Free Trial
→ One hidden supplier shipped 5 billion parts to SpaceX (From Weiss Ratings) (Ad)tc pixel Free CF Stock Alerts

CF Industries (CF) Financials

CF Industries logo
$112.29 -4.21 (-3.62%)
Closing price 05/29/2026 03:59 PM Eastern
Extended Trading
$111.80 -0.48 (-0.43%)
As of 05/29/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for CF Industries

Annual Income Statements for CF Industries

This table shows CF Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 700 -277 358 290 493 317 917 3,346 1,525 1,218 1,455
Consolidated Net Income / (Loss)		 734 -158 450 428 646 432 1,260 3,937 1,838 1,477 1,798
Net Income / (Loss) Continuing Operations		 734 -158 456 428 646 432 1,260 3,937 1,838 1,477 1,798
Total Pre-Tax Income 		1,058 -226 -125 547 772 463 1,543 5,095 2,248 1,762 2,239
Total Operating Income		 1,193 138 234 766 1,003 623 1,729 5,397 2,230 1,746 2,300
Total Gross Profit		 1,547 843 434 917 1,174 801 2,387 5,861 2,545 2,056 2,724
Total Revenue		 4,308 3,685 4,130 4,429 4,590 4,124 6,538 11,186 6,631 5,936 7,084
Operating Revenue		 4,308 3,685 4,130 4,429 4,590 4,124 6,538 11,186 6,631 5,936 7,084
Total Cost of Revenue		 2,761 2,842 3,696 3,512 3,416 3,323 4,151 5,325 4,086 3,880 4,360
Operating Cost of Revenue		 2,761 2,842 3,696 3,512 3,416 3,323 4,151 5,325 4,086 3,880 4,360
Total Operating Expenses		 354 705 200 151 171 178 658 464 315 310 424
Selling, General & Admin Expense		 262 381 191 214 239 206 223 290 289 320 364
Other Operating Expenses / (Income)		 35 145 9.00 -63 -68 -28 -86 -84 -23 -14 -39
Impairment Charge		 - - - - 0.00 0.00 521 239 0.00 0.00 76
Restructuring Charge		 57 179 - - - 0.00 0.00 19 49 4.00 23
Total Other Income / (Expense), net		 -135 -364 -353 -219 -231 -160 -186 -302 18 16 -61
Interest Expense		 133 367 368 241 258 179 203 352 150 121 161
Interest & Investment Income		 2.00 5.00 12 13 20 18 1.00 65 158 123 81
Other Income / (Expense), net		 -4.00 -2.00 -3.00 9.00 7.00 1.00 16 -15 10 14 19
Income Tax Expense		 396 -68 -575 119 126 31 283 1,158 410 285 441
Net Income / (Loss) Attributable to Noncontrolling Interest		 34 119 92 138 153 115 343 591 313 259 343
Basic Earnings per Share		 $2.97 ($1.19) $1.53 $1.25 $2.24 $1.48 $4.27 $16.45 $7.89 $6.75 $8.98
Weighted Average Basic Shares Outstanding		 235.30M 233.10M 233.50M 232.60M 220.20M 214.90M 215M 203.30M 193.30M 180.40M 162.10M
Diluted Earnings per Share		 $2.96 ($1.19) $1.53 $1.24 $2.23 $1.47 $4.24 $16.38 $7.87 $6.74 $8.97
Weighted Average Diluted Shares Outstanding		 236.10M 233.10M 233.90M 233.80M 221.60M 215.20M 216.20M 204.20M 193.80M 180.70M 162.20M
Weighted Average Basic & Diluted Shares Outstanding		 235.70M 232.80M 234M 232M 216.17M 214.16M 207.30M 195.77M 188.34M 169.54M 153.67M
Cash Dividends to Common per Share		 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.20 $1.50 $1.60 $2.00 $2.00

Quarterly Income Statements for CF Industries

This table shows CF Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 164 274 194 420 276 328 312 386 353 404 615
Consolidated Net Income / (Loss)		 230 352 238 506 341 392 351 492 460 495 676
Net Income / (Loss) Continuing Operations		 230 352 238 506 341 392 351 492 460 495 676
Total Pre-Tax Income 		253 436 300 629 400 433 437 635 565 602 844
Total Operating Income		 244 426 303 638 364 441 455 648 580 617 863
Total Gross Profit		 377 501 409 679 444 524 572 755 632 765 746
Total Revenue		 1,273 1,571 1,470 1,572 1,370 1,524 1,663 1,892 1,659 1,870 1,986
Operating Revenue		 1,273 1,571 1,470 1,572 1,370 1,524 1,663 1,892 1,659 1,870 1,986
Total Cost of Revenue		 896 1,070 1,061 893 926 1,000 1,091 1,135 1,027 1,107 1,240
Operating Cost of Revenue		 896 1,070 1,061 893 926 1,000 1,091 1,135 1,027 1,107 1,240
Total Operating Expenses		 133 75 106 41 80 83 117 109 52 146 -117
Selling, General & Admin Expense		 68 76 88 76 78 78 84 101 88 91 103
Other Operating Expenses / (Income)		 49 -16 15 -36 2.00 5.00 10 8.00 -36 -21 -50
Restructuring Charge		 16 15 3.00 1.00 0.00 - 23 0.00 0.00 - 0.00
Other Special Charges / (Income)		 - - - - - - 0.00 - - - -170
Total Other Income / (Expense), net		 9.00 10 -3.00 -9.00 36 -8.00 -18 -13 -15 -15 -19
Interest Expense		 39 35 37 37 0.00 47 37 36 41 47 39
Interest & Investment Income		 45 43 30 28 32 33 17 17 23 24 20
Other Income / (Expense), net		 3.00 2.00 4.00 0.00 4.00 6.00 2.00 6.00 3.00 8.00 0.00
Income Tax Expense		 23 84 62 123 59 41 86 143 105 107 168
Net Income / (Loss) Attributable to Noncontrolling Interest		 66 78 44 86 65 64 39 106 107 91 61
Basic Earnings per Share		 $0.85 $1.47 $1.03 $2.30 $1.55 $1.87 $1.85 $2.37 $2.19 $2.57 $3.99
Weighted Average Basic Shares Outstanding		 192.40M 193.30M 187.60M 182.70M 178.40M 180.40M 168.60M 162.90M 161M 162.10M 154.20M
Diluted Earnings per Share		 $0.85 $1.47 $1.03 $2.30 $1.55 $1.86 $1.85 $2.37 $2.19 $2.56 $3.98
Weighted Average Diluted Shares Outstanding		 192.90M 193.80M 188.10M 182.80M 178.60M 180.70M 168.80M 163.10M 161.20M 162.20M 154.50M
Weighted Average Basic & Diluted Shares Outstanding		 191.06M 188.34M 182.78M 180.41M 174.02M 169.54M 162.01M 161.97M 155.97M 153.67M 153.63M
Cash Dividends to Common per Share		 $0.40 - $0.50 $0.50 $0.50 - $0.50 $0.50 $0.50 - $0.50

Annual Cash Flow Statements for CF Industries

This table details how cash moves in and out of CF Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1,711 860 -334 -153 -395 396 945 695 -291 -418 368
Net Cash From Operating Activities		 1,207 617 1,631 1,497 1,505 1,231 2,873 3,855 2,757 2,271 2,752
Net Cash From Continuing Operating Activities		 1,207 617 1,631 1,497 1,505 1,231 2,873 3,855 2,757 2,271 2,752
Net Income / (Loss) Continuing Operations		 734 -158 450 428 646 432 1,260 3,937 1,838 1,477 1,798
Consolidated Net Income / (Loss)		 734 -158 450 428 646 432 1,260 3,937 1,838 1,477 1,798
Depreciation Expense		 480 678 883 888 875 892 888 850 869 925 898
Non-Cash Adjustments To Reconcile Net Income		 209 102 127 13 29 36 544 327 9.00 -36 147
Changes in Operating Assets and Liabilities, net		 -216 -5.00 171 168 -45 -129 181 -1,259 41 -95 -91
Net Cash From Investing Activities		 -2,976 -2,195 -413 -375 -319 -299 -466 -440 -1,679 -469 -933
Net Cash From Continuing Investing Activities		 -3,528 -2,195 -413 -375 -319 -299 -466 -440 -1,679 -469 -933
Purchase of Property, Plant & Equipment		 -2,469 -2,211 -473 -422 -404 -309 -514 -453 -499 -518 -950
Acquisitions		 -552 - - - - - 0.00 0.00 -1,223 2.00 0.00
Sale of Property, Plant & Equipment		 12 14 20 26 70 2.00 1.00 1.00 1.00 3.00 6.00
Divestitures		 13 0.00 16 - - - - - 0.00 0.00 4.00
Other Investing Activities, net		 -532 2.00 1.00 11 15 2.00 48 6.00 42 44 7.00
Net Cash From Financing Activities		 77 2,439 -1,564 -1,270 -1,583 -542 -1,463 -2,700 -1,372 -2,205 -1,484
Net Cash From Continuing Financing Activities		 77 2,439 -1,564 -1,272 -1,583 -542 -1,463 -2,700 -1,372 -2,205 -1,484
Repayment of Debt		 -414 -1,351 -1,149 -1.00 -772 -500 -518 -511 -2.00 0.00 -766
Repurchase of Common Equity		 -556 0.00 0.00 -467 -370 -100 -539 -1,347 -580 -1,509 -1,365
Payment of Dividends		 -327 -399 -411 -807 -451 -432 -454 -925 -770 -672 -630
Issuance of Debt		 1,367 1,394 - 0.00 0.00 500 - - 0.00 0.00 999
Issuance of Common Equity		 0.00 2,800 - - - - - - 0.00 0.00 291
Other Financing Activities, net		 7.00 -5.00 -4.00 3.00 10 -10 48 83 -20 -24 -13
Effect of Exchange Rate Changes		 -19 -1.00 12 - 2.00 6.00 1.00 -20 3.00 -15 33

Quarterly Cash Flow Statements for CF Industries

This table details how cash moves in and out of CF Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 35 -1,222 -259 46 58 -263 -208 280 152 144 60
Net Cash From Operating Activities		 618 480 445 475 931 420 586 563 1,064 539 496
Net Cash From Continuing Operating Activities		 618 480 445 475 931 420 586 563 1,064 539 496
Net Income / (Loss) Continuing Operations		 230 352 238 506 341 392 351 492 460 495 676
Consolidated Net Income / (Loss)		 230 352 238 506 341 392 351 492 460 495 676
Depreciation Expense		 213 229 253 222 229 221 221 232 217 228 228
Non-Cash Adjustments To Reconcile Net Income		 58 39 -17 -38 7.00 12 32 10 4.00 101 -191
Changes in Operating Assets and Liabilities, net		 117 -140 -29 -215 354 -205 -18 -171 383 -285 -217
Net Cash From Investing Activities		 -144 -1,408 -100 -34 -139 -196 -126 -242 -339 -226 -225
Net Cash From Continuing Investing Activities		 -144 -1,408 -100 -34 -139 -196 -126 -242 -339 -226 -225
Purchase of Property, Plant & Equipment		 -147 -188 -98 -84 -139 -197 -132 -245 -347 -226 -223
Sale of Property, Plant & Equipment		 - - 0.00 - - 3.00 2.00 4.00 - - 0.00
Divestitures		 - - 0.00 - - - 4.00 - - - 0.00
Other Investing Activities, net		 3.00 3.00 -2.00 47 - -1.00 0.00 -1.00 8.00 - -2.00
Net Cash From Financing Activities		 -431 -302 -602 -396 -745 -462 -671 -62 -562 -189 -199
Net Cash From Continuing Financing Activities		 -431 -302 -602 -396 -745 -462 -671 -62 -562 -189 -199
Repurchase of Common Equity		 -150 -225 -339 -305 -490 -375 -444 -216 -360 -345 -28
Payment of Dividends		 -281 -76 -241 -91 -254 -86 -215 -81 -256 -78 -279
Issuance of Common Equity		 - - - - - - 0.00 - 56 - 117
Other Financing Activities, net		 - 1.00 -22 - -1.00 -1.00 -12 - -1.00 - -9.00
Other Net Changes in Cash		 - - -2.00 - - - 3.00 - - - -12

Annual Balance Sheets for CF Industries

This table presents CF Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 12,683 15,131 10,010 12,661 12,172 12,023 12,375 13,313 14,376 13,466 14,088
Total Current Assets		 1,127 2,655 835 1,274 974 1,367 2,593 3,673 3,050 2,520 2,985
Cash & Equivalents		 286 1,164 835 682 287 683 1,628 2,323 2,032 1,614 1,982
Accounts Receivable		 267 236 - 235 242 265 497 582 505 404 488
Inventories, net		 321 339 - 309 351 287 408 474 299 314 383
Current Deferred & Refundable Income Taxes		 185 841 - 28 71 97 4.00 215 167 145 105
Other Current Assets		 45 70 - 20 23 35 56 79 47 43 27
Plant, Property, & Equipment, net		 8,539 9,652 9,175 8,623 8,170 7,632 7,081 6,437 7,141 6,735 6,715
Total Noncurrent Assets		 3,017 2,824 0.00 2,764 3,028 3,024 2,701 3,203 4,185 4,211 4,388
Long-Term Investments		 298 139 - 93 88 80 82 74 26 29 32
Goodwill		 2,390 2,345 - 2,353 2,365 2,374 2,091 2,089 2,495 2,492 2,493
Intangible Assets		 - - - - - - - 15 538 507 473
Other Noncurrent Operating Assets		 329 340 - 318 575 570 528 1,025 1,126 1,183 1,390
Total Liabilities & Shareholders' Equity		 12,683 15,131 3,105 12,661 12,172 12,023 12,375 13,313 14,376 13,466 14,088
Total Liabilities		 8,296 8,639 0.00 6,930 6,535 6,420 6,339 5,460 6,003 5,874 6,313
Total Current Liabilities		 1,215 686 0.00 705 665 906 1,432 995 800 818 887
Accounts Payable		 918 638 - 545 437 424 565 575 520 603 681
Current Deferred Revenue		 162 42 - 149 119 130 700 229 130 118 77
Current Deferred & Payable Income Tax Liabilities		 5.00 1.00 - 5.00 1.00 0.00 24 3.00 12 2.00 0.00
Other Current Liabilities		 130 5.00 - 6.00 108 103 143 188 138 95 129
Total Noncurrent Liabilities		 7,081 7,953 0.00 6,225 5,870 5,514 4,907 4,465 5,203 5,056 5,426
Long-Term Debt		 5,537 5,778 - 4,698 3,957 3,712 3,465 2,965 2,968 2,971 3,215
Noncurrent Deferred Revenue		 - - - - - - - 0.00 754 724 694
Noncurrent Deferred & Payable Income Tax Liabilities		 916 1,630 - 1,117 1,246 1,184 1,029 958 999 871 869
Other Noncurrent Operating Liabilities		 628 545 - 410 667 618 413 542 482 490 648
Total Equity & Noncontrolling Interests		 4,387 6,492 6,684 5,731 5,637 5,603 6,036 7,853 8,373 7,592 7,775
Total Preferred & Common Equity		 4,035 3,348 0.00 2,958 2,897 2,922 3,206 5,051 5,717 4,985 4,838
Preferred Stock		 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 4,035 3,348 0.00 2,958 2,897 2,922 3,206 5,051 5,717 4,985 4,838
Common Stock		 1,380 1,382 - 1,370 1,305 1,319 1,377 1,414 1,391 1,286 1,199
Retained Earnings		 3,058 2,365 - 2,463 1,958 1,927 2,088 3,867 4,535 4,009 3,874
Treasury Stock		 -153 -1.00 - -504 0.00 -4.00 -2.00 0.00 0.00 -30 0.00
Accumulated Other Comprehensive Income / (Loss)		 -250 -398 - -371 -366 -320 -257 -230 -209 -280 -235
Noncontrolling Interest		 352 3,144 3,105 2,773 2,740 2,681 2,830 2,802 2,656 2,607 2,937

Quarterly Balance Sheets for CF Industries

This table presents CF Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 13,537 13,543 14,376 13,861 13,775 13,843 13,466 13,308 13,750 14,203 14,608
Total Current Assets		 4,072 4,190 3,050 2,719 2,801 2,850 2,520 2,433 2,676 2,978 3,391
Cash & Equivalents		 3,219 3,254 2,032 1,773 1,819 1,877 1,614 1,406 1,686 1,838 2,042
Accounts Receivable		 388 417 505 535 531 482 404 582 586 602 726
Inventories, net		 319 318 299 271 302 301 314 351 316 367 371
Current Deferred & Refundable Income Taxes		 81 147 167 102 85 133 145 54 51 125 23
Other Current Assets		 65 54 47 38 64 57 43 40 37 46 229
Plant, Property, & Equipment, net		 6,218 6,156 7,141 6,982 6,830 6,816 6,735 6,603 6,743 6,832 6,724
Total Noncurrent Assets		 3,247 3,197 4,185 4,160 4,144 4,177 4,211 4,272 4,331 4,393 4,493
Long-Term Investments		 72 32 26 29 25 28 29 33 35 35 39
Goodwill		 2,089 2,089 2,495 2,495 2,493 2,493 2,492 2,492 2,493 2,492 2,492
Intangible Assets		 - - 538 532 522 515 507 499 488 480 470
Other Noncurrent Operating Assets		 1,086 1,076 1,126 1,104 1,104 1,141 1,183 1,248 1,315 1,386 1,492
Total Liabilities & Shareholders' Equity		 13,537 13,543 14,376 13,861 13,775 13,843 13,466 13,308 13,750 14,203 14,608
Total Liabilities		 5,017 5,242 6,003 5,865 5,673 6,106 5,874 6,011 5,929 6,508 6,352
Total Current Liabilities		 622 926 800 690 596 1,013 818 939 830 1,310 958
Accounts Payable		 451 497 520 501 501 562 603 597 671 716 613
Current Deferred Revenue		 9.00 282 130 104 8.00 348 118 241 32 477 132
Current Deferred & Payable Income Tax Liabilities		 47 20 12 0.00 0.00 3.00 2.00 2.00 18 1.00 90
Other Current Liabilities		 115 127 138 85 87 100 95 99 109 116 123
Total Noncurrent Liabilities		 4,395 4,316 5,203 5,175 5,077 5,093 5,056 5,072 5,099 5,198 5,394
Long-Term Debt		 2,967 2,967 2,968 2,969 2,970 2,970 2,971 2,972 2,973 2,974 3,216
Noncurrent Deferred Revenue		 - - 754 747 739 732 724 717 709 701 686
Noncurrent Deferred & Payable Income Tax Liabilities		 910 882 999 985 926 927 871 845 839 887 855
Other Noncurrent Operating Liabilities		 518 467 482 474 442 464 490 538 578 636 637
Total Equity & Noncontrolling Interests		 8,520 8,301 8,373 7,996 8,102 7,737 7,592 7,297 7,821 7,695 8,256
Total Preferred & Common Equity		 5,804 5,723 5,717 5,440 5,460 5,194 4,985 4,780 4,963 4,849 5,342
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 5,807 5,725 5,717 5,445 5,460 5,194 4,985 4,780 4,963 4,849 5,342
Common Stock		 1,432 1,418 1,391 1,405 1,347 1,353 1,286 1,294 1,241 1,254 1,211
Retained Earnings		 4,797 4,681 4,535 4,634 4,360 4,533 4,009 4,208 3,924 4,195 4,412
Treasury Stock		 -223 -149 0.00 -369 -15 -483 -30 -451 0.00 -369 -25
Accumulated Other Comprehensive Income / (Loss)		 -199 -225 -209 -225 -232 -209 -280 -271 -202 -231 -256
Noncontrolling Interest		 2,716 2,578 2,656 2,556 2,642 2,543 2,607 2,517 2,858 2,846 2,914

Annual Metrics And Ratios for CF Industries

This table displays calculated financial ratios and metrics derived from CF Industries' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -9.17% -14.46% 12.08% 7.24% 3.64% -10.15% 58.54% 71.09% -40.72% -10.48% 19.34%
EBITDA Growth		 -52.41% -51.23% 36.86% 49.28% 13.35% -19.58% 73.68% 136.69% -50.11% -13.64% 19.81%
EBIT Growth		 -61.82% -88.56% 69.85% 235.50% 30.32% -38.22% 179.65% 208.42% -58.38% -21.43% 31.76%
NOPAT Growth		 -51.20% -87.06% 69.57% 265.91% 40.03% -30.74% 142.89% 195.38% -56.28% -19.73% 26.20%
Net Income Growth		 -48.92% -121.53% 384.81% -4.89% 50.93% -33.13% 191.67% 212.46% -53.31% -19.64% 21.73%
EPS Growth		 -45.39% -140.20% 228.57% -18.95% 79.84% -34.08% 188.44% 286.32% -51.95% -14.36% 33.09%
Operating Cash Flow Growth		 -15.06% -48.88% 164.34% -8.22% 0.53% -18.21% 133.39% 34.18% -28.48% -17.63% 21.18%
Free Cash Flow Firm Growth		 -586.86% 34.10% 225.99% -93.83% 958.77% -21.58% 142.36% 46.18% -72.85% 90.02% -1.95%
Invested Capital Growth		 49.77% 17.66% -16.30% 5.22% -4.51% -4.53% -11.48% 8.09% 10.24% -3.91% 0.63%
Revenue Q/Q Growth		 0.00% 0.00% 5.95% 0.75% -1.78% 1.30% 28.20% 0.61% -13.52% -0.79% 5.14%
EBITDA Q/Q Growth		 277.18% 34.10% 27.02% 4.92% -1.67% -0.13% 59.38% 0.84% -19.66% 0.41% 6.10%
EBIT Q/Q Growth		 0.00% 0.00% 788.46% 13.47% -2.23% -3.11% 126.04% 1.74% -26.12% 1.09% 8.31%
NOPAT Q/Q Growth		 0.00% 0.00% 609.09% -58.74% 2.20% 0.78% 106.51% 2.06% -25.69% 3.85% 6.20%
Net Income Q/Q Growth		 0.00% 0.00% 231.96% -48.80% -0.15% 6.14% 142.31% 3.96% -26.33% 2.78% 6.08%
EPS Q/Q Growth		 0.00% 0.00% 183.61% -58.94% 2.29% 10.53% 207.25% 7.55% -27.20% 6.14% 8.46%
Operating Cash Flow Q/Q Growth		 -13.99% -2.06% 14.30% 1.63% 3.29% -0.97% 70.71% -18.84% -3.67% -2.57% 4.52%
Free Cash Flow Firm Q/Q Growth		 21.82% 20.22% 153.32% -92.64% -0.85% -5.62% 93.80% -21.88% -57.38% 209.95% 2.62%
Invested Capital Q/Q Growth		 6.71% 2.72% -7.56% -0.90% -0.64% 0.06% -5.33% 8.18% 16.30% 1.34% 2.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 35.91% 22.88% 10.51% 20.70% 25.58% 19.42% 36.51% 52.40% 38.38% 34.64% 38.45%
EBITDA Margin		 38.74% 22.09% 26.97% 37.55% 41.07% 36.76% 40.27% 55.71% 46.89% 45.23% 45.41%
Operating Margin		 27.69% 3.74% 5.67% 17.30% 21.85% 15.11% 26.45% 48.25% 33.63% 29.41% 32.47%
EBIT Margin		 27.60% 3.69% 5.59% 17.50% 22.00% 15.13% 26.69% 48.11% 33.78% 29.65% 32.74%
Profit (Net Income) Margin		 17.04% -4.29% 10.90% 9.66% 14.07% 10.48% 19.27% 35.20% 27.72% 24.88% 25.38%
Tax Burden Percent		 69.38% 69.91% -360.00% 78.25% 83.68% 93.30% 81.66% 77.27% 81.76% 83.83% 80.30%
Interest Burden Percent		 88.98% -166.18% -54.11% 70.58% 76.44% 74.20% 88.42% 94.67% 100.36% 100.11% 96.55%
Effective Tax Rate		 37.43% 0.00% 0.00% 21.76% 16.32% 6.70% 18.34% 22.73% 18.24% 16.17% 19.70%
Return on Invested Capital (ROIC)		 9.61% 0.95% 1.63% 6.37% 8.89% 6.45% 17.02% 51.45% 20.60% 16.08% 20.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.23% -4.46% 9.85% 1.02% 3.74% 2.05% 10.89% 31.36% 22.59% 17.28% 16.77%
Return on Net Nonoperating Assets (RNNOA)		 6.78% -3.86% 5.20% 0.53% 2.47% 1.24% 4.63% 5.24% 2.06% 2.42% 2.76%
Return on Equity (ROE)		 16.38% -2.90% 6.83% 6.89% 11.37% 7.69% 21.65% 56.69% 22.66% 18.50% 23.40%
Cash Return on Invested Capital (CROIC)		 -30.25% -15.27% 19.38% 1.28% 13.50% 11.09% 29.19% 43.68% 10.86% 20.07% 20.02%
Operating Return on Assets (OROA)		 9.93% 0.98% 1.84% 6.84% 8.13% 5.16% 14.30% 41.90% 16.18% 12.64% 16.83%
Return on Assets (ROA)		 6.13% -1.14% 3.58% 3.78% 5.20% 3.57% 10.33% 30.65% 13.28% 10.61% 13.05%
Return on Common Equity (ROCE)		 15.08% -1.97% 1.74% 1.64% 5.85% 3.98% 11.40% 33.70% 15.03% 12.40% 14.96%
Return on Equity Simple (ROE_SIMPLE)		 18.19% -4.72% 0.00% 14.47% 22.30% 14.78% 39.30% 77.95% 32.15% 29.63% 0.00%
Net Operating Profit after Tax (NOPAT)		 746 97 164 599 839 581 1,412 4,170 1,823 1,464 1,847
NOPAT Margin		 17.33% 2.62% 3.97% 13.53% 18.29% 14.10% 21.60% 37.28% 27.50% 24.66% 26.07%
Net Nonoperating Expense Percent (NNEP)		 0.38% 5.42% -8.22% 5.34% 5.15% 4.40% 6.13% 20.09% -1.99% -1.20% 3.87%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 38.55% 16.08% 13.86% 16.81%
Cost of Revenue to Revenue		 64.09% 77.12% 89.49% 79.30% 74.42% 80.58% 63.49% 47.60% 61.62% 65.36% 61.55%
SG&A Expenses to Revenue		 6.08% 10.34% 4.62% 4.83% 5.21% 5.00% 3.41% 2.59% 4.36% 5.39% 5.14%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 8.22% 19.13% 4.84% 3.41% 3.73% 4.32% 10.06% 4.15% 4.75% 5.22% 5.99%
Earnings before Interest and Taxes (EBIT)		 1,189 136 231 775 1,010 624 1,745 5,382 2,240 1,760 2,319
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,669 814 1,114 1,663 1,885 1,516 2,633 6,232 3,109 2,685 3,217
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.83 1.78 0.00 2.94 3.19 2.62 4.48 3.14 2.57 2.96 2.48
Price to Tangible Book Value (P/TBV)		 4.48 5.94 0.00 14.36 17.35 13.96 12.87 5.38 5.48 7.43 6.41
Price to Revenue (P/Rev)		 1.71 1.62 2.02 1.96 2.01 1.85 2.20 1.42 2.22 2.49 1.69
Price to Earnings (P/E)		 10.53 0.00 23.34 29.97 18.72 24.13 15.65 4.74 9.65 12.12 8.25
Dividend Yield		 3.79% 4.70% 3.35% 3.19% 2.83% 3.36% 1.79% 1.85% 2.08% 2.36% 2.60%
Earnings Yield		 9.50% 0.00% 4.29% 3.34% 5.34% 4.14% 6.39% 21.09% 10.36% 8.25% 12.13%
Enterprise Value to Invested Capital (EV/IC)		 1.36 1.24 1.16 1.59 1.69 1.54 2.43 2.28 1.97 2.10 1.80
Enterprise Value to Revenue (EV/Rev)		 2.94 3.68 2.57 3.47 3.39 3.28 2.90 1.72 2.76 3.15 2.28
Enterprise Value to EBITDA (EV/EBITDA)		 7.58 16.67 9.54 9.25 8.25 8.92 7.19 3.09 5.88 6.96 5.02
Enterprise Value to EBIT (EV/EBIT)		 10.64 99.76 45.99 19.85 15.40 21.68 10.85 3.57 8.16 10.62 6.96
Enterprise Value to NOPAT (EV/NOPAT)		 16.95 140.45 64.86 25.67 18.53 23.27 13.41 4.61 10.03 12.77 8.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.48 21.99 6.51 10.28 10.33 10.99 6.59 4.99 6.63 8.23 5.86
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 5.45 127.84 12.20 13.54 7.82 5.43 19.02 10.23 9.01
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.26 0.89 0.00 0.82 0.70 0.71 0.57 0.38 0.35 0.39 0.41
Long-Term Debt to Equity		 1.26 0.89 0.00 0.82 0.70 0.66 0.57 0.38 0.35 0.39 0.41
Financial Leverage		 0.73 0.86 0.53 0.52 0.66 0.60 0.43 0.17 0.09 0.14 0.16
Leverage Ratio		 2.67 2.56 1.91 1.83 2.18 2.15 2.10 1.85 1.71 1.74 1.79
Compound Leverage Factor		 2.38 -4.25 -1.03 1.29 1.67 1.60 1.85 1.75 1.71 1.75 1.73
Debt to Total Capital		 55.79% 47.09% 0.00% 45.05% 41.24% 41.42% 36.47% 27.41% 26.17% 28.13% 29.25%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 2.60% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 55.79% 47.09% 0.00% 45.05% 41.24% 38.81% 36.47% 27.41% 26.17% 28.13% 29.25%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 3.55% 25.62% 46.45% 26.59% 28.56% 28.03% 29.79% 25.90% 23.42% 24.68% 26.72%
Common Equity to Total Capital		 40.66% 27.29% 0.00% 28.36% 30.20% 30.55% 33.74% 46.69% 50.41% 47.19% 44.02%
Debt to EBITDA		 3.32 7.10 0.00 2.83 2.10 2.61 1.32 0.48 0.95 1.11 1.00
Net Debt to EBITDA		 2.95 5.49 0.00 2.36 1.90 2.11 0.67 0.09 0.29 0.49 0.37
Long-Term Debt to EBITDA		 3.32 7.10 0.00 2.83 2.10 2.45 1.32 0.48 0.95 1.11 1.00
Debt to NOPAT		 7.42 59.81 0.00 7.84 4.71 6.81 2.45 0.71 1.63 2.03 1.74
Net Debt to NOPAT		 6.60 46.27 0.00 6.55 4.27 5.50 1.24 0.14 0.50 0.91 0.65
Long-Term Debt to NOPAT		 7.42 59.81 0.00 7.84 4.71 6.39 2.45 0.71 1.63 2.03 1.74
Altman Z-Score		 1.51 1.06 0.00 1.63 1.75 1.50 2.70 4.57 3.08 2.95 2.75
Noncontrolling Interest Sharing Ratio		 7.98% 32.14% 74.59% 76.17% 48.50% 48.23% 47.35% 40.55% 33.64% 32.97% 36.08%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.93 3.87 0.00 1.81 1.46 1.51 1.81 3.69 3.81 3.08 3.37
Quick Ratio		 0.46 2.04 0.00 1.30 0.80 1.05 1.48 2.92 3.17 2.47 2.78
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,350 -1,548 1,951 120 1,274 999 2,422 3,540 961 1,827 1,791
Operating Cash Flow to CapEx		 49.12% 28.08% 360.04% 378.03% 450.60% 400.98% 560.04% 852.88% 553.61% 440.97% 291.53%
Free Cash Flow to Firm to Interest Expense		 -17.67 -4.22 5.30 0.50 4.94 5.58 11.93 10.06 6.41 15.10 11.12
Operating Cash Flow to Interest Expense		 9.08 1.68 4.43 6.21 5.83 6.88 14.15 10.95 18.38 18.77 17.09
Operating Cash Flow Less CapEx to Interest Expense		 -9.40 -4.31 3.20 4.57 4.54 5.16 11.63 9.67 15.06 14.51 11.23
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.36 0.27 0.33 0.39 0.37 0.34 0.54 0.87 0.48 0.43 0.51
Accounts Receivable Turnover		 18.79 14.65 0.00 0.00 19.25 16.27 17.16 20.73 12.20 13.06 15.88
Inventory Turnover		 10.54 8.61 0.00 0.00 10.35 10.42 11.95 12.07 10.57 12.66 12.51
Fixed Asset Turnover		 0.61 0.41 0.44 0.50 0.55 0.52 0.89 1.66 0.98 0.86 1.05
Accounts Payable Turnover		 3.66 3.65 0.00 0.00 6.96 7.72 8.39 9.34 7.46 6.91 6.79
Days Sales Outstanding (DSO)		 19.42 24.91 0.00 0.00 18.97 22.44 21.27 17.60 29.92 27.95 22.98
Days Inventory Outstanding (DIO)		 34.63 42.38 0.00 0.00 35.26 35.04 30.56 30.23 34.53 28.83 29.17
Days Payable Outstanding (DPO)		 99.67 99.92 0.00 0.00 52.46 47.29 43.48 39.07 48.91 52.82 53.75
Cash Conversion Cycle (CCC)		 -45.62 -32.63 0.00 0.00 1.76 10.19 8.34 8.76 15.53 3.96 -1.59
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,317 10,962 9,175 9,654 9,219 8,801 7,791 8,421 9,283 8,920 8,976
Invested Capital Turnover		 0.55 0.36 0.41 0.47 0.49 0.46 0.79 1.38 0.75 0.65 0.79
Increase / (Decrease) in Invested Capital		 3,096 1,645 -1,787 479 -435 -418 -1,010 630 862 -363 56
Enterprise Value (EV)		 12,653 13,567 10,625 15,386 15,552 13,528 18,940 19,236 18,284 18,691 16,137
Market Capitalization		 7,371 5,953 8,355 8,690 9,230 7,649 14,355 15,866 14,718 14,756 11,999
Book Value per Share		 $17.31 $14.36 $0.00 $12.82 $13.32 $13.66 $14.95 $25.75 $29.92 $28.65 $31.02
Tangible Book Value per Share		 $7.06 $4.30 $0.00 $2.62 $2.45 $2.56 $5.20 $15.02 $14.05 $11.41 $12.00
Total Capital		 9,924 12,270 6,684 10,429 9,594 9,564 9,501 10,818 11,341 10,563 10,990
Total Debt		 5,537 5,778 0.00 4,698 3,957 3,961 3,465 2,965 2,968 2,971 3,215
Total Long-Term Debt		 5,537 5,778 0.00 4,698 3,957 3,712 3,465 2,965 2,968 2,971 3,215
Net Debt		 4,930 4,470 -835 3,923 3,582 3,198 1,755 568 910 1,328 1,201
Capital Expenditures (CapEx)		 2,457 2,197 453 396 334 307 513 452 498 515 944
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -397 800 0.00 -113 22 27 -467 355 218 88 116
Debt-free Net Working Capital (DFNWC)		 -88 1,969 835 569 309 710 1,161 2,678 2,250 1,702 2,098
Net Working Capital (NWC)		 -88 1,969 835 569 309 461 1,161 2,678 2,250 1,702 2,098
Net Nonoperating Expense (NNE)		 12 255 -286 171 193 149 152 233 -15 -13 49
Net Nonoperating Obligations (NNO)		 4,930 4,470 2,491 3,923 3,582 3,198 1,755 568 910 1,328 1,201
Total Depreciation and Amortization (D&A)		 480 678 883 888 875 892 888 850 869 925 898
Debt-free, Cash-free Net Working Capital to Revenue		 -9.22% 21.71% 0.00% -2.55% 0.48% 0.65% -7.14% 3.17% 3.29% 1.48% 1.64%
Debt-free Net Working Capital to Revenue		 -2.04% 53.43% 20.22% 12.85% 6.73% 17.22% 17.76% 23.94% 33.93% 28.67% 29.62%
Net Working Capital to Revenue		 -2.04% 53.43% 20.22% 12.85% 6.73% 11.18% 17.76% 23.94% 33.93% 28.67% 29.62%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.97 ($1.19) $1.53 $1.25 $2.24 $1.48 $4.27 $16.45 $7.89 $6.75 $8.98
Adjusted Weighted Average Basic Shares Outstanding		 235.30M 233.10M 233.50M 232.60M 220.20M 214.90M 215M 203.30M 193.30M 180.40M 162.10M
Adjusted Diluted Earnings per Share		 $2.96 ($1.19) $1.53 $1.24 $2.23 $1.47 $4.24 $16.38 $7.87 $6.74 $8.97
Adjusted Weighted Average Diluted Shares Outstanding		 236.10M 233.10M 233.90M 233.80M 221.60M 215.20M 216.20M 204.20M 193.80M 180.70M 162.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 233.08M 233.11M 233.29M 222.89M 216.17M 214.16M 207.30M 195.77M 188.34M 169.54M 153.67M
Normalized Net Operating Profit after Tax (NOPAT)		 782 222 164 599 839 581 1,837 4,370 1,863 1,467 1,926
Normalized NOPAT Margin		 18.16% 6.02% 3.97% 13.53% 18.29% 14.10% 28.10% 39.06% 28.10% 24.71% 27.19%
Pre Tax Income Margin		 24.56% -6.13% -3.03% 12.35% 16.82% 11.23% 23.60% 45.55% 33.90% 29.68% 31.61%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.94 0.37 0.63 3.22 3.91 3.49 8.60 15.29 14.93 14.55 14.40
NOPAT to Interest Expense		 5.61 0.26 0.45 2.49 3.25 3.25 6.96 11.85 12.16 12.10 11.47
EBIT Less CapEx to Interest Expense		 -9.53 -5.62 -0.60 1.57 2.62 1.77 6.07 14.01 11.61 10.29 8.54
NOPAT Less CapEx to Interest Expense		 -12.86 -5.72 -0.79 0.84 1.96 1.53 4.43 10.56 8.84 7.84 5.61
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 44.55% -252.53% 91.33% 188.55% 69.81% 100.00% 36.03% 23.50% 41.89% 45.50% 35.04%
Augmented Payout Ratio		 120.30% -252.53% 91.33% 297.66% 127.09% 123.15% 78.81% 57.71% 73.45% 147.66% 110.96%

Quarterly Metrics And Ratios for CF Industries

This table displays calculated financial ratios and metrics derived from CF Industries' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 153,668,821.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 153,668,821.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.00
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -45.15% -39.76% -26.94% -11.44% 7.62% -2.99% 13.13% 20.36% 21.09% 22.70% 19.42%
EBITDA Growth		 -51.48% -53.67% -45.89% -10.14% 29.78% 1.67% 21.07% 3.02% 34.00% 27.69% 60.91%
EBIT Growth		 -66.02% -64.92% -62.97% -13.32% 48.99% 4.44% 48.86% 2.51% 58.42% 39.82% 88.84%
NOPAT Growth		 -61.90% -64.70% -63.33% -14.61% 39.89% 16.08% 52.03% -2.18% 52.17% 27.07% 89.14%
Net Income Growth		 -57.25% -65.11% -63.38% -16.50% 48.26% 11.36% 47.48% -2.77% 34.90% 26.28% 92.59%
EPS Growth		 -61.01% -66.67% -63.86% -14.81% 82.35% 26.53% 79.61% 3.04% 41.29% 37.63% 115.14%
Operating Cash Flow Growth		 -37.58% -17.95% -53.01% -33.29% 50.65% -12.50% 31.69% 18.53% 14.29% 28.33% -15.36%
Free Cash Flow Firm Growth		 -97.68% -250.43% -4,050.90% -219.51% -2,239.92% 247.13% 190.40% 226.66% 193.82% -40.79% -81.36%
Invested Capital Growth		 2.54% 10.24% 12.43% 12.59% 10.27% -3.91% -3.63% -1.68% -0.07% 0.63% 6.35%
Revenue Q/Q Growth		 -28.28% 23.41% -6.43% 6.94% -12.85% 11.24% 9.12% 13.77% -12.32% 12.72% 6.20%
EBITDA Q/Q Growth		 -51.93% 42.83% -14.76% 53.57% -30.58% 11.89% 1.50% 30.68% -9.71% 6.63% 27.90%
EBIT Q/Q Growth		 -66.44% 73.28% -28.27% 107.82% -42.32% 21.47% 2.24% 43.11% -10.86% 7.20% 38.08%
NOPAT Q/Q Growth		 -63.10% 55.05% -30.11% 113.51% -39.54% 28.66% -8.46% 37.38% -5.95% 7.44% 36.25%
Net Income Q/Q Growth		 -62.05% 53.04% -32.39% 112.61% -32.61% 14.96% -10.46% 40.17% -6.50% 7.61% 36.57%
EPS Q/Q Growth		 -68.52% 72.94% -29.93% 123.30% -32.61% 20.00% -0.54% 28.11% -7.59% 16.90% 55.47%
Operating Cash Flow Q/Q Growth		 -13.20% -22.33% -7.29% 6.74% 96.00% -54.89% 39.52% -3.92% 88.99% -49.34% -7.98%
Free Cash Flow Firm Q/Q Growth		 -94.51% -2,275.12% -49.13% 32.86% 1.75% 249.55% -8.37% -5.93% -27.22% -5.62% -71.15%
Invested Capital Q/Q Growth		 -2.61% 16.30% -1.29% 0.71% -4.62% 1.34% -1.01% 2.75% -3.05% 2.05% 4.62%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 29.62% 31.89% 27.82% 43.19% 32.41% 34.38% 34.40% 39.90% 38.10% 40.91% 37.56%
EBITDA Margin		 36.14% 41.82% 38.10% 54.71% 43.58% 43.83% 40.77% 46.83% 48.22% 45.62% 54.93%
Operating Margin		 19.17% 27.12% 20.61% 40.59% 26.57% 28.94% 27.36% 34.25% 34.96% 32.99% 43.45%
EBIT Margin		 19.40% 27.24% 20.88% 40.59% 26.86% 29.33% 27.48% 34.57% 35.14% 33.42% 43.45%
Profit (Net Income) Margin		 18.07% 22.41% 16.19% 32.19% 24.89% 25.72% 21.11% 26.00% 27.73% 26.47% 34.04%
Tax Burden Percent		 90.91% 80.73% 79.33% 80.45% 85.25% 90.53% 80.32% 77.48% 81.42% 82.23% 80.09%
Interest Burden Percent		 102.43% 101.87% 97.72% 98.59% 108.70% 96.87% 95.62% 97.09% 96.91% 96.32% 97.80%
Effective Tax Rate		 9.09% 19.27% 20.67% 19.55% 14.75% 9.47% 19.68% 22.52% 18.58% 17.77% 19.91%
Return on Invested Capital (ROIC)		 16.95% 16.40% 11.50% 22.06% 16.15% 17.09% 14.97% 18.70% 21.80% 21.48% 28.30%
ROIC Less NNEP Spread (ROIC-NNEP)		 21.40% 17.49% 11.11% 20.25% 24.38% 16.44% 13.90% 17.86% 20.67% 20.50% 27.16%
Return on Net Nonoperating Assets (RNNOA)		 0.51% 1.59% 0.85% 0.98% 1.13% 2.30% 2.45% 2.67% 2.90% 3.37% 4.66%
Return on Equity (ROE)		 17.46% 17.99% 12.35% 23.04% 17.28% 19.39% 17.43% 21.37% 24.70% 24.85% 32.96%
Cash Return on Invested Capital (CROIC)		 28.61% 10.86% 4.56% 3.31% 7.02% 20.07% 21.37% 18.94% 19.83% 20.02% 17.69%
Operating Return on Assets (OROA)		 11.09% 13.05% 9.33% 17.49% 11.74% 12.51% 12.40% 16.20% 16.89% 17.19% 23.06%
Return on Assets (ROA)		 10.33% 10.73% 7.23% 13.87% 10.88% 10.97% 9.52% 12.19% 13.32% 13.61% 18.06%
Return on Common Equity (ROCE)		 11.53% 11.94% 8.37% 15.61% 11.77% 13.00% 11.65% 13.99% 16.07% 15.89% 21.45%
Return on Equity Simple (ROE_SIMPLE)		 43.60% 0.00% 26.21% 24.29% 27.67% 0.00% 33.26% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 222 344 240 513 310 399 365 502 472 507 691
NOPAT Margin		 17.42% 21.89% 16.35% 32.65% 22.65% 26.20% 21.98% 26.54% 28.46% 27.13% 34.80%
Net Nonoperating Expense Percent (NNEP)		 -4.45% -1.09% 0.39% 1.81% -8.23% 0.65% 1.07% 0.85% 1.13% 0.98% 1.14%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.03% - - - 3.78% 3.56% 4.65% 4.43% 4.62% 6.03%
Cost of Revenue to Revenue		 70.38% 68.11% 72.18% 56.81% 67.59% 65.62% 65.60% 59.99% 61.90% 59.20% 62.44%
SG&A Expenses to Revenue		 5.34% 4.84% 5.99% 4.83% 5.69% 5.12% 5.05% 5.34% 5.30% 4.87% 5.19%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 10.45% 4.77% 7.21% 2.61% 5.84% 5.45% 7.04% 5.76% 3.13% 7.81% -5.89%
Earnings before Interest and Taxes (EBIT)		 247 428 307 638 368 447 457 654 583 625 863
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 460 657 560 860 597 668 678 886 800 853 1,091
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.82 2.57 2.88 2.47 2.98 2.96 2.77 3.00 3.00 2.48 3.74
Price to Tangible Book Value (P/TBV)		 4.44 5.48 6.49 5.51 7.08 7.43 7.41 7.52 7.74 6.41 8.38
Price to Revenue (P/Rev)		 2.11 2.22 2.58 2.29 2.59 2.49 2.16 2.31 2.16 1.69 2.69
Price to Earnings (P/E)		 7.65 9.65 13.54 12.80 13.30 12.12 9.92 11.45 10.54 8.25 11.35
Dividend Yield		 1.91% 2.08% 2.07% 2.44% 2.21% 2.36% 2.56% 2.17% 2.23% 2.60% 1.54%
Earnings Yield		 13.08% 10.36% 7.39% 7.81% 7.52% 8.25% 10.08% 8.74% 9.49% 12.13% 8.81%
Enterprise Value to Invested Capital (EV/IC)		 2.31 1.97 2.12 1.87 2.17 2.10 1.96 2.10 2.10 1.80 2.56
Enterprise Value to Revenue (EV/Rev)		 2.40 2.76 3.19 2.93 3.19 3.15 2.82 2.95 2.74 2.28 3.24
Enterprise Value to EBITDA (EV/EBITDA)		 4.76 5.88 7.37 6.79 7.14 6.96 6.17 6.72 6.09 5.02 6.61
Enterprise Value to EBIT (EV/EBIT)		 6.07 8.16 11.30 10.64 10.96 10.62 9.06 9.87 8.63 6.96 8.81
Enterprise Value to NOPAT (EV/NOPAT)		 7.50 10.03 13.79 13.05 13.54 12.77 10.89 12.05 10.62 8.74 11.05
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.43 6.63 8.61 8.54 8.19 8.23 7.17 7.61 7.02 5.86 9.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 8.16 19.02 49.17 59.78 32.39 10.23 9.00 10.97 10.59 9.01 14.89
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.36 0.35 0.37 0.37 0.38 0.39 0.41 0.38 0.39 0.41 0.39
Long-Term Debt to Equity		 0.36 0.35 0.37 0.37 0.38 0.39 0.41 0.38 0.39 0.41 0.39
Financial Leverage		 0.02 0.09 0.08 0.05 0.05 0.14 0.18 0.15 0.14 0.16 0.17
Leverage Ratio		 1.74 1.71 1.69 1.64 1.71 1.74 1.78 1.73 1.82 1.79 1.79
Compound Leverage Factor		 1.78 1.74 1.66 1.62 1.86 1.69 1.70 1.68 1.76 1.73 1.76
Debt to Total Capital		 26.33% 26.17% 27.08% 26.82% 27.74% 28.13% 28.94% 27.54% 27.88% 29.25% 28.03%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 26.33% 26.17% 27.08% 26.82% 27.74% 28.13% 28.94% 27.54% 27.88% 29.25% 28.03%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 22.88% 23.42% 23.31% 23.86% 23.75% 24.68% 24.51% 26.48% 26.68% 26.72% 25.40%
Common Equity to Total Capital		 50.81% 50.41% 49.65% 49.31% 48.51% 47.19% 46.55% 45.98% 45.45% 44.02% 46.57%
Debt to EBITDA		 0.77 0.95 1.13 1.17 1.11 1.11 1.06 1.05 0.98 1.00 0.89
Net Debt to EBITDA		 -0.08 0.29 0.44 0.44 0.40 0.49 0.55 0.44 0.36 0.37 0.31
Long-Term Debt to EBITDA		 0.77 0.95 1.13 1.17 1.11 1.11 1.06 1.05 0.98 1.00 0.89
Debt to NOPAT		 1.21 1.63 2.11 2.25 2.11 2.03 1.87 1.88 1.71 1.74 1.48
Net Debt to NOPAT		 -0.13 0.50 0.83 0.85 0.76 0.91 0.96 0.79 0.63 0.65 0.52
Long-Term Debt to NOPAT		 1.21 1.63 2.11 2.25 2.11 2.03 1.87 1.88 1.71 1.74 1.48
Altman Z-Score		 3.25 2.66 2.76 2.64 2.66 2.63 2.47 2.70 2.50 2.35 3.21
Noncontrolling Interest Sharing Ratio		 33.96% 33.64% 32.25% 32.21% 31.92% 32.97% 33.14% 34.54% 34.92% 36.08% 34.92%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.52 3.81 3.94 4.70 2.81 3.08 2.59 3.22 2.27 3.37 3.54
Quick Ratio		 3.96 3.17 3.34 3.94 2.33 2.47 2.12 2.74 1.86 2.78 2.89
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 24 -518 -773 -519 -510 762 698 657 478 451 130
Operating Cash Flow to CapEx		 420.41% 255.32% 454.08% 565.48% 669.78% 216.49% 450.77% 233.61% 306.63% 238.50% 222.42%
Free Cash Flow to Firm to Interest Expense		 0.61 -14.80 -20.88 -14.02 0.00 16.22 18.88 18.25 11.66 9.60 3.34
Operating Cash Flow to Interest Expense		 15.85 13.71 12.03 12.84 0.00 8.94 15.84 15.64 25.95 11.47 12.72
Operating Cash Flow Less CapEx to Interest Expense		 12.08 8.34 9.38 10.57 0.00 4.81 12.32 8.94 17.49 6.66 7.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.57 0.48 0.45 0.43 0.44 0.43 0.45 0.47 0.48 0.51 0.53
Accounts Receivable Turnover		 13.48 12.20 11.97 12.81 13.31 13.06 10.97 11.55 12.43 15.88 11.33
Inventory Turnover		 10.68 10.57 11.41 12.62 12.76 12.66 12.57 13.44 12.73 12.51 12.49
Fixed Asset Turnover		 1.21 0.98 0.92 0.90 0.92 0.86 0.90 0.95 0.99 1.05 1.11
Accounts Payable Turnover		 7.23 7.46 8.39 8.24 7.46 6.91 7.12 7.09 6.66 6.79 7.45
Days Sales Outstanding (DSO)		 27.08 29.92 30.48 28.49 27.42 27.95 33.26 31.61 29.36 22.98 32.23
Days Inventory Outstanding (DIO)		 34.18 34.53 32.00 28.91 28.60 28.83 29.03 27.16 28.66 29.17 29.22
Days Payable Outstanding (DPO)		 50.47 48.91 43.50 44.32 48.93 52.82 51.25 51.51 54.84 53.75 48.97
Cash Conversion Cycle (CCC)		 10.79 15.53 18.98 13.08 7.09 3.96 11.04 7.26 3.18 -1.59 12.48
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,982 9,283 9,163 9,228 8,802 8,920 8,830 9,073 8,796 8,976 9,391
Invested Capital Turnover		 0.97 0.75 0.70 0.68 0.71 0.65 0.68 0.70 0.77 0.79 0.81
Increase / (Decrease) in Invested Capital		 198 862 1,013 1,032 820 -363 -333 -155 -6.00 56 561
Enterprise Value (EV)		 18,402 18,284 19,416 17,232 19,087 18,691 17,299 19,015 18,476 16,137 24,001
Market Capitalization		 16,143 14,718 15,693 13,464 15,479 14,756 13,249 14,905 14,529 11,999 19,952
Book Value per Share		 $29.67 $29.92 $29.02 $29.87 $28.79 $28.65 $28.19 $30.63 $29.94 $31.02 $34.76
Tangible Book Value per Share		 $18.84 $14.05 $12.89 $13.38 $12.12 $11.41 $10.55 $12.23 $11.59 $12.00 $15.49
Total Capital		 11,268 11,341 10,965 11,072 10,707 10,563 10,269 10,794 10,669 10,990 11,472
Total Debt		 2,967 2,968 2,969 2,970 2,970 2,971 2,972 2,973 2,974 3,215 3,216
Total Long-Term Debt		 2,967 2,968 2,969 2,970 2,970 2,971 2,972 2,973 2,974 3,215 3,216
Net Debt		 -319 910 1,167 1,126 1,065 1,328 1,533 1,252 1,101 1,201 1,135
Capital Expenditures (CapEx)		 147 188 98 84 139 194 130 241 347 226 223
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 10 218 256 386 -40 88 88 160 -170 116 391
Debt-free Net Working Capital (DFNWC)		 3,264 2,250 2,029 2,205 1,837 1,702 1,494 1,846 1,668 2,098 2,433
Net Working Capital (NWC)		 3,264 2,250 2,029 2,205 1,837 1,702 1,494 1,846 1,668 2,098 2,433
Net Nonoperating Expense (NNE)		 -8.18 -8.07 2.38 7.24 -31 7.24 14 10 12 12 15
Net Nonoperating Obligations (NNO)		 -319 910 1,167 1,126 1,065 1,328 1,533 1,252 1,101 1,201 1,135
Total Depreciation and Amortization (D&A)		 213 229 253 222 229 221 221 232 217 228 228
Debt-free, Cash-free Net Working Capital to Revenue		 0.13% 3.29% 4.20% 6.56% -0.67% 1.48% 1.44% 2.48% -2.52% 1.64% 5.28%
Debt-free Net Working Capital to Revenue		 42.57% 33.93% 33.32% 37.46% 30.70% 28.67% 24.38% 28.62% 24.76% 29.62% 32.85%
Net Working Capital to Revenue		 42.57% 33.93% 33.32% 37.46% 30.70% 28.67% 24.38% 28.62% 24.76% 29.62% 32.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.85 $1.47 $1.03 $2.30 $1.55 $1.87 $1.85 $2.37 $2.19 $2.57 $3.99
Adjusted Weighted Average Basic Shares Outstanding		 192.40M 193.30M 187.60M 182.70M 178.40M 180.40M 168.60M 162.90M 161M 162.10M 154.20M
Adjusted Diluted Earnings per Share		 $0.85 $1.47 $1.03 $2.30 $1.55 $1.86 $1.85 $2.37 $2.19 $2.56 $3.98
Adjusted Weighted Average Diluted Shares Outstanding		 192.90M 193.80M 188.10M 182.80M 178.60M 180.70M 168.80M 163.10M 161.20M 162.20M 154.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 191.06M 188.34M 182.78M 180.41M 174.02M 169.54M 162.01M 161.97M 155.97M 153.67M 153.63M
Normalized Net Operating Profit after Tax (NOPAT)		 236 356 243 514 310 399 384 502 472 507 555
Normalized NOPAT Margin		 18.57% 22.66% 16.51% 32.70% 22.65% 26.20% 23.09% 26.54% 28.46% 27.13% 27.95%
Pre Tax Income Margin		 19.87% 27.75% 20.41% 40.01% 29.20% 28.41% 26.28% 33.56% 34.06% 32.19% 42.50%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.33 12.23 8.30 17.24 0.00 9.51 12.35 18.17 14.22 13.30 22.13
NOPAT to Interest Expense		 5.69 9.83 6.50 13.87 0.00 8.49 9.88 13.95 11.52 10.79 17.72
EBIT Less CapEx to Interest Expense		 2.56 6.86 5.65 14.97 0.00 5.38 8.84 11.47 5.76 8.49 16.41
NOPAT Less CapEx to Interest Expense		 1.92 4.46 3.85 11.60 0.00 4.37 6.36 7.25 3.05 5.99 12.01
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 30.98% 41.89% 47.48% 51.96% 46.07% 45.50% 40.63% 40.36% 37.64% 35.04% 32.69%
Augmented Payout Ratio		 55.27% 73.45% 108.13% 128.81% 140.64% 147.66% 142.14% 137.12% 119.94% 110.96% 77.39%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven snapshot of CF Industries (CF) using the last four years of quarterly statements. The bullets highlight key trends that retail investors may care about.

  • 2025 profitability showed strength across the year, with net income attributable to common shareholders of roughly $312M (Q1), $386M (Q2), $353M (Q3), and $404M (Q4); Q4 2025 diluted EPS was $2.56, signaling improved earnings per share as 2025 progressed.
  • Operating cash flow remained robust in 2025, including about $1.064B from continuing operating activities in Q3 2025 and about $0.539B in Q4 2025, underscoring solid cash generation.
  • Gross margin demonstrated improvement in 2025, rising from about 34% in Q1 2025 to roughly 41% in Q4 2025, reflecting better pricing dynamics and/or cost management into year-end.
  • Revenue stayed solid in 2025, with operating revenue per quarter ranging from about $1.66B to $1.87B, indicating continued demand for CF’s fertilizer products.
  • Earnings per share improved across 2025, with diluted EPS at $2.56 in Q4 2025 (vs $1.85 in Q1 2025), consistent with stronger quarterly profitability.
  • CF continued returning capital to shareholders, maintaining a quarterly cash dividend per share of $0.50 in 2025.
  • Free cash flow was positive in each 2025 quarter (example: Q4 2025 ≈ $313M; Q3 2025 ≈ $717M; Q2 2025 ≈ $318M; Q1 2025 ≈ $454M), highlighting cash generation after capital expenditures.
  • Balance sheet leverage remains moderate and stable, with long-term debt around $3.0B and total liabilities around $5.0–$6.0B across 2025, supporting a reasonable risk profile while preserving liquidity.
  • Equity base stayed strong, with total equity generally in the $5B range through 2025, providing a buffers for financing activity and potential future capital allocation.
  • Liquidity dynamics show periodic financing outflows, e.g., net cash from financing activities was negative in several quarters (e.g., about −$189M in Q4 2025), which can temper cash balances despite positive operating cash flow.
05/30/26 04:51 AM ETAI Generated. May Contain Errors.

CF Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, CF Industries' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

CF Industries' net income appears to be on an upward trend, with a most recent value of $1.80 billion in 2025, rising from $734 million in 2015. The previous period was $1.48 billion in 2024. Check out CF Industries' forecast to explore projected trends and price targets.

CF Industries' total operating income in 2025 was $2.30 billion, based on the following breakdown:
  • Total Gross Profit: $2.72 billion
  • Total Operating Expenses: $424 million

Over the last 10 years, CF Industries' total revenue changed from $4.31 billion in 2015 to $7.08 billion in 2025, a change of 64.4%.

CF Industries' total liabilities were at $6.31 billion at the end of 2025, a 7.5% increase from 2024, and a 23.9% decrease since 2015.

In the past 10 years, CF Industries' cash and equivalents has ranged from $286 million in 2015 to $2.32 billion in 2022, and is currently $1.98 billion as of their latest financial filing in 2025.

Over the last 10 years, CF Industries' book value per share changed from 17.31 in 2015 to 31.02 in 2025, a change of 79.2%.


Related Companies

Financial statements for NYSE:CF last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
I paid $5,000 to hear Elon say this
One investor paid $5,000 to be in a private room with Elon Musk in Los Angeles - and what he heard confirmed a...
InvestorPlace | Sponsoredtc pixel
This Tech Could Be Bigger Than Apple, Amazon, and Microsoft Combined
A breakthrough technology backed by Elon Musk, Sam Altman, and Nvidia CEO Jensen Huang may hold the answer to ...
Altimetry | Sponsoredtc pixel
This is the worst news for stocks in 50 years
Goldman Sachs and Morgan Stanley are issuing a rare warning: what's ahead for U.S. stocks could be the worst e...
TradeSmith | Sponsoredtc pixel
Trump's gold order: the announcement they won't put on the front page
On August 15, 1971, Nixon interrupted prime-time television and ended the gold standard in 15 minutes - no deb...
Reagan Gold Group | Sponsoredtc pixel
Trump just signed it
A recent policy development is drawing attention from income-focused investors. According to one analyst, c...
Investors Alley | Sponsoredtc pixel
One page of the SpaceX S-1 will move this stock overnight
When SpaceX files its S-1 in June, the SEC will require full disclosure of operating expenses - including powe...
Behind the Markets | Sponsoredtc pixel
Before you buy SpaceX shares, consider this alternative approach
SpaceX has confidentially filed for an IPO with the SEC, targeting a June 2026 listing at a valuation exceedin...
Weiss Ratings | Sponsoredtc pixel
Elon's new "super startup"
Adam O'Dell - the analyst who recommended Palantir before it became the top S&P 500 performer - has identified...
Banyan Hill Publishing | Sponsoredtc pixel