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CF Industries

UAN was CF Industries' fastest-growing segment in FY2025, up 28.8%

Revenue rose 19.3% to $7.1B in FY2025, from $5.9B in FY2024. Net income rose 21.7% to $1.8B. Ammonia was the largest segment, at 31% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026) · Data pulled Nov 11, 2026

Key facts

CF Industries (NYSE: CF) closed fiscal 2025 on Dec 31, 2025 with revenue of $7.1B, up 19.3% from a year before; net income came to $1.8B, up 21.7%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.9B, up 12.1% on the same stretch of the prior year, and net income of $520M. Broken down by segment, Ammonia led with 31% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).

Revenue$7.1BFY2025 · +19.3% vs FY2024
Net income$1.8BFY2025 · +21.7% vs FY2024
Operating cash flow$2.8BFY2025 · +21.2% vs FY2024
Cash & equivalents$2.8Bat Sep 30, 2026 · +42.3% vs FY2025 end
Total debt$3.2Bat Sep 30, 2026 · +0.1% vs FY2025 end
Diluted shares162MFY2025 avg · −10.2% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $6.6B6.6Net income FY2023: $1.8B1.8FY2023Revenue FY2024: $5.9B5.9Net income FY2024: $1.5B1.5FY2024Revenue FY2025: $7.1B7.1Net income FY2025: $1.8B1.8FY2025Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $1.7B1.7FY2026 Q1: $2.0B2.0Q1FY2025 Q2: $1.9B1.9FY2026 Q2: $2.2B2.2Q2FY2025 Q3: $1.7B1.7FY2026 Q3: $1.9B1.9Q3Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 5, 2026

How it makes money

FY2025 total by categoryAmmonia: $2.2B (31%)UAN: $2.2B (31%)Urea: $1.8B (25%)Other Products: $545M (8%)Ammonium Nitrate: $421M (6%)$7.1BFY2025 totalData: Ticker Sage, from SEC EDGARtickersage.com

By segment, FY2025

  • LineAmountSharevs FY2024
  • Ammonia$2.2B31%+25.3%
  • UAN$2.2B31%+28.8%
  • Urea$1.8B25%+11.3%
  • Other Products$545M8%+8.3%
  • Ammonium Nitrate$421M6%+0.5%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Ammonia (31%), UAN (31%), Urea (25%) and Other Products (8%), as shares of total revenue. Total revenue was $7.1B.

By segment: three-year mixShare of the total each fiscal year
AmmoniaUANUreaOther ProductsAmmonium Nitrate

Source: 10-K FY2025

By region, FY2025

North America$6.0B85%+19.3%
Europe and Other$1.1B15%+19.6%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$1.9B Q3 2026
$1.7B Q3 2025
12.1% increase
Net income
$520M Q3 2026
$460M Q3 2025
13.0% increase

Source: CF Industries 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

By segment

UAN
$639M Q3 2026
$517M Q3 2025
23.6% increase
Ammonia
$534M Q3 2026
$457M Q3 2025
16.8% increase
Urea
$456M Q3 2026
$423M Q3 2025
7.8% increase
Other Products
$164M Q3 2026
$140M Q3 2025
17.1% increase
Ammonium Nitrate
$67M Q3 2026
$122M Q3 2025
45.1% decrease

Source: CF Industries 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

  • Cash & equivalents $2.8B at Sep 30, 2026, vs $2.0B at FY2025 end.
  • Total debt $3.2B at Sep 30, 2026, vs $3.2B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $2.5B vs $2.2B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 19.3% in FY2025 to $7.1B, from $5.9B a year earlier. 10-K, FY2025
  • Net income rose 21.7% in FY2025 to $1.8B, from $1.5B. 10-K, FY2025
  • Operating cash flow rose 21.2% in FY2025 to $2.8B. 10-K, FY2025
  • Diluted shares fell 10.2% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

  • Total debt rose 8.2% in FY2025 to $3.2B. 10-K, FY2025
  • The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; demand cycles; energy and input costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

CF Industries is in the fertilizers & agricultural chemicals industry, part of the materials sector. The SEC files it under Agricultural Chemicals.

CF Industries reports 5 segments: Ammonia, UAN, Urea, Other Products and Ammonium Nitrate.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the fertilizers & agricultural chemicals industry. They are not a summary of CF Industries’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Commodity pricesPrices of the metals, chemicals or products it sells move revenue and margins.
  2. Demand cyclesCustomers in construction, manufacturing and autos buy less in downturns.
  3. Energy and input costsEnergy, raw material and freight costs can rise faster than prices.
  4. Regulation and environmentEnvironmental and safety rules can raise costs or limit operations.
  5. TradeTariffs and trade policy can shift demand and competition.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$6.6B$5.9B$7.1B
Net income$1.8B$1.5B$1.8B
Operating cash flow$2.8B$2.3B$2.8B
Cash & equivalents (year end)$2.0B$1.6B$2.0B
Total debt (year end)$3.0B$3.0B$3.2B
Diluted shares194M181M162M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income including the share that belongs to minority owners of subsidiaries.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
  • Total debt: Long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

  • Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.

Recent filings

FormFiledPeriod
10-QNov 5, 2026Sep 30, 2026
10-QAug 6, 2026Jun 30, 2026
10-QMay 7, 2026Mar 31, 2026
DEF 14AMar 17, 2026Apr 28, 2026
10-KFeb 25, 2026Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about CF Industries

How does CF Industries make money?

Fiscal 2025 revenue: $7.1B. By segment in FY2025: Ammonia (31%), UAN (31%), Urea (25%) and Other Products (8%), as shares of total revenue. Total revenue was $7.1B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was CF Industries's revenue in fiscal 2025?

$7.1B, up 19.3% from fiscal 2024 ($5.9B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $6.6B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is CF Industries profitable?

Net income was $1.8B in fiscal 2025 (up 21.7%; fiscal 2024 was $1.5B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $520M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did CF Industries report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $1.9B (up 12.1% from $1.7B) and net income $520M (up 13.0% from $460M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.

How much cash and debt does CF Industries have?

As of Sep 30, 2026: $2.8B of cash and cash equivalents, $3.2B of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.

What are the main risks CF Industries faces?

CF Industries's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the fertilizers & agricultural chemicals industry include Commodity prices; demand cycles; energy and input costs; regulation and environment; trade. The first: Prices of the metals, chemicals or products it sells move revenue and margins. Source: 10-K, Item 1A Risk Factors.

Where do these CF Industries numbers come from?

The 10-K filed Feb 25, 2026 (fiscal 2025) and the 10-Q filed Nov 5, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning CF Industries

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in CF
The editor holds no position in CF Industries (CF). As of Nov 11, 2026.
Trading rule
The editor does not buy or sell CF from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold CF, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
CF IndustriesCFFY2025$7.1B+19.3%$1.8B
MosaicMOSFY2025$12.1B+8.4%$541M
LindeLINFY2025$34.0B+3.0%$6.9B
NewmontNEMFY2025$22.7B+21.3%$7.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.