Revenue growth accelerated to 19.4% in 2026Q1, supported by gross margins that reached a peak of 44.8% in 2025Q2.
| 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 | 7.41B | 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 % | 20.85% | 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 | 4.41B | 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 | 2.99B | 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 % | 40.41% | 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 | 347M | 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 | 383M | 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 | -1000K | 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 | 2.64B | 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 % | 35.68% | 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 | 3.55B | 3.26B | 2.67B | 3.23B | 6.44B | 3.02B | 1.51B | 1.81B | 1.57B | 1.19B | 1.15B | 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 % | 47.9% | 46.06% | 45% | 48.64% | 57.6% | 46.15% | 36.66% | 39.39% | 35.36% | 28.74% | 31.29% | 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 % | 22.26% | 22.16% | -17.18% | -49.95% | 113.56% | 99.54% | -16.37% | 15.45% | 31.93% | 2.95% | -45.64% | 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) | 905M | 898M | 925M | 869M | 841M | 879M | 884M | 863M | 872M | 857M | 614M | 454M | 392.5M | 410.6M | 419.8M | 416.2M | 394.8M | 101M | 100.8M | 84.5M | 94.6M | 97.5M | 108.6M | 0 |
| EBIT | 2.56B | 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 | -73M | -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 | 84M | 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 | 157M | 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 | 3M | -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 | 2.65B | 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 % | 35.72% | 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 | 523M | 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 % | 19.77% | 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 | 1.76B | 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 % | 23.73% | 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 % | 31.59% | 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) | 2.12B | 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 | 2.91B | 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) | 11.38 | 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 % | 46.64% | 33.09% | -14.36% | -51.98% | 286.43% | 187.94% | -33.65% | 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 | 154.5M | 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 | 154.2M | 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% | - |
Natural gas price volatility
According to recent financial disclosures, CF has demonstrated a notable revenue acceleration, with year-over-year growth reaching 19.4% in 2026Q1, marking a significant recovery from the negative growth rates observed in early 2024 as the company successfully capitalized on favorable nitrogen pricing environments and improved market demand.
The recent revenue trajectory suggests that the company is effectively navigating the cyclical nature of the agricultural inputs sector. Investors should monitor whether this growth is sustainable or if it remains heavily dependent on the widening of global energy price spreads that currently favor North American production.
As reported in quarterly filings, CF maintains robust gross margins that peaked at 44.8% in 2025Q2, reflecting the company's structural cost advantage derived from domestic natural gas access compared to international peers who face significantly higher feedstock costs in volatile global energy markets.
The ability to sustain gross margins above 37% even during periods of commodity price fluctuation indicates strong pricing power and operational efficiency. This margin profile appears to be a direct result of the company's geographic concentration, which warrants further investigation into how potential shifts in domestic gas pricing could impact future profitability.
Based on the provided income statement data, CF has demonstrated effective operating leverage, with operating income scaling to $640 million in 2026Q1, as management maintains disciplined control over SG&A expenses despite the significant expansion in top-line revenue and gross profit generation observed over the last ten quarters.
The company's ability to convert gross profit into operating income at a consistent rate suggests that the underlying cost structure is well-managed. This operational discipline appears to provide a buffer against the inherent volatility of the nitrogen fertilizer market, though investors should remain cautious of potential inflationary pressures on overhead.
Analysis of the income statement reveals that CF's net income has shown significant volatility, with EPS rising to 3.98 in 2026Q1, a trend that appears influenced by non-operating items and the timing of inventory adjustments typical of a commodity-processing business model within the agricultural sector.
While the headline EPS growth is impressive, the quality of these earnings may be subject to mark-to-market impacts on natural gas derivatives and periodic turnaround costs. The consistent use of share repurchases suggests a management focus on capital return, which may mask the underlying operational performance in certain reporting periods.
While CF currently benefits from a structural energy cost advantage, skeptics might point to the 2024Q1 gross margin contraction to 28.1% as evidence that the company remains highly vulnerable to sudden convergence in global natural gas prices or unexpected spikes in domestic feedstock costs.
The reliance on the Henry Hub price advantage creates a binary risk profile where any narrowing of the global energy spread could lead to rapid margin compression. Furthermore, the company's pivot toward capital-intensive green energy projects may introduce long-term regulatory and execution risks that are not currently reflected in the core commodity-driven earnings.
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.