10-K · February 25, 2026
CF Industries reported net sales of $7.08 billion in 2025 (up from $5.94 billion in 2024) with gross margin improving to $2.72 billion. Management advanced its low-carbon ammonia strategy — commissioning Donaldsonville…
Earnings analysis · 10-Q
CF earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
CF Industries reported a robust Q1 2026 with revenue reaching **$1.99 billion**, significantly outpacing estimates of **$1.84 billion**. The company achieved an EPS of **$3.98**, which exceeded the consensus estimate of…
Read full summary
CF Industries reported a robust Q1 2026 with revenue reaching **$1.99 billion**, significantly outpacing estimates of **$1.84 billion**. The company achieved an EPS of **$3.98**, which exceeded the consensus estimate of **$2.67**, highlighting strong operational performance and a litigation settlement gain of **$170 million**. Free cash flow stood at **$1.65 billion**, indicating solid liquidity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.98
What stood out
-
Strong Revenue Growth
Revenue increased to **$1.99 billion**, up from **$1.87 billion** in Q4 2025, marking a quarter-over-quarter growth of **6.4%**.
-
Significant EPS Surprise
Reported EPS of **$3.98** was significantly higher than **$2.58** in the previous quarter and surpassed estimates of **$2.67**.
-
High Free Cash Flow
Free cash flow for the trailing twelve months reached **$1.65 billion**, reflecting strong cash generation capabilities.
-
Litigation Settlement Boost
The results included a notable boost of **$170 million** from a litigation settlement, enhancing profitability.
-
Improved Gross and Operating Margins
Gross margin improved to **38.3%**, up from **40.9%**, while operating margin was **32.5%**, a solid performance relative to industry norms.
-
Consistent Segment Performance
All segments showed growth, reflecting a healthy demand for nitrogen products.
What to watch
-
Production Challenges
Ongoing production challenges may threaten operational consistency, as highlighted in prior filings.
-
Rising Natural Gas Prices
Higher natural gas prices could impact cost structure significantly if trends continue.
-
Commodity Price Volatility
The company remains exposed to market risks from commodity price fluctuations, which could affect profitability.
Management's outlook
Management anticipates continued strong demand for nitrogen products but did not provide specific numeric guidance.
Earlier filings 4
10-Q · November 6, 2025
CF Industries reported Q3 net sales of $1,659 million and diluted EPS of $2.19, both meaningfully higher than the year-ago quarter (net sales $1,370 million; diluted EPS $1.55). Margins were strong with gross margin of…
10-Q · May 8, 2025
CF Industries reported Q1 revenue of $1,663 million (up $193 million, +13.1% YoY) and diluted EPS of $1.85 (up $0.82 from $1.03 a year ago), driven by higher sales across Ammonia, UAN and Granular Urea. Operating…
10-Q · May 2, 2024
CF Industries reported a materially weaker quarter vs. the prior-year period: net sales declined to $1,470 million (from $2,012 million) and diluted EPS fell to $1.03 (from $2.85). Operating earnings dropped to $303…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.