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 Holdings, Inc. (CF) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 7.94B | 7.08B | 5.94B | 6.63B | 11.19B | 6.54B | 4.12B | 4.59B | 4.43B | 4.13B | 3.69B | 4.31B | 4.74B | 5.47B | 6.1B | 6.1B | 3.96B | 2.61B | 3.92B | 2.76B | 1.95B | 1.91B | 1.65B | 1.39B |
| Revenue Growth % | 17.87% | 19.34% | -10.48% | -40.72% | 71.09% | 58.54% | -10.15% | 3.64% | 7.24% | 12.08% | -14.47% | -9.17% | -13.36% | -10.31% | 0.1% | 53.79% | 52.01% | -33.48% | 42.24% | 41.41% | 2.15% | 15.61% | 18.74% | - |
| Cost of Goods Sold | 4.56B | 4.36B | 3.88B | 3.99B | 5.29B | 4.18B | 3.29B | 3.41B | 3.52B | 3.61B | 2.97B | 2.47B | 2.95B | 3.01B | 2.93B | 3.07B | 2.74B | 1.74B | 2.61B | 2.03B | 1.71B | 1.68B | 1.43B | 1.36B |
| COGS % of Revenue | - | 61.55% | 65.36% | 60.11% | 47.33% | 63.89% | 79.78% | 74.2% | 79.54% | 87.39% | 80.65% | 57.35% | 62.18% | 54.97% | 48.08% | 50.35% | 69.15% | 66.74% | 66.51% | 73.54% | 87.64% | 87.82% | 86.91% | 97.53% |
| Gross Profit | 3.38B | 2.72B | 2.06B | 2.65B | 5.89B | 2.36B | 834M | 1.18B | 906M | 521M | 713M | 1.84B | 1.79B | 2.47B | 3.17B | 3.03B | 1.22B | 867.5M | 1.31B | 729.5M | 240.9M | 232.5M | 216.1M | 34.4M |
| Gross Margin % | 42.57% | 38.45% | 34.64% | 39.89% | 52.67% | 36.11% | 20.22% | 25.8% | 20.46% | 12.62% | 19.35% | 42.64% | 37.82% | 45.03% | 51.92% | 49.65% | 30.85% | 33.26% | 33.49% | 26.46% | 12.36% | 12.18% | 13.09% | 2.47% |
| Gross Profit Growth % | - | 32.49% | -22.27% | -55.11% | 149.56% | 183.09% | -29.56% | 30.68% | 73.9% | -26.93% | -61.19% | 2.41% | -27.24% | -22.21% | 4.69% | 147.52% | 40.99% | -33.94% | 80.01% | 202.82% | 3.61% | 7.59% | 528.2% | - |
| Operating Expenses | 306M | 364M | 310M | 289M | 290M | 223M | 206M | 239M | 212M | 191M | 174M | 170M | 182.6M | 166M | 151.8M | 130M | 106.1M | 62.9M | 68M | 65.2M | 77.1M | 72.3M | 66.87M | 40M |
| OpEx % of Revenue | - | 5.14% | 5.22% | 4.36% | 2.59% | 3.41% | 5% | 5.21% | 4.79% | 4.62% | 4.72% | 3.95% | 3.85% | 3.03% | 2.49% | 2.13% | 2.68% | 2.41% | 1.73% | 2.37% | 3.95% | 3.79% | 4.05% | 2.88% |
| Selling, General & Admin | 370M | 364M | 320M | 289M | 290M | 223M | 206M | 239M | 214M | 192M | 174M | 169.8M | 151.9M | 166M | 151.8M | 130M | 106.1M | 62.9M | 72.5M | 68.4M | 54.5M | 71.1M | 66.87M | 38.4M |
| SG&A % of Revenue | - | 5.14% | 5.39% | 4.36% | 2.59% | 3.41% | 5% | 5.21% | 4.83% | 4.65% | 4.72% | 3.94% | 3.2% | 3.03% | 2.49% | 2.13% | 2.68% | 2.41% | 1.85% | 2.48% | 2.8% | 3.73% | 4.05% | 2.76% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.36% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.6M | -15.3M | -25.04M | 1.6M |
| Operating Income | 3.07B | 2.37B | 1.75B | 2.36B | 5.6B | 2.14B | 628M | 945M | 694M | 330M | 539M | 1.67B | 1.61B | 2.3B | 3.02B | 2.9B | 1.12B | 804.6M | 1.25B | 664.3M | 163.8M | 160.2M | 149.2M | -5.6M |
| Operating Margin % | 38.68% | 33.39% | 29.41% | 35.53% | 50.08% | 32.7% | 15.23% | 20.59% | 15.67% | 7.99% | 14.63% | 38.69% | 33.97% | 42% | 49.43% | 47.51% | 28.17% | 30.85% | 31.76% | 24.1% | 8.4% | 8.39% | 9.04% | -0.4% |
| Operating Income Growth % | - | 35.45% | -25.89% | -57.94% | 162.02% | 240.45% | -33.55% | 36.17% | 110.3% | -38.78% | -67.67% | 3.46% | -29.93% | -23.79% | 4.15% | 159.39% | 38.83% | -35.38% | 87.45% | 305.56% | 2.25% | 7.37% | 2764.29% | - |
| EBITDA | 3.98B | 3.26B | 2.67B | 3.23B | 6.45B | 3.03B | 1.52B | 1.82B | 1.58B | 1.21B | 1.22B | 2.12B | 2B | 2.71B | 3.44B | 3.31B | 1.51B | 905.6M | 1.35B | 748.8M | 258.4M | 257.7M | 257.8M | -5.6M |
| EBITDA Margin % | 50.06% | 46.06% | 45% | 48.64% | 57.68% | 46.28% | 36.86% | 39.65% | 35.72% | 29.37% | 33.03% | 49.23% | 42.24% | 49.5% | 56.31% | 54.34% | 38.13% | 34.72% | 34.33% | 27.16% | 13.25% | 13.5% | 15.62% | -0.4% |
| EBITDA Growth % | 30.97% | 22.16% | -17.18% | -50.02% | 113.22% | 99.08% | -16.48% | 15.04% | 30.42% | -0.33% | -42.62% | 5.85% | -26.07% | -21.16% | 3.73% | 119.18% | 66.94% | -32.72% | 79.75% | 189.78% | 0.27% | -0.04% | 4703.57% | - |
| D&A (Non-Cash Add-back) | 904M | 898M | 925M | 869M | 850M | 888M | 892M | 875M | 888M | 883M | 678M | 454M | 392.5M | 410.6M | 419.8M | 416.2M | 394.8M | 101M | 100.8M | 84.5M | 94.6M | 97.5M | 108.6M | 0 |
| EBIT | 3.46B | 2.39B | 1.9B | 2.4B | 5.44B | 1.73B | 642M | 1.01B | 788M | 190M | -26M | 1.19B | 2.37B | 2.36B | 2.96B | 2.79B | 909M | 697.1M | 1.18B | 627.6M | 84.7M | 124.3M | 147.85M | -5.6M |
| Net Interest Income | -136M | -74M | 2M | 8M | -279M | -183M | -161M | -217M | -228M | -303M | -195M | -131M | -176.9M | -146.9M | -131M | -145.5M | -219.8M | 3M | 24.5M | 22.7M | 9.6M | 600K | -10.9M | 0 |
| Interest Income | 162M | 81M | 123M | 158M | 65M | 1M | 18M | 20M | 13M | 12M | 5M | 2M | 1.3M | 5.3M | 4.3M | 1.7M | 1.5M | 4.5M | 26.1M | 24.4M | 12.5M | 14.6M | 5.9M | 0 |
| Interest Expense | 298M | 155M | 121M | 150M | 344M | 184M | 179M | 237M | 241M | 315M | 200M | 133M | 178.2M | 152.2M | 135.3M | 147.2M | 221.3M | 1.5M | 1.6M | 1.7M | 2.9M | 14M | 16.8M | 0 |
| Other Income/Expense | 87M | -126M | 16M | -108M | -507M | -595M | -165M | -173M | -147M | -455M | -765M | -537M | 598.6M | -80.2M | -129.9M | -209.9M | -402.6M | -110.1M | -65.6M | -37.5M | -82M | -49.9M | -17.1M | -27M |
| Pretax Income | 3.16B | 2.24B | 1.76B | 2.25B | 5.09B | 1.54B | 463M | 772M | 547M | -125M | -226M | 1.06B | 2.19B | 2.21B | 2.83B | 2.65B | 687.7M | 695.6M | 1.06B | 571.3M | 53M | 92.5M | 109.02M | -32.6M |
| Pretax Margin % | 39.77% | 31.61% | 29.68% | 33.9% | 45.55% | 23.6% | 11.23% | 16.82% | 12.35% | -3.03% | -6.13% | 24.55% | 46.11% | 40.36% | 46.35% | 43.39% | 17.34% | 26.67% | 27% | 20.72% | 2.72% | 4.85% | 6.6% | -2.35% |
| Income Tax | 598M | 441M | 285M | 410M | 1.16B | 283M | 31M | 126M | 119M | -575M | -68M | 395.8M | 773M | 686.5M | 964.2M | 926.5M | 273.7M | 246M | 378.1M | 199.5M | 19.7M | 128.7M | 41.4M | 12.6M |
| Effective Tax Rate % | 18.94% | 19.7% | 16.17% | 18.24% | 22.73% | 18.34% | 6.7% | 16.32% | 21.76% | 460% | 30.09% | 37.42% | 35.34% | 31.07% | 34.08% | 35.02% | 39.8% | 35.37% | 35.72% | 34.92% | 37.17% | 139.14% | 37.97% | -38.65% |
| Net Income | 2.18B | 1.46B | 1.22B | 1.52B | 3.35B | 917M | 317M | 493M | 290M | 358M | -277M | 700M | 1.39B | 1.46B | 1.85B | 1.54B | 349.2M | 365.6M | 684.6M | 372.7M | 33.3M | -39M | 67.73M | -18.4M |
| Net Margin % | 27.48% | 20.54% | 20.52% | 23% | 29.91% | 14.03% | 7.69% | 10.74% | 6.55% | 8.67% | -7.52% | 16.25% | 29.31% | 26.75% | 30.29% | 25.24% | 8.81% | 14.02% | 17.46% | 13.52% | 1.71% | -2.04% | 4.1% | -1.32% |
| Net Income Growth % | 58.23% | 19.46% | -20.13% | -54.42% | 264.89% | 189.27% | -35.7% | 70% | -18.99% | 229.24% | -139.57% | -49.64% | -5.09% | -20.78% | 20.11% | 340.78% | -4.49% | -46.6% | 83.69% | 1019.22% | 185.38% | -157.58% | 468.11% | - |
| Net Income (Continuing) | 2.56B | 1.8B | 1.48B | 1.84B | 3.94B | 1.26B | 432M | 646M | 428M | 450M | -158M | 734M | 1.44B | 1.53B | 1.92B | 1.72B | 414M | 449.6M | 797.3M | 372.7M | 62.1M | -36.2M | 90.7M | -24.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.97M | 0 |
| Minority Interest | 3.17B | 2.94B | 2.61B | 2.66B | 2.8B | 2.83B | 2.68B | 2.74B | 2.77B | 3.1B | 3.14B | 352M | 362.8M | 362.3M | 380M | 385.9M | 383M | 16M | 12.6M | 17.3M | 13.6M | 13.6M | 12.77M | 0 |
| EPS (Diluted) | 14.39 | 8.97 | 6.74 | 7.87 | 16.39 | 4.24 | 1.47 | 2.22 | 1.24 | 1.53 | -1.19 | 2.96 | 5.42 | 4.95 | 5.72 | 4.40 | 1.07 | 1.48 | 2.43 | 1.31 | 0.12 | -0.14 | 0.25 | -0.07 |
| EPS Growth % | 70.72% | 33.09% | -14.36% | -51.98% | 286.56% | 188.44% | -33.78% | 79.03% | -18.95% | 228.57% | -140.2% | -45.39% | 9.49% | -13.46% | 30% | 311.22% | -27.7% | -39.09% | 85.5% | 991.67% | 185.71% | -156% | 473.69% | - |
| EPS (Basic) | - | 8.98 | 6.75 | 7.89 | 16.46 | 4.27 | 1.48 | 2.24 | 1.25 | 1.53 | -1.19 | 2.97 | 5.43 | 4.97 | 5.79 | 4.44 | 1.08 | 1.51 | 2.47 | 1.34 | 0.12 | -0.14 | 0.25 | -0.07 |
| Diluted Shares Outstanding | 151.6M | 162.2M | 180.7M | 193.8M | 204.2M | 216.2M | 215.2M | 221.6M | 233.8M | 233.9M | 233.1M | 236.1M | 256.5M | 296M | 323.5M | 350M | 327M | 246M | 282M | 283.5M | 275.5M | 275M | 275M | 275M |
| Basic Shares Outstanding | 151.2M | 162.1M | 180.4M | 193.3M | 203.3M | 215M | 214.9M | 220.2M | 232.6M | 233.5M | 232.77M | 235.3M | 256M | 294.5M | 319.5M | 347M | 323.5M | 242.5M | 277M | 277.5M | 275M | 275M | 275M | 275M |
| Dividend Payout Ratio | - | 22.41% | 29.89% | 20.39% | 9.15% | 28.35% | 81.39% | 53.75% | 96.55% | 78.21% | - | 40.29% | 18.4% | 8.81% | 5.56% | 4.46% | 13.23% | 36.02% | 3.21% | 1.21% | 13.21% | - | 38.87% | - |
Quick answers to the most common questions about buying CF stock.
For fiscal year 2025, CF Industries Holdings, Inc. (CF) reported total revenue of $7.08B. This represents a 409.6% increase compared to $1.39B in 2003.
CF Industries Holdings, Inc. (CF) is profitable, generating $1.46B in net income for the fiscal year ending 2025 with a net profit margin of 20.5%.
CF Industries Holdings, Inc. (CF) reported an operating income of $2.37B, resulting in an operating profit margin of 33.4%. This margin reflects the operational efficiency of the business before interest and taxes.
CF Industries Holdings, Inc. (CF) generated $2.72B in gross profit for the year, representing a gross profit margin of 38.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Natural gas spread compression
Metrics are mathematically derived from official filings.
Revenue Growth Moderating From Peak Pace
According to reported quarterly figures, CF's revenue climbed from roughly $1.6B in 2024Q2 to about $2.2B in 2026Q2, but the 2026Q3 print of $1.9B and a 12.1% year-over-year growth rate suggest momentum is cooling from the earlier surge.
The reported quarterly series shows growth swinging between negative and triple-digit comparisons, which largely reflects a base effect from a weak 2024 and the timing of nitrogen price cycles rather than a steady volume story. The sequential decline into 2026Q3 suggests pricing rather than volume is doing most of the work, which may not be durable. Investors should monitor whether the 12.1% growth rate holds as comparisons become tougher.
Gross Margin Tracks Energy Spread Cycles
Based on EDBL's reported figures, gross margin ranged from 32.6% to 51.5% across the period, and the 38.7% reading in 2026Q3 sits near the midpoint, suggesting a spread-driven rather than structurally expanding margin profile.
The wide band between the trough in 2024Q3 and the peak in 2026Q2 is consistent with a business that is a price-taker on global nitrogen benchmarks while holding a low North American gas cost base. The cyclicality here appears more pronounced than the long-run structural advantage alone would imply. A reversion toward the lower end of the range would likely compress operating profit meaningfully.
Operating Income Scaling Faster Than Overhead
As reported in financial statements, CF's SG&A stayed roughly between $76M and $103M per quarter while operating income reached $701M in 2026Q3, indicating that incremental gross profit is flowing through with very little overhead drag.
The stable SG&A base against highly variable gross profit points to strong operating leverage, meaning that margin swings are driven almost entirely by commodity spreads. This structure may amplify both upside and downside in operating income. Investors should recognize that the cost base offers little cushion during a downcycle.
Net Income Conversion Versus Operating Profit
Per reported figures, 2026Q3 net income of $436M represents roughly 62% of operating income of $701M, a conversion level that suggests a meaningful below-the-line drag from interest, taxes, or non-operating items.
The gap between operating and net income varies across quarters, and the data available does not isolate the tax rate or non-operating components, so the source of the drag cannot be confirmed. Stock-based compensation is modest at roughly $9M to $13M per quarter and is unlikely to be a material distortion. Analysts should reconcile this gap against the full filing before drawing firm conclusions about earnings quality.
Challenging the Sustainability of Peak Margins
Based on reported figures, CF's 2026Q2 gross margin of 51.5% was well above the 37.6% to 41.1% range seen in most other recent quarters, which suggests the peak may reflect a temporary spread dislocation rather than a durable earnings base.
A short-side view would argue that the most recent strong quarters capitalized on a transient widening of the gas-to-nitrogen spread that is unlikely to persist as global supply responds. The reported EPS for the latest period remains unresolved against consensus, and no forward guidance is supplied, which limits visibility into whether profitability will hold. Investors should treat peak-quarter margins as an upper bound rather than a baseline.