CF Industries (CF) Financials

$115.09 -3.59 (-3.03%)

Closing price 05/8/2026 03:59 PM Eastern

Extended Trading

$115.00 -0.09 (-0.08%)

As of 05/8/2026 07:59 PM Eastern

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

This table shows CF Industries' income and expenses over time, based on quarterly financial 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	Q4 2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	527	164	274	194	420	276	328	312	386	353	404
Consolidated Net Income / (Loss)	606	230	352	238	506	341	392	351	492	460	495
Net Income / (Loss) Continuing Operations	606	230	352	238	506	341	392	351	492	460	495
Total Pre-Tax Income	740	253	436	300	629	400	433	437	635	565	602
Total Operating Income	734	244	426	303	638	364	441	455	648	580	617
Total Gross Profit	804	377	501	409	679	444	524	572	755	632	765
Total Revenue	1,775	1,273	1,571	1,470	1,572	1,370	1,524	1,663	1,892	1,659	1,870
Operating Revenue	1,775	1,273	1,571	1,470	1,572	1,370	1,524	1,663	1,892	1,659	1,870
Total Cost of Revenue	971	896	1,070	1,061	893	926	1,000	1,091	1,135	1,027	1,107
Operating Cost of Revenue	971	896	1,070	1,061	893	926	1,000	1,091	1,135	1,027	1,107
Total Operating Expenses	70	133	75	106	41	80	83	117	109	52	146
Selling, General & Admin Expense	71	68	76	88	76	78	78	84	101	88	91
Other Operating Expenses / (Income)	-4.00	49	-16	15	-36	2.00	5.00	10	8.00	-36	-21
Total Other Income / (Expense), net	6.00	9.00	10	-3.00	-9.00	36	-8.00	-18	-13	-15	-15
Interest Expense	36	39	35	37	37	0.00	47	37	36	41	47
Interest & Investment Income	40	45	43	30	28	32	33	17	17	23	24
Other Income / (Expense), net	2.00	3.00	2.00	4.00	0.00	4.00	6.00	2.00	6.00	3.00	8.00
Income Tax Expense	134	23	84	62	123	59	41	86	143	105	107
Net Income / (Loss) Attributable to Noncontrolling Interest	79	66	78	44	86	65	64	39	106	107	91
Basic Earnings per Share	$2.71	$0.85	$1.47	$1.03	$2.30	$1.55	$1.87	$1.85	$2.37	$2.19	$2.57
Weighted Average Basic Shares Outstanding	194.60M	192.40M	193.30M	187.60M	182.70M	178.40M	180.40M	168.60M	162.90M	161M	162.10M
Diluted Earnings per Share	$2.70	$0.85	$1.47	$1.03	$2.30	$1.55	$1.86	$1.85	$2.37	$2.19	$2.56
Weighted Average Diluted Shares Outstanding	195M	192.90M	193.80M	188.10M	182.80M	178.60M	180.70M	168.80M	163.10M	161.20M	162.20M
Weighted Average Basic & Diluted Shares Outstanding	192.95M	191.06M	188.34M	182.78M	180.41M	174.02M	169.54M	162.01M	161.97M	155.97M	153.67M

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

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
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	12/31/2025
Net Change in Cash & Equivalents	394	35	-1,222	-259	46	58	-263	-208	280	152	144
Net Cash From Operating Activities	712	618	480	445	475	931	420	586	563	1,064	539
Net Cash From Continuing Operating Activities	712	618	480	445	475	931	420	586	563	1,064	539
Net Income / (Loss) Continuing Operations	606	230	352	238	506	341	392	351	492	460	495
Consolidated Net Income / (Loss)	606	230	352	238	506	341	392	351	492	460	495
Depreciation Expense	221	213	229	253	222	229	221	221	232	217	228
Non-Cash Adjustments To Reconcile Net Income	14	58	39	-17	-38	7.00	12	32	10	4.00	101
Changes in Operating Assets and Liabilities, net	-129	117	-140	-29	-215	354	-205	-18	-171	383	-285
Net Cash From Investing Activities	-93	-144	-1,408	-100	-34	-139	-196	-126	-242	-339	-226
Net Cash From Continuing Investing Activities	-93	-144	-1,408	-100	-34	-139	-196	-126	-242	-339	-226
Purchase of Property, Plant & Equipment	-95	-147	-188	-98	-84	-139	-197	-132	-245	-347	-226
Net Cash From Financing Activities	-229	-431	-302	-602	-396	-745	-462	-671	-62	-562	-189
Net Cash From Continuing Financing Activities	-229	-431	-302	-602	-396	-745	-462	-671	-62	-562	-189
Repayment of Debt	-	-	-	-	-	-	-	-	-	-	-765
Repurchase of Common Equity	-151	-150	-225	-339	-305	-490	-375	-444	-216	-360	-345
Payment of Dividends	-79	-281	-76	-241	-91	-254	-86	-215	-81	-256	-78
Effect of Exchange Rate Changes	4.00	-8.00	8.00	-	-	11	-25	-	-	-11	20

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

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	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
Total Assets	13,398	13,537	13,543	14,376	13,861	13,775	13,843	13,466	13,308	13,750	14,203
Total Current Assets	3,848	4,072	4,190	3,050	2,719	2,801	2,850	2,520	2,433	2,676	2,978
Cash & Equivalents	2,825	3,219	3,254	2,032	1,773	1,819	1,877	1,614	1,406	1,686	1,838
Accounts Receivable	482	388	417	505	535	531	482	404	582	586	602
Inventories, net	430	319	318	299	271	302	301	314	351	316	367
Current Deferred & Refundable Income Taxes	69	81	147	167	102	85	133	145	54	51	125
Other Current Assets	42	65	54	47	38	64	57	43	40	37	46
Plant, Property, & Equipment, net	6,294	6,218	6,156	7,141	6,982	6,830	6,816	6,735	6,603	6,743	6,832
Total Noncurrent Assets	3,256	3,247	3,197	4,185	4,160	4,144	4,177	4,211	4,272	4,331	4,393
Long-Term Investments	81	72	32	26	29	25	28	29	33	35	35
Goodwill	2,089	2,089	2,089	2,495	2,495	2,493	2,493	2,492	2,492	2,493	2,492
Intangible Assets	-	-	-	538	532	522	515	507	499	488	480
Other Noncurrent Operating Assets	1,086	1,086	1,076	1,126	1,104	1,104	1,141	1,183	1,248	1,315	1,386
Total Liabilities & Shareholders' Equity	13,398	13,537	13,543	14,376	13,861	13,775	13,843	13,466	13,308	13,750	14,203
Total Liabilities	5,308	5,017	5,242	6,003	5,865	5,673	6,106	5,874	6,011	5,929	6,508
Total Current Liabilities	862	622	926	800	690	596	1,013	818	939	830	1,310
Accounts Payable	452	451	497	520	501	501	562	603	597	671	716
Current Deferred Revenue	284	9.00	282	130	104	8.00	348	118	241	32	477
Current Deferred & Payable Income Tax Liabilities	10	47	20	12	0.00	0.00	3.00	2.00	2.00	18	1.00
Other Current Liabilities	116	115	127	138	85	87	100	95	99	109	116
Total Noncurrent Liabilities	4,446	4,395	4,316	5,203	5,175	5,077	5,093	5,056	5,072	5,099	5,198
Long-Term Debt	2,966	2,967	2,967	2,968	2,969	2,970	2,970	2,971	2,972	2,973	2,974
Noncurrent Deferred Revenue	-	-	-	754	747	739	732	724	717	709	701
Noncurrent Deferred & Payable Income Tax Liabilities	933	910	882	999	985	926	927	871	845	839	887
Other Noncurrent Operating Liabilities	547	518	467	482	474	442	464	490	538	578	636
Total Equity & Noncontrolling Interests	8,090	8,520	8,301	8,373	7,996	8,102	7,737	7,592	7,297	7,821	7,695
Total Preferred & Common Equity	5,453	5,804	5,723	5,717	5,440	5,460	5,194	4,985	4,780	4,963	4,849
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	5,454	5,807	5,725	5,717	5,445	5,460	5,194	4,985	4,780	4,963	4,849
Common Stock	1,426	1,432	1,418	1,391	1,405	1,347	1,353	1,286	1,294	1,241	1,254
Retained Earnings	4,348	4,797	4,681	4,535	4,634	4,360	4,533	4,009	4,208	3,924	4,195
Treasury Stock	-96	-223	-149	0.00	-369	-15	-483	-30	-451	0.00	-369
Accumulated Other Comprehensive Income / (Loss)	-224	-199	-225	-209	-225	-232	-209	-280	-271	-202	-231
Noncontrolling Interest	2,637	2,716	2,578	2,656	2,556	2,642	2,543	2,607	2,517	2,858	2,846

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%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-47.62%	-45.15%	-39.76%	-26.94%	-11.44%	7.62%	-2.99%	13.13%	20.36%	21.09%	22.70%
EBITDA Growth	-52.17%	-51.48%	-53.67%	-45.89%	-10.14%	29.78%	1.67%	21.07%	3.02%	34.00%	27.69%
EBIT Growth	-58.61%	-66.02%	-64.92%	-62.97%	-13.32%	48.99%	4.44%	48.86%	2.51%	58.42%	39.82%
NOPAT Growth	-57.18%	-61.90%	-64.70%	-63.33%	-14.61%	39.89%	16.08%	52.03%	-2.18%	52.17%	27.07%
Net Income Growth	-54.74%	-57.25%	-65.11%	-63.38%	-16.50%	48.26%	11.36%	47.48%	-2.77%	34.90%	26.28%
EPS Growth	-51.61%	-61.01%	-66.67%	-63.86%	-14.81%	82.35%	26.53%	79.61%	3.04%	41.29%	37.63%
Operating Cash Flow Growth	-19.91%	-37.58%	-17.95%	-53.01%	-33.29%	50.65%	-12.50%	31.69%	18.53%	14.29%	28.33%
Free Cash Flow Firm Growth	-80.15%	-97.68%	-250.43%	-4,050.90%	-219.51%	-2,239.92%	247.13%	190.40%	226.66%	193.82%	-40.79%
Invested Capital Growth	2.08%	2.54%	10.24%	12.43%	12.59%	10.27%	-3.91%	-3.63%	-1.68%	-0.07%	0.63%
Revenue Q/Q Growth	-11.78%	-28.28%	23.41%	-6.43%	6.94%	-12.85%	11.24%	9.12%	13.77%	-12.32%	12.72%
EBITDA Q/Q Growth	-7.54%	-51.93%	42.83%	-14.76%	53.57%	-30.58%	11.89%	1.50%	30.68%	-9.71%	6.63%
EBIT Q/Q Growth	-11.22%	-66.44%	73.28%	-28.27%	107.82%	-42.32%	21.47%	2.24%	43.11%	-10.86%	7.20%
NOPAT Q/Q Growth	-8.31%	-63.10%	55.05%	-30.11%	113.51%	-39.54%	28.66%	-8.46%	37.38%	-5.95%	7.44%
Net Income Q/Q Growth	-6.77%	-62.05%	53.04%	-32.39%	112.61%	-32.61%	14.96%	-10.46%	40.17%	-6.50%	7.61%
EPS Q/Q Growth	-5.26%	-68.52%	72.94%	-29.93%	123.30%	-32.61%	20.00%	-0.54%	28.11%	-7.59%	16.90%
Operating Cash Flow Q/Q Growth	-24.82%	-13.20%	-22.33%	-7.29%	6.74%	96.00%	-54.89%	39.52%	-3.92%	88.99%	-49.34%
Free Cash Flow Firm Q/Q Growth	2,119.76%	-94.51%	-2,275.12%	-49.13%	32.86%	1.75%	249.55%	-8.37%	-5.93%	-27.22%	-5.62%
Invested Capital Q/Q Growth	0.56%	-2.61%	16.30%	-1.29%	0.71%	-4.62%	1.34%	-1.01%	2.75%	-3.05%	2.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.30%	29.62%	31.89%	27.82%	43.19%	32.41%	34.38%	34.40%	39.90%	38.10%	40.91%
EBITDA Margin	53.92%	36.14%	41.82%	38.10%	54.71%	43.58%	43.83%	40.77%	46.83%	48.22%	45.62%
Operating Margin	41.35%	19.17%	27.12%	20.61%	40.59%	26.57%	28.94%	27.36%	34.25%	34.96%	32.99%
EBIT Margin	41.46%	19.40%	27.24%	20.88%	40.59%	26.86%	29.33%	27.48%	34.57%	35.14%	33.42%
Profit (Net Income) Margin	34.14%	18.07%	22.41%	16.19%	32.19%	24.89%	25.72%	21.11%	26.00%	27.73%	26.47%
Tax Burden Percent	81.89%	90.91%	80.73%	79.33%	80.45%	85.25%	90.53%	80.32%	77.48%	81.42%	82.23%
Interest Burden Percent	100.54%	102.43%	101.87%	97.72%	98.59%	108.70%	96.87%	95.62%	97.09%	96.91%	96.32%
Effective Tax Rate	18.11%	9.09%	19.27%	20.67%	19.55%	14.75%	9.47%	19.68%	22.52%	18.58%	17.77%
Return on Invested Capital (ROIC)	36.38%	16.95%	16.40%	11.50%	22.06%	16.15%	17.09%	14.97%	18.70%	21.80%	21.48%
ROIC Less NNEP Spread (ROIC-NNEP)	41.53%	21.40%	17.49%	11.11%	20.25%	24.38%	16.44%	13.90%	17.86%	20.67%	20.50%
Return on Net Nonoperating Assets (RNNOA)	0.49%	0.51%	1.59%	0.85%	0.98%	1.13%	2.30%	2.45%	2.67%	2.90%	3.37%
Return on Equity (ROE)	36.88%	17.46%	17.99%	12.35%	23.04%	17.28%	19.39%	17.43%	21.37%	24.70%	24.85%
Cash Return on Invested Capital (CROIC)	32.64%	28.61%	10.86%	4.56%	3.31%	7.02%	20.07%	21.37%	18.94%	19.83%	20.02%
Operating Return on Assets (OROA)	26.81%	11.09%	13.05%	9.33%	17.49%	11.74%	12.51%	12.40%	16.20%	16.89%	17.19%
Return on Assets (ROA)	22.08%	10.33%	10.73%	7.23%	13.87%	10.88%	10.97%	9.52%	12.19%	13.32%	13.61%
Return on Common Equity (ROCE)	23.91%	11.53%	11.94%	8.37%	15.61%	11.77%	13.00%	11.65%	13.99%	16.07%	15.89%
Return on Equity Simple (ROE_SIMPLE)	48.29%	43.60%	0.00%	26.21%	24.29%	27.67%	0.00%	33.26%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	601	222	344	240	513	310	399	365	502	472	507
NOPAT Margin	33.86%	17.42%	21.89%	16.35%	32.65%	22.65%	26.20%	21.98%	26.54%	28.46%	27.13%
Net Nonoperating Expense Percent (NNEP)	-5.15%	-4.45%	-1.09%	0.39%	1.81%	-8.23%	0.65%	1.07%	0.85%	1.13%	0.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.03%	-	-	-	3.78%	3.56%	4.65%	4.43%	4.62%
Cost of Revenue to Revenue	54.70%	70.38%	68.11%	72.18%	56.81%	67.59%	65.62%	65.60%	59.99%	61.90%	59.20%
SG&A Expenses to Revenue	4.00%	5.34%	4.84%	5.99%	4.83%	5.69%	5.12%	5.05%	5.34%	5.30%	4.87%
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	3.94%	10.45%	4.77%	7.21%	2.61%	5.84%	5.45%	7.04%	5.76%	3.13%	7.81%
Earnings before Interest and Taxes (EBIT)	736	247	428	307	638	368	447	457	654	583	625
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	957	460	657	560	860	597	668	678	886	800	853
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.26	2.82	2.57	2.88	2.47	2.98	2.96	2.77	3.00	3.00	2.48
Price to Tangible Book Value (P/TBV)	3.53	4.44	5.48	6.49	5.51	7.08	7.43	7.41	7.52	7.74	6.41
Price to Revenue (P/Rev)	1.51	2.11	2.22	2.58	2.29	2.59	2.49	2.16	2.31	2.16	1.69
Price to Earnings (P/E)	5.51	7.65	9.65	13.54	12.80	13.30	12.12	9.92	11.45	10.54	8.25
Dividend Yield	2.37%	1.91%	2.08%	2.07%	2.44%	2.21%	2.36%	2.56%	2.17%	2.23%	2.60%
Earnings Yield	18.15%	13.08%	10.36%	7.39%	7.81%	7.52%	8.25%	10.08%	8.74%	9.49%	12.13%
Enterprise Value to Invested Capital (EV/IC)	1.89	2.31	1.97	2.12	1.87	2.17	2.10	1.96	2.10	2.10	1.80
Enterprise Value to Revenue (EV/Rev)	1.78	2.40	2.76	3.19	2.93	3.19	3.15	2.82	2.95	2.74	2.28
Enterprise Value to EBITDA (EV/EBITDA)	3.56	4.76	5.88	7.37	6.79	7.14	6.96	6.17	6.72	6.09	5.02
Enterprise Value to EBIT (EV/EBIT)	4.42	6.07	8.16	11.30	10.64	10.96	10.62	9.06	9.87	8.63	6.96
Enterprise Value to NOPAT (EV/NOPAT)	5.52	7.50	10.03	13.79	13.05	13.54	12.77	10.89	12.05	10.62	8.74
Enterprise Value to Operating Cash Flow (EV/OCF)	4.80	6.43	6.63	8.61	8.54	8.19	8.23	7.17	7.61	7.02	5.86
Enterprise Value to Free Cash Flow (EV/FCFF)	5.86	8.16	19.02	49.17	59.78	32.39	10.23	9.00	10.97	10.59	9.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.35	0.36	0.35	0.37	0.37	0.38	0.39	0.41	0.38	0.39	0.41
Long-Term Debt to Equity	0.35	0.36	0.35	0.37	0.37	0.38	0.39	0.41	0.38	0.39	0.41
Financial Leverage	0.01	0.02	0.09	0.08	0.05	0.05	0.14	0.18	0.15	0.14	0.16
Leverage Ratio	1.68	1.74	1.71	1.69	1.64	1.71	1.74	1.78	1.73	1.82	1.79
Compound Leverage Factor	1.69	1.78	1.74	1.66	1.62	1.86	1.69	1.70	1.68	1.76	1.73
Debt to Total Capital	25.83%	26.33%	26.17%	27.08%	26.82%	27.74%	28.13%	28.94%	27.54%	27.88%	29.25%
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	25.83%	26.33%	26.17%	27.08%	26.82%	27.74%	28.13%	28.94%	27.54%	27.88%	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	23.64%	22.88%	23.42%	23.31%	23.86%	23.75%	24.68%	24.51%	26.48%	26.68%	26.72%
Common Equity to Total Capital	50.56%	50.81%	50.41%	49.65%	49.31%	48.51%	47.19%	46.55%	45.98%	45.45%	44.02%
Debt to EBITDA	0.68	0.77	0.95	1.13	1.17	1.11	1.11	1.06	1.05	0.98	1.00
Net Debt to EBITDA	-0.07	-0.08	0.29	0.44	0.44	0.40	0.49	0.55	0.44	0.36	0.37
Long-Term Debt to EBITDA	0.68	0.77	0.95	1.13	1.17	1.11	1.11	1.06	1.05	0.98	1.00
Debt to NOPAT	1.05	1.21	1.63	2.11	2.25	2.11	2.03	1.87	1.88	1.71	1.74
Net Debt to NOPAT	-0.12	-0.13	0.50	0.83	0.85	0.76	0.91	0.96	0.79	0.63	0.65
Long-Term Debt to NOPAT	1.05	1.21	1.63	2.11	2.25	2.11	2.03	1.87	1.88	1.71	1.74
Altman Z-Score	3.20	3.25	2.66	2.76	2.64	2.66	2.63	2.47	2.70	2.50	2.35
Noncontrolling Interest Sharing Ratio	35.16%	33.96%	33.64%	32.25%	32.21%	31.92%	32.97%	33.14%	34.54%	34.92%	36.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.55	4.52	3.81	3.94	4.70	2.81	3.08	2.59	3.22	2.27	3.37
Quick Ratio	5.80	3.96	3.17	3.34	3.94	2.33	2.47	2.12	2.74	1.86	2.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	434	24	-518	-773	-519	-510	762	698	657	478	451
Operating Cash Flow to CapEx	749.47%	420.41%	255.32%	454.08%	565.48%	669.78%	216.49%	450.77%	233.61%	306.63%	238.50%
Free Cash Flow to Firm to Interest Expense	12.06	0.61	-14.80	-20.88	-14.02	0.00	16.22	18.88	18.25	11.66	9.60
Operating Cash Flow to Interest Expense	19.78	15.85	13.71	12.03	12.84	0.00	8.94	15.84	15.64	25.95	11.47
Operating Cash Flow Less CapEx to Interest Expense	17.14	12.08	8.34	9.38	10.57	0.00	4.81	12.32	8.94	17.49	6.66
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.57	0.48	0.45	0.43	0.44	0.43	0.45	0.47	0.48	0.51
Accounts Receivable Turnover	15.68	13.48	12.20	11.97	12.81	13.31	13.06	10.97	11.55	12.43	15.88
Inventory Turnover	11.95	10.68	10.57	11.41	12.62	12.76	12.66	12.57	13.44	12.73	12.51
Fixed Asset Turnover	1.36	1.21	0.98	0.92	0.90	0.92	0.86	0.90	0.95	0.99	1.05
Accounts Payable Turnover	7.76	7.23	7.46	8.39	8.24	7.46	6.91	7.12	7.09	6.66	6.79
Days Sales Outstanding (DSO)	23.28	27.08	29.92	30.48	28.49	27.42	27.95	33.26	31.61	29.36	22.98
Days Inventory Outstanding (DIO)	30.54	34.18	34.53	32.00	28.91	28.60	28.83	29.03	27.16	28.66	29.17
Days Payable Outstanding (DPO)	47.04	50.47	48.91	43.50	44.32	48.93	52.82	51.25	51.51	54.84	53.75
Cash Conversion Cycle (CCC)	6.78	10.79	15.53	18.98	13.08	7.09	3.96	11.04	7.26	3.18	-1.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,196	7,982	9,283	9,163	9,228	8,802	8,920	8,830	9,073	8,796	8,976
Invested Capital Turnover	1.07	0.97	0.75	0.70	0.68	0.71	0.65	0.68	0.70	0.77	0.79
Increase / (Decrease) in Invested Capital	167	198	862	1,013	1,032	820	-363	-333	-155	-6.00	56
Enterprise Value (EV)	15,530	18,402	18,284	19,416	17,232	19,087	18,691	17,299	19,015	18,476	16,137
Market Capitalization	13,138	16,143	14,718	15,693	13,464	15,479	14,756	13,249	14,905	14,529	11,999
Book Value per Share	$29.79	$29.67	$29.92	$29.02	$29.87	$28.79	$28.65	$28.19	$30.63	$29.94	$31.02
Tangible Book Value per Share	$19.08	$18.84	$14.05	$12.89	$13.38	$12.12	$11.41	$10.55	$12.23	$11.59	$12.00
Total Capital	11,487	11,268	11,341	10,965	11,072	10,707	10,563	10,269	10,794	10,669	10,990
Total Debt	2,967	2,967	2,968	2,969	2,970	2,970	2,971	2,972	2,973	2,974	3,215
Total Long-Term Debt	2,967	2,967	2,968	2,969	2,970	2,970	2,971	2,972	2,973	2,974	3,215
Net Debt	-324	-319	910	1,167	1,126	1,065	1,328	1,533	1,252	1,101	1,201
Capital Expenditures (CapEx)	95	147	188	98	84	139	194	130	241	347	226
Debt-free, Cash-free Net Working Capital (DFCFNWC)	231	10	218	256	386	-40	88	88	160	-170	116
Debt-free Net Working Capital (DFNWC)	3,450	3,264	2,250	2,029	2,205	1,837	1,702	1,494	1,846	1,668	2,098
Net Working Capital (NWC)	3,450	3,264	2,250	2,029	2,205	1,837	1,702	1,494	1,846	1,668	2,098
Net Nonoperating Expense (NNE)	-4.91	-8.18	-8.07	2.38	7.24	-31	7.24	14	10	12	12
Net Nonoperating Obligations (NNO)	-324	-319	910	1,167	1,126	1,065	1,328	1,533	1,252	1,101	1,201
Total Depreciation and Amortization (D&A)	221	213	229	253	222	229	221	221	232	217	228
Debt-free, Cash-free Net Working Capital to Revenue	2.65%	0.13%	3.29%	4.20%	6.56%	-0.67%	1.48%	1.44%	2.48%	-2.52%	1.64%
Debt-free Net Working Capital to Revenue	39.58%	42.57%	33.93%	33.32%	37.46%	30.70%	28.67%	24.38%	28.62%	24.76%	29.62%
Net Working Capital to Revenue	39.58%	42.57%	33.93%	33.32%	37.46%	30.70%	28.67%	24.38%	28.62%	24.76%	29.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.71	$0.85	$1.47	$1.03	$2.30	$1.55	$1.87	$1.85	$2.37	$2.19	$2.57
Adjusted Weighted Average Basic Shares Outstanding	194.60M	192.40M	193.30M	187.60M	182.70M	178.40M	180.40M	168.60M	162.90M	161M	162.10M
Adjusted Diluted Earnings per Share	$2.70	$0.85	$1.47	$1.03	$2.30	$1.55	$1.86	$1.85	$2.37	$2.19	$2.56
Adjusted Weighted Average Diluted Shares Outstanding	195M	192.90M	193.80M	188.10M	182.80M	178.60M	180.70M	168.80M	163.10M	161.20M	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	192.95M	191.06M	188.34M	182.78M	180.41M	174.02M	169.54M	162.01M	161.97M	155.97M	153.67M
Normalized Net Operating Profit after Tax (NOPAT)	604	236	356	243	514	310	399	384	502	472	507
Normalized NOPAT Margin	34.00%	18.57%	22.66%	16.51%	32.70%	22.65%	26.20%	23.09%	26.54%	28.46%	27.13%
Pre Tax Income Margin	41.69%	19.87%	27.75%	20.41%	40.01%	29.20%	28.41%	26.28%	33.56%	34.06%	32.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	20.44	6.33	12.23	8.30	17.24	0.00	9.51	12.35	18.17	14.22	13.30
NOPAT to Interest Expense	16.70	5.69	9.83	6.50	13.87	0.00	8.49	9.88	13.95	11.52	10.79
EBIT Less CapEx to Interest Expense	17.81	2.56	6.86	5.65	14.97	0.00	5.38	8.84	11.47	5.76	8.49
NOPAT Less CapEx to Interest Expense	14.06	1.92	4.46	3.85	11.60	0.00	4.37	6.36	7.25	3.05	5.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.68%	30.98%	41.89%	47.48%	51.96%	46.07%	45.50%	40.63%	40.36%	37.64%	35.04%
Augmented Payout Ratio	68.46%	55.27%	73.45%	108.13%	128.81%	140.64%	147.66%	142.14%	137.12%	119.94%	110.96%

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.

05/10/26 04:02 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. See where experts think CF Industries is headed by visiting CF Industries' forecast page.

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%.

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Financial statements for NYSE:CF last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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CF Industries (CF) Financials

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CF Industries (CF) Financials

Annual Income Statements for CF Industries

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How has CF Industries' revenue changed over the last 10 years?

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