CF Industries Holdings Inc (CF) financial statements: income statement, balance sheet and cash flow

CF Industries Holdings Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CF Industries Holdings Inc reported revenue of $7.1B (+19.3% year on year) and net income of $1.8B (+21.7% year on year).

Income statement

CF Industries Holdings Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$7.1B	$5.9B	$6.6B	$11.2B
Cost of sales	$4.4B	$3.9B	$4.1B	$5.3B
Gross margin	$2.7B	$2.1B	$2.5B	$5.9B
Selling, general and administrative expenses	$364.0M	$320.0M	$289.0M	$290.0M
Asset impairment	$76.0M	—	—	—
U.K. operations restructuring	$23.0M	$0	$10.0M	$19.0M
Acquisition and integration costs	$0	$4.0M	$39.0M	—
Other operating—net	($25.0M)	($10.0M)	($31.0M)	$10.0M
Total other operating costs and expenses	$438.0M	$314.0M	$307.0M	$558.0M
Equity in earnings (loss) of operating affiliate	$14.0M	$4.0M	($8.0M)	$94.0M
Operating earnings	$2.3B	$1.7B	$2.2B	$5.4B
Interest expense	$155.0M	$121.0M	$150.0M	$344.0M
Interest income	($81.0M)	($123.0M)	($158.0M)	($65.0M)
Loss on debt extinguishment	$6.0M	$0	$0	$8.0M
Other non-operating—net	($19.0M)	($14.0M)	($10.0M)	$15.0M
Earnings before income taxes	$2.2B	$1.8B	$2.2B	$5.1B
Income tax provision	$441.0M	$285.0M	$410.0M	$1.2B
Net earnings	$1.8B	$1.5B	$1.8B	$3.9B
Less: Net earnings attributable to noncontrolling interests	$343.0M	$259.0M	$313.0M	$591.0M
Net earnings attributable to common stockholders	$1.5B	$1.2B	$1.5B	$3.3B
Basic	$8.98	$6.75	$7.89	$16.45
Diluted	$8.97	$6.74	$7.87	$16.38
Basic	162.1M	180.4M	193.3M	203.3M
Diluted	162.2M	180.7M	193.8M	204.2M

CF Industries Holdings Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net sales	$2.2B	$2.0B	$1.7B	$1.9B
Cost of sales	$1.1B	$1.2B	$1.0B	$1.1B
Gross margin	$1.1B	$746.0M	$632.0M	$755.0M
Selling, general and administrative expenses	$89.0M	$103.0M	$88.0M	$101.0M
U.K. operations restructuring	$0	$0	$0	$0
Asset impairment	$23.0M	—	—	—
Insurance recoveries—property damage	$0	—	—	—
Insurance recoveries—business interruption	($50.0M)	—	—	—
Litigation settlement gain	$0	($170.0M)	—	—
Other operating (income) expense—net	$31.0M	($44.0M)	—	—
Total other operating expense (income)—net	$31.0M	($111.0M)	($30.0M)	$8.0M
Equity in earnings of operating affiliate	$7.0M	$6.0M	$6.0M	$2.0M
Operating earnings	$1.1B	$863.0M	$580.0M	$648.0M
Interest expense	$50.0M	$39.0M	$41.0M	$36.0M
Interest income	($26.0M)	($20.0M)	($23.0M)	($17.0M)
Other non-operating expense (income)—net	$4.0M	$0	($3.0M)	($6.0M)
Earnings before income taxes	$1.1B	$844.0M	$565.0M	$635.0M
Income tax provision	$224.0M	$168.0M	$105.0M	$143.0M
Net earnings	$869.0M	$676.0M	$460.0M	$492.0M
Less: Net earnings attributable to noncontrolling interests	$142.0M	$61.0M	$107.0M	$106.0M
Net earnings attributable to common stockholders	$727.0M	$615.0M	$353.0M	$386.0M
Basic (in dollars per share)	$4.74	$3.99	$2.19	$2.37
Diluted (in dollars per share)	$4.73	$3.98	$2.19	$2.37
Basic (in shares)	153.6M	154.2M	161.0M	162.9M
Diluted (in shares)	153.9M	154.5M	161.2M	163.1M
Dividends declared per common share (in dollars per share)	$0.50	$0.50	$0.50	$0.50

Balance sheet

CF Industries Holdings Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents (amount related to variable interest entity (VIE)—2025: $130)	$2.0B	$1.6B	$2.0B	$2.3B
Accounts receivable—net	$488.0M	$404.0M	$505.0M	$582.0M
Inventories	$383.0M	$314.0M	$299.0M	$474.0M
Prepaid income taxes	$105.0M	$145.0M	$167.0M	$215.0M
Other current assets (amount related to VIE—2025: $1)	$27.0M	$43.0M	$47.0M	$79.0M
Total current assets	$3.0B	$2.5B	$3.0B	$3.7B
Property, plant and equipment—net (amount related to VIE—2025: $361)	$6.7B	$6.7B	$7.1B	$6.4B
Investment in affiliate	$32.0M	$29.0M	$26.0M	$74.0M
Goodwill	$2.5B	$2.5B	$2.5B	$2.1B
Intangible assets—net	$473.0M	$507.0M	$538.0M	—
Operating lease right-of-use assets	$410.0M	$266.0M	$259.0M	$254.0M
Other assets (amount related to VIE—2025: $1)	$980.0M	$917.0M	$867.0M	$786.0M
Total assets	$14.1B	$13.5B	$14.4B	$13.3B
Accounts payable and accrued expenses (amount related to VIE—2025: $52)	$681.0M	$603.0M	$520.0M	$575.0M
Income taxes payable	$0	$2.0M	$12.0M	$3.0M
Customer advances	$77.0M	$118.0M	$130.0M	$229.0M
Current operating lease liabilities	$110.0M	$86.0M	$96.0M	$93.0M
Other current liabilities	$19.0M	$9.0M	$42.0M	$95.0M
Total current liabilities	$887.0M	$818.0M	$800.0M	$995.0M
Long-term debt	$3.2B	$3.0B	$3.0B	$3.0B
Deferred income taxes	$869.0M	$871.0M	$999.0M	$958.0M
Operating lease liabilities	$311.0M	$189.0M	$168.0M	$167.0M
Supply contract liability	$694.0M	$724.0M	$754.0M	—
Other liabilities (amount related to VIE—2025: $1)	$337.0M	$301.0M	$314.0M	$375.0M
Preferred stock—$0.01 par value, 50,000,000 shares authorized	0	0	0	0
Common stock—$0.01 par value, 500,000,000 shares authorized, 2025—153,552,162 shares issued and 2024—170,237,254 shares issued	2.0M	2.0M	2.0M	2.0M
Paid-in capital	$1.2B	$1.3B	$1.4B	$1.4B
Retained earnings	$3.9B	$4.0B	$4.5B	$3.9B
Treasury stock—at cost, 2025—0 shares and 2024—354,264 shares	0	-30.0M	0	0
Accumulated other comprehensive loss	($235.0M)	($280.0M)	($209.0M)	($230.0M)
Total stockholders’ equity	$4.8B	$5.0B	$5.7B	$5.1B
Noncontrolling interests	$2.9B	$2.6B	$2.7B	$2.8B
Total equity	$7.8B	$7.6B	$8.4B	$7.9B
Total liabilities and equity	$14.1B	$13.5B	$14.4B	$13.3B

CF Industries Holdings Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents (amount related to variable interest entity (VIE)— 2026: $341, 2025: $130)	$2.5B	$2.0B	$1.8B	$1.7B
Accounts receivable—net	$718.0M	$726.0M	$602.0M	$586.0M
Inventories	$415.0M	$371.0M	$367.0M	$316.0M
Prepaid income taxes	$99.0M	$23.0M	$125.0M	$51.0M
Other current assets (amount related to VIE—2026: $6, 2025: $1)	$40.0M	$229.0M	$46.0M	$37.0M
Total current assets	$3.8B	$3.4B	$3.0B	$2.7B
Property, plant and equipment—net (amount related to VIE—2026: $504, 2025: $361)	$6.8B	$6.7B	$6.8B	$6.7B
Investment in affiliate	$36.0M	$39.0M	$35.0M	$35.0M
Goodwill	$2.5B	$2.5B	$2.5B	$2.5B
Intangible assets—net	$460.0M	$470.0M	$480.0M	$488.0M
Operating lease right-of-use assets (amount related to VIE—2026: $1, 2025: $0)	$385.0M	$393.0M	$413.0M	$341.0M
Other assets (amount related to VIE—2026: $17, 2025: $1)	$1.2B	$1.1B	$973.0M	$974.0M
Total assets	$15.1B	$14.6B	$14.2B	$13.8B
Accounts payable and accrued expenses (amount related to VIE—2026: $51, 2025: $52)	$642.0M	$613.0M	$716.0M	$671.0M
Customer advances	$11.0M	$132.0M	$477.0M	$32.0M
Current operating lease liabilities (amount related to VIE—2026: $1, 2025: $0)	$104.0M	$107.0M	$108.0M	$98.0M
Other current liabilities	$15.0M	$16.0M	$8.0M	$11.0M
Total current liabilities	$772.0M	$958.0M	$1.3B	$830.0M
Long-term debt	$3.2B	$3.2B	$3.0B	$3.0B
Deferred income taxes	$841.0M	$855.0M	$887.0M	$839.0M
Operating lease liabilities	$293.0M	$297.0M	$314.0M	$255.0M
Supply contract liability	$679.0M	$686.0M	$701.0M	$709.0M
Other liabilities (amount related to VIE—2026: $1, 2025: $1)	$378.0M	$340.0M	$322.0M	$323.0M
Preferred stock—$0.01 par value, 50,000,000 shares authorized	0	0	0	0
Common stock—$0.01 par value, 500,000,000 shares authorized, 2026—151,641,530 shares issued and 2025—153,552,162 shares issued	2.0M	2.0M	2.0M	2.0M
Paid-in capital	$1.2B	$1.2B	$1.3B	$1.2B
Retained earnings	$4.8B	$4.4B	$4.2B	$3.9B
Treasury stock—at cost, 2026—45,854 shares and 2025—0 shares	-5.0M	-25.0M	-369.0M	0
Accumulated other comprehensive loss	($277.0M)	($256.0M)	($231.0M)	($202.0M)
Total stockholders’ equity	$5.7B	$5.3B	$4.8B	$5.0B
Noncontrolling interests	$3.2B	$2.9B	$2.8B	$2.9B
Total equity	$8.9B	$8.3B	$7.7B	$7.8B
Total liabilities and equity	$15.1B	$14.6B	$14.2B	$13.8B

Cash flow statement

CF Industries Holdings Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings	$1.8B	$1.5B	$1.8B	$3.9B
Depreciation and amortization	$898.0M	$925.0M	$869.0M	$850.0M
Deferred income taxes	$6.0M	($115.0M)	$81.0M	($107.0M)
Stock-based compensation expense	$45.0M	$36.0M	$37.0M	$41.0M
Unrealized net loss (gain) on natural gas derivatives	$5.0M	($35.0M)	($39.0M)	$41.0M
Impairment of equity method investment in PLNL	$0	$0	$43.0M	—
Loss on debt extinguishment	$6.0M	$0	$0	$8.0M
Asset impairment	$76.0M	—	—	—
Pension settlement loss	$1.0M	$0	$0	$17.0M
Gain on sale of emission credits	($8.0M)	($47.0M)	($39.0M)	($6.0M)
Loss on disposal of property, plant and equipment	$3.0M	$12.0M	$4.0M	$2.0M
Loss on sale of Ince facility	$23.0M	—	—	—
Undistributed (earnings) loss of affiliate—net of taxes	($4.0M)	($2.0M)	$3.0M	($1.0M)
Accounts receivable—net	($98.0M)	$77.0M	$100.0M	($110.0M)
Inventories	($88.0M)	($28.0M)	$152.0M	($93.0M)
Accrued and prepaid income taxes	$38.0M	$1.0M	($44.0M)	($227.0M)
Accounts payable and accrued expenses	$72.0M	$44.0M	($88.0M)	$1.0M
Customer advances	($41.0M)	($11.0M)	($100.0M)	($471.0M)
Other—net	$20.0M	($63.0M)	($60.0M)	($252.0M)
Net cash provided by operating activities	$2.8B	$2.3B	$2.8B	$3.9B
Additions to property, plant and equipment	($950.0M)	($518.0M)	($499.0M)	($453.0M)
Proceeds from sale of property, plant and equipment	$6.0M	$3.0M	$1.0M	$1.0M
Purchase of Waggaman ammonia production facility	$0	$2.0M	($1.2B)	—
Proceeds from sale of Ince facility	$4.0M	—	—	—
Purchase of emission credits	($1.0M)	($3.0M)	($2.0M)	($9.0M)
Proceeds from sale of emission credits	$8.0M	$47.0M	$39.0M	$15.0M
Other—net	$0	$0	$5.0M	—
Net cash used in investing activities	($933.0M)	($469.0M)	($1.7B)	($440.0M)
Proceeds from long-term borrowings	$999.0M	—	—	—
Repayments of short-term borrowings	($754.0M)	—	—	$0
Financing fees	($12.0M)	$0	($2.0M)	($4.0M)
Dividends paid on common stock	($326.0M)	($364.0M)	($311.0M)	($306.0M)
Contributions from noncontrolling interests	$291.0M	—	—	—
Distributions to noncontrolling interests	($304.0M)	($308.0M)	($459.0M)	($619.0M)
Purchases of treasury stock	($1.4B)	($1.5B)	($580.0M)	($1.3B)
Proceeds from issuances of common stock under employee stock plans	$1.0M	$2.0M	$2.0M	$106.0M
Cash paid for shares withheld for taxes	-14.0M	-26.0M	-22.0M	-23.0M
Net cash used in financing activities	($1.5B)	($2.2B)	($1.4B)	($2.7B)
Effect of exchange rate changes on cash and cash equivalents	$33.0M	($15.0M)	$3.0M	($20.0M)
Increase (decrease) in cash and cash equivalents	$368.0M	($418.0M)	($291.0M)	$695.0M
Cash and cash equivalents at beginning of period	$1.6B	$2.0B	$2.3B	$2.3B
Cash and cash equivalents at end of period	$2.0B	$1.6B	$2.0B	—

CF Industries Holdings Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net earnings	$1.5B	$676.0M	$1.3B	$843.0M
Depreciation and amortization	$443.0M	$228.0M	$670.0M	$453.0M
Deferred income taxes	($25.0M)	($12.0M)	$13.0M	($38.0M)
Stock-based compensation expense	$20.0M	$11.0M	$35.0M	$22.0M
Unrealized net (gain) loss on natural gas derivatives	($5.0M)	($3.0M)	$1.0M	$2.0M
Asset impairment	$23.0M	—	—	—
Loss on disposal of property, plant and equipment	$9.0M	$2.0M	$2.0M	$1.0M
Insurance recoveries—property damage	($25.0M)	($25.0M)	—	—
Loss on sale of Ince facility	$0	$0	$23.0M	$23.0M
Undistributed earnings of affiliate—net of taxes	($3.0M)	($6.0M)	($7.0M)	($6.0M)
Accounts receivable—net	($233.0M)	($239.0M)	($215.0M)	($178.0M)
Inventories	($28.0M)	$2.0M	($54.0M)	($6.0M)
Accrued and prepaid income taxes	($23.0M)	$144.0M	$19.0M	$95.0M
Accounts payable and accrued expenses	($66.0M)	($75.0M)	$60.0M	$4.0M
Customer advances	($66.0M)	$55.0M	$358.0M	($86.0M)
Other—net	($192.0M)	($92.0M)	$13.0M	$20.0M
Net cash provided by operating activities	$1.4B	$496.0M	$2.2B	$1.1B
Additions to property, plant and equipment	($494.0M)	($223.0M)	($724.0M)	($377.0M)
Proceeds from sale of property, plant and equipment	$1.0M	$0	$6.0M	$6.0M
Proceeds from sale of Ince facility	$0	$0	$4.0M	$4.0M
Insurance proceeds for property, plant and equipment	$25.0M	—	—	—
Purchase of emission credits	($6.0M)	($2.0M)	($1.0M)	($1.0M)
Net cash used in investing activities	($474.0M)	($225.0M)	($707.0M)	($368.0M)
Dividends paid on common stock	($155.0M)	($78.0M)	($248.0M)	($167.0M)
Contributions from noncontrolling interests	$233.0M	$117.0M	$291.0M	$235.0M
Distributions to noncontrolling interests	($201.0M)	($201.0M)	($304.0M)	($129.0M)
Purchases of treasury stock	($253.0M)	($28.0M)	($1.0B)	($660.0M)
Proceeds from issuances of common stock under employee stock plans	$1.0M	$1.0M	$1.0M	$1.0M
Cash paid for shares withheld for taxes	-10.0M	-10.0M	-14.0M	-13.0M
Net cash used in financing activities	($385.0M)	($199.0M)	($1.3B)	($733.0M)
Effect of exchange rate changes on cash and cash equivalents	($17.0M)	($12.0M)	$13.0M	$24.0M
Increase in cash and cash equivalents	$498.0M	$60.0M	$224.0M	$72.0M
Cash and cash equivalents at beginning of period	$2.0B	$2.0B	$1.6B	$1.6B
Cash and cash equivalents at end of period	$2.5B	$2.0B	$1.8B	$1.7B

CF Industries Holdings Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.