	$43.0M
Total current assets	$3.0B	$2.5B
Property, plant and equipmentnet (amount related to VIE2025: $361)	$6.7B	$6.7B	$7.1B
Investment in affiliate	$32.0M	$29.0M
Goodwill	$2.5B	$2.5B
Intangible assetsnet	$473.0M	$507.0M
Operating lease right-of-use assets	$410.0M	$266.0M
Other assets (amount related to VIE2025: $1)	$980.0M	$917.0M
Total assets	$14.1B	$13.5B
Accounts payable and accrued expenses (amount related to VIE2025: $52)	$681.0M	$603.0M
Income taxes payable	$0	$2.0M
Customer advances	$77.0M	$118.0M
Current operating lease liabilities	$110.0M	$86.0M
Other current liabilities	$19.0M	$9.0M
Total current liabilities	$887.0M	$818.0M
Long-term debt	$3.2B	$3.0B
Deferred income taxes	$869.0M	$871.0M
Operating lease liabilities	$311.0M	$189.0M
Supply contract liability	$694.0M	$724.0M
Other liabilities (amount related to VIE2025: $1)	$337.0M	$301.0M
Preferred stock$0.01 par value, 50,000,000 shares authorized	$0	$0
Common stock$0.01 par value, 500,000,000 shares authorized, 2025153,552,162 shares issued and 2024170,237,254 shares issued	$2.0M	$2.0M
Paid-in capital	$1.2B	$1.3B
Retained earnings	$3.9B	$4.0B
Treasury stockat cost, 20250 shares and 2024354,264 shares	$0	-$30.0M
Accumulated other comprehensive loss	-$235.0M	-$280.0M
Total stockholders equity	$4.8B	$5.0B
Noncontrolling interests	$2.9B	$2.6B
Total equity	$7.8B	$7.6B	$8.4B
Total liabilities and equity	$14.1B	$13.5B
Preferred Stock, Par or Stated Value Per Share	$0.01	$0.01
Preferred Stock, Shares Authorized	50.0M shares	50.0M shares
Par value (in usd per share)	$0.01	$0.01
Common Stock, Shares Authorized	500.0M shares	500.0M shares
Common Stock, Shares, Issued	153.6M shares	170.2M shares
Treasury Stock, Shares	0 shares	354.3K shares

Cash from operations⁹¹⁰¹¹¹²⁸$2.8B in 2025+83% since 2019

Capital spending⁹¹⁰¹¹¹²⁸$950.0M in 2025+135% since 2019

Free cash flow⁹¹⁰¹¹¹²⁸$1.8B in 2025+64% since 2019

Dividends paid⁹¹⁰¹¹¹²⁸$326.0M in 2025+23% since 2019

Share buybacks⁹¹⁰¹¹¹²⁸$1.4B in 2025+269% since 2019

Every line of the cash flow in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net earnings	$1.8B	$1.5B	$1.8B
Depreciation and amortization	$898.0M	$925.0M	$869.0M
Deferred income taxes	$6.0M	-$115.0M	$81.0M
Stock-based compensation expense	$45.0M	$36.0M	$37.0M
Unrealized net loss (gain) on natural gas derivatives	$5.0M	-$35.0M	-$39.0M
Impairment of equity method investment in PLNL	$0	$0	$43.0M
Loss on debt extinguishment	$6.0M	$0	$0
Asset impairment	$76.0M	$0	$0
Pension settlement loss	$1.0M	$0	$0
Gain on sale of emission credits	-$8.0M	-$47.0M	-$39.0M
Loss on disposal of property, plant and equipment	$3.0M	$12.0M	$4.0M
Loss on sale of Ince facility	$23.0M	$0	$0
Undistributed (earnings) loss of affiliatenet of taxes	-$4.0M	-$2.0M	$3.0M
Accounts receivablenet	-$98.0M	$77.0M	$100.0M
Inventories	-$88.0M	-$28.0M	$152.0M
Accrued and prepaid income taxes	$38.0M	$1.0M	-$44.0M
Accounts payable and accrued expenses	$72.0M	$44.0M	-$88.0M
Customer advances	-$41.0M	-$11.0M	-$100.0M
Othernet	$20.0M	-$63.0M	-$60.0M
Net cash provided by operating activities	$2.8B	$2.3B	$2.8B
Additions to property, plant and equipment	-$950.0M	-$518.0M	-$499.0M
Proceeds from sale of property, plant and equipment	$6.0M	$3.0M	$1.0M
Purchase of Waggaman ammonia production facility	$0	$2.0M	-$1.2B
Proceeds from sale of Ince facility	$4.0M	$0	$0
Purchase of emission credits	-$1.0M	-$3.0M	-$2.0M
Proceeds from sale of emission credits	$8.0M	$47.0M	$39.0M
Othernet	$0	$0	$5.0M
Net cash used in investing activities	-$933.0M	-$469.0M	-$1.7B
Proceeds from long-term borrowings	$999.0M	$0	$0
Repayments of short-term borrowings	-$754.0M	$0	$0
Financing fees	-$12.0M	$0	-$2.0M
Dividends paid on common stock	-$326.0M	-$364.0M	-$311.0M
Contributions from noncontrolling interests	$291.0M	$0	$0
Distributions to noncontrolling interests	-$304.0M	-$308.0M	-$459.0M
Purchases of treasury stock	-$1.4B	-$1.5B	-$580.0M
Proceeds from issuances of common stock under employee stock plans	$1.0M	$2.0M	$2.0M
Cash paid for shares withheld for taxes	-$14.0M	-$26.0M	-$22.0M
Net cash used in financing activities	-$1.5B	-$2.2B	-$1.4B
Effect of exchange rate changes on cash and cash equivalents	$33.0M	-$15.0M	$3.0M
Increase (decrease) in cash and cash equivalents	$368.0M	-$418.0M	-$291.0M

Compare CF Industries with another company

The story

The company was founded in 1946 as the Central Farmers Fertilizer Company, a federation of regional agricultural supply cooperatives. The company became CF Industries in 1971.

CF demutualized in 2002 and made an initial public offering of shares of equity stock in 2005. Since 2008, the shares of CF Industries have been included in the S&P 500 index of large-cap stock prices.

In April 2010, CF Industries acquired Terra Industries, Inc., following protracted negotiations that included an attempt by rival fertilizer manufacturer Agrium to purchase CF and efforts by Yara International to purchase Terra. acquiring five production complexes in North America, a 50% interest in a joint venture in Point Lisas, Trinidad, and a 50% interest in the GrowHow joint venture in the United Kingdom.

In 2013, Mosaic Company agreed to buy CF Industries' phosphate business for $1.4 billion in cash.

On July 1, 2015, CF Industries announced an agreement to acquire remaining 50% interest in GrowHow from Yara International for $580 million.

On August 6, 2015, CF Industries announced that it will combine with OCI N.V.'s European, North American and Global Distribution businesses for $8 billion. The combined company will be domiciled in the UK and it will use the CF Industries name. On May 31, 2016, CF Industries announced the termination of the proposed combination with the European, North American and Global Distribution businesses of OCI.

On September 15, 2021, CF Industries announced that it was halting operations at its two UK production complexes due to high natural gas prices. The halt in operations created a potential for a shortage in the UK of food grade CO2; a byproduct of ammonia production that is critical to sectors from beer and soft drinks to food packaging and meat. CF Industries' UK facilities had been the source of 60% of the country's food grade CO2. On September 21, the UK government announced a short-term arrangement whereby the government would provide limited financial support to CF Industries for three weeks in order to support the immediate restart of operations and CO2 production at its Billingham, Teesside, plant. In June 2022, CF Industries permanently shut their fertiliser factory in Ince, Cheshire, due to continuing high gas prices and environmental taxes.

From Wikipedia’s article on CF Industries, shared under CC BY-SA 4.0.⁷

Products and brands

fertilizer

Listed on Wikidata.¹

CF Industries operates nine manufacturing complexes worldwide comprising 17 ammonia plants, the largest of which is in Donaldsonville, Louisiana. The primary operating subsidiary is CF Industries, Inc.