CF's earnings are tied closely to nitrogen and natural gas spread cycles, with gross margin ranging from 32.6% to 51.5% over the ten quarters reviewed and a recent 38.7% reading in 2026Q3 suggesting a spread-driven rather than structurally expanding profile.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue climbed from about $1.6B in 2024Q2 to $2.2B in 2026Q2 before easing to $1.9B in 2026Q3, with gross margin of 38.7% and net margin of 23.4% suggesting spread-cycle normalization after an elevated 51.5% peak.
CF Industries reported Q1 2026 adjusted EBITDA of $983 million, with ammonia capacity running at nearly 100%, supported by a tightening global nitrogen market.
The fertilizer sector is becoming more constructive, with investors looking past recent softness toward tightening nutrient markets ahead of the spring application season.
CF Industries is pivoting from a cyclical fertilizer manufacturer to a sophisticated energy company, leveraging its position as the world's largest ammonia producer.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 4, 2026 | $2.87-4.3% vs $3.00 | $1.9B+5.3% vs $1.8B |
Q3 2026 Aug 5, 2026 | $4.73-16.0% vs $5.63 | $2.2B-9.3% vs $2.4B |
Q2 2026 May 6, 2026 | $3.99+51.7% vs $2.63 | $2.0B+8.0% vs $1.8B |
Q1 2026 Feb 18, 2026 | $2.99+23.0% vs $2.43 | $1.9B+5.0% vs $1.8B |
CF Industries NYSE: CF reported $436 million in third-quarter net earnings and said it expects global nitrogen markets to remain constructive into 2027 as supply disruptions and low inventories support demand.
On CNBC's “Halftime Report Final Trades,” DCLA managing partner Sarat Sethi picked Morgan Stanley (NYSE:MS).
CF Industries Holdings, Inc. ( CF ) Q3 2026 Earnings Call November 5, 2026 11:00 AM EST Company Participants Martin Jarosick - VP of Treasury & Investor Relations Christopher Bohn - CEO, President & Director Bert Frost - Executive Vice President & Chief Commercial Officer Andrew Scribner - Executive VP & CFO Conference Call Participants Kristen Owen - Oppenheimer & Co. Inc., Research Division Andrew Wong - RBC Capital Markets, Research Division James Hooper - Bernstein Institutional Services LLC, Research Division Joel Jackson - BMO Capital Markets Equity Research Lucas Beaumont - UBS Investment Bank, Research Division Edlain Rodriguez - Mizuho Securities USA LLC, Research Division Benjamin Theurer - Barclays Bank PLC, Research Division David Symonds - BNP Paribas, Research Division Vincent Andrews - Morgan Stanley, Research Division Christopher Parkinson - Wolfe Research, LLC Matthew DeYoe - BofA Securities, Research Division Salvator Tiano - KeyBanc Capital Markets Inc., Research Division Mazahir Mammadli - Rothschild & Co Redburn, Research Division Presentation Operator Good day, ladies and gentlemen, and welcome to CF Industries' First 9 Months and Third Quarter of 2026 Conference Call. [Operator Instructions] I would now like to turn the presentation over to the host for today, Mr.
CF Industries' Q3 2026 earnings miss estimates despite a 12.1% sales gain, as higher costs weigh on profitability.
Benchmark CF against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for CF Industries Holdings, Inc. (CF)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $119.39 | $18.34B | 8.29 | 19.34% | 27.48% | 25.78% | 1.68% | |
| $22.36 | $7.11B | -16.14 | 8.36% | -3.82% | -3.72% | 3.93% | |
| $71.48 | $34.31B | 15.50 | 3.52% | 7.78% | 8.6% | 3.1% | |
| $109.48 | $1.16B | 10.88 | 15.36% | 16.14% | 35.58% | 10.89% | |
| $55.12 | $1.88B | 9.26 | -2.21% | 1.84% | 15.23% | 1.42% | |
| $4.68 | $6.04B | 19.81 | 4.56% | 3.95% | 4.8% | 3.71% |
CF Industries Holdings, Inc. (CF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
CF Industries Holdings, Inc. (CF) SEC filings — annual & quarterly reports (10-K, 10-Q)
Nov 4, 2026·SEC
Nov 4, 2026·SEC
Aug 5, 2026·SEC
Get notified when CF posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
CF Industries Holdings, Inc. (CF) stock FAQ — growth, dividends, profitability & financials explained
CF Industries Holdings, Inc. (CF) reported $7.94B in revenue over the trailing twelve months. Revenue was $7.08B in fiscal year 2025. That is 410% more than the $1.39B of fiscal year 2003.
CF Industries Holdings, Inc. (CF) grew revenue by 17.9% over the trailing twelve months, compared with the twelve months before.
Yes. CF Industries Holdings, Inc. (CF) earned $2.18B in net income over the trailing twelve months (a 27.5% net margin).
Yes. CF Industries Holdings, Inc. (CF) pays a dividend that yields 1.68% at the current price, a moderate yield.
CF Industries Holdings, Inc. (CF) had a return on equity (ROE) of 25.8% over the trailing twelve months. That is well above the market's typical 10-15%.
CF Industries Holdings, Inc. (CF) generated $2.08B in free cash flow over the trailing twelve months.
